| Thu 23 Feb 2006, 17:55 | | Delta - Audited group results for the year ended D |
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DEL
DEL
Delta - Audited group results for the year ended December 2005
Delta Electrical Industries Limited
Registration number: 1919/006020/06
Share code: DEL ISIN: ZAE000002036
AUDITED group results for the YEAR ended DECEMBER 2005
GROUP INCOME STATEMENT
2005 2004
restated Change
Note R"000 R"000 %
Continuing Operations
Revenue 524,069 397,221 32
Group revenue 1,305,345 1,370,840
Less: Disposal Group 781,276 973,619
Earnings before interest, 49,248 19,401 154
taxation, depreciation and
amortisation
Depreciation (39,319) (36,660)
Net foreign exchange 10,806 (6,154)
gains/(losses)
Operating profit/(loss) 20,735 (23,413)
Net interest received/(paid) 14,562 (3,095)
Profit/(loss) before taxation 35,297 (26,508)
Taxation (49,596) 14,048
Normal taxation (12,823) 24,220
Secondary taxation on (36,773) (10,172)
companies
Loss after taxation from (14,299) (12,460)
Continuing Operations
Profit after taxation for the 1,053,682 127,362
period from Disposal Group
Operating profit 144,939 174,536 (17)
Profit on disposal of Repairs 998,422 -
and Services and Replacement
Parts Divisions
Interest received 7,667 9,284
Profit before taxation 1,151,028 183,820 526
Taxation (97,346) (56,458)
Profit after taxation from 1,053,682 127,362 727
Disposal Group
Total profit after taxation for 1,039,383 114,902 805
the period
Attributable to:
Equity holders of parent company 1,037,602 113,278
Minority interests 1,781 1,624
1,039,383 114,902
Headline earnings attributable 1 97,632 115,063 (15)
to ordinary shareholders
Number of shares in issue (`000) 49,166 49,166
Weighted number of shares in 48,974 48,753
issue (`000)
Dilutive number of shares in 49,274 48,830
issue (`000)
Attributable (loss)/earnings per
share (cents)
- basic 2,118.7 232.4 812
From continuing operations (29.2) (25.5)
From disposal group 2,147.9 257.9
- diluted 2,105.8 232.0 808
From continuing operations (29.0) (25.5)
From disposal group 2,134.8 257.5
Dividend per share (cents) - 39.0 88.5
Normal
Dividend per share (cents) - 600.0 -
Special
SEGMENTAL ANALYSIS
2005 2004
restated Change
R"000 R"000 %
Revenue
Electrolytic Manganese Dioxide 524,069 397,221 32
Repairs and Services 629,916 762,419 (17)
Replacement Parts 151,360 211,200 (28)
1,305,345 1,370,840 (5)
Operating profit
Electrolytic Manganese Dioxide 36,073 (3,432) -
Repairs and Services 135,182 162,720 (17)
Replacement Parts 8,393 11,816 (29)
Corporate and other (13,974) (19,981) 30
Disposal of Repairs and Services and
Replacement
Parts Divisions 998,422 -
1,164,096 151,123 670
Segmental assets
Electrolytic Manganese Dioxide 812,708 785,837
Repairs and Services - 324,345
Replacement Parts - 105,937
Corporate and other 4,797 2,172
817,505 1,218,291
Deferred taxation asset 2,779 8,230
Cash and cash equivalents 1,057,866 232,555
Tax overpaid 5,764 14,144
Total assets 1,883,914 1,473,220
Segmental liabilities
Electrolytic Manganese Dioxide 90,223 96,562
Repairs and Services - 125,218
Replacement Parts - 34,418
Corporate and other 10,573 23,098
100,796 279,296
Bank overdrafts and short-term borrowings 29,790 209,975
Tax provision 108,821 33,726
Deferred taxation liabilities 26,973 23,518
Total liabilities 266,380 546,515
GROUP BALANCE SHEET
2005 2004
restated
R"000 R"000
ASSETS
Property, plant and equipment 457,800 555,913
Goodwill and intangible assets - 6,897
Deferred taxation asset 2,779 8,230
Bank balances and cash 1,057,866 232,555
Current assets 365,469 669,625
Total assets 1,883,914 1,473,220
EQUITY AND LIABILITIES
Share capital and reserves 1,617,534 924,498
Minority interest - 2,207
Total shareholders" funds 1,617,534 926,705
Deferred taxation liabilities 26,973 23,518
Provision for long-term compensation - 18,611
benefits
Non-current liabilities 34,147 40,325
Current liabilities 205,260 464,061
Total equity and liabilities 1,883,914 1,473,220
Net asset value per share (cents) 3,290 1,880
Net gearing (%) - -
STATEMENT OF CHANGES IN EQUITY
Share Foreign
Capital currency Accumu-
and translation Treasury lated
premium reserve shares profit
R"000 R"000 R"000 R"000
Balance at 27 December 2003 - 117,445 70,118 (10,136) 734,740
as previously stated
Change in accounting policy - - - (19,470)
and restatements in respect of
IAS 17
IFRS transitional adjustments - - - 29,604
Balance at 27 December 2003 - 117,445 70,118 (10,136) 744,874
restated
Net profit for the year - - - - 113,278
restated
Dividend paid - - - (77,715)
Decrease in Foreign Currency - (35,948) - -
Translation Reserve
Proceeds on disposal of - - 2,582 -
treasury shares
Balance at 27 December 2004 - 117,445 34,170 (7,554) 780,437
restated
Net profit for the year - - - 1,037,602
Dividend paid - - - (346,829)
Decrease in Foreign Currency - (433) - -
Translation Reserve
Proceeds on disposal of - - 2,696 -
treasury shares
Disposal of subsidiaries - - - -
Balance at 27 December 2005 117,445 33,737 (4,858) 1,471,210
Minority Total
Total interest equity
R"000 R"000 R"000
Balance at 27 December 2003 - as 912,167 773 912,940
previously stated
Change in accounting policy and (19,470) - (19,470)
restatements in respect of IAS 17
IFRS transitional adjustments 29,604 - 29,604
Balance at 27 December 2003 - restated 922,301 773 923,074
Net profit for the year - restated 113,278 1,624 114,902
Dividend paid (77,715) (190) (77,905)
Decrease in Foreign Currency (35,948) - (35,948)
Translation Reserve
Proceeds on disposal of treasury 2,582 - 2,582
shares
Balance at 27 December 2004 - restated 924,498 2,207 926,705
Net profit for the year 1,037,602 1,781 1,039,383
Dividend paid (346,829) (4,393) (351,222)
Decrease in Foreign Currency (433) - (433)
Translation Reserve
Proceeds on disposal of treasury 2,696 - 2,696
shares
Disposal of subsidiaries - 405 405
Balance at 27 December 2005 1,617,534 - 1,617,534
Group cash flow statement
2005 2004
restated
R"000 R"000
Cash generated by trading 216,562 218,090
Increase in working capital (102,449) (18,274)
Cash generated by operations 114,113 199,816
Interest received 22,229 6,189
Payments against long-term compensation - (18,344)
benefits
Tax paid (51,237) (74,151)
Cash available from operating activities 85,105 113,510
Dividend paid (58,089) (77,905)
Cash inflow from operating activities 27,016 35,605
From continuing operations (24,662) (36,378)
From disposal group 51,678 71,983
Expansion capital expenditure (3,333) (41,594)
Replacement capital expenditure (35,521) (34,612)
Net proceeds on disposal of businesses 1,305,887 -
Initial special dividend paid (293,133) -
Investments in business (56) (1,644)
Proceeds on disposal of property plant 1,639 1,268
and equipment
Net cash inflow/(outflow) before 1,002,499 (40,977)
financing activities
From continuing operations (47,019) (77,562)
From disposal group 1,049,518 36,585
Proceeds on disposal of treasury shares 2,696 2,582
Net increase/(decrease) in cash and cash 1,005,195 (38,395)
equivalents
From continuing operations (44,323) (74,980)
From disposal group 1,049,518 36,585
Cash and cash equivalents at beginning of 22,580 57,242
period
Translation of cash in foreign subsidiary 301 3,733
Cash and cash equivalents at end of 1,028,076 22,580
period
NOTES
1. Reconciliation between attributable profit and headline earnings
2005 2004
Restated Change
R"000 R"000 %
Attributable profit after taxation 1,037,602 113,278 816.0
Goodwill amortised - 2,262
Profit on disposal of Repairs and (948,112) -
Services and Replacement Parts
Divisions net of taxation
Loss/(profit) on disposal of ,142 (477)
property, plant and equipment net of
tax effect
Headline earnings attributable to 97,632 115,063 (15.1)
ordinary shareholders
Attributable headline
(loss)/earnings per share
- basic 199.4 236.0 (15.5)
From continuing operations (29.6) (25.6) -
From disposal group 229.0 261.6 (12.5)
- diluted 198.1 235.6 (15.9)
From continuing operations (29.5) (25.5) -
From disposal group 227.6 261.1 (12.8)
Headline earnings of R97,632k attributable to ordinary shareholders includes the
STC charge of R35.7 million (72,8 cents per share) relating to the initial
special dividend paid on 5 December 2005 from the sale proceeds. This charge has
negatively affected the headline loss per share from continuing operations. The
headline loss per share was however positively affected by interest earned after
tax of R14.7 million (30 cents per share) on the sale proceeds.
2. Basis of presentation
The abridged financial statements have been prepared using the accounting
policies in terms of International Financial Reporting Standards ("IFRS") and
presented in accordance with IAS 34. These standards are subject to ongoing
review and may change. The annual financial statements for the year ended 27
December 2004 were prepared in accordance with South African Statements of
Generally Accepted Accounting Practice ("SA GAAP"). SA GAAP differs in some
areas from IFRS. In preparing these abridged financial statements, certain
accounting policy changes and reclassifications were applied to comply with
IFRS. The comparative figures in respect of 2004 were restated to reflect these
adjustments. Reconciliations and descriptions of the effect of the transition
from SA GAAP to IFRS on the group"s assets, equity and its net profit are
provided below.
3. Transitional arrangements
The group"s financial statements for the year ending 27 December 2005 are the
first set of annual financial statements that comply with IFRS. The group has
applied IFRS 1 - first time adoption of IFRS, in preparing these financial
statements. The group"s opening IFRS balance sheet as at 27 December 2004 has
been restated to reflect all existing IFRS statements applicable at 27 December
2005.
4. Change in accounting policy
The company has changed its accounting policy with regard to the capitalisation
of borrowing costs. Borrowing costs directly related to the plant expansion were
previously capitalised to the cost of property, plant and equipment. Borrowing
costs are now written off when they are incurred. Comparative figures have been
restated, although this had no impact on the 2004 and 2005 income statements.
The effect of the change in accounting policy is as follows:
Minority
Gross Tax Net Interest Attributable
Adjustment 2004 6,954 - (16,228)
to opening (23,182) (16,228)
retained
profit
5. Restatement in respect of IAS 17
Following circular 7/2005 issued by SAICA on 2 August 2005, there has been
clarification of the reinterpretation of IAS 17-Leases. As a result leases are
now recognised as an expense on a straight line basis over the lease term.
Previously lease expenses were recognised on a basis which reflected the cash
flows during that period. Comparative figures have been restated.
The effect of the change is as follows:
Minority
Gross Tax Net Interest Attributable
Increase in 2,099 (630) 1,469 Nil 1,469
profit 2005
Increase in 2,533 (760) 1,773 5 1,778
profit 2004
Net effect (2,099) 630 5 (1,464)
on opening 2004 (1,469)
retained
profit
The increase in profit in 2005 is the result of the reversal of prior year IAS
17 adjustments which reversed with the disposal of the Repairs and Services and
Replacement Parts divisions on 30 September 2005.
2005 2004
R"000 R"000
6. Commitments
Capital commitments - Authorised but not contracted 6,362 4,400
Capital commitments - contracted 18,845 40,466
25,207 44,866
Operating lease commitment 3,825 38,721
Other 4,096 5,739
7. Notes on the effect of transition to IFRS
Reconciliation of balance sheet at 27 December 2004
Restatement
and
change
Previously in Previous Effect of
accounting Transition
Note stated policy GAAP to IFRS IFRS
1,2 Property, 528,731 (23,182) 505,549 50,364 555,913
plant and
equipment
Goodwill 6,009 - 6,009 - 6,009
Intangible 888 - 888 - 888
assets
Deferred 8,230 - 8,230 - 8,230
taxation asset
Total non- 543,858 (23,182) 520,676 50,364 571,040
current assets
Total cash and 232,555 - 232,555 - 232,555
cash
equivalents
Trade and 241,379 - 241,379 - 241,379
other
receivables
Inventories 414,102 - 414,102 - 414,102
Tax overpaid 14,144 - 14,144 - 14,144
Total current 669,625 - 669,625 - 669,625
assets
Total assets 1,446,038 (23,182) 1,422,856 50,364 1,473,220
3 Trade and 218,261 2,099 220,360 - 220,360
other payables
Provision for
long-term
compensation
benefits 18,611 - 18,611 - 18,611
Provisions 40,325 - 40,325 - 40,325
Current 33,726 - 33,726 - 33,726
taxation
liability
4,5 Deferred 15,993 (7,584) 8,409 15,109 23,518
taxation
liability
Bank overdraft 209,975 - 209,975 - 209,975
Total 536,891 (5,485) 531,406 15,109 546,515
liabilities
Total assets 909,147 (17,697) 891,450 35,255 926,705
less total
liabilities
Issued capital 117,445 - 117,445 - 117,445
Treasury (7,554) - (7,554) - (7,554)
shares
Foreign 34,170 - 34,170 - 34,170
currency
translation
reserve
6,7 Retained 762,874 (17,692) 745,182 35,255 780,437
earnings
8 Minority 2,212 (5) 2,207 - 2,207
interest
Total equity 909,147 (17,697) 891,450 35,255 926,705
Notes to the reconciliation of balance sheet at 27 December 2004
1. The company has changed its accounting policy with regard to the
capitalisation of borrowing costs. Borrowing costs directly related to the plant
expansion were previously capitalised to the cost of property, plant and
equipment. Borrowing costs are now written off when they are incurred. The
cumulative adjustment decreased the carrying amount of property, plant and
equipment by R23,182k, prior to 2003.
2. Significant components of property, plant and equipment were not separately
depreciated where the useful life of that component was significantly different
from the useful life of the asset as a whole under previous GAAP. Under IFRS
components of property, plant and equipment with a useful life that differs
significantly from the asset as a whole are depreciated separately over their
useful lives. The cumulative adjustment increased the carrying amount of
property, plant and equipment by R50,364k.
3. Following circular 7/2005 issued by SAICA on 2 August 2005, there has been
clarification of the reinterpretation of IAS 17-Leases. As a result leases are
now recognised as an expense on a straight line basis over the lease term.
Previously lease expenses were recognised on a basis which reflected the cash
flows during that period. The cumulative adjustment required to increase the
liability arising from this adjustment is R2,099k.
4. The above changes had the following impact on deferred tax:
R"000
Reversal of interest capitalised (note 1) (6,954)
Operating lease expenses (note 3) (630)
(7,584)
5. The IFRS restatement above (note 2) increased the deferred tax liability by
R15,109k.
6. The adjustment to retained profit is as follows:
R"000
Reversal of interest capitalised (note 1) (16,228)
Operating lease expenses (note 3) (1,464)
(17,692)
7. The IFRS restatement above (note 2) increased the retained profit by
R35,255k.
8. The minority interest decreased due to an increase in the operating lease
expenses relating to minorities. The cumulative adjustment decreased minority
interests by R5k.
7.2 RECONCILIATION OF profit and loss FOR THE YEAR ENDED 27 DECEMBER 2004
Adjustments Effect of
Previously in respect Previous transition
Note stated of IAS 17 GAAP to IFRS IFRS
Revenue 1,370,840 - 1,370,840 - 1,370,840
1 Earnings
before
interest
taxation
depreciation 219,878 2,533 222,411 - 222,411
and
amortisation
2 Depreciation (60,178) - (60,178) 8,072 (52,106)
Amortisation (2,852) - (2,852) - (2,852)
Net foreign (16,330) - (16,330) - (16,330)
exchange
losses
Operating 140,518 2,533 143,051 8,072 151,123
profit
Net interest 6,189 - 6,189 - 6,189
received
Profit before 146,707 2,533 149,240 8,072 157,312
tax
3,4 Tax 39,229 760 39,989 2,421 42,410
expense
Profit after 107,478 1,773 109,251 5,651 114,902
tax
Attributable
to:
Equity holders 105,849 1,778 107,627 5,651 113,278
of parent
company
5 Minority 1,629 (5) 1,624 - 1,624
interests
107,478 1,773 109,251 5,651 114,902
Notes to the reconciliation of profit and loss for the year ended 27 December
2004
1. Following circular 7/2005 issued by SAICA on 2 August 2005, there has been
clarification of the reinterpretation of IAS 17-Leases. As a result leases are
now recognised as an expense on a straight line basis over the lease term.
Previously lease expenses were recognised on a basis which reflected the cash
flows during that period. The restatement increased earnings before interest,
taxation, depreciation and amortisation by R2,533k. The restatement was
positively impacted by the termination of a lease during the period.
2. Significant components of property, plant and equipment were not separately
depreciated where the useful life of that component was significantly different
from the useful life of the asset as a whole under previous GAAP. Under IFRS
components of property, plant and equipment with a useful life that differs
significantly from the asset as a whole are depreciated separately over their
useful lives. The adjustment decreased the depreciation charge for the year by
R8,072k.
3. The restatement of operating lease expenses (note 1) increased the deferred
tax expense by R760k.
4. The restatement of depreciation (note 2) increased the deferred tax expense
by R2,421k.
5. Minority interests in profit decreased by R5k due to operating lease expenses
being written off on a straight-line basis over the period of the lease.
8. AUDIT OPINION
The auditors, Deloitte & Touche, have issued their opinion on the group"s
financial statements for the twelve month period ended 27 December 2005. The
audit was conducted in accordance with International Standards on Auditing.
They have issued an unqualified audit opinion. A copy of their audit report is
available for inspection at the company"s registered office. These summarised
financial statements have been derived from the group annual financial
statements and are consistent in all material respects, with the group annual
financial statements.
COMMENT ON RESULTS
Disposal of Repairs and Services and Replacement Parts Divisions
The group disposed of its Repairs and Services Division (comprising the
Electrical Repair Engineering, Transwire, Wire Electric, Loco Coil Technologies
and Bukubuhle Wire business units) and Replacement Parts Division (comprising
the Equipment Spare Parts Africa and AMT Services business units) effective
30 September 2005.
The two divisions were sold to a private equity consortium consisting of Ethos
Private Equity, Actis, Old Mutual and black economic empowerment partners, Aka
Capital and Sphere Holdings. Full details of the transaction are contained in
the circular sent to shareholders dated 25 July 2005. Delta Shareholders in a
general meeting approved the sale of the divisions on 24 August 2005.
The final sale proceeds for the divisions was R1,342 million which have been
received in full.
Financial Review
Headline earnings per share decreased by 15,5% to 199,4 cents (2004: 236 cents
restated), which excludes the profit on the sale of the divisions included in
attributable earnings per share. Headline earnings includes the Secondary
Taxation on Companies ("STC") charge of R35,7 million relating to the initial
special dividend paid on 5 December 2005 from the sale proceeds. This accounting
treatment is in line with circular 7/2002: Headline earnings issued by SAICA.
Excluding the STC charge, headline earnings per share would have been 272,2
cents, a 16% improvement on 2004.
Revenue for the year decreased by 5% to R1,305 million (2004: R1,371 million).
The decrease was due to the Repairs and Services and Replacement Parts divisions
only being included for the nine months to 30 September 2005, the effective date
of sale, compared with twelve months in 2004. Revenue from continuing operations
increased by 32% to R524 million (2004: R397 million). The increase has been
achieved as a result of Delta EMD broadening its geographic and customer base in
addition to improved demand for EMD.
Operating profit, excluding the profit on the sale of the divisions increased to
R166 million for the year ended 2005 (2004: R151 million). The operating profit
for the year benefited from the release of a R13,6 million provision at Delta
EMD relating to prior periods following resolution of a dispute concerning fees
payable for waste disposal. A foreign exchange gain of R13,1 million also
contributed towards the operating profit.
A net cash inflow of R1,005 million was recorded in 2005. This favourable cash
position was brought about by the sale proceeds of R1,342 million and after the
payment of an initial special dividend of R293 million.
The group adopted the International Financial Reporting Standards ("IFRS") with
effect from 27 December 2004. Prior year"s comparative figures have been
restated to reflect IFRS. The effect of the restatement was to increase
operating profit for the year by R8,1 million. Shareholders are referred to the
accounting notes which detail the changes made.
Operations
Electrolytic Manganese Dioxide (EMD)
Revenue for the year increased by 32% to R524 million (2004: R397 million). This
was despite a stronger average Rand and Australian Dollar exchange rate to the
US Dollar. Significant sales growth took place in the year with sales tonnage
increasing in all major markets. The increase has been achieved as a result of
Delta EMD broadening its geographic and customer base in addition to improved
demand for EMD. Sales volumes for the year exceeded the production capacity of
the two plants, which operated at full capacity during the year. This resulted
in a reduction of stock levels.
An operating profit of R36,1 million was recorded for the year (2004: Operating
loss R3,4 million). A foreign exchange gain of R10,8 million contributed towards
the operating profit. Operating profit benefited from the improved sales
volumes. The full benefit of the revenue improvement was adversely affected by a
substantial increase in the price of manganese ore and high price increases of
other raw materials during the year.
The board approved an expansion at its Nelspruit plant in the year 2000, which
was intended to increase capacity by 11,000 tonnes. Due to a change in market
conditions the expansion was only partially completed with 8,000 tonnes being
commissioned in December 2003. Expenditure of R31,7 million has been incurred to
date on the remaining capacity. Further work on the project has been postponed
until such time as there is an improvement in current selling prices and
exchange rates.
Initial selling price discussions with customers for 2006 have confirmed a
tightening of supply of good quality alkaline battery grade EMD, after the
withdrawal of capacity from the market. This has come through with an acceptance
by the market of the need for a higher pricing structure.
Repairs and Services division and Replacement Parts division
As reported the sale of the Repairs and Services division and the Replacement
Parts Divisions was successfully concluded, effective 30 September 2005.
For the nine months to 30 September 2005 the Repairs and Services division
achieved good results. An operating profit of R135,2 million was recorded from
revenue of R629,9 million for the nine month period. The Replacement Parts
division for the same period had acceptable results considering difficult
trading conditions and the impact that a strong rand has on its business. An
operating profit of R8,4 million was recorded from revenue of R151,4 million for
the nine month period.
On 30 September 2005 an initial payment of R1,296 million was received in cash
for the sale of the Divisions. This payment was based on the aggregate book
value of the net assets of the two divisions on 27 December 2004, which was R266
million.
A final payment was received on 31 October 2005 adjusting for the movement in
the net asset value of the divisions between 27 December 2004 and 30 September
2005. After the adjustment the final sale proceeds were R1,342 million.
An initial special dividend of R6 per share was paid to shareholders on 5
December 2005 out of the sale proceeds.
Prospects
The future results of the remaining business, Delta EMD, will depend very much
on exchange rates as well as the extent of selling price increases achieved,
offset by the impact of higher production costs. Delta EMD continues to explore
opportunities to maintain its position as the leading global producer of EMD.
Headline earnings per share for the twelve months ended December 2006 will be
negatively affected by a STC charge of 175 cents per share on the final special
dividend and will be positively affected by interest earned on the sale proceeds
up to the payment date of the final special dividend.
A final special dividend of R14 per share is to be paid to shareholders in March
2006, completing the distribution of the sale proceeds. The amount of this
dividend has been determined after making adequate provision for the future
funding requirements of the remaining business, Delta EMD.
DIVIDEND
Dividend number 69
Notice is hereby given that a final special dividend of R14 per share has been
declared by the directors from the sale proceeds realised on the sale of the
Repairs and Services and Replacement Parts divisions. The following are the
salient dates for the payment of the final special dividend:
Friday, 10 March 2006 Last day to trade to qualify for the dividend
Monday, 13 March 2006 Shares commence trading ex-dividend on the
JSE Limited
Friday, 17 March 2006 Record date
Monday 20, March 2006 Payment date
The dividend is declared in the currency of the Republic of South Africa. Share
certificates may not be dematerialised or rematerialised between Monday, 13
March 2006 and Friday, 17 March 2006, both days inclusive.
T G Atkinson (Chairman)
B R Wright (Managing Director) 23 February 2006
Registered Office
11th Floor, Office Tower
Sandton City
Rivonia Road
Sandown 2146
Transfer Secretaries
Computershare Investor
Services 2004 (Proprietary) Limited
70 Marshall Street, Johannesburg 2001
Marshalltown 2107
Directors:
TG Atkinson* (Chairman), BR Wright (Managing),
LB Bird, PL Campbell, CJ Jacobs.
*USA
Sponsor
Nedbank Capital
Auditors
Deloitte
Date: 23/02/2006 05:55:16 PM Produced by the JSE SENS Department
