| Wed 12 May 2004, 12:41 | | GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004 |
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AFGRI LIMITED - AUDITED GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
AFGRI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004030/06)
ISIN number: ZAE000040549 Share code: AFR
("Afgri" or "the Company")
AUDITED GROUP RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
Operating profit from continuing operations up by 39,0% on adjusted prior year
Headline earnings per share up by 42,0% on adjusted prior year
Net cash at year-end R235 million positive
OUR PROFILE AFGRI is a leading South African agricultural services business
offering a wide range of physical and intellectual inputs to farmers, processors
and users of agricultural products
The Group"s business is structured under various companies of which AFGRI
Limited, the holding company, is listed on the JSE Securities Exchange South
Africa, and the main operating activities and investments reside within AFGRI
Operations Ltd. A schematic view of the business activities is as follows:
AFGRI LIMITED
the listed holding company
100%
AFGRI OPERATIONS LIMITED
the main operating entity
AFGRI CORPORATE SERVICES AND TREASURY
AFGRI PRODUCTS
Manages the grading, handling, storage, trading and hedging, as well as further
processing of agricultural products
AFGRI REQUISITES
Markets an extensive range of agricultural and household products and services
AFGRI CAPITAL
Provides business, financial and risk management solutions
AFGRI SERVICES
A centre for developing agricultural excellence
COMMENTS
The Group"s results for the year under review, which can only be described as a
difficult year for agriculture and business generally, are a validation of the
balanced and diversified business model operating across the three pillars:
AFGRI Products, AFGRI Requisites and AFGRI Capital, all underpinned by the
cutting edge technological and scientific capabilities offered by AFGRI
Services.
The results reflect a strategic decision to invest in quality people and new
products, flanked by an aggressive expansion into new areas, while continuing to
expand in traditional AFGRI areas.
REVENUE FROM CONTINUING OPERATIONS DOWN 2,1%
Turnover from continuing operations decreased by 2,1% to R5,9 billion (2003:
R6,0 billion). Although better utilisation of the storage facilities produced an
excellent increase in turnover, this was offset by adverse weather conditions
and lower commodity prices, which resulted in a delayed agricultural season.
Turnover from Requisites and Cotton was adversely affected by weather conditions
and lower plantings by producers. The stronger rand also had an adverse effect
on the Group"s rand hedge businesses.
OPERATING PROFIT FROM CONTINUING OPERATIONS UP BY 39,0% ON ADJUSTED PRIOR YEAR
EARNINGS PER SHARE UP BY 26,9% ON ADJUSTED PRIOR YEAR
HEADLINE EARNINGS PER SHARE UP BY 42,0% ON ADJUSTED PRIOR YEAR
The 42,0% increase in headline earnings on the adjusted headline earnings per
share of the previous year (10,2% increase on the previously reported headline
earnings per share), reinforces the pattern of consistent growth established
over the past three years.
Despite the past year having been a difficult agricultural year, certain
divisions returned excellent results. The main contributors were AFGRI Handling
& Storage and AFGRI Animal Feeds and Protein. Increased utilisation of storage
facilities and procurement policies are the main reasons for the improved
results of these businesses.
High fixed overhead costs and lower turnover influenced margins in the
Requisites pillar and the strong rand resulted in lower returns in the Cotton
Division.
The Trading Division returned to profitability during the year under review,
following a comprehensive overhaul of risk management procedures and systems,
and the employment of a skilled team of risk managers. This division reported a
substantial loss during the previous financial year, as a result of mismatches
in certain grain hedges. New systems and procedures are now in place to ensure
that there is no repetition of these losses.
The Group accelerated the adoption of accounting standard AC133, providing for
mark-to-market valuations of derivative instruments which requires that profits
and losses are taken to income as and when they occur.
As reported in the interim results, a fundamental error in the valuation of the
Group"s derivatives as at 28 February 2003 necessitated a prior year adjustment
of R63 million after tax.
The Group has also significantly reduced the risk associated with the rolling of
Safex hedge positions by decreasing the period attached to these hedges.
NET CASH AT YEAR-END R235 MILLION POSITIVE
The Group has generated R433 million after tax cash, up by R124 million from the
previous year. These funds were mainly utilised for working capital requirements
of R129 million, net asset acquisitions of R98 million, share repurchases of R9
million and the payment of dividends of R115 million.
DIVIDEND UP BY 9,2%
For the year under review AFGRI will pay a final dividend of 26,1 cents per
share. Together with the interim dividend of 15,2 cents per share, the total
dividend for the 2004 year will be 41,3 cents per share.
ACQUISITIONS
New acquisitions and joint ventures concluded during and after the period under
review include:
* a 50-50 joint venture in an animal feed plant in Patterson in the Eastern
Cape between AFGRI Animal Feeds and the East Cape Agricultural Co-operative
Limited (ECAC) for a total consideration to AFGRI of R32 million. This expands
geographic coverage in animal feeds to the vibrant Eastern Cape market, and
enhances the division"s animal feed production by 50 000 tons a year (8%). The
previous plant operated by ECAC produced about 1 600 tons of animal feed a
month, which increased to 2 500 tons a month almost immediately. This was done
through the introduction of improved raw material processing and AFGRI"s unique
formulation technologies. R12 million was invested in a new state-of-the-art
factory to further increase production in the Eastern Cape.
* acquiring the remaining 50% of the shares in Kramp SA (Pty) Ltd, a company
involved in the importation of agricultural equipment and spare parts, for a
consideration of approximately R9 million.
* acquiring, effective in the new financial year, Natal Agricultural Co-
operative Limited, trading as Natalagri, the KwaZulu-Natal-based co-operative,
which was purchased for a consideration of approximately R33 million. The
transaction has been concluded at a premium to the Natalagri members"
contributions and represents a win-win transaction for both parties. Last year
Natalagri generated R900 million worth of turnover and, although it is not yet
profitable, it will be recapitalised and restored to profitability in the near
future. The only remaining conditions precedent are the obtaining of approval of
the Competition Commission and the sanctioning of the scheme by the Court.
PROSPECTS
Notwithstanding that lower agri-commodity prices, mainly as a result of the
stronger rand, which will have an adverse effect on certain areas of its
business, the Group"s diversification, recent acquisitions and geographical
expansion, together with further improved operational and procurement
efficiencies should ensure that it achieves its growth targets.
ANNUAL REPORT
The annual report will be posted to shareholders and be available on AFGRI"s
website on 31 May 2004.
DIRECTORS
During the year Mr ME King resigned as a director of the Board and Mr GAL Ebedes
was appointed Non-executive Vice-chairman. Service contracts with the executive
directors were renewed on 1 September 2003 for a further three years.
By order of the Board
Mr PF Erasmus
(Non-executive Chairman)
Mr JD Wright
(Managing Director)
Notice of dividend
Notice is hereby given that the directors of AFGRI have declared a final
dividend of 26,1 cents per share for the year ended
29 February 2004. The last day to trade cum the dividend will be Thursday, 10
June 2004. AFGRI"s shares will commence trading ex the dividend from the
commencement of business on Friday,
11 June 2004. The record date will be Friday, 18 June 2004. Payment will be made
on Monday, 21 June 2004.
There will be no dematerialisation or rematerialisation of AFGRI shares between
Friday, 11 June and Friday, 18 June 2004, both dates inclusive.
By order of the Board
Ms SL Reynolds
Group Company Secretary
11 May 2004
Johannesburg
Audit report of the independent auditors
which should be read in conjunction with the audited financial statements
We have audited the Group annual financial statements of AFGRI Limited for the
year ended 29 February 2004. These financial statements are the responsibility
of the company"s directors.
Our responsibility is to express an opinion on these financial statements based
on our audit.
SCOPE
We conducted our audit in accordance with statements of South African Auditing
Standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance that the financial statements are free of material
misstatement. An audit includes:
* examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements;
* assessing the accounting principles used and significant estimates made by
management; and
* evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
AUDIT OPINION
In our opinion, the Group annual financial statements fairly present, in all
material respects, the financial position of the Group at 29 February 2004 and
the results of its operations and cash flows for the year then ended, in
accordance with South African Statements of Generally Accepted Accounting
Practice, and in the manner required by the Companies Act in South Africa.
PricewaterhouseCoopers Inc
Registered Accountants and Auditors
Chartered Accountants (SA)
11 May 2004
JOHANNESBURG
AUDITED GROUP BALANCE SHEET
Year ended Year ended
29 Feb 28 Feb
Note 2004 2003
Rm Rm
ASSETS
Non-current assets 708 679
Property, plant and equipment 2 517 517
Intangible assets 2 65 49
Interest in associates 4 3
Investments available for sale 17 16
Non-current assets 23 9
Deferred tax assets 82 85
Current assets 2 125 2 696
Inventories 588 654
Biological assets 37 45
Receivables and prepayments 11 852 838
Financial assets 22 213
Current tax assets 87 75
Cash and cash equivalents 539 871
Total assets 2 833 3 375
EQUITY AND LIABILITIES
Capital and reserves 1 380 1 211
Share capital 3 - -
Share premium 89 52
Reserves 372 365
Retained earnings 1 134 975
Treasury shares (122) (113)
Incentive trust shares (93) (68)
Minority interests - 1
Non-current liabilities 64 79
Long-term debts 8 25
Deferred tax liabilities 56 54
Current liabilities 1 389 2 084
Trade and other payables 1 024 1 228
Financial liabilities 22 213
Current tax liabilities 38 18
Bank overdraft and short-term loans 305 625
Total equity and liabilities 2 833 3 375
Net tangible asset value per share (cents) 395 355
AUDITED GROUP INCOME STATEMENT
Revenue 5 914 6 130
Cost of goods and services (4 837) (5 180)
Gross profit 1 077 950
Dividend income 33 17
Other operating expenses (719) (686)
Operating profit from continuing
operations 4 391 281
Loss from discontinued operations (23) (5)
Profit before tax 272 214
Tax (96) (62)
Group operating profit 368 276
Share of after-tax profit of associates 2 2
Net profit for the year 274 216
Weighted average number of shares
in issue (m) 328,0 328,3
Earnings per share (cents) 83,5 65,8
Headline earnings per share (cents) 7 93,9 66,1
AUDITED GROUP CASH FLOW STATEMENT
Operating activities
Net operating profit 370 278
Changes in working capital (129) 155
Other non-cash flow items 63 31
Dividends paid (115) (86)
Tax paid (86) (108)
Net cash generated from operating activities 103 270
Investing activities
Purchase of property, plant and equipment (87) (112)
Purchase of trademarks and goodwill (22) (2)
Proceeds from sale of property, plant
and equipment 42 30
Acquisition of investments (21) -
Disposal of investments and loans repaid 12 71
Acquisition of shares in subsidiaries and
joint ventures 9 (22) (203)
Net cash utilised in investing activities (98) 216)
Financing activities
Purchase of treasury shares (9) (64)
Proceeds on disposal of incentive trust shares 12 13
Repayment of long-term borrowings (19) (5)
Net cash utilised in financing activities (16) (56)
Net decrease in cash and cash equivalents (11) (2)
Movement in cash and cash equivalents
Beginning of year 246 248
Net decrease (11) (2)
End of year 235 246
NOTES TO THE AUDITED GROUP RESULTS
1 ACCOUNTING POLICIES
The consolidated annual financial statements are prepared in accordance with and
comply with South African Statements of Generally Accepted Accounting Practice
(GAAP) and with the requirements of the Companies Act. The consolidated annual
financial statements are prepared under the historical cost convention as
modified by the revaluation of available for sale securities, financial assets
and liabilities held for trading and all the derivative contracts. The principal
accounting policies, which were adopted in the preparation of these consolidated
annual financial statements, correspond with those applied in the latest annual
financial statements, except for the consolidation of the share incentive trust
in terms of AC 132 and adoption of AC 137.
2 PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Property, plant Intangible
and equipment assets
Rm Rm
Carrying value beginning of year 517 49
Additions 87 22
Disposals at book value (36) -
Foreign currency differences (2) -
Depreciation/amortisation (55) (6)
Purchase of subsidiaries/joint ventures 6 -
Carrying value end of year 517 65
3 SHARE CAPITAL
Share capital consists of ordinary shares with a nominal value of 0,001 cents
each.
2004 2003 2004 2003
Number Rm Rm
Beginning of
Year 327 760 551 334 368 042 - -
Shares issued
to share
incentive
trust 7 252 490 5 262 510 - -
Treasury
shares
purchased (1 912 245) (11 870 001) - -
Number of
shares with
voting
rights 333 100 796 327 760 551 - -
The treasury shares were purchased by a subsidiary in terms of a general
authorisation at an average price of R4,70 (2003: R5,37). As at 29 February 2004
a total of 26 414 204 treasury shares had been purchased by a subsidiary and are
disclosed as a reduction of equity in the "Statement of Changes to Equity".
4 NET PROFIT IS STATED AFTER TAKING INTO ACCOUNT THE FOLLOWING:
2004 2003
Net profit on disposal of property,
plant and equipment 6 7
Net finance cost (39) (29)
Interest paid to independent third parties (113) (89)
Interest received from independent
third parties 41 43
Dividend income 33 17
Foreign currency (losses)/profits (14) 13
Interest paid to Landbank legal right of
offset (refer note 11) (51) -
Fair value losses on financial instrument
transactions not qualifying as hedges - (196)
Auditors" remuneration (4) (5)
Depreciation on property, plant
and equipment (55) (55)
Amortisation of goodwill (3) (3)
Amortisation of trademarks (3) (3)
Staff costs (516) (475)
5 DIRECTORS" REMUNERATION
2004 2003
Rm Rm
Non-executive
- As directors 0,6 0,6
- As members of sub-committees 0,5 0,4
1,1 1,0
Executive
- Basic salaries and allowances 5,7 4,7
- Bonus payments 2,6 3,2
- Company contributions 1,2 0,8
9,5 8,7
6 DIRECTORS" SHARE OPTIONS
Executive directors are allocated share options on approval by the Board for
contractual employment as well as performance remuneration. These options are
exercised in terms of a deferred share option scheme. The following are the
option holdings of executive and former executive directors.
Options
Balance Contracts allocated and Balance
28-02-2003 implemented exercised 29-02-2004
Number Number Number Number
GAL Ebedes 3 550 000 (950 000) - 2 600 000
JD Wright 3 400 000 (900 000) 3 000 000 5 500 000
I de W
Goosen 2 559 900 (738 700) 1 500 000 3 321 200
9 509 900 (2 588 700) 4 500 000 11 421 200
Share options allocated during the year were exercised at R5,01 per share (3 632
000) and R5,20 per share (868 000).
7 RECONCILIATION OF HEADLINE EARNINGS PER SHARE
2004 2003
cents cents
Earnings 83,5 65,8
Loss from discontinued operations 6,7 1,1
Goodwill written off 1,2 1,1
Loss/(Profit) on disposal of assets 2,5 (1,9)
Headline earnings 93,9 66,1
The headline earnings of the prior year
have been adjusted taking into account
the fundamental error of the previous year.
Headline earnings previously reported 85,2
Fundamental error 19,1
Adjusted headline earnings for 2003 66,1
8 PRIOR YEAR ADJUSTMENT
AFGRI was one of the first companies to implement AC 133, a particularly complex
and complicated accounting standard. Subsequent to the release of the results
for the year ended 28 February 2003, but before the release of the interim
results, AFGRI was able to refine and review the AC 133 valuation model and the
information used to calculate the impact on the results of 28 February 2003, in
order to more accurately reflect the results of the grain Trading Division. This
process led to the refinement of certain of the assumptions made during the
valuation process and information relating to certain financial instruments as
at 28 February 2003. The impact of these revised assumptions and information on
the results for the year ended 28 February 2003 led to the results being
fundamentally incorrect and accordingly these results require restatement in
terms of GAAP.
The results for the year ended 28 February 2003 have been restated and the
effect of the prior year adjustment was to reduce profit after tax by R63
million and headline earnings per share by 19,1 cents to 66,1 cents.
9 ACQUISITION OF SHARES IN SUBSIDIARIES AND JOINT VENTURES
2004 2003
Rm Rm
Property, plant and equipment (6) (96)
Investments (3) (14)
Interest in associates (1) -
Inventories (13) (106)
Receivables and prepayments (5) (134)
Trade and other payables 3 153
Goodwill - (14)
Long-term debt 3 3
Foreign currency differences - 5
Cash and cash equivalents 9 60
Total purchase consideration (13) (143)
Cash and cash equivalents (9) (60)
Net cash outflow on acquisition (22) (203)
10 AGENCY AGREEMENTS
10.1 Debtors administered on behalf of third parties
The Group manages agri debtors on behalf of the following third parties:
2004 2003
Rm Rm
Landbank - 1 506
WesBank 307 311
Rand Merchant Bank 359 539
ABSA Bank - 91
2 447
Management fees are paid by these third parties. The Group is liable for bad
debts to a maximum of between 5% and 10% of the value of debtors administered.
10.2 Commodities administered on behalf of third parties
The following is the value of commodities handled, stored and managed on behalf
of third parties:
Rand Merchant Bank 180 516
ABSA Bank 54 137
Other commodity users 684 406
Producers 76 119
994 1 178
The Group receives a fee for the handling, grading, storing and administration
of these commodities. AFGRI has a right of first refusal to purchase R234
million (2003: R653 million) of the commodities at market value.
11 RECEIVABLES
Included in receivables are the following receivables which have been financed
through the Landbank:
Rm
Liability - Landbank (2 000)
Asset - Trade receivables 2 009
Net 9
The above asset and liability has been offset and the net amount disclosed in
the balance sheet as there is a legally enforceable right to set off the
recognised amounts and the intention is to realise the asset and settle the
liability simultaneously. The Group"s liability for bad debts is limited to a
maximum of 10% of the gross trade receivables financed through the Landbank. The
net interest income from this structure is included in the operating profit of
AFGRI Capital.
12 CORPORATE GOVERNANCE AND JSE SECURITIES EXCHANGE SOUTH AFRICA (JSE)
COMPLIANCE
The principles of corporate governance were adhered to and the Group complied
with the JSE regulations regarding the contents of the annual financial results.
13 GOING CONCERN
The Board is confident that, after taking into account the current bank
facilities, its utilisation and the budgeted profit for the year ended 28
February 2005, the working capital available to AFGRI will be sufficient to meet
its present requirements.
14 COMPARATIVE NUMBERS
Comparative numbers have been adjusted to conform with the JSE and AC 132
requirements regarding the consolidation of share incentive schemes and with the
prior year adjustment as explained in note 8. All shares which have been
allotted and exercised in terms of the share incentive scheme have been issued
to the AFGRI Limited Trust and listed on the JSE. As such the Group conforms to
AC 104 and there is thus no earnings dilution.
AUDITED GROUP STATEMENT OF CHANGES IN EQUITY
Incen-
Share Re- Trea- tive
Share pre- Re- tained sury trust
capital mium serves earnings shares shares Total
Rm Rm Rm Rm Rm Rm Rm
Balance 2002 - 26 459 955 (49) (55) 1 336
Effect of
adopting
AC 133 - - - (110) - - (110)
Effect of
reclassification
of foreign
businesses as entities in terms of
AC 112 - - (9) - - - (9)
Adjusted
balance 2002 - 26 450 845 (49) (55) 1 217
Net profit - - - 279 - - 279
Issue of shares
- share incentive
trust - 26 - - - (26) -
Currency
translation
differences - - (69) - - - (69)
Valuation
differences
on cash flow
hedges - - (16) - - - (16)
Dividends
paid in 2003 - - - (86) - - (86)
Disposal of
incentive
shares - - - - - 13 13
Purchase of
treasury
shares - - - - (64) - (64)
Balance 2003 - 52 365 1 038 (113) (68) 1 274
Fundamental
error - - - (63) - - (63)
Adjusted
balance 2003 - 52 365 975 (113) (68) 1 211
Net profit - - - 274 - - 274
Issue of shares
- share
incentive
trust - 37 - - - (37) -
Currency
translation
differences - - (8) - - - (8)
Valuation
differences
on cash flow
hedges - - 15 - - - 15
Dividends
paid in 2004 - - - (115) - - (115)
Disposal of
incentive
shares - - - - - 12 12
Purchase of
treasury
shares - - - - (9) - (9)
Balance 2004 - 89 372 1 134 (122) (93) 1 380
AUDITED BUSINESS SEGMENT RESULTS
29 February 2004
Operating
Revenue profit Assets Liabilities
Rm Rm Rm Rm
AFGRI Products 2 995 341 1 209 590
Grain 388 187 243 242
Cotton 513 4 348 27
Animal Feed and Protein 2 094 150 618 321
AFGRI Requisites 2 668 1 803 453
AFGRI Capital 222 61 421 26
AFGRI Services 28 (10) 47 25
Other 1 11 353 359
Consolidated 5 914 404 2 833 1 453
Capital
Expenditure Depreciation Amortisation
Rm Rm Rm
AFGRI Products 56 40 5
Grain 18 7 2
Cotton 8 5 3
Animal Feed and Protein 30 28 -
AFGRI Requisites 20 7 1
AFGRI Capital 8 3 -
AFGRI Services 6 3 -
Other 19 2 -
Consolidated 109 55 6
28 February 2003
Operating
Revenue profit Assets Liabilities
Rm Rm Rm Rm
AFGRI Products 3 095 107 1 546 781
Grain 413 (53) 568 287
Cotton 519 40 361 108
Animal Feed and Protein 2 163 120 617 386
AFGRI Requisites 2 728 82 713 609
AFGRI Capital 199 73 898 636
AFGRI Services 19 10 39 23
Other - 7 179 115
Consolidated 6 041 279 3 375 2 164
Capital
Expenditure Depreciation Amortisation
Rm Rm Rm
AFGRI Products 61 42 5
Grain 18 9 2
Cotton 9 8 3
Animal Feed and Protein 34 25 -
AFGRI Requisites 28 7 1
AFGRI Capital 24 - -
AFGRI Services 15 5 -
Other - 1 -
Consolidated 128 55 6
These business segment results are presented after taking into account the pre-
tax headline earnings adjustments. The reason for this is to make the segmental
profit more comparable with the results after adjustments for discontinued
operations and amortisation of goodwill.
Revenue from discontinued operations is not included in the segmental revenue.
Operating profit is shown after the allocation of cost of capital based on each
division"s net assets.
The Group"s business segments have been classified in four pillars of operation,
namely Products, Requisites, Capital and Services. Each pillar represents the
main business sector of the operations classified thereunder. The Products
pillar is divided into three business segments, namely Grain, Cotton and Animal
Feed and Protein. The Grain segment consists of Grain Handling and Storage,
Grain Trading and Seed.
Segment assets include property, plant and equipment, intangible assets, other
investments, inventories, receivables and cash equivalents. Segment liabilities
include all operating liabilities, short-term borrowings, non-current
liabilities and minority interests. Tax liabilities are included in the segment
"Other". Capital expenditure comprises additions to property, plant and
equipment and intangible assets.
Administration
Business address and registered office 33 Sloane Street Knightsbridge Manor
Block B2 BRYANSTON Fax (011) 463 4139 Tel (011) 706 7897
Company Secretary Ms SL Reynolds PO Box 3559 Cramerview 2060
Bankers ABSA Bank Limited First National Bank Limited Land and Agricultural
Bank of SA Limited Nedcor Bank Limited Standard Bank of SA Limited
Auditors PricewaterhouseCoopers Incorporated
Transfer secretaries Computershare Limited 70 Marshall Street Johannesburg
2001 PO Box 61051 Marshalltown 2107 Tel (011) 370 5320
Sponsor Rand Merchant Bank, a division of First Rand Bank Limited, Corporate
Finance 1 Merchant Place Cnr Fredman Drive and Rivonia Road Sandton 2196
PO Box 786273 Sandton 2146
Directors Non-executive PF Erasmus Chairman (60) BSc Agric GAL Ebedes
(56) BSc Agric AC Ball (45) BCom (Hons), M Phil, CA(SA) JJ Claassen (54)
NO Davies (68) CA(SA) JJ Ferreira (51) BSc (Hons) (Civ Eng) E Gutierrez-
Garcia (36) BSc Med (Hons), CA(SA)
JT Jansen van Rensburg (58) FJ van der Merwe (46) LLB, MA
Executive JD Wright (46) BAcc, CA (SA) (JH Mooney - Alternate) I de W
Goosen (56) BCom, CA(SA)
THIS ANNOUNCEMENT IS AVAILABLE ON AFGRI"S WEBSITE AT
www.afgri.co.za
Johannesburg
12 May 2004
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited) Corporate Finance
Date: 12/05/2004 12:33:45 PM Produced by the JSE SENS Department
