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AFR
AFR
AFGRI - Reviewed Consolidated Interim Financial Results and dividend declaration
AFGRI Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004030/06)
ISIN number ZAE000040549 Share code AFR
("AFGRI" or "the Company")
REVIEWED CONSOLIDATED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2006
- HEPS up on prior year by 24,9%
- Improved economic agricultural climate in 2006/07
- Forecast of significant increase of maize plantings in 2006/07
- Acquisition of broiler business
Disposal of underperforming and high risk cotton ginning business
Group balance sheet
Six months Six months
ended ended Year ended
31 August 31 August 28 February
(reviewed) (reviewed) (audited) (audited)
Actual Actual Actual Actual
(All amounts in Restated Restated Restated
R millions) Note 2006 2005 2006 2005
ASSETS
Non-current assets 1 596 1 293 1 256 1 096
Property, plant and
equipment 2 984 766 710 683
Intangible assets 2 179 115 105 78
Investments in
associates 8 7 9 20
Available-for-sale
financial assets 4 63 3 96
Financial 277 220 269 100
receivables
Deferred income tax
assets 144 122 160 119
Current assets 4 885 5 185 4 800 5 304
Inventories 1 079 1 393 1 038 1 081
Trade and other
receivables 978 578 681 932
Trade receivables
financed by Land 6/7 2 118 2 475 2 323 2 488
Bank
Derivative financial
instruments 14 5 61 68
Current income tax
assets 109 123 120 121
Cash and cash
equivalents and cash
collateral deposits 587 611 577 614
Cash collateral
deposits 333 368 382 343
Cash and cash
equivalents 254 243 195 271
Non-current assets
classified as held-
for-sale - - 87 -
Total assets 6 481 6 478 6 143 6 400
EQUITY
Capital and reserves
attributable to the
equity holders 1 198 1 118 1 174 1 044
Share capital - - - -
Treasury shares (155) (155) (155) (155)
Incentive trust
shares (114) (83) (122) (59)
Share premium - 30 73 -
Fair value and other
reserves 29 (3) 8 (42)
Retained earnings 1 438 1 329 1 370 1 300
Minority interest 554 523 531 514
Total equity 1 752 1 641 1 703 1 558
LIABILITIES
Non-current
liabilities 323 216 233 131
Borrowings 128 118 115 14
Deferred income tax
liabilities 181 73 100 94
Provisions for other
liabilities and
charges 14 25 18 23
Current liabilities 4 407 4 621 4 202 4 711
Trade and other 1 667 1 660 1 459 1 741
payables
Derivative financial 23 8 10 24
instruments
Current income tax 19 - 12 8
liabilities
Short-term 524 573 493 425
borrowings and bank
overdrafts
Land Bank borrowings
to finance trade
receivables 6/7 2 173 2 380 2 228 2 513
Liabilities directly
associated with non-
current assets
classified as held-
for-sale - - 3 -
Total liabilities 4 729 4 837 4 438 4 482
Total equity and
liabilities 6 481 6 478 6 143 6 400
Net asset value per
share attributable
to equity holders
(cents) 351 342 344 319
Group income statement
Six months Six months
ended ended Year ended
31 August 31 August 28 February
(reviewed) (reviewed) (audited) (audited)
Actual Actual Actual Actual
(All amounts in Restated Restated Restated
R millions) Note 2006 2005 2006 2005
Continuing operations:
Sales of goods and
services 2 572 2 282 5 093 5 127
Interest on trade
receivables financed
by Land Bank 3 125 115 231 189
Interest earned on
other trade
receivables 17 34 58 42
Total sales 2 714 2 431 5 382 5 358
Cost of sales (2 003) (1 799) (3 982) (3 938)
Gross profit 711 632 1 400 1 333
Other operating
income 52 40 89 54
Other operating
expenses (448) (420) (989) (1 004)
Operating profit 315 252 500 383
Share of losses of
associates (1) (2) (1) 2
Finance costs 3 (150) (139) (275) (254)
Profit before income
tax 164 111 224 131
Income tax expense (15) (16) (22) (83)
Profit for the period
from continuing
operations 149 95 202 49
Discontinued operations:
Loss for the period
from discontinued
operations 4 (49) (15) (30) 113
Profit for the period 100 80 172 162
Profit for the period
attributable to:
Equity holders of the
Company 68 59 129 149
Minority interest 32 21 43 13
Profit for the period 100 80 172 162
Weighted average
number of shares in
issue (m) 341,2 329,7 330,6 331,1
Earnings per share
from continuing
operations (cents) 31,5 21,2 45,0 12,2
Earnings per share
from discontinued
operations (cents) (11,2) (3,1) (6,0) 32,9
Earnings per share
from all operations
(cents) 20,3 18,1 39,0 45,1
Headline earnings per
share from continuing
operations (cents) 20,4 17,2 41,0 22,5
Headline earnings per
share from
discontinued
operations (cents) (1,4) (2,0) (3,8) 24,4
Headline earnings per
share from all
operations (cents) 5 19,0 15,2 37,2 46,9
Group cash flow statement
Six months Six months Year
ended ended ended
31 August 31 August 28 February
(reviewed) (reviewed) (audited)
Actual Actual Actual
(All amounts in R millions) 2006 2005 2006
Operating activities
Net profit before tax 79 54 160
Changes in working capital 107 (205) (171)
Other non-cash flow items (12) 30 56
Tax paid (10) (29) (26)
Net cash generated from/(utilised
in) operating activities 164 (150) 19
Net cash utilised in investing
activities (1) (33) (217)
Net cash utilised in financing
activities (110) (36) 29
Net increase/(decrease) in cash
and cash equivalents 53 (219) (169)
Cash and cash equivalents at
beginning of year (323) (154) (154)
Cash and cash equivalents at end
of period (270) (373) (323)
Cash collateral deposits 333 368 382
Cash and cash equivalents and cash
collateral deposits 63 (5) 59
Group statement of changes in equity
Fair value
Share Share and other Retained
(All amounts in R millions) capital premium reserves earnings
Balance 28 February 2005 - - (43) 1 299
(audited)
IFRS impact:
- Adoption of the historical
cost method and fair value
valuation method for assets - - (1) 12
- Share-based payments - - 2 (2)
- Operating leases - - - (1)
- Business combinations - - - (8)
Adjusted balance
28 February 2005 (audited) - - (42) 1 300
Net profit - - - 59
Currency translation
differences - - 39 -
Issue of shares to share
incentive trust - 30 - -
Dividends paid - - - (30)
Disposal of incentive shares - - - -
Minority movement - - - -
Balance 31 August 2005
(reviewed) - 30 (3) 1 329
Net profit - - - 70
Minority movement - - - -
Currency translation
differences - - 4 -
Fair valuing of cash flow
hedges - - 1 -
Share-based payments - - 6 -
Dividends paid - - (29)
Disposal of incentive shares - - - -
Issue of shares to share
incentive trust - 43 - -
Balance 28 February 2006
(audited) - 73 8 1 370
Net profit - - - 68
Minority movement - - - -
Currency translation
differences - - 17 -
Fair valuing of cash flow
hedges - - 1 -
Dividends paid - (73) - -
Share-based payments - - 3
Disposal of incentive shares - - - -
Balance 31 August 2006
(reviewed) - - 29 1 438
Retained earnings comprises:
- Distributable reserves 1 250
- Self insurance reserve 188
Incentive
Treasury trust Minority
(All amounts in R millions) shares shares interest Total
Balance 28 February 2005
(audited) (155) (59) 514 1 556
IFRS impact:
- Adoption of the historical
cost
method and fair value valuation
method for assets - - - 11
- Share-based payments - - - -
- Operating leases - - - (1)
- Business combinations - - - (8)
Adjusted balance
28 February 2005 (audited) (155) (59) 514 1 558
Net profit - - 21 80
Currency translation differences - - - 39
Issue of shares to share
incentive trust - (30) - -
Dividends paid - - - (30)
Disposal of incentive shares - 6 - 6
Minority movement - - (12) (12)
Balance 31 August 2005 (155) (83) 523 1 641
(reviewed)
Net profit - - 22 92
Minority movement - - (14) (14)
Currency translation differences - - - 4
Fair valuing of cash flow hedges - - - 1
Share-based payments - - - 6
Dividends paid - - - (29)
Disposal of incentive shares - 4 - 4
Issue of shares to share
incentive trust - (43) - -
Balance 28 February 2006
(audited) (155) (122) 531 1 705
Net profit - - 32 100
Minority movement - - (9) (9)
Currency translation differences - - - 17
Fair valuing of cash flow hedges - - - 1
Dividends paid - - - (73)
Share-based payments - - - 3
Disposal of incentive shares - 8 - 8
Balance 31 August 2006 (155) (114) 554 1 752
(reviewed)
Retained earnings comprises:
- Distributable reserves
- Self insurance reserve
BUSINESS SEGMENT RESULTS
Headline Headline
operating operating
31 August profit profit
2006 before Net after
(All amounts interest interest interest
in R and and and
millions) Sale dividends dividends dividends Assets Liabilities
s
AFGRI
Services 1 75 (18) 57 4 605 3 436
889
Producer
Services
Primary
Inputs 299 (15) (4) (19) 284 150
Retail 1 2 (5) (3) 939 503
187
Financial
Services 279 30 (8) 22 3 051 2 733
Logistics
Services 124 58 (1) 57 331 50
AFGRI
Products 822 59 (6) 53 983 482
Foods 182 12 (1) 11 251 80
Protein 640 47 (5) 42 732 402
Other 3 - - - 467 594
Continuing
operations 2 134 (24) 110 6 055 4 512
714
Discontinued
operations 61 (6) (3) (9) 426 217
Consolidated 2 128 (27) 101 6 481 4 729
775
Capital
expenditure Depreciation Amortisation
AFGRI Services 40 19 4
Producer Services
Primary Inputs 7 - 1
Retail 25 13 2
Financial Services 8 1 1
Logistics Services - 5 -
AFGRI Products 16 9 2
Foods 3 2 -
Protein 13 7 2
Other 1 2 2
Continuing operations 57 30 8
Discontinued operations 3 1 -
Consolidated 60 31 8
Headline Headline
operating operating
31 August profit Net profit
2005 before interest after
(All amounts interest and interest
in R and and
millions) Sales dividends dividends dividends Assets Liabilities
AFGRI
Services 1 672 72 (20) 52 4 721 3 461
Producer
Services
Primary
Inputs 289 (27) (4) (31) 291 136
Retail 1 011 (23) (9) (32) 969 529
Financial
Services 230 30 (5) 25 3 116 2 715
Logistics
Services 142 92 (2) 90 345 81
AFGRI
Products 758 32 (5) 27 603 311
Foods 165 2 (3) (1) 228 86
Protein 593 30 (2) 28 375 225
Other 1 - - - 457 710
Continuing
operations 2 431 104 (25) 79 5 781 4 482
Discontinued
operations 222 6 (5) 1 697 355
Consolidated 2 653 110 (30) 80 6 478 4 837
Capital
expenditure Depreciation Amortisation
AFGRI Services 35 13 1
Producer Services
Primary Inputs 11 2 -
Retail 10 6 1
Financial Services 6 1 -
Logistics Services 8 4 -
AFGRI Products 25 9 -
Foods 4 4 -
Protein 21 5 -
Other - 2 6
Continuing operations 60 24 7
Discontinued operations - - -
Consolidated 60 24 7
Note 1
The pre-tax business segment results are presented after taking into account the
pre-tax headline earnings adjustments but before allocation of the BEE share in
profits. This methodology resulted in the restatement of the segmental analysis
of the previous interim period.
Interest received on the trade receivables financed by the Land Bank and the
interest paid on the Land Bank borrowings are included in the headline operating
profit before interest and dividends of the Financial Services" Pillar.
Revenue from discontinued operations is not included in the segmental revenue.
Headline operating profit is shown after the allocation of cost of capital based
on each division"s net assets.
Notes to the Group interim results
1 Basis of Preparation and Accounting policies
These consolidated interim financial statements have been prepared in accordance
with IAS 34 and the South African Companies Act, (Act 61 of 1973), as amended
("Companies Act"). These consolidated financial statements have been prepared
under the historical cost convention, as modified by the revaluation of
available-for-sale financial assets and financial liabilities (including
derivative instruments) at fair value through profit or loss. The accounting
policies conform to International Financial Reporting Standards ("IFRS") and are
consistent with those applied in the corresponding reporting period of the prior
year except for the changes explained in notes 3 and 7.
2 Property, plant and equipment and intangible assets
Property,
plant Intangible
(All amounts in R millions) and assets
equipment
Carrying value beginning of year 777 124
Additions 60 16
Disposals at book value (22) -
Foreign currency differences 9 2
Depreciation/amortisation (30) (9)
Purchase of subsidiaries* 258 65
Net sale of cotton ginning business (68) (19)
Carrying value end of interim period 984 179
*Represent the acquisition of Daybreak, the broiler business (refer note 8).
3 Finance income/(costs)
The Group did not disclose interest income as a separate line item on the face
of the income statement as required by IFRS/GAAP and does so now based on the
JSE request based on the GAAP Monitoring Panel advice. Interest income was
previously included in the revenue line item and thus disclosed with other sales
on the face of the income statement.
The interest paid on the Land Bank borrowings to finance certain trade
receivables was previously disclosed as cost of sales. The Group believes that
these borrowings are part of normal operating business. However, the JSE has,
based on advice that it received from the GAAP Monitoring Panel, requested the
Group to disclose the interest paid on the face of the income statement. This
disclosure is now in line with IFRS/GAAP requirements. Finance cost consists of:
31 August 31 August
(All amounts in R millions) 2006 2005
Interest paid on Land Bank borrowings - refer (99) (91)
note 6
Other interest paid to financial institutions (51) (48)
Finance cost (150) (139)
4 Discontinued operations
The loss from discontinued operations resulted from the disposal of the cotton
ginning interests and the closure of certain subsidiary businesses.
5 RECONCILIATION OF HEADLINE EARNINGS PER SHARE
31 August 31 August
2006 2005
Cents Cents
Earnings 20,3 18,1
Loss from discontinued operations 9,8 1,0
Impairment of assets (0,4) -
Negative goodwill (9,9) (3,3)
Profit on disposal of assets (0,8) (0,6)
Headline earnings 19,0 15,2
6 Trade receivables financed by the Land Bank
The only security for the liability is the trade receivables and there is a
legally enforceable right to set-off and the intention and practice are to
settle the liability simultaneously with the asset realising. The Group bears
the risk for the first 10% of losses on these debtors, but for no losses
thereafter, which are for the risk of the Land Bank.
31 August 31 August
(All amounts in R millions) 2006 2005
Asset - trade receivables 2 118 2 475
Liability - Land Bank (2 173) (2 380)
The differences between the amounts are due to the daily set-off and timing
differences on the last day of the month.
7 Restatement of 2006 and 2005 annual results
During 2005 AFGRI concluded a financing agreement with the Land Bank to finance
certain of its trade receivables. In the balance sheets issued with the 2006 and
2005 annual results the Land Bank liability and the trade receivables" asset,
underlying the liability, were set-off and the net amount was disclosed. This
method of disclosure was followed as there was a legally enforceable right to
set-off and the intention and practice were to settle the liability
simultaneously with the asset realising. Although the amounts were set-off in
the issued balance sheets the detail was disclosed in the notes to the balance
sheet.
The JSE, based on advice that it received from the GAAP Monitoring Panel, has
ruled that in accordance with GAAP, the Land Bank liability and the trade
receivables" asset may not be set-off on the balance sheet and instructed AFGRI
to reflect these amounts separately on the balance sheet. It has also instructed
AFGRI to withdraw and republish its 2005 and 2006 annual financial statements as
restatements with the publication of its 2007 annual financial statements.
The interim and the 2006 year end results published in this announcement comply
with the JSE instruction.
8 Business combinations
AFGRI acquired 100% of the issued share capital of Daybreak with effect from 1
April 2006 for a cash consideration of R115 million (excluding shareholders
loans). The detail of each class of assets and liabilities acquired at fair
value is as follows:
Rm
Property, plant and equipment 258
Intangible assets 65
Non-current receivables 25
Inventory 27
Trade receivables 49
ASSETS 424
Trade payables 54
Deferred tax 88
Minority interests 13
Long term borrowings 76
Current tax liabilities 14
Bank overdraft 18
LIABILITIES 263
The Group"s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities exceeds the cost of the business
combination and the excess of R 46 million is included in operating costs for
the period under review. The calculation of the purchase price was based on the
present value of future cash flows. The calculation of the fair values of the
identifiable assets were based on the depreciated replacement values, taking
into account industry norms, management"s focus on quality products and customer
service, conservative financial and administrative disciplines, assets and the
long-term relationship with its customers, which has resulted in the excess.
Since 1 April 2006, the date of acquisition, a profit before internal interest
and tax of this business combination of R17 million is included in the Group"s
profit for the period under review. If this business combination was effected on
1 March 2006, the revenue from continuing operations for the combined entity
would have been R2 750 million and the profit from continuing operations before
tax R162 million.
9 Agency agreements
The Group manages agri debtors on behalf of third party financial institutions
to the amount of R608 million (2005: R584 million). Management fees are paid by
these third parties. The Group bears the risk for the first 5% to 10% of losses
on these debtors, but for no losses thereafter, which are for the risk of the
third party financial institutions.
The Group receives a fee for the handling, grading, storing and administration
of commodities on behalf of third parties.
The value of these commodities is R2 013 million (2005: R2 371 million).
10 Corporate governance and JSE limited ("JSE") compliance
The principles of corporate governance were adhered to. The Group complied with
the JSE Listing Requirements regarding the contents of the interim financial
results.
11 Interim review
The 31 August 2006 interim financial statements have been reviewed by the
Group"s external auditors, PricewaterhouseCoopers Inc, in accordance with the
guidelines laid down by International Standards for Review Engagements 2400 and
their review opinion is available for inspection at the Group"s registered
office.
Commentary
The directors of AFGRI Limited ("AFGRI") present the consolidated interim
financial results of the AFGRI group of companies for the six months ended 31
August 2006. The directors are pleased to announce that the consolidated interim
headline earnings have significantly improved when compared to the same period
in the prior financial year.
This result was achieved despite an approximate 50% reduction in maize planted
for the 2005/06 summer season, which curtailed the earnings of the Producer and
Logistics Services businesses, and is due to an improved agricultural economic
climate for the 2006/07 summer season. This improved economic climate has arisen
from low carry over stock, increased grain prices and the recent weakening of
the Rand and has resulted in increased hectares where maize will be planted and
increased agricultural spending.
This change in outlook has aided the earnings of the Producer Services business
which took pro-active steps to reduce costs due to the difficult agriculture
climate experienced by this business in the last two years.
The Foods and Protein businesses, divisions of AFGRI Products, contributed to an
improved performance compared to the same period in the prior year. Products
acquired the broiler business, Daybreak Farms (Pty) Limited ("Daybreak"), whose
results are included in the consolidated interim financial results from 1 April
2006 and also disposed of AFGRI"s high risk and underperforming cotton ginning
business during the period under review.
OPERATIONAL REVIEW
Revenue
Sales from AFGRI"s continuing operations increased by 11,6% compared to the same
period in the prior year. The main contributors to this increase are the
Producer Services (14,3%), the Financial Services (21,3%) and the Products
(8,4%) businesses. This increase in revenue was achieved despite a decrease in
sales of the Logistics Services (12,7%) business due to the reduced planting and
a late maize harvest.
The increased revenue compared to the same period for the prior year in the
Producer Services business is due to producer spending in anticipation of
increased planted hectares under maize in the 2006/07 summer season compared to
last year. Improved sales have been experienced for agricultural equipment,
spares, chemicals, fertilizer, seed and diesel. This increased revenue was
achieved despite a significant decline in sales of agricultural equipment for
AFGRI"s wholly owned Australian subsidiary due to the lowest rainfall ever
recorded in Western Australia. This lack of rain has reduced the estimate of the
overall 2006 Western Australian wheat crop by 50% and in some areas by 80%.
The Products business has increased sales in its Foods (10,3%) and its Protein
(7,9%) businesses compared to the same period in the prior year. The latter
increase was assisted by the acquisition of Daybreak, though would have been
higher but for lower maize and other commodity prices which influenced the
selling price of animal feed that is calculated on the basis of raw material
cost plus a margin.
The reduced revenue in the Logistics Services (12,7%) business compared to the
same period in the prior year is due to a decline in grain volumes (48%)
received at the AFGRI silos in the season just past, due to the lower plantings
and a delay in harvesting by farmers due to excessive moisture.
Headline earnings per share up on prior year by 24,9%
Headline earnings per share of 19,0 cents was achieved for the period under
review, which is 24,9% higher than that achieved for the comparative prior year
period. Similarly, the earnings per share of 20,3 cents is 12,2% higher than the
prior year comparative period.
AFGRI"s increased earnings are reflective of an improved economic agricultural
climate, reduced costs and the acquisition of Daybreak.
The headline earnings before tax and BEE profit share of the Producer Services
business have improved substantially (R41 million) when compared to the same
period in the prior year. The reduced earnings of the wholly owned Australian
subsidiary, due to the poor agricultural conditions in Western Australia,
negatively influenced the Producer Services business" earnings during the period
under review. Overall, however, Producer Services managed to improve earnings
due to increased revenue, an improvement in margins due to the improved
agricultural environment and the effect of the prior year cost cutting exercise
which included the closure of uneconomic retail shops. This positive result was
achieved by the Producer Services business despite the first six months of the
financial year historically being significantly lower in generating revenue than
the second six months as a result of the heavy weighting of the business"
revenue towards the summer season maize crop.
The headline earnings before tax and BEE profit share of the Financial Services
business were lower (R3 million) when compared to the same period in the prior
year. Although a higher utilization of facilities granted to grain customers was
achieved this, when compared to the prior year, did not offset certain once off
recoveries of bad debts achieved during the comparative period in the prior
year. The results were further impaired by a weaker performance by the partially
owned Zambian subsidiary, which suffered from a lack of credit facilities,
potential bad debts, a lower grain intake and high infrastructure costs.
The low summer season maize plantings (approximately 50% down on the prior year)
and a delay in harvesting this crop by farmers resulted in lower silo capacity
utilization. This resulted in a reduction in Logistics Services" headline
earnings before tax and BEE profit share (R33 million) when compared to the same
period in the prior year.
The headline earnings before tax and BEE profit share for the Products business
have improved significantly (R26 million) when compared to the same period in
the prior year. This was partially a result of the acquisition of the Daybreak
business but was also due to improved factory efficiencies and raw material
procurement in the Animal Feed business and lower procurement costs in the Foods
business.
Cash generated from operating activities - R164 million
During the current six month reporting period AFGRI generated R164 million cash
from operational activities. This compares to a usage of R150 million for the
same period in the prior year and was due to improved profitability and working
capital management. The net cash position, after including cash collateral
deposits, is a positive R63 million compared to a negative R5 million at 31
August 2005.
Acquisitions and major investments
AFGRI acquired 100% of the issued share capital of Daybreak with effect from 1
April 2006. The consideration paid was
R115 million. Daybreak has already contributed positively to AFGRI"s earnings
and should continue to do so, especially when broiler volumes increase by 50% in
the second half of the current financial year as abattoir utilization is
increased.
AFGRI also invested R65 million in facility upgrades and new technology.
Disposals
Subsequent to 28 February 2006 AFGRI"s cotton ginning business, included in the
wholly owned subsidiaries of the Clark Cotton group, was sold. The decision to
sell this high risk and underperforming business is consistent with AFGRI"s
policy of exiting businesses that fail to meet the required rate of return.
Prospects
The improved economic agricultural environment, including specifically the
recent upward trend in grain prices and the weakening of the Rand, the
anticipated increased maize plantings of farmers and the resultant increased
spending by producers, the acquisition of Daybreak and the disposal of the high
risk and underperforming cotton ginning business should all translate into a
good second half performance and result in improved earnings for the year.
By order of the Board
PF Erasmus JD Wright
(Non-Executive Chairman) (Managing Director)
8 November 2006
DECLARATION OF INTERIM DIVIDEND
Notice is hereby given that the directors of AFGRI have declared an interim
dividend of 10,15 cents per share for the interim period ended 31 August 2006.
In accordance with settlement procedures of STRATE, the following dates will
apply to the interim dividend:
Last day to trade cum the dividend Friday, 8 December 2006
Trading ex dividend commences Monday, 11 December 2006
Record date Friday, 15 December 2006
Dividend payment date Monday, 18 December 2006
There will be no dematerialisation or rematerialisation of AFGRI share
certificates between Monday, 11 December 2006 and Friday, 15 December 2006, both
dates inclusive.
By order of the Board
SL Reynolds
(Group Company Secretary)
8 November 2006
Johannesburg
Business address and registered office
33 Sloane Street, Knightsbridge Manor, Block B2, Bryanston,
Fax (+27 11) 463-4139, Tel (+27 11) 706-7897
Company Secretary
Ms SL Reynolds, PO Box 3559, Cramerview, 2060
Bankers
ABSA Bank Limited, FirstRand Bank Limited, Land and Agricultural Development
Bank of SA Limited, Nedcor Bank Limited, Standard Bank of SA Limited
Auditors
PricewaterhouseCoopers Incorporated
Transfer secretaries
Computershare Investor Services 2004 (Proprietary) Limited, 70 Marshall Street,
Johannesburg, 2001, PO Box 61051, Marshalltown, 2107,
Tel (+27 11) 370-5320
Sponsor
RAND MERCHANT BANK, (A division of FirstRand Bank Limited), 1 Merchant Place,
Cnr Fredman Drive and Rivonia Road, Sandton, 2196, PO Box 786273, Sandton, 2146
Directorate
Non-executive
PF Erasmus (63), BSc Agric, (Chairman), GAL Ebedes (59), BSc Agric,
CA Apsey (59), BSc, MBA, JJ Claassen (56), DD De Beer (66), CA(SA),
JJ Ferreira (53), BSc (Hons), Civ Eng, MM Moloele (51), Dipl Business
Management, KL Thoka (43) BAdmin, Hons (BA), MBA, FJ van der Merwe (49), LLB, MA
Executive
JD Wright (48), BAcc, CA(SA), DM Sewela (41), BSc Chem Eng,
I de W Goosen (58), BCom, CA(SA)
Alternate director
JH Mooney (59), BCom, CA(SA)
This announcement is available on Sens and AFGRI"s website at www.afgri.co.za
Date: 08/11/2006 11:30:55 AM Produced by the JSE SENS Department
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