| Wed 23 Aug 2006, 16:08 | | Caxton and CTP Publishers - Reviewed Results: Year |
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CAT CATP
CAT
Caxton and CTP Publishers - Reviewed Results: Year Ended 30 June 2006
Caxton and CTP Publishers and Printers Limited
Incorporated in the Republic of South Africa
Registration number 1947/026616/06
Share code: CAT & ISIN code: ZAE000043345
Preference share code: CATP & ISIN code: ZAE000043352
("Caxton" or "the Company")
Highlights
Turnover up 8,2%
Earnings per share up 14,3%
Capital expenditure R510 million
Cash resources R859 million
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2006
ABRIDGED INCOME STATEMENTS
Reviewed
Reviewed IFRS
restated
R"000 30 June 30 June
2006 2005
Turnover 3 468 498 3 204 833
Other operating income 80 511 73 857
3 549 009 3 278 690
Changes in inventories 11 817 (6 843)
Raw materials and consumables used 1 098 353 1 007 421
Staff costs 674 929 609 473
Other operating expenses 1 031 160 1 018 356
Total operating expenses 2 816 259 2 628 407
PROFIT FROM OPERATING ACTIVITIES 732 750 650 283
Depreciation and impairment (126 818) (94 024)
NET PROFIT FROM OPERATING 605 932 556 259
ACTIVITIES
Finance income 108 970 79 620
- dividends 48 617 18 025
- net surplus on realisation of 25 037 3 665
investments
- interest 35 316 57 930
Income from associates 19 032 12 139
PROFIT BEFORE TAXATION 733 934 648 018
Taxation (208 136) (199 845)
PROFIT AFTER TAXATION 525 798 448 173
Attributable to minority interest 6 277 6 198
Attributable to ordinary 519 521 441 975
shareholders
525 798 448 173
Earnings per share (cents) 112 98
Diluted earnings per share (cents) 112 97
Headline earnings per share (cents) 109 96
Diluted headline earnings per share 109 95
(cents)
Preference dividends per share 413 338
(cents)
Reconciliation of headline
earnings:
Earnings attributable to ordinary 519 521 441 975
shareholders
Adjusted for non-trading items (14 195) (9 245)
Negative goodwill written off - (2 882)
Surplus on realisation of (23 373) -
investments
Net impairment in value of 7 227 4 926
property, plant and equipment
Net loss/(profit) on disposal of (515) (4 627)
assets
Tax effect on above adjustments 1 443 (90)
Loss/surplus (on disposal of 1 023 (6 572)
subsidiaries)
Headline earnings 505 326 432 730
Number of shares in issue 494 939 453 450
628 243
Weighted average number of shares 477 155 453 450
923 243
Treasury shares (12 422 (2 973
855) 242)
Share trust consolidation - (983 954)
Earnings per share based on 464 733 449 493
068 047
Add: Share options outstanding 700 000 5 176 700
Diluted earnings per share based on 465 433 454 669
068 747
Abridged segmental Reviewed % IFRS %
analysis restated
30 June 30 June
2006 2005
Revenue
Publishing, printing and 3 213 93 2 879 540 90
distribution 592
Other 979 149 28 946 035 29
Inter-group sales (724 (21) (620 742) (19)
243)
3 468 100 3 204 833 100
498
Operating income
Publishing, printing and 462 315 76 435 644 78
distribution
Other 143 617 24 120 615 22
605 932 100 556 259 100
CONSOLIDATED BALANCE SHEETS
Reviewed
Reviewed IFRS
Restated
R"000 30 June 30 June
2006 2005
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 1 588 784 1 209 903
INTANGIBLE ASSETS 6 182 7 076
ASSOCIATED COMPANIES 94 021 55 419
OTHER INVESTMENTS AT FAIR VALUE 666 844 125 539
- LISTED 252 203 109 725
- UNLISTED 414 641 15 814
CURRENT ASSETS
INVENTORIES 461 935 361 814
ACCOUNTS RECEIVABLE 670 874 532 793
CASH 307 466 778 587
BANK PREFERENCE SHARES AND OTHER 551 988 340 706
INSTRUMENTS AT FAIR VALUE
- LISTED 551 988 205 706
- UNLISTED - 135 000
TOTAL ASSETS 4 348 094 3 411 837
EQUITY AND LIABILITIES
EQUITY 3 294 483 2 642 641
ORDINARY SHAREHOLDERS" EQUITY 3 282 857 2 632 832
PREFERENCE SHAREHOLDERS 100 100
MINORITY INTEREST 11 526 9 709
NON-CURRENT LIABILITIES
DEFERRED TAXATION 178 349 136 780
CURRENT LIABILITIES
ACCOUNTS PAYABLE 695 392 451 028
PROVISIONS 106 138 105 503
TAXATION 73 732 75 885
TOTAL EQUITY AND LIABILITIES 4 348 094 3 411 837
Net asset value per share (cents) 666 582
Directors" valuation of unlisted 508 662 71 233
investments and associated
companies
Capital expenditure for the year 510 437 279 504
Capital expenditure committed 70 000 297 000
Cash and cash equivalents at fair 859 454 1 119 293
value
CONSOLIDATED CASH FLOW STATEMENTS
Reviewed
Reviewed IFRS
restated
R"000 30 June 30 June
2006 2005
CASH FLOW FROM OPERATING 466 028 455 709
ACTIVITIES
Cash generated by operations 717 322 633 956
Changes in working capital 17 742 108 840
Cash generated by operating 735 064 742 796
activities
Less: Taxation paid (168 720) (200 914)
Net interest received 35 316 57 936
Dividends received 48 617 18 025
Net cash inflow from operating 650 277 617 843
activities
Dividends paid (184 249) (162 133)
CASH FLOW FROM INVESTMENT (1 015 (273 728)
ACTIVITIES 160)
Property, plant and equipment
- additions to expand operations (510 437) (279 504)
- proceeds from disposals 6 228 11 764
(504 209) (267 740)
Investments
- acquisitions at cost (559 550) (5 988)
- proceeds from disposals 48 599 -
CASH FLOWS FROM FINANCING 278 010 (51 816)
ACTIVITIES
Share trust consolidation - 232
Shares issued 405 228 -
Own shares acquired (127 218) (52 048)
Net increase/(decrease) in cash (271 122) 130 165
and cash equivalents
Cash and cash equivalents at the 1 093 623 963 458
beginning of the year
Cash and cash equivalents at the 822 501 1 093 623
end of the year
Fair value adjustment of 36 953 25 670
preference shares and other
instruments
Fair value of cash and cash 859 454 1 119 293
equivalents at the end of the year
Note:
Cash 307 466 778 587
Preference shares at fair value 551 988 340 706
and other instruments
Fair value of cash and cash 859 454 1 119 293
equivalents at the end of the year
STATEMENTS OF CHANGES IN EQUITY
Reviewed
Reviewed IFRS
restated
R"000 30 June 30 June
2006 2005
Balance at beginning of the year 2 642 641 2 332 099
Minority interest and preference - 7 534
shares
Share based payments ("IFRS 2") - 9 579
Restated balance at beginning of 2 642 641 2 349 212
period
Attributable earnings 525 798 448 173
Shares issued 405 228 -
Share trust consolidation 1 164 232
Own shares acquired - (32 440)
Treasury shares (127 218) (19 608)
Fair value adjustments - listed 19 837 33 530
investments
Fair value adjustments - 11 282 25 670
preference shares and instruments
Dividends paid - ordinary (179 789) (158 205)
shareholders
Dividends paid - minority (4 460) (3 923)
shareholders
Balance at end of the year 3 294 483 2 642 641
COMMENTARY
Basis of preparation and restatement of figures
The accounting policies adopted in the preparation of the financial
statements for the year under review are in accordance with the South
African Statements of Generally Accepted Accounting Practice and the
requirements of International Financial Reporting Standards ("IFRS"). To
more correctly reflect the requirements of share-based payments as defined
by IFRS 2 and to comply with the requirements of IAS 38 in respect of
intangible assets, the results for the year ended 30 June 2005 have been
restated. Arising from a first time adoption of IFRS 2 and IAS 38, the
opening retained earnings has increased by an amount of R9,5 million and
the earnings for the year ended 30 June 2005, by an amount of R8,7 million.
Accordingly, the diluted headline earnings for
The following amounts have been reclassified to more accurately reflect the
nature of the investments:
- R40 million of unlisted investments have been transferred to preference
shares(cash equivalents).
- R3,7 million surplus on realisation of investments have been separately
disclosed as finance income, as opposed to other income.
In addition, income from associates has been reflected as pre tax and the
tax charge has increased accordingly.
Comments
The company has once again produced good results for the year. The South
African economy experienced strong growth throughout the period and
retailers in particular achieved increased sales, in many instances, above
their own expectations. Durable sales reached record levels and this
environment created a climate for increased spending on advertising.
It is only recently that the South African currency has weakened and the
strength of the Rand during the year resulted in input costs remaining
stable or in respect of certain raw materials, even decreasing. Turnover
growth at 8,2% for the year was positive after having taken inflation into
account, but the commercial printing market remained highly competitive.
Market share has nevertheless been maintained or increased in all areas in
which the company operates.
World economic growth appears to be faltering and inflation is again
looming as one of the most demanding problems that have to be dealt with
and this is once again putting pressure on interest rates, where throughout
the globe, rates are now increasing. It is not inconceivable that the years
of plenty that the South African consumer has been enjoying could be
entering a new phase.
Shareholders will recall that a decision was taken some time ago to expand
the gravure printing facilities in Durban and erect a new factory in
Johannesburg. Unfortunately a foundation problem was encountered in Durban
which has delayed this project by several months and this plant is now only
planned to be operational by February 2007. The new factory in Johannesburg
has, however, proceeded according to plan and the first phase of the
project was commissioned in June and it is anticipated that the entire
project will be completed towards the end of the calendar year.
With this vast amount of additional capacity having become available and in
accordance with the requirements of International Financial Reporting
Standards ("IFRS"), the useful life of the major items of equipment was
examined and reassessed. This exercise has resulted in an additional amount
of R20 million being written off by way of depreciation and impairment. The
commensurate charge to the income statement will be somewhat larger in
future years as a consequence of the useful life of this equipment having
been reduced.
The year under review has seen the finalisation of the capital upgrade
programmes on the newspaper plants which were in different phases at the
close of the previous financial year. Six regional newspaper factories have
been totally re-equipped and major factories in Cape Town and Durban have
been built, equipped and successfully commissioned. In addition the
Johannesburg factory has been extensively upgraded.
This expenditure places newspaper publishing and printing in an extremely
good position to deal with the printing of new national products and the
expansion of the company"s own publications.
Earnings
Turnover for the year increased by 8,2% to R3,468 million. Operating profit
grew by 12,7% from R650 million to R733 million. Depreciation increased
substantially by R33 million to R127 million, which reflects the additional
write off previously referred to and the start up of equipment installed
during the year. Notwithstanding an intensely competitive trading
environment and the increased write off of depreciation the trading margin
reached a record level of 17,5%.
Net finance income amounted to R109 million and includes the surplus on the
disposal of investments considered to be non-core to the company"s ongoing
operations.
The share of income from associates before tax increased from R12 million
to R19 million and reflects the improved performance of the majority of
such associated investments. It also includes for the first time the
company"s share of profits arising out of the investment in Ramsay Son &
Parker (Pty) Limited.
Profit before taxation was up by 13,3% to R734 million. Taxation including
Secondary Tax on Companies, which amounted to R208 million, fell from an
effective rate of 31% to 28%. This decrease is mainly due to the change in
the funding model of the company where a number of listed bank preference
shares have been acquired and the dividends thereon are not taxable. The
cash taxation rate was somewhat lower resulting from the allowances on the
new equipment having been brought into operation.
After providing for profits attributable to outside shareholders and
preference dividends, earnings attributable to shareholders amounted to
R520 million. This is 17,5% up on the comparable figure in the previous
financial year.
In December 2005, forty million shares were issued in terms of the Equity
Based Incentive Scheme for employees. This has led to the number of shares
in issue having increased to 494 939 628. The weighted average number of
shares in issue for the year calculates out at 477 155 923 and it is this
number of shares which forms the basis for calculating the earnings per
share. Additionally a subsidiary bought back 9 449 613 of the company"s
shares during the year and these shares, which we hold as Treasury shares,
together with those held at the commencement of the financial year amounts
to a total of 12 422 855 shares. The amount of shares in issue for purposes
of calculating earnings per share therefore amounts to 464 733 068.
Accordingly, earnings per share were 112 cents per share which is 14,3% up
on last year"s earnings per share of 98 cents. Diluted earnings per share
rose to 112 cents which is a 15,5% increase.
Headline earnings increased by 13,5% to 109 cents per share and diluted
headline earnings were 109 cents per share, an improvement of 14,7%.
Cash flow
The generation of cash from operations was once again a major feature of
the year"s achievements and grew to R717 million. Capital expenditure, rose
substantially to R510 million. During the year the company spent R129
million on acquiring shares in Johnnic Communications Limited (Johncom).
Furthermore a similar amount of R127 million was expended on buying back a
number of the company"s ordinary shares. Certain other investments were
made including a 30% shareholding in Ramsay Son & Parker (Pty) Limited, one
of South Africa"s foremost magazine publishers.
Inventories and Accounts Receivable increased mainly due to the
accumulation of raw material stocks acquired to take advantage of the
exchange rate that prevailed in the second half of the financial year, and
the increased turnover of the company.
Divisional performance
Once again the major contributor to the improvement in the company"s
performance was newspaper publishing and printing. A further important
feature was the reduction in the profitability of the commercial printing
operations due to the pressure being placed on margins in a competitive
environment and the costs associated with the start up of new equipment and
the depreciation thereon.
The company"s investment in academic publishing through its 50% share in
Maskew Miller Longman showed an excellent return with record profits having
once again been achieved.
Publishing, Printing and Distribution
Newspaper publishing and printing
An excellent performance was yet again recorded with both Community and
Regional newspapers having reached new heights. Advertising spend, spurred
on by the consumer boom, was considerably greater and market share was
gained. The roll out of the investment in the Caxton Urban newspapers was
continued and these papers are performing in line with expectations.
The investment in subsidiary and supplemental products also showed good
results and "Auto Dealer" in particular had a very good year, especially
for a fledging publication. Further investments in a number of associates
occurred.
The investment in replanting the regional factories will produce good
yields in the future as additional capacity for printing not only our own
publications, but also other regional products will be available.
This division continued to successfully increase the number of publications
under the "Get It" banner. These are regional community magazine
publications which at this point in time are published monthly. At present
there are 16 publications. It is the intention to substantially increase
these highly successful publications in a market which serves a different
consumer and advertiser compared with the existing newspaper offering.
The Johannesburg main newspaper factory, which upgraded its mail room
equipment, had an extremely successful year and produced profits ahead of
expectations.
A note of caution is that it would appear as though the two manufacturers
of newsprint used for newspaper printing are running into serious capacity
problems. With the growth in the industry, both of these manufacturers are
showing signs of being unable to keep pace with demand and appear to be
running out of supplies, especially at peak seasonal periods. This is of
concern not only to the company, but to the industry and the country. In
these circumstances it is critical that they undertake expansions of their
facilities to cope with the country"s future requirements. It is of course
possible to import newsprint, but, having regard to the vast quantities
utilised, it is impractical for a country,which has the natural resources
available, to waste currency importing this type of product. What also has
to be considered is that South Africa, unlike developed countries, where
the usage of the internet is impacting on newspaper readership in the
printed format, has not reached anywhere near its full potential of
newspaper publishing as its population becomes more literate.
The company"s daily newspaper "The Citizen" had a good year and here too
market share gains in advertising revenues were made. Additional
efficiencies were achieved and further investment was made into the
editorial content of the publication.
During the year a new newspaper factory was built in Port Elizabeth which
is now being commissioned. This factory will be run as a joint venture with
Johncom.
Strong circulation growth, particularly in Community and Regional
Newspapers continues and has necessitated further investments being made in
increasing print orders to meet demand. It is interesting to note that
despite an avalanche of competition from a variety of sources the overall
demand for printed newspapers remains strong.
Magazine Publishing
The progress this division is making is commendable having regard to the
"Tidal Wave" of new titles being launched. Magazine circulation is growing
in South Africa in line with the growth in Gross Domestic Product. What is
however of concern, on a more general note, is that the growth in
advertising revenue for magazine publications is not keeping pace with
circulation growth. What this means is that as more and more publications
keep competing for their share of the advertising "pie", reduced revenues
are being achieved by individual publications. In due course this will
force publishers to increase the selling price of their publication in
order to remain viable.
In turn, this will negatively impact on the ability of the consumer to
purchase as many magazines as they have purchased hitherto and could result
in falling circulations.
Furthermore magazine publishers have had a friendly environment for some
years now as competition amongst printers intensified and the currency
firmed, all of which resulted in printing costs having decreased. With the
fall in the value of the currency and the spectres of inflation and
increases in interest rates now looming printing costs are expected to
increase, possibly, by quite a large percentage. This must mean that
publications will be under stress for survival and only the fittest will be
able to take the strain of a change in circumstances.
Aided by increasing investment, the company"s well run and administered
magazine distribution facility, which trades as RNA, and which took the
form of land and buildings and extensive systems upgrades, experienced
increased business.
RNA is also actively involved in the importation of magazine publications
from sources outside of South Africa.
"Woman & Home" has emerged as the leader in its field after only one year
of having been launched and the company"s weekly magazines have also done
well. This has resulted in the launch of "Mense", which is the Afrikaans
equivalent of its glossy market leader sister publication, namely "People".
A significant inhibiting factor apropos the sale of magazines in South
Africa is the entire retail distribution channel. Unlike many Western and
European countries and mainly due to a postal system that does not
adequately work, subscriptions are low as an overall percentage of
circulation sales. Publishers are therefore reliant on retail stores, where
the supermarkets have become the major outlets. Only a small percentage of
sales take place through book shops and unfortunately the supermarket
chains do not provide sufficient shelf space for the expanding number of
titles let alone existing titles.
Commercial Printing
Web Printing
As has been previously reported, this area of the company"s operations has
had to deal with additional competition and it is therefore pleasing to
report that no market share loss has been experienced and in fact volumes
printed increased during the year. Not only have margins been depressed, as
a result of the aggressive pricing by competitors, but additionally with
the Rand having been as stable as it was throughout the year, raw material
costs decreased as did selling prices, resulting in this division not being
able to pass on its increase in costs.
With the start up of the new presses much needed efficient capacity is now
available to cater for our customers` requirements particularly over the
seasonal periods when demand intensifies.
Book Printing
More than satisfactory results were achieved having regard to the large
capital investments made over the past couple of years. This year saw the
installation of a state of the art bindery, new presses and ancillary
equipment. This will allow for the cost effective production of higher
volumes of educational books where volumes have increased. The division has
been able to maintain the very high level of quality printing for which it
is renowned.
Other
Academic Publishing
The earnings growth of Maskew Miller Longman has proved to be exceptional
and record earnings were again achieved. Over a ten year period, from
relative obscurity, their earnings, even though only 50% of the equity is
held - the other 50% being owned by the Pearson Group - the world"s largest
educational publisher, have become a major contributor to the company"s
profits.
Their ever expanding share of the education market is quite remarkable as
their publications capture more attention from educators. Further successes
in higher grades as the curriculum introduction starts drawing to a close
bodes well for future profitability.
This success has been achieved not only in the Schools market in South
Africa but also in the many countries in Southern Africa in which they
publish.
Local higher education has also become a major contributor and local
publishing will over time become a critical success factor.
Packaging
Benefits were derived from the consolidation of the Gravure printing
operations at the revamped and modern factory in Elandsfontein and the high
speed equipment which has been installed.
The year saw the acquisition of a folded carton manufacturer and the move
of the division"s existing folded carton business to Elandsfontein was
started, where all the Gauteng packaging operations will now be housed.
The niche packaging businesses in South Africa have generally seen falls in
production and margins have been squeezed over the past number of years.
The emphasis has therefore been focused on the need to become a least cost
operator which objective, once all the moves have been completed, should be
achieved. This will also include moving the new business, which was
recently acquired and approved by the Competition Board, to Elandsfontein.
The flexible packaging operation located in Cape Town produced good results
and the long established quality label division, also located in Cape Town,
is showing signs of achieving rated capacities and profitability
commensurate therewith.
Stationery
This is the area of the company"s activities which did not keep up with
previous levels of profitability. In the absence of volume growth and with
no respite on margin pressure, it was inevitable that budgeted growth could
not be reached. With the effective devaluation of the Rand it should be
possible for price increases, for the first time in many years, to be
passed on to customers.
Acquisitions
Reference has already been made in this commentary to the two acquisitions
made during the year and reported on at the time of the release of the
interim results. The acquisition of 30% in Ramsay Son & Parker (Pty)
Limited is proving to be a highly strategic purchase and there has been a
flurry of activity resulting from the acquisition. They have launched
"Wegbreek" during the year and are launching "Nuwe Wiel" at the end of
August. These new Afrikaans publications will bolster their presence in the
magazine publishing industry. They also acquired a 50% interest in "Leisure
Wheels" which will further add to their portfolio.
The printing and distribution of their titles is now being undertaken by
the company and the changeover went well with no disruption of any nature
having been experienced.
Directors
It was reported at the time of the release of the interim results that
there had been a number of changes in the composition of the Board of
Directors and in view of the role that the directors who resigned played in
the company it would be remiss not to restate this fact.
Messrs M W Short and Dr J M Buitendag, having reached retirement age,
resigned.
Mr. Short was one of the founders of the company and played a pivotal role
in what Caxton is today, particularly in the formulation, implementation
and management of the company"s IT systems. He will continue to assist the
company within the ambit of the areas in which he contributed in the past.
Dr Buitendag was the head of the Perskor Group with whom we merged in 1998
and we remain indebted to him for helping to facilitate the merger and
acknowledge the contribution made by him to the South African Media
industry.
Our most sincere thanks go to these two special gentlemen for the immense
contribution not only to the company but to the industry as a whole. Their
wise counsel and guidance will be missed and we wish them good health and a
well earned retirement. Mr. C Molusi has also resigned as a director and we
take this opportunity of thanking him for the contribution which he made
during his tenure as a director.
We are pleased to advise that Mr. T J W Holden has been appointed to the
board.
Review by Independent Auditors
The company auditors, PKF (JHB) Incorporated have reviewed these results.
Their unqualified review is available for inspection at the registered
offices of the company.
Separation of certain of the Company"s Assets
The Board of Directors is considering the possibility of separating a
number of the company"s assets into a separate vehicle which will be listed
as a separate entity on the JSE. This is being looked at to encourage the
possibility of future diversity of shareholding and an improved focus on
the operations of the company. Any such unbundling and subsequent listing
would be subject to appropriate regulatory requirements and the provision
of further details to shareholders.
Dividends
The board has declared a dividend of 45 cents (2005 - 40 cents) per share
payable to ordinary shareholders and a preference dividend of 413 cents
(2005 - 338 cents) per preference share to preference shareholders. To
comply with the procedures of STRATE the following dates are applicable:
Date dividend declared: Wednesday, 23 August, 2006
Last date to trade "cum" dividend: Friday, 13 October, 2006
Date to commence trading "ex" Monday, 16 October, 2006
dividend:
Record date: Friday, 20 October, 2006
Date of payment: Monday, 23 October, 2006
Share certificates may not be dematerialised or rematerialised between
Monday, 16 October 2006 and Friday, 20 October 2006 both days inclusive.
Prospects
The company is entering into a slightly different phase in its history.
Substantial capital expenditure has been incurred and for the first time in
many years, capacity to cope with our customer requirements will no longer
be an issue. No further large capital investments are anticipated and there
will initially be surplus capacity in newspaper and commercial printing.
We are also now in a position to print newspapers efficiently.With the
considerable expenditure on capital goes a commensurate increase in the
quantum of depreciation which factor has already affected this year"s
result. The forthcoming years" results will be further impacted on as all
plants and presses become fully operational.
The economy remains the "Joker in the Pack" but there is no doubt that the
monetary authorities are concerned about rising levels of inflation and the
exuberant expenditure of the consumer. As they tighten the economy and
increase interest rates there can be no doubt that the level of growth,
particularly for retailers and wholesalers, will slow down.
In these circumstances, the company expects moderate earnings growth.
By order of the Board
Dr F van Zyl Slabbert (Chairman)
G M Utian (Managing Director)
T D Moolman (Chief Executive Officer)
Johannesburg
23 August 2006
Dr. F van Zyl Slabbert* (Chairman), T D Moolman (Chief Executive Officer),
G M Utian (Managing Director), P C Desai*, F T Gatefield*, P G Greyling, T
J W Holden, P M Jenkins*, P Vallet*
(* Non-executive directors)
Registered office:
16 Wright Street, Industria West, Johannesburg, 2093
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 23/08/2006 04:08:17 PM Produced by the JSE SENS Department
