| Thu 10 Aug 2006, 8:00 | | Group Five - Audited group results for the year en |
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GRF
GRF
Group Five - Audited group results for the year ended 30 June 2006
Group Five Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/000032/06)
Share code: GRF & ISIN: ZAE000027405
("Group Five" or "the company")
Audited group results for the year ended 30 June 2006
371 Rivonia Boulevard Rivonia * PO Box 5016, Rivonia 2128 * South
Africa * Tel +27 11 806 0111 * Fax +27 11 806 0187 * Email
info@g5.co.za
REVENUE (R000"s)
Change 30.1%
2006 5 864 721
2005 4 508 285
HEADLINE EARNINGS PER SHARE FROM CONTINUING OPERATIONS (cents)
Change 98.4%
2006 221.8
2005 111.8
HEADLINE EARNINGS PER SHARE (cents)
Change 34.7%
2006 193.2
2005 143.4
DIVIDEND PER SHARE (cents)
Change 14.3%
2006 56
2005 49
NET CASH GENERATED (R000"s)
Change 251.6%
2006 391 035
2005 111 216
EARNINGS PER SHARE FROM CONTINUING OPERATIONS (CENTS)
Change 49%
2006 224.0
2005 150.3
CONDENSED INCOME STATEMENT
for the year ended 30 June 2006
Audited As Original
restated
(R"000) 2006 2005 2005
Revenue 5 864 721 4 508 285 4 938 838
Operating profit 240 799 115 686 152 424
Fair value adjustment relating to 26 538 6 690 6 690
investment properties
Fair value adjustment relating to 1 385 35 702 35 702
investment in service concessions
Once-off expense relating to (6 420) - -
issue of shares in terms of BEE
broad-based scheme
Share of profit of associates - 1 640 2 904
Profit before finance costs and 262 302 159 718 197 720
taxation
Finance costs (30 329) (25 922) (31 399)
Profit before taxation 231 973 133 796 166 321
Taxation (62 754) (26 199) (30 723)
Profit after taxation from 169 219 107 597 135 598
continuing operations
(Loss)/profit for the year from (21 074) 22 220 -
discontinued operations
Profit for the year 148 145 129 817 135 598
Allocated as follows:
Equity shareholders of Group Five 143 555 127 919 133 700
Limited
Minority interest 4 590 1 898 1 898
148 145 129 817
Determination of headline
earnings:
Attributable profit 143 555 127 919 133 700
Deduct after tax effect of
- fair value increase in (16 850) (5 088) (5 088)
investment property
-
profit on disposal of property, - (21 975) (21 975)
plant and equipment
- Losses on disposal of 15 254 - -
discontinued operations
Headline earnings 141 959 100 856 106 637
Condensed Balance Sheet (R"000)
for the year ended 30 June 2006
Audited As restated Original
(R"000) 2006 2005 2005
ASSETS
Non-current assets
Property, plant and equipment and 522 794 509 649 616 940
investment property
Investments - service concessions 59 701 88 894 119 079
Other non-current assets 210 139 77 124 60 351
792 634 675 667 796 370
Current assets
Other current assets 3 060 102 1 599 464 1 735 045
Bank balances and cash 712 999 326 731 335 346
3 773 101 1 926 195 2 070 391
Non-current assets classified as 338 667 249 442 -
held for sale
Total assets 4 904 402 2 851 304 2 866 761
EQUITY AND LIABILITIES
Capital and reserves
Equity attributable to equity
holders
of the parent 681 257 596 912 644 955
Minority interest 1 762 4 306 4 306
683 019 601 218 649 261
Non-current liabilities
Interest bearing borrowings 126 305 109 374 132 144
Provision for post-employment 35 364 39 260 40 442
obligations
161 669 148 634 172 586
Current liabilities
Other current liabilities 3 767 580 1 834 631 1 896 298
Bank overdrafts 143 849 148 616 148 616
3 911 429 1 983 247 2 044 914
Liabilities directly associated 148 285 118 205 -
with non-current assets classified
as held for sale
Total liabilities 4 221 383 2 250 086 2 217 500
Total equity and liabilities 4 904 402 2 851 304 2 866 761
Condensed Cash Flow Statement (R"000)
for the year ended 30 June 2006
Audited As restated Original
(R"000) 2006 2005 2005
Cash flow from operating
activities
Cash from operations 307 099 140 528 217 509
Working capital changes 294 164 121 242 100 662
Cash generated from operations 601 263 261 770 318 171
Finance costs (30 329) (25 922) (31 399)
Taxation and dividends paid (194 350) (97 354) (103 065)
Net cash generated by operating 376 584 138 492 183 707
activities
Property, plant and equiment and 20 926 (17 105) (42 799)
investment property (net)
Investments (net) 26 799 7 379 8 273
Net cash generated by/(utilised
in)
investing activities 47 725 (9 726) (34 526)
Net cash generated from/(utilised
in)
financing activities 67 407 (37 907) (46 289)
Net cash (utilised in)/generated
by
discontinued operations (100 681) 20 357 -
Net increase in cash and cash 391 035 111 216 102 892
equivalents
STATISTICS
for the year ended 30 June 2006
Audited As restated Original
(R"000) 2006 2005 2005
Number of ordinary shares 73 918 218 71 895 718 71 895 718
Shares in issue 99 724 556 73 573 023 73 573 023
Less: Shares held by share trusts (25 806 338) (1 677 305) (1 677 305)
Weighted average shares ("000s) 73 496 70 329 70 329
Fully diluted weighted average 80 903 73 005 73 005
shares ("000s)
Earnings per share (cents) 195,3 181,9 190,1
Fully diluted earnings per share 177,4 175,2 183,1
(cents)
Headline earnings per share (cents) 193,2 143,4 151,6
Fully diluted headline earnings
per share (cents) 175,5 138,1 146,1
Earnings per share from continuing
operations (cents) 224,0 150,3 N/A
Headline earnings per share from
continuing operations (cents) 221,8 111,8 N/A
Dividend cover (based on earnings 3,5 3,7 3,9
per share)
Dividends per share (cents) 56,0 49,0 49,0
Interim 20,0 17,0 17,0
Final 36,0 32,0 32,0
Net asset value per share (cents) 921,6 830,2 897,1
Current ratio 1 1 1
Condensed Statement of Changes in Equity
for the year ended 30 June 2006
Audited As restated
(R"000) 2006 2005
Balance at 1 July - as previously reported 601 218 548 370
* Effect of adoption of IAS 16 - (57 801)
* Effect of share options (IFRS 2) - 496
Balance at 1 July - as restated 551 726 491 065
Translation differences arising from foreign (28 915) 13 553
operations
Share options issued and issue of shares in
terms
of BEE ownership transaction - net of costs 8 339 8 376
Attributable profit for the year 148 145 129 817
Purchase of minorities (7 134) (9 039)
Dividends paid (38 634) (32 554)
Balance at 30 June 683 019 601 218
Segmental Analysis - Primary
for the year ended 30 June 2006
Audited As restated
(R"000) 2006 2005
REVENUE
Infrastructural Developments 316 217 227 290
Property Development Services 126 970 94 773
Infrastructure Development Services 189 247 132 517
Manufacturing 472 975 446 308
Everite 450 736 431 776
Group Five Pipe 22 239 14 532
Construction 5 075 529 3 834 687
Building and Housing 2 788 466 2 268 610
Civil Engineering, Roads and Earthworks 1 662 700 1 051 679
Engineering Projects 624 363 514 398
Total revenue 5 864 721 4 508 285
OPERATING profit
Infrastructural Developments 32 450 17 378
Property Development Services 25 244 11 240
Infrastructure Development Services 7 206 6 138
Manufacturing 60 651 36 157
Everite 57 109 34 369
Group Five Pipe 3 542 1 788
Construction 147 698 62 153
Building and Housing 81 467 44 158
Civil Engineering,
Roads and Earthworks 51 650 (9 712)
Engineering Projects 14 581 27 705
Total operating profit 240 799 115 686
Capital Expenditure and Depreciation (R"000)
for the year ended 30 June 2006
Audited As restated
(R"000) 2006 2005
* Capital expenditure for the year 265 993 201 500
* Capital expenditure committed or authorised 151 156 130 992
for the next year
* Depreciation for the year 70 874 56 235
Estimates and Contingencies
The Group makes estimates and assumptions concerning the future,
particularly as regards construction contract profit taking, provisions,
arbitrations and claims and various fair value accounting policies. The
resulting accounting estimates can, by definition, only approximate the
actual results. Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
Total financial institution guarantees given to third parties on behalf of
subsidiary companies amounted to R1 977 million as at 30 June 2006 compared
to R1 337 million at 30 June 2005. The directors do not believe any exposure
to loss is likely.
Dividend Declaration
The directors have declared a final dividend number 55 of 36 cents per
ordinary share (2005: 32 cents) payable to shareholders.
In order to comply with the requirements of STRATE the relevant details are:
Event Date
Last day to trade (cum-dividend) Thursday, 21 September 2006
Shares to commence trading (ex-dividend) Friday, 22 September 2006
Record date (date shareholders recorded in books) Friday, 29 September 2006
Payment date Monday, 2 October 2006
No share certificates may be dematerialised or rematerialised between
Friday, 22 September 2006 and Friday, 29 September 2006, both dates
inclusive.
Accounting policies
During the year the group re-evaluated the current and future ability of
certain business units and their respective market segments to support the
group"s short- to medium-term financial targets. As a result, Group Five
sold its 50% interest in WSSA and its 25% interest in Group Five Saudi Pipe,
closed down and sold off its concession and operations and maintenance
business in India and, subsequent to year-end, disposed of its 100% interest
in Vaal Sanitaryware and its 40% interest in DPI Plastics.
In terms of International Financial Reporting Standards (IFRS) 5 "Non-
current Assets Held for Sale and Discontinued Operations", the results of
these operations have been disclosed as discontinued for both years
presented.
With effect from 1 July 2005, the Group adopted IFRS using certain
exemptions allowed under IFRS 1 "First-time Adoption of IFRS".
These results have been prepared in accordance with IFRS.
The reconcilliation of profit and loss as a result of the transition to IFRS
is set out below:
Year ended
(R"000) 30 June
2005
Profit for the 2005 financial year as previously reported 135 598
Adjusted for:
* Expensing of share options granted to employees over (1 059)
their vesting period (IFRS 2 "Share Based Payments"), for
all options granted after 7 November 2002 that had not
vested by 1 January 2005 (previously this cost was
accounted for through equity)
* Change in depreciation as a result of adoption of IAS 16 4 901
"Property, Plant and Equipment" which now requires
depreciation of items of property, plant and equipment by
major component as well as an annual reassessment of
residual values (in adopting this policy an exemption under
IFRS 1 was used whereby fair value was used as deemed cost
at 1 July 2004 for mobile plant and equipment).
* Effect of gains and losses arising on translation of (9 623)
foreign entities assets and liabilities being recognised in
the statement of changes in equity as a foreign currency
translation reserve. (In adopting this policy an exemption
under IFRS 1 was used whereby cumulative translation gains
at 30 June 2004 were set at zero).
Profit for the 2005 financial year as currently reported 129 817
On 29 September 2005, shareholders approved an issue of shares amounting to
approximately 26.1% of the issued share capital, after such issue, in terms
of a Black Economic Empowerment (BEE) ownership transaction. Shares issued
to employees in terms of the BEE ownership transaction are accounted for in
terms of IFRS 2.
The discount of R51 million arising on the issue of the shares to the
external BEE ownership consortium has been accounted for through equity in
terms of the Group"s current accounting policies. However, IFRIC 8 "Scope of
IFRS 2", issued in January 2006 and applicable for all financial years
beginning on or after 1 May 2006, has concluded that these types of share
issues fall within the scope of IFRS 2, and therefore the discount should be
expensed immediately if there are no related performance conditions. This
will be accounted for next year as a change in accounting policy. The R6,4
million arising on the issue of shares in terms of the broad-based scheme
has been expensed immediately as they have been issued to employees and
there are no vesting conditions.
These results have been audited by PricewaterhouseCoopers Inc., Chartered
Accountants (SA), Registered Accountants and Auditors. Their unqualified
audit opinion is available for inspection at the company"s registered
office.
COMMENTARY
Overview
The group is pleased to announce its sixth consecutive year of double-digit
earnings growth and a third consecutive year of improved cash generation.
Headline earnings per share increased by 34.7% from R1,43 to R1,93 and
earnings per share increased by 7.1% from R1,82 to R1,95.
During the year, the group re-evaluated the current and future ability of
certain business units and their respective market segments to support the
group"s short- to medium-term financial targets. As a result, Group Five
sold its 50% interest in WSSA for R2 million, its 25% interest in Group Five
Saudi Pipe for $1 million, closed down and sold off its concession and
operations and maintenance business in India and, subsequent to year-end,
disposed of its 100% interest in Vaal Sanitaryware (Vaal) and its 40%
interest in DPI Plastics (DPI) for R107 million.
As a result, in terms of IFRS 5 "Non-current Assets Held for Sale and
Discontinued Operations", the results of these operations have been
disclosed as discontinued for both years presented. The operational review
that follows discusses the continuing operations only.
Revenue increased during the year by 30% from R4 508 million to R5 865
million and operating profit increased by 108.1% from R115,7 million to
R240,8 million. This resulted in overall operating margin percentage
improving by 1.5% from 2.6% to 4.1%. Other net income decreased from R44
million to R21,5 million, primarily due to the fair value adjustment of
R35,7 million (2006: R1,4 million) incurred in the prior year in the group"s
interests in the Eastern Europe service concessions. The large F2005 fair
value arose due to a revision of performance risk on the Polish and
Hungarian concessions during that year.
Headline earnings per share from continuing operations increased by 98.4%
from R1,12 to R2,22 and earnings per share from continuing operations
increased by 46.4% from R1,53 to R2,24.
The improved overall operating performance resulted in profit before
taxation generating cash of R231,9 million (2005: R133,8 million). This
together with a continued focus on contract working capital management,
offset partially by prior year tax payments in foreign territories, resulted
in cash generated from operations of R376,6 million (2005: R138,5 million).
Net cash generated from investing activities of R47,7 million (2005: R9,7
million utilised) arose mainly as a result of the sale of the JSE bare
dominiums for R73,9 million. Net cash generated from financing activities
of R67,4 million (2005: R37,9 million utilised) included short-term
borrowings raised of R98,2 million to fund the increased working capital for
property developments. A net R100,7 million (2005: R20,4 million generated)
was utilised in discontinued operations, primarily to settle obligations in
India. All of the above resulted in significant overall cash of R391 million
(2005: R111,2 million) being generated for the year.
Finance costs were stable at R30,3 million (2005: R26 million) and reflect
the strategy implemented two years ago to match long-term assets with long-
term borrowings.
The effective tax rate of 27% (2005: 19.6%) approximates the statutory tax
rate of 29%. The current tax charge reflects payments of prior year taxes in
foreign territories which have been offset by the raising of full deferred
tax assets on assessed tax losses incurred prior to 30 June 2005 and the
lower tax charge enjoyed by income earned in over-border lower tax
jurisdictions.
The final dividend of 36 cents per share (2005: 32 cents per share) brings
the total dividends for the year to 56 cents per share (2005: 49 cents per
share).
In line with the group"s desire to further enhance its financial reporting
and as a result of the focused reorganisation of the businesses, improved
segmental disclosure has been provided.
Operational review
As outlined above, the group sold its stakes in Vaal, DPI, WSSA and its
Saudi Arabian pipe business. Roads and Earthworks was downsized and
incorporated into Civil Engineering. Infrastructural Developments was
restructured through the integration of the activities of Intertoll and the
group"s large-scale concession contract development activities and also
includes Property Development Services. The revised group structure is set
out below:
Infrastructural Developments
Infrastructural Developments houses the businesses of Property Development
Services and Infrastructure Development Services. Higher returns are sought
through risk-managed participation throughout a project lifecycle which
consists of the following stages (varying from project to project):
development, financing and refinancing, construction, operations and
maintenance, rehabilitation and handover or sale.
It contributed 5.4% (2005: 5%) to group revenue.
Property Development Services (PDS)
Property Development Services, established two years ago, focuses on
commercial, industrial, retail and specific residential property development
opportunities in South Africa. This business, which is characterised by
lengthy lead and deal conclusion times, had an extremely successful year,
with growth in this new business starting to flow through. Operating profit
increased by 124.6% from R11,2 million to R25,2 million. This was primarily
as a result of the completion and transfer of a number of developments
during the year, which commenced more than eighteen months ago. In addition,
the business recorded fair value profits of R26,5 million (2005: R6,7
million) relating mainly to the sale of its interests in the Johannesburg
Stock Exchange bare dominium properties for R73,9 million.
The business is growing from strength to strength and is currently
developing 20 projects.
Infrastructure Development Services (IDS)
IDS was reorganised during the second half of 2005 to concentrate on the
development of large-scale infrastructure contracts, typically those with a
construction value significantly above R1 billion and which are often
characterised by PPP concessions, together with toll road operations and
maintenance contracts. The business currently operates and maintains five
toll roads in South Africa and two in Hungary and holds interests in two
road service concessions in Eastern Europe.
Revenue, which consists primarily of fees for operations and maintenance of
toll roads, increased by 42.8% from R132,5 million to R189,2 million. This
was primarily due to the translation effects of a weaker Rand on the
operations and maintenance revenue from Hungary, together with development
fees of R30 million (2005: Rnil) earned on certain projects in the current
year. Operating profit increased by 17.4% from R6,1 million to R7,2 million,
primarily due to increased contribution from the unfolding operations and
maintenance contracts in Hungary.
Operating margins decreased, however, from 4.6% to 3.8% due to the write-off
of specific project development costs for projects which are no longer being
pursued. In addition, a fair value adjustment of R1,4 million (2005: R35,7
million) was recorded relating to the investment in the Eastern Europe
service concessions. The full positive effects of the higher-margin
Hungarian operations and maintenance contracts are expected to continue to
improve the performance of the business going forward over the medium-term.
A number of key medium-term power IPP contracts in South Africa and the rest
of Africa are being pursued, together with certain toll road concession
opportunities in South Africa and government building PPP opportunities on
the African continent.
Manufacturing
Manufacturing contributed 8.1% (2005: 9.9%) to group revenue. Revenue
increased by 6% from R446,3 million to R473 million. Operating profit surged
by 67.7% from R36,2 million to R60,7 million, leading to an improvement in
overall operating margin percentage of 4.7% from 8.1% to 12.8%, primarily
due to the strong performance from Everite.
The Everite factory continues to operate at full capacity, encouraged by a
strong residential building market. The business has managed the import
threat, which resulted in small price increases, and has improved margins
through continuous improvement initiatives in the factory and taking more
control over its total supply chain. Revenue increased by 4.4%from R431,8
million to R450,7 million. Operating profit increased by 66.2% from R34,4
million to R57,1 million resulting in operating margin percentage increasing
by 4.7% from 8% to 12.7%.
Everite has committed to invest in an expanded capacity programme over the
next eighteen months of approximately R50 million to take advantage of,
amongst others, the ever-increasing low cost housing initiatives. This
expenditure will eventually result in an increased capacity of 25%. The
continued increasing demand in low cost housing and increasing capacity in
the factory should lead to continued strong growth in F2007.
Group Five Pipe, in which the group has a 50% interest, manufactures large
diameter steel spiralled pipes. It is a very focused business that is
dependent on large-scale contracts to ensure its fixed costs are recovered.
In the period under review, the group secured a supply contract for the
VRESAP pipeline, in which the group"s Civil Engineering business is also a
contracting party.
Construction
The group"s largest contributor at 86.5% of revenue (2005: 85.1%) continued
its strong growth and remains well positioned for further growth in this
sector.
Construction revenue increased by 32.4% to R5 076 million (2005: R3 835
million), operating profit by 138% to R147,7 million (2005: R62,2 million)
and overall operating margin percentage improved by 1.4% from 1.5% to 2.9%.
Over-border work contributed 43.7% (2005: 41%) to construction revenue.
Building and Housing revenue increased by 22.9% from R2 269 million to R2
788 million, with operating profit almost doubling to R81,5 million from
R44,2 million, resulting in an overall profit margin percentage of 2.9%
(2005: 1.9%). This was primarily due to strong performances on the group"s
East African contracts, which will be completed in the next six months. This
more than offset the negative write-offs in Angola due to possible irregular
activities, as reported on in the SENS announcement on 8 June 2006. All
known losses relating to Angola have been fully accounted for at 30 June
2006. Prospects for F2007 are positive, with a secured one-year order book
already in the region of R2,5 billion.
The Civil Engineering and Roads and Earthworks businesses locally and in
Africa were merged during the year to improve efficiencies and lower the
overhead base of the business. The combined Civil Engineering and Roads and
Earthworks business, together with the Civil Engineering business in Dubai,
increased revenue by 58.1% from R1 052 million to R1 662 million and turned
around the operating loss of R9,7 million in F2005 to an operating profit of
R51,7 million at an operating profit margin percentage of 3.1%. Civil
project tender activity locally and in Africa, as well as Dubai, continues
to increase. Dubai achieved its best performance since it was established
two years ago.
A problem roads contract in Malawi was terminated during the year with all
known losses being accounted for in prior years. The tail end of the long-
term Roads loss-making contracts are complete and focused, higher-margin
contracts are being pursued in South Africa.
A secured one year order book of R1,8 billion already exists at year-end in
Civil Engineering, which should result in further growth in profitability
during F2007.
As reported at the interim period, Engineering Projects had a disappointing
year due to the negative effect of two poor performing contracts, one of
which is in Cabinda, Angola, and the other in South Africa. All known losses
have been provided for at year-end. One loss-making contract is complete,
with the other expected to be completed in March 2007. The irregular
activities in Angola, noted previously, also hampered performance on the
Angola contract in Cabinda, due to the knock-on work permit and import
investigations. These issues have all been addressed.
Engineering Projects" revenue increased by 21.4% from R514 million to R624
million, with operating profit decreasing by 47.4% from R27,7 million to
R14,6 million. This resulted in an overall operating profit margin
percentage decrease of 3.1% from 5.4% to 2.3%. The business is generally a
high-margin construction business due to the specialised nature of its work
and with a one year secured order book of R400 million at 30 June 2006 at
higher margins, is in a much stronger position going forward. It also has
capacity of approximately R250 million to take advantage of further high-
margin mining, oil and gas and power contracts.
Discontinued operations
The loss from discontinued operations of R21,1 million (2005: profit of
R22,2 million) includes an operating loss after tax from the discontinued
operations of R6,3 million (2005: R22,2 million profit), together with
losses of R15,3 million (2005: Rnil) incurred on the disposal of WSSA and
Group Five Saudi Pipe.
The profit on sale of DPI and Vaal to DAWN Limited of approximately R20
million, based on a total selling price of R107 million, is not reflected in
the current year as Competition Commission approval is awaited. Vaal"s
acquisition has already been approved, with DPI expected in September 2006.
The termination of the operations and maintenance business in India and the
sale of the related toll road concession resulted in a break-even of this
operation in the year (2005: R1,8 million profit after tax). A claim exists
against the Indian highway authorities, which is being pursued and for which
the group believes a strong case exists. The claim is expected to take a
number of years to resolve.
Prospects
Infrastructural Developments
Prospects in PDS remain positive, particularly in the commercial and
industrial markets and in the low- to middle-income residential housing
bracket. This business will be expanded in the next year through strategic
partnerships with developers with whom the group has worked with for a
number of years. The philosophy of a smaller slice of a bigger cake will be
pursued during F2007.
Improvement in IDS" results is expected going forward due to the growing
contribution of the higher-margin toll road contracts in Hungary, which
continue to unfold.
Manufacturing
With continually increasing capacity in F2007 in Everite, continual cost
cutting and efficiency drives in the factory, the ever increasing low cost
housing demand and specific initiatives in controlling more of its supply
chain, this business is expected to continue its strong performance for
F2007.
Group Five Pipe"s prospects for F2007 are also good due to securing the
supply contract for the VRESAP pipeline.
Construction
With the secured F2007 order book at ever-improving margins, prospects for
Building and Housing remain solid.
The consolidation of Civil Mining and Industrial during July 2005 and Roads
and Earthworks during January 2006 into Civil Engineering and the resultant
focus on efficiency improvements and cost reduction - together with an
increased contribution from Dubai - should ensure that this business
performs well in F2007.
The strong F2007 order book for Engineering Projects, together with the
resolution of poor performing contracts, should ensure favourable prospects
for F2007.
Summary
The construction secured one-year order book is R4,7 billion, of which 42%
is over-border at higher margins. A remaining capacity of R1,3 billion
exists.
As outlined above, the local civil and building markets continue to improve.
This, together with over-border opportunities, particularly in Dubai, and
expected further growth at Everite and a continued strong performance from
Property Development Services, should lead to good earnings growth for
F2007.
On behalf of the board
D Paizes MH Lomas
Chairman Chief Executive Officer
8 August 2006
Directors: D Paizes (Chairman), MH Lomas (CEO) (British), Baroness L Chalker
(British), MR Maruma, WV Mavimbela, SG Morris, KK Mpinga (DR Congo), PS
O"Flaherty
www.g5.co.za
Sponsor
Nedbank Capital
Date: 10/08/2006 08:00:30 AM Produced by the JSE SENS Department
