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SAP
SAVVI
SAP - Sappi Limited - Unaudited Results for the quarter ended December 2006
Sappi Limited
(Registration number 1936/008963/06)
Issuer Code: SAVVI
JSE Code: SAP
ISIN Code: ZAE000006284
Unaudited Results for the quarter ended December 2006
- EPS 13 US cents
- Demand for coated fine paper firm
- Coated paper prices do not reflect high operating rates
- Prices boost Forest Products performance
- Input cost pressure abates, except in Europe
Summary
Quarter ended
Dec Sept Dec
2006 2006 2005
Sales (US$ million) 1,267 1,296 1,175
Operating profit (US$ million) 92 51 49
Operating profit to sales (%) 7.3 3.9 4.2
EBITDA ** (US$ million) * 187 151 146
EBITDA ** to sales (%) * 14.8 11.7 12.4
Operating profit to average
net assets (%) * 9.4 5.2 4.8
EPS (US cents) 13 18 -
Return on average equity (ROE) (%) * 8.4 11.7 -
Net debt (US$ million) * 2,278 2,113 2,072
Net debt to total capitalisation (%) * 46.7 46.4 42.3
* Refer to Supplemental Information for the definition of the term.
** The EBITDA calculation has been amended. Refer to note 2 additional
information in Supplemental information for the effects of the change.
Comment
The group operating result improved in the quarter compared to the prior
quarter and the equivalent quarter last year. The Forest Products business,
supported by strong pulp prices and a slightly weaker currency, generated
most of the operating profit. The Fine Paper business, while profitable,
has not yet achieved acceptable margins and returns.
Demand for coated fine paper globally was firm in the quarter; however,
apparent consumption growth in Europe and North America was lower than in
recent periods.
Raw material input costs remain high. There has been some moderation in
North America and Southern Africa but upward pressure continues in Europe.
Coated fine paper prices in Europe have drifted downwards for the last 5
years and despite concerted reductions in our operating costs, the
combination of higher prices for our inputs and lower selling prices has
depressed margins. To counteract this we implemented a price increase on
stock orders in Europe in December and continue to implement increases on
all other graphic paper business in January.
Group sales were approximately US$1.3 billion for the quarter, an increase
of 7.8% compared to a year ago as a result of a 3% increase in sales of
pulp and paper, improved pricing and currency movement which resulted in an
increase in the European business` sales when reported in US Dollars.
The operating profit for the quarter increased to US$92 million, largely as
a result of the contribution of the Forest Products business. The
plantation fair value price adjustment for the quarter was a pre-tax gain
of US$29 million compared to US$10 million a year ago.
Finance costs for the quarter were US$37 million, which was at the same
level as the prior quarter but up US$10 million year on year as a result of
higher interest paid (higher debt and floating rates) and the change in
fair value of financial instruments.
The high effective tax rate is a result of unrelieved tax losses in certain
countries; in addition taxation for the quarter included Secondary Tax on
Companies of US$8.5 million which relates to the dividend declared during
the quarter.
The profit after tax for the quarter was US$30 million compared to a break-
even in the equivalent quarter last year. Earnings per share were 13 US
cents for the quarter.
Cash flow and debt
Cash generated by operations was US$152 million for the quarter,
approximately 25% up on a year ago. We recorded a US$39 million increase in
working capital which was significantly less than the US$80 million
increase last year.
Capital expenditure increased to US$138 million for the quarter. We had a
number of upfront payments in respect of the Saiccor expansion in the
quarter. We aim to manage capital expenditure over the full year to avoid a
material increase in debt over the year.
Net debt increased by US$165 million to approximately US$2.3 billion during
the quarter of which US$73 million was a result of currency translations.
Net debt to total capitalisation increased to 46.7% in December from 46.4%
in September.
Operating Review for the Quarter
Sappi Fine Paper
Quarter ended
Dec 2006 Dec 2005 % Sept 2006
US$ million US$ million change US$ million
Sales 1,044 943 10.7 1,029
Operating profit
(loss) 16 15 6.7 (40)
Operating profit
(loss) to sales (%) 1.5 1.6 - (3.9)
EBITDA 94 95 (1.1) 43
EBITDA to sales (%) 9.0 10.1 - 4.2
RONOA pa (%) 2.1 1.9 - (5.2)
Each of the Fine Paper businesses generated operating profits during the
quarter; however, the returns are still far from acceptable. Our focus is
on reducing unit costs and achieving appropriate price increases.
Europe
Quarter ended
Dec 2006 Dec 2005
US$ million US$ million
Sales 587 520
Operating profit (loss) 13 14
Operating profit (loss)
to sales (%) 2.2 2.7
EBITDA 61 61
EBITDA to sales (%) 10.4 11.7
RONOA pa (%) 2.8 3.2
% change % change Sept 2006
(US$) (Euro) US$ million
Sales 12.9 4.1 569
Operating profit (loss) (7.1) (14.4) (48)
Operating profit (loss)
to sales (%) - - (8.4)
EBITDA - (7.8) 1
EBITDA to sales (%) - - 0.2
RONOA pa (%) - - (10.8)
Our sales volume for the quarter grew approximately 6% year on year. The
average price achieved in Euro terms was only marginally up on the prior
quarter despite the December stock price increase as a result of product
and geographic mix. The Euro strengthened 8.5% relative to the equivalent
period last year.
The upward pressure on many of our input costs has continued in the
quarter.
In particular pulpwood costs have continued to rise sharply as a result of
demand for wood for use as subsidised "green" fuel.
Higher prices for purchased pulp had an impact of US$7 million on operating
profit for the quarter compared to the equivalent quarter last year. (This
is a regional impact as the group as a whole is a net seller of pulp.)
North America
Quarter ended
Dec 2006 Dec 2005 % Sept 2006
US$ million US$ million change US$ million
Sales 374 345 8.4 373
Operating profit 2 1 100 7
Operating profit
to sales (%) 0.5 0.3 - 1.9
EBITDA 28 31 (9.7) 37
EBITDA to sales (%) 7.5 9.0 - 9.9
RONOA pa (%) 0.7 0.3 - 2.5
The volume of paper sold increased by approximately 5% for the quarter. In
addition we achieved strong growth in pulp sales compared to a year ago,
resulting in an overall increase of 8%.
Market conditions remain very competitive with continued pressure on
prices. Average prices achieved were marginally up compared to a year
earlier.
Although input costs remain high, we have achieved reductions in wood,
energy and certain other input costs.
Fine Paper South Africa
Quarter ended
Dec 2006 Dec 2005
US$ million US$ million
Sales 83 78
Operating profit 1 -
Operating profit to sales (%) 1.2 -
EBITDA 5 3
EBITDA to sales (%) 6.0 3.8
RONOA pa (%) 2.5 -
% change % change Sept 2006
(US$) (Rand) US$ million
Sales 6.4 20.4 87
Operating profit - - 1
Operating profit to sales (%) - - 1.1
EBITDA 66.7 88.5 5
EBITDA to sales (%) - - 5.7
RONOA pa (%) - - 2.5
The business had strong demand for its products and sales volumes for the
quarter increased 10% year on year. Average prices achieved in Rand terms
have increased over the last year partly due to the weaker Rand.
Margins remain under pressure as a result of high input costs, particularly
purchased pulp.
Forest Products
Quarter ended
Dec 2006 Dec 2005
US$ million US$ million
Sales 223 232
Operating profit 78 37
Operating profit to sales (%) 35.0 15.9
EBITDA 95 53
EBITDA to sales (%) 42.6 22.8
RONOA pa (%) 23.4 10.9
Plantation fair value
Gain (Loss) 29 10
% change % change Sept 2006
(US$) (Rand) US$ million
Sales (3.9) 8.8 267
Operating profit 110.8 138.7 85
Operating profit to sales (%) - - 31.8
EBITDA 79.2 102.9 102
EBITDA to sales (%) - - 38.2
RONOA pa (%) - - 26.4
Plantation fair value
Gain (Loss) - - (10)
The forest products business had a strong performance despite the lower
sales volume compared to the equivalent quarter last year. Part of the
shortfall in volume is the result of timing of export shipments relative to
the period end and lower sales by the Kraft business. We expect to catch up
some volume in the next quarter. The strong pulp prices and weaker currency
contributed to the operating profit. Operating profit also included US$29
million of plantation fair value price adjustment compared to US$10 million
a year ago. The manufacturing performance of the Kraft business has
improved and has considerable scope for further gains. Usutu Mill continued
to perform well during the quarter.
Demand for chemical cellulose remains strong and Saiccor continues to
perform well. Good progress has been made on the expansion at Saiccor Mill;
however, there has been pressure on civil construction costs because of
high demand in the South African construction industry.
Directors
Klaas de Kluis retired as a non-executive director of the group in December
2006 on reaching the mandatory retirement age.
Outlook
The industry continues to record high global operating rates for coated
fine paper. The combination of strong expected consumption growth, capacity
closures and limited new capacity additions indicate that operating rates
should remain high.
We have implemented price increases in Europe which are essential to
restore margins after 5 years of declining coated fine paper prices and 2
years of input cost escalations.
Pulp prices continue to be strong.
We expect earnings in the next quarter to improve compared to this quarter
(excluding unpredictable fair value adjustments).
This report is unaudited.
On behalf of the Board
E van As M R Thompson
Director Director 1 February 2007
Sappi Limited
(Registration number 1936/008963/06)
Issuer Code: SAVVI
JSE Code: SAP
ISIN Code: ZAE 000006284
forward-looking statements
Certain statements in this release that are neither reported financial
results nor other historical information, are forward-looking statements,
including but not limited to statements that are predictions of or indicate
future earnings, savings, synergies, events, trends, plans or objectives.
Undue reliance should not be placed on such statements because, by their
nature, they are subject to known and unknown risks and uncertainties and
can be affected by other factors, that could cause actual results and
company plans and objectives to differ materially from those expressed or
implied in the forward-looking statements (or from past results). Such
risks, uncertainties and factors include, but are not limited to the highly
cyclical nature of the pulp and paper industry (and the factors that
contribute to such cyclicality, such as levels of demand, production
capacity, production, input costs including raw material, energy and
employee costs, and pricing), adverse changes in the markets for the
group`s products, consequences of substantial leverage, changing regulatory
requirements, unanticipated production disruptions, economic and political
conditions in international markets, the impact of investments,
acquisitions and dispositions (including related financing), any delays,
unexpected costs or other problems experienced with integrating
acquisitions and achieving expected savings and synergies and currency
fluctuations. The company undertakes no obligation to publicly update or
revise any of these forward-looking statements, whether to reflect new
information or future events or circumstances or otherwise.
summary
December 2006
Quarter ended
Dec Sept Dec
2006 2006 2005
Sales (US$ million) 1,267 1,296 1,175
Operating profit (US$ million) 92 51 49
Operating profit to sales (%) 7.3 3.9 4.2
EBITDA ** (US$ million) * 187 151 146
EBITDA ** to sales (%) * 14.8 11.7 12.4
Operating profit to average net assets (%) * 9.4 5.2 4.8
EPS (US cents) 13 18 -
Return on average equity (ROE) (%) * 8.4 11.7 -
Net debt (US$ million) * 2,278 2,113 2,072
Net debt to total capitalisation (%) * 46.7 46.4 42.3
* Refer Supplemental Information for the definition of the term.
** The EBITDA calculation has been amended to eliminate the adjustment for
fellings which previously resulted in fellings being added back in the
calculation as part of amortisation. Refer to note 2 Additional Information
in Supplemental Information for the effects of the change.
Financial results (unaudited)
group income statement
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million % change
Sales 1,267 1,175 7.8
Cost of sales 1,091 1,042
Gross profit 176 133 32.3
Selling, general & administrative
expenses 88 83
88 50
Other operating (income) expenses (4) 1
Operating profit 92 49 87.8
Net finance costs 37 27
Net paid 36 32
Capitalised (1) (1)
Net foreign exchange gains (2) (1)
Change in fair value of financial
instruments 4 (3)
Profit before tax 55 22 150.0
Taxation - current 6 8
- deferred 19 14
Profit for the period 30 - -
Basic earnings per share (US cents) 13 -
Weighted average number of shares
in issue (millions) 227.0 225.9
Diluted earnings per share (US cents) 13 -
Weighted average number of shares
on fully diluted basis (millions) 229.9 226.7
Note: Refer to notes to the group results for Headline Earnings and
calculation thereof.
group balance sheet
Dec 2006 Sept 2006
US$ million US$ million
ASSETS
Non-current assets 4,323 3,997
Property, plant and equipment 3,319 3,129
Plantations 607 520
Deferred taxation 79 74
Other non-current assets 318 274
Current assets 1,556 1,500
Inventories 764 699
Trade and other receivables 560 577
Cash and cash equivalents 232 224
Assets held for sale 21 20
Total assets 5,900 5,517
EQUITY AND LIABILITIES
Shareholders` equity
Ordinary shareholders` interest 1,467 1,386
Non-current liabilities 2,528 2,465
Interest-bearing borrowings 1,625 1,634
Deferred taxation 387 336
Other non-current liabilities 516 495
Current liabilities 1,905 1,666
Interest-bearing borrowings 818 694
Bank overdraft 67 9
Other current liabilities 841 862
Taxation payable 111 101
Shareholders for dividend 68 -
Total equity and liabilities 5,900 5,517
Number of shares in issue at balance sheet
date (millions) 227.7 227.0
group cash flow statement
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million
Operating profit 92 49
Depreciation, fellings and other amortisation 112 114
Other non-cash items (including impairment
charges) (52) (41)
Cash generated by operations 152 122
Movement in working capital (39) (80)
Net finance costs (46) (45)
Taxation paid (4) (7)
Cash retained (utilised) from operating
activities 63 (10)
Cash effects of investing activities (155) (74)
Cash utilised before financing activities (92) (84)
Cash effects of financing activities 94 94
Net movement in cash and cash equivalents 2 10
group statement of recognised income and expense
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million
Pension fund asset not recognised (2) (1)
Valuation allowance against deferred tax asset
on actuarial losses recognised (1) -
Exchange differences on translation of foreign
operations 113 (11)
Net expense recorded directly in equity 110 (12)
Profit for the period 30 -
Recognised income (expense) for the period 140 (12)
Sappi Limited
notes to the group results
1. Basis of preparation
The condensed quarterly financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS)
including International Accounting Standard (IAS) 34 Interim Financial
Reporting. The accounting policies used in the preparation of the quarterly
results are compliant with IFRS and consistent with those used in the
annual financial statements for September 2006. A recent accounting
interpretation IFRIC 4: Determining whether an arrangement contains a
lease, is still being evaluated. No changes to previous disclosures on
application of this interpretation have been made. At this stage it is not
envisaged that the impact of any adjustment required will be material to
the results of operations.
2. Reconciliation of movement in shareholders` equity
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million
Balance - beginning of year 1,386 1,589
Total recognised income (expense)
for the period 140 (12)
Dividends declared (68) (68)
Transfers to participants of the
share purchase trust 7 1
Share Based Payment Reserve 2 2
Balance - end of period 1,467 1,512
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million
3. Operating profit
Included in operating profit are the following
non-cash items:
Depreciation of property, plant and equipment 95 97
95 97
Fair value adjustment on plantations
(included in cost of sales)
Changes in volume
Fellings 17 17
Growth (17)
(14)
- 3
Changes in fair value (29) (10)
(29) (7)
4. Headline earnings per share
Headline earnings per share (US cents) * 13 1
Weighted average number of shares in
issue (millions) 227.0 225.9
Diluted headline earnings per share (US cents) * 13 1
Weighted average number of shares on fully 229.9 226.7
diluted basis (millions)
Calculation of Headline earnings *
Profit for the period 30 -
Write-off of assets - 1
Impairment of property, plant & equipment - 1
Headline earnings 30 2
* Headline earnings disclosure is a listings requirement by
the JSE Limited.
5. Capital expenditure
Property, plant and equipment 138 72
Dec 2006 Sept 2006
US$ million US$ million
6. Capital commitments
Contracted but not provided 201 294
Approved but not contracted 340 255
541 549
7. Contingent liabilities
Guarantees and suretyships 61 52
Other contingent liabilities 11 11
Supplemental Information
definitions
Average - averages are calculated as the sum of the opening and closing
balances for the relevant period divided by two
* EBITDA - earnings before interest (net finance costs), tax, depreciation
and amortisation
* EBITDA to sales - EBITDA divided by sales
Fellings - the amount charged against the income statement representing the
standing value of the plantations harvested
Headline earnings - as defined in Circular 7/2002 issued by the South
African Institute of Chartered Accountants, separates from earnings all
items of a capital nature. It is not necessarily a measure of sustainable
earnings. It is a listing requirement of the JSE Limited to disclose
headline earnings per share
NBSK - Northern Bleached Softwood Kraft pulp. One of the main varieties of
market pulp, mainly produced from spruce trees in Scandinavia, Canada and
north eastern USA. The NBSK is a benchmark widely used in pulp and paper
industry for comparative purposes
* Net assets - total assets less current liabilities
* Net asset value - shareholders` equity plus net deferred tax
* Net asset value per share - net asset value divided by the number of
shares in issue at balance sheet date
* Net debt - current and non-current interest-bearing borrowings, and bank
overdrafts (net of cash, cash equivalents and short-term deposits)
* Net debt to total capitalisation - Net debt divided by shareholders`
equity plus minority interest, non-current liabilities, current interest-
bearing borrowings and overdraft
* ROE - return on average equity. Profit (loss) for the period divided by
average shareholders` equity
* RONA - operating profit divided by average net assets
* RONOA - operating profit divided by average net operating assets. Net
operating assets are total assets (excluding deferred taxation and cash)
less current liabilities (excluding interest-bearing borrowings and bank
overdraft)
* SG&A - selling, general and administrative expenses
* The above financial measures, other than headline earnings per share, are
presented to assist our shareholders and the investment community in
interpreting our financial results. These financial measures are regularly
used and compared between companies in our industry.
Supplemental Information
additional information
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million
Profit for the period to EBITDA(1)
reconciliation
Profit for the period 30 -
Net finance costs 37 27
Taxation - current 6 8
- deferred 19 14
Depreciation 95 97
EBITDA(1) (2) 187 146
Dec 2006 Sept 2006
US$ million US$ million
Net debt (US$ million)(3) 2,278 2,113
Net debt to total capitalisation (%)(3) 46.7 46.4
Net asset value per share (US$)(3) 7.80 7.26
(1)In connection with the U.S. Securities Exchange Commission ("SEC") rules
relating to "Conditions for Use of Non-GAAP Financial Measures", we have
reconciled EBITDA to net profit rather than operating profit. As a result
our definition retains non-trading profit/loss and minority interest as
part of EBITDA. EBITDA represents earnings before interest (net finance
costs), taxation, depreciation and amortisation. Net finance costs
includes: gross interest paid; interest received; interest capitalised; net
foreign exchange gains; and net fair value adjustments on interest rate
financial instruments. See the Group income statement for an explanation of
the computation of net finance costs. We use EBITDA as an internal measure
of performance to benchmark and compare performance, both between our own
operations and as against other companies. EBITDA is a measure used by the
group, together with measures of performance under IFRS and US GAAP, to
compare the relative performance of operations in planning, budgeting and
reviewing the performances of various businesses. We believe EBITDA is a
useful and commonly used measure of financial performance in addition to
net profit, operating profit and other profitability measures under IFRS or
US GAAP because it facilitates operating performance comparisons from
period to period and company to company. By eliminating potential
differences in results of operations between periods or companies caused by
factors such as depreciation and amortization methods, historic cost and
age of assets, financing and capital structures and taxation positions or
regimes, we believe EBITDA can provide a useful additional basis for
comparing the current performance of the underlying operations being
evaluated. For these reasons, we believe EBITDA and similar measures are
regularly used by the investment community as a means of comparison of
companies in our industry. Different companies and analysts may calculate
EBITDA differently, so making comparisons among companies on this basis
should be done very carefully. EBITDA is not a measure of performance under
IFRS or US GAAP and should not be considered in isolation or construed as a
substitute for operating profit or net profit as an indicator of the
company`s operations in accordance with IFRS or US GAAP.
(2)The EBITDA calculation has been amended to eliminate the adjustment for
fellings which previously resulted in fellings being added back in the
calculation as part of amortisation. Given the current accounting treatment
of plantations, management has concluded that eliminating such an
adjustment would be more appropriate in determining the EBITDA performance
measure in future both for internal and reporting purposes. Prior year
figures have been recalculated for comparison purposes as follows: December
2005 quarter: decrease by US$17 million; September 2006 quarter: decrease
by US$19 million.
(3)Refer to Supplemental Information for the definition of the term.
Supplemental Information
regional information
Quarter Quarter
ended ended
Dec 2006 Dec 2005
Metric tons Metric tons
(000`s) (000`s) % change
Sales volumes
Fine Paper - North America 372 344 8.1
Europe 635 602 5.5
Southern
Africa 87 79 10.1
Total 1,094 1,025 6.7
Forest Products - Pulp and
paper
operations 331 355 (6.8)
Forestry
operations 271 376 (27.9)
Total 1,696 1,756 (3.4)
Quarter Quarter
ended ended
Dec 2006 Dec 2005
US$ million US$ million % change
Sales
Fine Paper - North America 374 345 8.4
Europe 587 520 12.9
Southern
Africa 83 78 6.4
Total 1,044 943 10.7
Forest Products - Pulp and
paper
operations 207 212 (2.4)
Forestry
operations 16 20 (20.0)
Total 1,267 1,175 7.8
Operating profit
Fine Paper - North America 2 1 100.0
Europe 13 14 (7.1)
Southern
Africa 1 - -
Total 16 15 6.7
Forest Products 78 37 110.8
Corporate (2) (3) -
Total 92 49 87.8
Earnings before interest, tax, depreciation and amortisation charges *
Fine Paper - North America 28 31 (9.7)
Europe 61 61 -
Southern Africa 5 3 66.7
Total 94 95 (1.1)
Forest Products 95 53 79.2
Corporate (2) (2) -
Total 187 146 28.1
Net operating assets
Fine Paper - North America 1,106 1,173 (5.7)
Europe 1,867 1,748 6.8
Southern Africa 170 171 (0.6)
Total 3,143 3,092 1.6
Forest Products 1,474 1,389 6.1
Corporate and other (48) (23) -
Total 4,569 4,458 2.5
* The EBITDA calculation has been amended to eliminate the adjustment for
fellings which previously resulted in fellings being added back in the
calculation as part of amortisation. Refer to note 2 Additional Information
in Supplemental Information for the effects of the change.
Supplemental Information
summary rand convenience translation
Quarter Quarter
ended ended
Dec Dec %
2006 2005 change
Sales (ZAR million) 9,294 7,613 22.1
Operating profit (ZAR million) 675 317 112.9
Profit for the period (ZAR million) 220 - -
EBITDA (ZAR million) * 1,372 946 45.0
Operating profit to sales (%) 7.3 4.2
EBITDA to sales (%) * 14.8 12.4
Operating profit to average net assets (%) 9.3 4.9
EPS (SA cents) 95 - -
Net debt (ZAR million) * 15,963 13,111
Net debt to total capitalisation (%) * 46.7 42.3
Cash generated by operations (ZAR million) 1,115 790 41.1
Cash retained from operating activities
(ZAR million) 462 (65) -
Net movement in cash and cash equivalents
(ZAR million) 15 65 -
* Refer to Supplemental Information for the definition of the term.
Supplemental Information
exchange rates
Dec Sept June March Dec
2006 2006 2006 2006 2005
Exchange rates:
Period end rate:
US$ 1 = ZAR 7.0076 7.7738 7.1700 6.1655 6.3275
Average rate for the
Quarter: US$ 1 = ZAR 7.3358 7.2475 6.4658 6.1858 6.4795
Average rate for the
YTD: US$ 1 = ZAR 7.3358 6.6039 6.4031 6.3334 6.4795
Period end rate:
EUR 1 = US$ 1.3199 1.2672 1.2789 1.2119 1.1843
Average rate for the
Quarter: EUR 1 = US$ 1.2926 1.2744 1.2570 1.1983 1.1915
Average rate for the
YTD: EUR 1 = US$ 1.2926 1.2315 1.2191 1.1964 1.1915
The financial results of entities with reporting currencies other than the
US Dollar are translated into US Dollars as follows:
- Assets and liabilities at rates of exchange ruling at period end; and
- Income, expenditure and cash flow items at average exchange rates.
Other interested parties can obtain printed copies of this report from:
South Africa: United States United Kingdom:
Computershare Investor ADR Depository: Capita Registrars
Services 2004 Limited The Bank of New York The Registry
70 Marshall Street Investor Relations 34 Beckenham Road
Johannesburg 2001 PO Box 11258 Beckenham, Kent
PO Box 61051 Church Street Station BR3 4TU, DX 91750
Marshalltown 2107 New York, NY 10286-1258 Beckenham West
Tel +27 (0)11 370 5000 Tel +1 610 382 7836 Tel +44 (0)208 639 2157
Date: 01/02/2007 09:00:01 Produced by the JSE SENS Department.
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