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Metair Investments Limited - Interim Report for the 6 months ended 30 June 2005
Metair Investments Limited
(Incorporated in the Republic of South Africa)
Reg.No. 1948/031013/06
Share code: MTA
ISIN Code: ZAE000004743
Interim Report for the 6 months ended 30 June 2005
CONDENSED GROUP INCOME STATEMENTS for the six months ended 30 June
Audited
Unaudited IFRS #
Unaudited IFRS # Restated
IFRS # restated Change % 31 December
2005 2004 2004
R`000 R`000 R`000
Sales 982 964 913 374 7,6 1 949 547
Cost of sales (740 479) (666 662) (11,1) (1 428 638)
Gross profit 242 485 246 712 (1,7) 520 909
Other operating income 34 934 13 373 161,2 17 849
Distribution, (130 777) (123 839) (5,6) (265 235)
administrative and other
expenses
Depreciation and (20 583) (18 925) (8,8) (41 605)
amortisation
Fair value adjustments on (1 346) (1 402) 4,0 0
financial instruments
Finance costs 737 (2 414) 3 165
Impairment of investment (3 775)
in associate company
Share of results of 1 317 (262) 2 451
associates
Profit before taxation 126 767 113 243 11,9 233 759
Income tax expense (37 629) (35 482) (6,1) (72 022)
Profit for the period 89 138 77 761 14,6 161 737
Attributable to:
Equity holders of the 84 793 77 417 9,5 161 143
Company
Minority interest 4 345 344 1 163,1 594
89 138 77 761 14,6 161 737
Earnings per share for
profit attributable to
the equity holders of the
company
Basic earnings per share 1 422 1 310 8,5 2 714
(cents)
Loss/(profit) on disposal 33 5 (560,0)
of property, plant and
equipment
Profit on disposal of (272)
investment
Impairment of investment 64
in associate company
Headline earnings per 1 183 1 315 (10,0) 2 778
share (cents)
Diluted earnings per
share
Basic earnings per share 1 409 1 294 8,9 2 671
(cents)
Headline earnings per 1 175 1 298 (9,5) 2 733
share (cents)
Dividend per share 850 700 21,4 700
(cents)
Number of shares in issue 5 995 5 949 5 949
(`000)
Weighted average number 5 961 5 911 5 937
of ordinary shares in
issue (`000)
Adjustment for dilution 129 125 141
due to share options
(`000)
Weighted number of 6 090 6 036 6 078
ordinary shares in issue
used for dilution
calculation (`000)
Notes:
# The Group has adopted International Financial Reporting Standards (`IFRS`) for
the year ending 31 December 2005. Comparative periods have been restated in
accordance with IFRS as set out in supplementary note 1.
CONDENSED GROUP CASH FLOW STATEMENTS for the six months ended 30 June
Audited IFRS
Unaudited # restated
Unaudited IFRS # year ended
IFRS # restated 31 December
2005 2004 2004
R`000 R`000 R`000
Operating activities
Cash generated from operations 70 671 140 818 319 026
Finance charges (9 254) (10 150) (11 953)
Investment income 9 992 7 736 15 118
Taxation paid (43 977) (20 866) (55 934)
Dividends paid (51 070) (41 637) (41 637)
Dividend income from associate 10 725 10 725
Net cash (utilised in)/available (23 638) 86 626 235 345
from operating activities
Investing activities
Proceeds on disposal of 25% 47 000
interest in subsidiary
Net cash used in other investing (72 902) (67 906) (115 267)
activities
Net cash used in investing (25 902) (67 906) (115 267)
activities
Net cash outflow from financing (1 404) (6 506) (13 255)
activities
Net (decrease)/increase in cash (50 944) 12 214 106 823
and cash equivalents
Cash and cash equivalents at 230 434 123 611 123 611
beginning of period
Cash and cash equivalents at end 179 490 135 825 230 434
of period
Notes:# The Group has adopted IFRS for the year ending 31 December 2005. As
stated in supplementary note 8, the adjustments arising from the adoption of
IFRS did not have an effect on the cash flows of the Group.
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Share Share-
capital based
and Treasury Hedging payment
premium shares reserve reserve
R`000 R`000 R`000 R`000
Half-year ended
30 June 2005
At 1 January 2005
- audited IFRS restated # 35 149 (219) 1 068
Profit for the period
Dividends paid
Issue of ordinary shares 1 265
Net movement in (240)
treasury shares
Increase in minority interest
Employee share option scheme:
- value of services provided 382
Transfer to non-distributable
reserve
At 30 June 2005 36 414 (459) 1 450
- unaudited IFRS #
Half-year ended
30 June 2004
At 1 January 2004
- audited IFRS restated # 34 165 (2 864) 304
Profit for the period
Dividends paid
Issue of ordinary shares 984
Net movement in (312)
treasury shares
Consolidation of Share Trust
Hedging reserve 2 864
Employee share option scheme:
- value of services provided 383
Transfer to non-distributable
reserve
At 30 June 2004 35 149 (312) 0 687
- unaudited IFRS restated #
Year ended 31 December 2004
At 1 January 2004
- audited IFRS restated # 34 165 0 (2 864) 304
Profit for the period
Dividends paid
Issue of ordinary shares 984
Net movement in treasury (219)
shares
Cash flow hedges:
- reversal of fair value 4 091
hedge
- deferred taxation (1 227)
Consolidation of Share Trust
Employee share option scheme:
- value of services provided 764
Transfer to non-distributable
reserve
At 31 December 2004 35 149 (219) 0 1 068
- audited IFRS restated #
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY (Contd)
Non-
distri-
butable Retained Minority Total
reserve earnings Total interest Equity
R`000 R`000 R`000 R`000 R`000
Half-year ended
30 June 2005
At 1 January 2005
- audited IFRS 20 297 777 555 833 850 700 834 550
restated #
Profit for the period 84 793 84 793 4 345 89 138
Dividends paid (50 806) (50 806) (264) (51 070)
Issue of ordinary 1 265 1 265
shares
Net movement in (240) (240)
treasury shares
Increase in minority 30 559 30 559
interest
Employee share option
scheme:
- value of services 382 382
provided
Transfer to non- 1 317 (1 317) 0 0
distributable reserve
At 30 June 2005 21 614 810 225 869 244 35 340 904 584
- unaudited IFRS #
Half-year ended
30 June 2004
At 1 January 2004
- audited IFRS 32 346 645 511 709 462 191 709 653
restated #
Profit for the period 77 417 77 417 344 77 761
Dividends paid (41 552) (41 552) (85) (41 637)
Issue of ordinary 984 984
shares
Net movement in (312) (312)
treasury shares
Consolidation of Share 656 656 656
Trust
Hedging reserve 2 864 2 864
Employee share option
scheme:
- value of services 383 383
provided
Transfer to non- (10 847) 10 847 0 0
distributable reserve
At 30 June 2004 21 499 692 879 749 902 450 750 352
- unaudited IFRS
restated #
Year ended 31 December
2004
At 1 January 2004
- audited IFRS 32 346 645 511 709 462 191 709 653
restated #
Profit for the period 161 143 161 143 594 161 737
Dividends paid (41 552) (41 552) (85) (41 637)
Issue of ordinary 984 984
shares
Net movement in (219) (219)
treasury shares
Cash flow hedges:
- reversal of fair 4 091 4 091
value hedge
- deferred taxation (1 227) (1 227)
Consolidation of Share 404 404 404
Trust
Employee share option
scheme:
- value of services 764 764
provided
Transfer to non- (12 049) 12 049 0 0
distributable reserve
At 31 December 2004 20 297 777 555 833 850 700 834 550
- audited IFRS
restated #
Notes:# The Group has adopted IFRS for the year ending 31 December 2005.
Comparative periods have been restated in accordance with IFRS as set out in
supplementary note 1.
CONDENSED GROUP BALANCE SHEETS as at 30 June
Audited
Unaudited IFRS #
Unaudited IFRS # Restated
IFRS # restated 31 December
2005 2004 2004
R`000 R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 488 370 415 791 439 476
Intangible assets 5 979 2 429 4 353
Investments:
- associate companies 29 756 31 633 30 491
- other non-current assets 35 000 35 000 35 156
Deferred taxation 316 0 4 998
559 421 484 853 514 474
Current assets
Inventories 299 321 241 958 262 028
Receivables and prepayments 282 729 278 368 239 885
Available for sale 130 001 38 433 80 781
investments
Cash and cash equivalents 73 609 129 054 153 584
785 660 687 813 736 278
TOTAL ASSETS 1 345 081 1 172 666 1 250 752
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 36 414 35 149 35 149
Share-based payment reserve 1 450 687 1 068
Treasury shares (459) (312) (219)
Retained earnings 810 225 692 879 777 555
Non-distributable reserves 21 614 21 499 20 297
Ordinary shareholders` equity 869 244 749 902 833 850
Minority interest 35 340 450 700
Total shareholders` funds 904 584 750 352 834 550
Non-current liabilities
Interest-bearing borrowings 58 064 80 036 69 248
Deferred taxation 44 887 32 270 48 792
102 951 112 306 118 040
Current liabilities
Trade and other payables 262 700 218 066 229 860
Borrowings 18 146 11 565 15 503
Taxation 10 326 27 411 19 050
Provisions for liabilities 22 254 21 304 29 818
and charges
Bank overdrafts 24 120 31 662 3 931
337 546 310 008 298 162
Total liabilities 440 497 422 314 416 202
TOTAL EQUITY AND LIABILITIES 1 345 081 1 172 666 1 250 752
Net asset value per share 15 089 12 613 14 028
(cents)
Capital expenditure 67 990 60 310 110 366
Capital commitments
- contracted 64 510 38 488 26 569
- authorised but not 42 177 18 129 24 783
contracted
Notes:# The Group has adopted IFRS for the year ending 31 December 2005.
Comparative periods have been restated in accordance with IFRS as set out in
supplementary note 1.
SUPPLEMENTARY NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS for the six
months ended 30 June 2005
1. Basis of preparation
These interim consolidated financial statements have been prepared in accordance
with IAS34, Interim Financial Reporting, and are covered by IFRS1, First-time
adoption of IFRS, because they are part of the period covered by the Group`s
first IFRS financial statements for the year ending 31 December 2005. These
interim financial statements have been prepared in accordance with those IFRS
standards and IFRIC interpretations issued and effective as at the time of
preparing these statements (August 2005). The IFRS standards and IFRIC
interpretations that will be applicable at 31 December 2005, including those
that will be applicable on an optional basis, are not known with certainty at
the time of preparing these interim financial statements.
These consolidated interim financial statements have been prepared under the
historical cost convention, as modified by the revaluation of available for sale
financial assets, and financial assets and liabilities at fair value through
profit and loss.
An explanation of how the transition to IFRS has affected the reported financial
position and performance of the Group is provided in supplementary note 8.
2. Significant changes to the Group`s accounting policies as a result of the
adoption of IFRS
Property, plant and equipment
Where parts of an item of property, plant and equipment have different useful
lives, they are accounted for as separate items of property, plant and
equipment. Residual values and useful lives of all assets are reassessed
annually. In addition, depreciation of an item of property, plant and equipment
is to begin when it is available for use and ceases at the earlier of the date
it is classified as held for sale or the date that it is derecognised upon
disposal.
Previously parts of an item of property, plant and equipment were accounted for
as a combined unit and were depreciated over the estimated useful lives of the
item. Depreciation commenced when the item of property, plant and equipment was
commissioned for use and suspended when the asset was taken out of use.
Share-based payment transactions
The fair value of share options and deferred delivery shares granted to Group
directors is recognised as an employee expense with a corresponding increase in
equity. The fair value is measured at grant date and expensed over the period
during which the employee becomes unconditionally entitled to the equity
instruments. The fair value of the instruments granted is measured using
generally accepted valuation techniques, taking into account the terms and
conditions upon which the instruments are granted. This accounting policy has
been applied to all equity instruments granted after 7 November 2002 that had
not yet vested at 1 January 2004, the date of transition to IFRS. The fair value
of share-based payments was not recognised under the Group`s previous accounting
policies.
Accounting for settlement discounts
Revenue is measured at the fair value of the consideration received or
receivable, taking into account the amount of any settlement discounts allowed
by Group companies. A provision is made for the estimated settlement discounts
at the time of sale.
Settlement discounts were previously accounted for as incurred.
Accounting for government grants
Government grants, such as MIDP claims, are not recognised until there is
reasonable assurance that the Group has complied with the conditions attached to
it and that the grant will be received.
In the past, certain Group companies accounted for MIDP claims prior to all the
conditions attaching to it being met.
3. Investment activity
The principal changes during the period were as follows:
The Group sold 25% of its investment in Smiths Manufacturing (Pty) Limited, a
subsidiary of Metair Investments Limited, effective 1 May 2005. The profit
realised on this sale was R16,2 million.
4. Contingencies
Bank and other guarantees given by the Group to third parties amounted to R40,7
million as at 30 June 2005 (R40,7 million as at 30 June 2004)
5. Borrowings
Unaudited Unaudited Audited
30 June 30 June 31 December
2005 2004 2004
R`000 R`000 R`000
Current 18 146 11 565 15 503
Non-current 58 064 80 036 69 248
Total 76 210 91 601 84 751
The movement in borrowings can be
analysed as follows:
Six months ended June 2005
Opening amount (84 751)
Repayments 8 789
Amounts raised (248)
Closing amount (76 210)
6. Fair value adjustments on financial
instruments
Unaudited Unaudited Audited
30 June 30 June 31 December
2005 2004 2004
R`000 R`000 R`000
Foreign exchange (losses)/gains
arising from:
Forward exchange contracts and (345) 660 0
other financial instruments
Translation of foreign currency (1 001) (2 062) 0
monetary items
Total (1 346) (1 402) 0
7. Cash and cash equivalents
For the purposes of the cash flow statement cash
and cash equivalents consists of the following:
Unaudited Unaudited Audited
30 June 30 June 31 December
2005 2004 2004
R`000 R`000 R`000
Cash at bank and on hand 73 609 129 054 153 584
Bank overdrafts (24 120) (31 662) (3 931)
49 489 97 392 149 653
Available for sale investments 130 001 38 433 80 781
Total 179 490 135 825 230 434
8. Explanation of transition to IFRS
As stated in supplementary note 1, these are the Group`s first consolidated
financial statements prepared in accordance with IFRS.
The accounting policies set out in supplementary note 2 have been applied in
preparing the interim report for the six months ended 30 June 2005, the
comparative information presented in this interim report for the six months
ended 30 June 2004 and for the year ended 31 December 2004, and in the
preparation of the opening IFRS balance sheet at 1 January 2004 (the Group`s
date of transition).
In preparing the opening IFRS balance sheet, the Group has adjusted amounts
previously reported in financial statements and interim reports prepared in
accordance with its previous basis of accounting, SA GAAP. An explanation of
how the transition from SA GAAP to IFRS has affected the Group`s financial
position and performance is set out in the following tables and the notes
accompanying the tables. The adjustments arising from the adoption of IFRS did
not have an effect on the cash flows of the Group.
Although this IFRS financial information is based on management`s best knowledge
of expected standards and interpretations, and current facts and circumstances,
this may change. For example, amended or additional standards or interpretations
may be issued by the IASB. Therefore, until the Company prepares its first full
IFRS financial statements and establishes its transition date as defined by
IFRS1, the possibility cannot be excluded that the accompanying preliminary IFRS
financial information may have to be adjusted.
Reconciliation of equity
31 December 30 June 2004 1 January
2004 Change 2004
Change Change
In R`000 Note Dr/(Cr) Dr/(Cr) Dr/(Cr)
Equity previously 805 724 725 174 686 010
reported under SA GAAP
Adjustment upon adoption 28 826 25 178 23 643
of IFRS
Equity reported under 834 550 750 352 709 653
IFRS
Equity adjustments
Retained earnings 8.1-8.7 27 758 24 491 23 339
Share based payment 8.3 1 068 687 304
reserve
28 826 25 178 23 643
Assets and liabilities
adjustments
Property, plant and 8.1 41 981 39 556 35 745
equipment
Intangible assets 600 567 533
Accounts receivable (1 403) (3 068) (2 335)
Other non-current assets (1 087)
Deferred taxation 8.6 (12 352) (10 790) (10 183)
Other current liabilities (117)
28 826 25 178 23 643
Reconciliation of profit for the
year ended 31 December 2004
Effect of
SA GAAP as transition to
previously IFRS IFRS
reported Restated
In R`000 Note
Sales 8.4,8.5 1 950 244 (697) 1 949 547
Cost of sales (1 428 638) (1 428 638)
Gross profit 521 606 (697) 520 909
Other operating income 8.4 16 220 1 629 17 849
Distribution, 8.3 (264 471) (764) (265 235)
administrative and other
expenses
Depreciation and 8.1 (47 909) 6 304 (41 605)
amortisation
Finance costs 3 165 3 165
Impairment of investment (3 775) (3 775)
in associate company
Share of results of 2 451 2 451
associates
Profit before taxation 227 287 6 472 233 759
Income tax expense 8.6 (69 969) (2 053) (72 022)
Profit for the period 157 318 4 419 161 737
Attributable to:
Equity holders of the 156 724 4 419 161 143
Company
Minority interests 594 594
157 318 4 419 161 737
Reconciliation of profit for the
six months ended 30 June 2004
Effect of
SA GAAP as transition to
previously IFRS IFRS
In R`000 Note reported Restated
Sales 8.4,8.5 914 847 (1 473) 913 374
Cost of sales (666 662) (666 662)
Gross profit 248 185 (1 473) 246 712
Other operating income 8.4 12 633 740 13 373
Distribution, 8.3 (123 428) (411) (123 839)
administrative and other
expenses
Depreciation and 8.1 (21 684) 2 759 (18 925)
amortisation
Fair value adjustments on (1 402) (1 402)
financial instruments
Finance costs (2 414) (2 414)
Share of results of (262) (262)
associates
Profit before taxation 111 628 1 615 113 243
Income tax expense 8.6 (34 991) (491) (35 482)
Profit for the period 76 637 1 124 77 761
Attributable to:
Equity holders of the 76 293 1 124 77 417
Company
Minority interests 344 344
76 637 1 124 77 761
Project costs amounting to R5 194 000 included in distribution, administrative
and other expenses have been reclassified as part of cost of sales in June 2004.
Depreciation has been corrected with R2 636 000 in June 2004.
The adjustments detailed below are stated before deferred taxation and minority
interests. Please refer to supplementary note 8.6 for the effect of the
adjustments on deferred taxation.
8.1 Consistent with IFRS, the Group has accounted for parts of its property,
plant and equipment as separate items in determining appropriate rates of
depreciation, capitalisation of refurbishment costs and derecognition applicable
to individual parts. Residual values and useful lives of all property, plant and
equipment have been reassessed. The effect of this is as follows:
For the For the
year ended six months
At 31 At 1 31 ended 30
December At 30 June January December June
In R`000 2004 2004 2004 2004 2004
Property, plant and 41 981 39 556 35 745
equipment
Reserves (retained 29 387 27 689 25 022
earnings) and minority
interests
Operating profit 6 304 2 759
(depreciation)
8.2 The Group has decided to adopt the business combinations exemption whereby
business combinations that were recognised before the date of the transition
need not be restated. No business combinations have occurred since 1 January
2004.
8.3 In accordance with IFRS 1, the Group applied IFRS 2 to equity instruments
granted to employees after 7 November 2002 but not vested at the date of
transition. This included instruments granted by the Metair Share Incentive
Scheme. Previously the fair value of share-based payment transactions were not
recognised in the financial statements. The share-based payment reserve has been
included on the condensed group statements of changes in equity.
8.4 Previously, certain Group companies accounted for government grants prior to
all conditions attaching to the grant being met. In accordance with IAS20,
government grants have not been accounted for until there is reasonable
assurance that the company has complied with the conditions attaching to it and
that the grant will be received. The effect of this change was a net decrease in
sales of R622 000, a net increase in other income of R1 629 000 and a net
decrease in accounts receivable of
R378 000 for the year ended 31 December 2004 (half year ended 30 June 2004
showed a net decrease in sales of R1 253 000, a net increase in other income of
R740 000 and a net decrease in accounts receivable of R1 898 000).
8.5 Previously the Group did not make provision for settlement discounts. In
accordance with IFRS, settlement discounts have been provided for. The effect of
this change was a net decrease in sales of R75 000 and a net decrease in
accounts receivable of R1 025 000 for the year ended 31 December 2004 (half year
ended 30 June 2004 showed a net decrease in sales of R220 000 and a net decrease
in accounts receivable of R1 170 000).
8.6 The above changes increased/(decreased) the deferred tax liability as
follows, based on the normal South African tax rate of 30%:
For the
For the six
year months
At 31 At 30 At 1 ended 31 ended
December June January December 30 June
In R`000 Note 2004 2004 2004 2004 2004
Property, plant and 8.1 12 594 11 867 10 724
equipment
Accounts receivable (422) (920) (701)
Other non-current (326)
assets
Intangible assets 180 170 160
Tax charge to income 2 053 491
statement
12 352 10 790 10 183 2 053 491
8.7 The employee benefits exemption under IFRS1 is not applicable to the Group.
SEGMENTAL REVIEW for the six months ended 30 June
Turnover by sector (R`000)
Audited IFRS#
Unaudited Unaudited IFRS# Restated 31
IFRS# 2005 restated 2004 December 2004
Original equipment 545 202 425 968 881 075
Export 135 761 221 051 513 871
Aftermarket 216 550 193 504 388 014
Non-auto 85 451 72 851 166 587
982 964 913 374 1 949 547
OPERATING RESULTS
The Interim Report has been prepared on the basis of IFRS and comparative
figures adjusted accordingly.
Group turnover was 7,6% above the first six months of 2004, but marginally below
the second six months. Sales to local vehicle manufacturers increased by 28,0%
with the commencement of new vehicle contracts and strong growth in the domestic
vehicle market. Sales into the aftermarket increased by 11,9% despite increased
competition from imported products and the turnover from non-automotive products
also increased by 17,2%. Automotive component exports declined by 38,6% due to
the stronger Rand and a decline in vehicle exports.
Manufacturing performance was disrupted by the introduction of technically more
complex new products and facilities for major new vehicle models launched during
the period and costs were incurred for technical assistance, training and launch
costs. The impact was exaggerated by delays experienced by vehicle
manufacturers in meeting projected production volumes and overtime costs were
incurred in meeting their extended operating patterns.
Gross margins reduced by 2,3 percentage points compared to the first six months
of 2004 partly due to the above, but also reflecting the fact that new business
won has been at lower margins. The depreciation charge increased in line with
the additional facilities commissioned.
Other operating income included the profit of R16,2 million which arose from the
sale of 25% of Smiths Manufacturing to Denso Corporation effective 1st May 2005
and this is also reflected in the increased minority interest shown on the
Income Statement and Balance Sheet.
The overall attributable net profit for the six months (including the above
figure), increased from R77,4 million in 2004 to R84,8 million in 2005.
Headline earnings, however, decreased from 1 315 cents to 1 183 cents per share.
On a fully diluted basis headline earnings were 1 175 cents compared to 1 298
cents achieved in 2004.
On the Balance Sheet, inventories increased, partially as a result of the higher
turnover achieved, but the delayed ramp-up of production volumes also resulted
in excess stock at the end of June. Debtors were well controlled and reflected
the impact of lower export sales. The Group remained cash positive and cash and
cash equivalents amounted to R179,5 million (June 2004 - R135,8 million) with
borrowings of R76,2 million (June 2004 - R91,6 million). Shareholders equity
represented 67,3% of total assets compared to 64,0% at June 2004.
PROSPECTS
South African vehicle sales look set to achieve another record year and despite
increasing market penetration by imported vehicles, sales of domestically
produced vehicles should reflect this trend. In addition, exports of vehicles,
which were marginally lower in the first six months, should accelerate in the
second half of the year following new model introductions.
The Group will benefit from this increased demand and will also have the benefit
of full utilisation of facilities that were commissioned during the first six
month period. Margins will remain under pressure and little cost recovery is
projected for the balance of the year. Direct exports have been substantially
curtailed and generally margins remain unattractive despite the slight softening
of the Rand.
Additional capital investments of more than R100 million have been authorised to
meet increased volume demands expected in 2006 and for facilities for new models
that will be launched in 2007. This expenditure can be funded by internal cash
flows.
The 25% dilution of Smiths Manufacturing will be reflected fully in the second
six months, but Metair remains confident that the longer term benefits of the
positive relationship secured with Denso will be realised. Discussions with
other licensors are continuing.
The short-term outlook is reasonably positive and with strong domestic demand,
but with the dilution of Smiths` income, the headline earnings for the Group for
the second six months of 2005 are expected to be similar to those achieved in
the first six months.
Signed on behalf of the board
E Bradley - Chairman
AD Plummer - Managing Director
22 August 2005
DIRECTORS AND ADMINISTRATION
EXECUTIVE DIRECTORS
A D Plummer* (Managing); C I J van der Merwe (Finance)
NON-EXECUTIVE DIRECTORS
Mrs E Bradley (Chairman); G J Strydom
INDEPENDENT NON-EXECUTIVE DIRECTORS
R S Broadley; L Soanes*
COMPANY SECRETARY
S M Vermaak
* British
REGISTRARS
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street
Johannesburg
2001
SPONSOR
LPC Manhattan Moela (Pty) Limited4th Floor
South Office Tower
Hyde Park Corner
Hyde Park
REGISTERED OFFICE
10 Anerley Road
Parktown
2193
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