FOS/FOSP - Foschini Limited - Reviewed preliminary condensed consolidated
results for the year ended 31 March 2010
Foschini Limited
Registration number 1937/009504/06
Share codes: FOS-FOSP
ISIN codes: ZAE000031019 - ZAE000031027
The following condensed consolidated results of Foschini Limited for the year
ended 31 March 2010 have been reviewed by the company's auditors, KPMG Inc.
Their unmodified review report is available for inspection at the company's
registered office.
SALIENT FEATURES
* Retail turnover up 6,4% to R8,6 billion
* Diluted headline earnings per share down 6,3% to 518,2 cents per share
* Final dividend of 170,0 cents per share
* Good performance from our retail debtors' book
* Sustained strong balance sheet
CONDENSED CONSOLIDATED INCOME STATEMENT
2010 2009 % Change
Reviewed Audited
Rm Rm
Revenue (note 5) 10 780,3 9 988,9
======= =======
Retail turnover 8 605,2 8 089,6 6,4
Cost of turnover (5 005,8) (4 694,4)
-------- --------
Gross profit 3 599,4 3 395,2
Interest received (note 6) 1 443,7 1 300,7
Dividends received 13,8 19,1
Other revenue (note 7) 717,6 579,5
Trading expenses (note 8) (3 801,9) (3 269,0)
-------- --------
Operating profit before finance 1 972,6 2 025,5 (2,6)
charges
Interest paid (261,5) (249,8)
-------- --------
Profit before tax 1 711,1 1 775,7 (3,6)
Income tax expense (548,6) (564,4)
-------- --------
Profit for the year 1 162,5 1 211,3
======== ========
Attributable to:
Equity holders of Foschini Limited 1 085,6 1 145,8 (5,3)
Non-controlling interest 76,9 65,5
--------- ---------
Profit for the year 1 162,5 1 211,3
========= =========
EARNINGS PER ORDINARY SHARE (cents)
- Basic 521,4 559,5 (6,8)
- Headline 521,4 559,5 (6,8)
- Diluted (basic) 518,2 553,0 (6,3)
- Diluted (headline) 518,2 553,0 (6,3)
Weighted average ordinary shares in 208,2 204,8
issue (millions)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2010 2009
Reviewed Audited
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 995,8 981,3
Goodwill and intangible assets 43,2 43,2
Preference share investment 200,0 200,0
Staff housing loans 0,9 1,2
RCS Group private label card receivables 279,4 433,3
RCS Group loan receivables 802,4 886,4
Participation in export partnerships 74,4 87,8
Deferred taxation asset 158,4 160,5
-------- --------
2 554,5 2 793,7
-------- --------
Current assets
Inventory (note 9) 1 493,8 1 524,9
Trade receivables - retail 3 169,3 2 746,3
RCS Group private label card receivables 1 494,1 1 051,1
Other receivables and prepayments 175,7 143,1
RCS Group loan receivables 54,9 101,8
Participation in export partnerships 10,6 6,9
Cash 284,0 296,2
-------- --------
6 682,4 5 870,3
-------- --------
Total assets 9 236,9 8 664,0
======== ========
EQUITY AND LIABILITIES
Equity attributable to equity holders of 5 058,3 4 496,3
Foschini Limited
Non-controlling interest 427,0 359,2
------- -------
Total equity 5 485,3 4 855,5
------- -------
Non-current liabilities
Interest-bearing debt 864,4 937,4
RCS Group external funding 372,1 -
Non-controlling interest loans 478,3 783,2
Operating lease liability 136,9 128,3
Deferred taxation liability 139,3 149,9
Post-retirement defined benefit plan 84,1 84,1
-------- --------
2 075,1 2 082,9
-------- --------
Current liabilities
Interest-bearing debt 254,7 402,5
Trade and other payables 1 293,8 1 252,5
Taxation payable 128,0 70,6
-------- --------
1 676,5 1 725,6
-------- --------
Total liabilities 3 751,6 3 808,5
-------- --------
Total equity and liabilities 9 236,9 8 664,0
======== ========
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2010 2009 % Change
Reviewed Audited
Rm Rm
Profit for the year 1 162,5 1 211,3
---------- ----------
OTHER COMPREHENSIVE INCOME
Movement in effective portion of (12,3) (28,6)
changes in fair value of cash flow
hedges
Deferred tax on movement in 2,8 9,1
effective portion of cash flow
hedges
Movement in insurance cell 3,5 -
reserves
---------- ----------
Other comprehensive income for the (6,0) (19,5)
year
---------- ----------
Total comprehensive income for the 1 156,5 1 191,8
year
========== ==========
Attributable to:
Equity holders of Foschini Limited 1 079,6 1 126,3 (4,1)
Non-controlling interest 76,9 65,5
---------- ----------
Total comprehensive income for the 1 156,5 1 191,8
year
========== ==========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity Non- Total
holders of controlling equity
Foschini interest
Limited
Rm Rm Rm
Equity at 31 March 2008 3 845,2 290,9 4 136,1
Total comprehensive income for 1 126,3 65,5 1 191,8
the year
Change in degree of control - 3,4 3,4
Share-based payments reserve 25,7 - 25,7
movements
Dividends paid (589,2) (0,6) (589,8)
Proceeds on delivery of shares by 88,3 - 88,3
share trust
------- ------- -------
Equity at 31 March 2009 4 496,3 359,2 4 855,5
Total comprehensive income for 1 079,6 76,9 1 156,5
the year
Share-based payments reserve 34,3 - 34,3
movements
Dividends paid (599,1) (9,1) (608,2)
Proceeds on delivery of shares by 47,2 - 47,2
share trust
-------- ------- --------
Equity at 31 March 2010 5 058,3 427,0 5 485,3
======== ======= ========
SUPPLEMENTARY INFORMATION
2010 2009
Reviewed Audited
Net ordinary shares in issue (millions) 209,0 207,3
Weighted average ordinary shares in issue 208,2 204,8
(millions)
Tangible net asset value per ordinary share 2 399,6 2 148,1
(cents)
Dividend per ordinary share (cents)
Interim 118,0 118,0
Final 170,0 170,0
-------- --------
Total 288,0 288,0
======== ========
Dividend cover 1,8 1,9
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
2010 2009
Reviewed Audited
Rm Rm
Cash flows from operating activities
Operating profit before working capital 2 237,5 2 228,6
changes (note 10)
Increase in working capital (541,4) (554,7)
------- -------
Cash generated by operations 1 696,1 1 673,9
Interest received 11,6 17,8
Interest paid (261,5) (249,8)
Taxation paid (487,3) (551,3)
Dividends received 13,8 19,1
Dividends paid (608,2) (589,8)
------- -------
Net cash inflows from operating activities 364,5 319,9
------- -------
Cash flows from investing activities
Purchase of property, plant and equipment (289,6) (370,6)
Proceeds from sale of property, plant and 9,4 3,7
equipment
Acquisition of client list (0,1) (0,2)
Acquisition of Massdiscounters credit - (175,0)
business
Decrease in participation in export 9,7 5,8
partnerships
Decrease in staff housing loans 0,3 0,1
------- -------
Net cash outflows from investing activities (270,3) (536,2)
------- -------
Cash flows from financing activities
Proceeds on delivery of shares by share trust 47,2 88,3
(Decrease) increase in non-controlling (304,9) 288,0
interest loans
Increase in RCS Group external funding 372,1 -
Decrease in interest-bearing debt (220,8) (33,3)
------- -------
Net cash (outflows) inflows from financing (106,4) 343,0
activities
------- -------
Net (decrease) increase in cash during the (12,2) 126,7
year
Cash at the beginning of the year 296,2 169,5
------- -------
Cash at the end of the year 284,0 296,2
======= =======
NOTES
The reviewed preliminary condensed consolidated results of Foschini Limited
for the year ended 31 March 2010 have been reviewed by the company's
auditors, KPMG Inc. Their unmodified review report is available at the
company's registered office.
1. These results have been prepared in accordance with the presentation and
disclosure requirements of IAS 34 Interim Financial Reporting, using the
group's accounting policies, that are in line with the measurement and
recognition principles of International Financial Reporting Standards (IFRS)
and the AC 500 standards as issued by the Accounting Practices Board or its
successor, and have been consistently applied to prior periods excepts as
described in note 2 and note 11.
2. During the year, the group adopted IAS 1 Presentation of Financial
Statements, IFRS 8 Segmental Reporting and Circular 3/2009 Headline Earnings.
The principal effect of the changes required by IAS 1 were as follows:
- All non-owner changes in equity are now presented in "other comprehensive
income" in the Condensed Consolidated Statement of Comprehensive Income.
Previously these were presented in the Condensed Consolidated Statement of
Changes in Equity.
- The Condensed Consolidated Balance Sheet is now the Condensed Consolidated
Statement of Financial Position.
The adoption of IFRS 8 and Circular 3/2009 has had no significant effect on
these results.
3. These financial statements incorporate the financial statements of the
company, all its subsidiaries and all entities over which it has operational
and financial control.
4. Included in share capital are 24,0 (2009: 24,0) million shares which are
owned by a subsidiary of the company, and 7,5 (2009: 9,1) million shares
which are owned by the share incentive trust. These have been eliminated on
consolidation.
2010 2009
Reviewed Audited
Rm Rm
5. Revenue
Retail turnover 8 605,2 8 089,6
Interest received (refer note 6) 1 443,7 1 300,7
Dividends received - retail 13,8 19,1
Other revenue (refer note 7) 717,6 579,5
-------- --------
10 780,3 9 988,9
======== ========
6. Interest received
Trade receivables - retail 636,4 526,1
Loan receivables - RCS Group 355,4 307,6
Private label card receivables - RCS Group 440,3 449,2
Sundry - RCS Group 2,7 8,2
Sundry - retail 8,9 9,6
-------- --------
1 443,7 1 300,7
======== ========
7. Other revenue
Merchants' commission - RCS Group 30,2 36,7
Club income - retail 193,0 169,6
Club income - RCS Group 5,4 6,0
Customer charges income - retail 25,3 18,9
Customer charges income - RCS Group 192,3 136,2
Insurance income - retail 141,3 99,5
Insurance income - RCS Group 87,8 75,3
Cellular income - one2one airtime product 35,0 29,8
Sundry income - retail 7,3 7,5
-------- --------
717,6 579,5
======== ========
8. Trading expenses
Depreciation: land and buildings (6,1) (6,1)
Depreciation: shopfitting, vehicles, (258,0) (223,8)
computers and furniture and fittings
Amortisation (0,1) (1,2)
Employee costs: normal - retail (1 207,8) (1 069,7)
Employee costs: normal - RCS Group (132,4) (110,6)
Employee costs: bonuses and restraint (2,4) (16,0)
payments
Employee costs: share-based payments (34,3) (25,7)
Occupancy costs: normal - retail (797,1) (668,1)
Occupancy costs: normal - RCS Group (10,7) (8,1)
Occupancy costs: operating lease liability (8,6) 0,4
adjustment
Net bad debt - retail (359,1) (261,5)
Net bad debt - RCS Group (352,4) (317,1)
Other operating costs (632,9) (561,5)
--------- ---------
(3 801,9) (3 269,0)
========= =========
9. Inventory
Merchandise 1 355,0 1 433,0
Raw materials 59,2 55,2
Goods in transit 59,9 12,9
Shopfitting stock 14,8 18,1
Consumables 4,9 5,7
-------- --------
1 493,8 1 524,9
======== ========
10. Operating profit before working capital
changes
Operating profit before finance charges 1 972,6 2 025,5
Interest received - sundry (11,6) (17,8)
Dividends received (13,8) (19,1)
Non-cash items 290,3 240,0
-------- --------
Operating profit before working capital 2 237,5 2 228,6
changes
======== ========
11. Comparative figures
In order to provide improved disclosure in the condensed consolidated cash
flow statement, certain reclassifications have been made. The changes have
no impact on overall equity, net assets or profitability.
The RCS Group loan and private label card receivables are now disclosed as
part of working capital changes as is required by IAS 7 Cash Flow Statements.
The interest received on trade receivables - retail, as well as the RCS Group
loan and private label card receivables, is now included in operating profit
before working capital changes as this is considered to be part of our
revenue.
The effect on the comparative cash flow statement is as follows:
Movement in operating profit before finance 1 282,9
charges
Movement in working capital changes (520,5)
--------
Movement in cash generated from operations 762,4
Movement in RCS Group private label card 248,5
receivables
Movement in RCS Group loan receivables 272,0
Movement in interest received (1 282,9)
--------
Movement in net cash inflow from operating -
activities
========
GROUP SEGMENTAL ANALYSIS
Retail FG Central Total RCS
trading Financial and retail Group
divisions Services shared
services
2010 2010 2010 2010 2010
Reviewed Reviewed Reviewed Reviewed Reviewed
Rm Rm Rm Rm Rm
External 8 605,2 1 031,0 30,0 9 666,2 1 114,1
revenue *
External - 636,4 8,9 645,3 798,4
interest
received
External - - (155,8) (155,8) (105,7)
interest paid
Depreciation - - (251,2) (251,2) (13,0)
and
amortisation
Group profit 1 485,2 225,9
before tax
------- -------
Segmental 1 886,5 256,5 (620,4) 1 522,7 225,9
profit before
tax
IFRS charges (37,5) -
------- -------
Capital 283,1 6,5
expenditure
Segment assets 6 403,2 2 833,7
Segment 1 842,9 1 908,8
liabilities
2009 2009 2009 2009 2009
Audited Audited Audited Audited Audited
Rm Rm Rm Rm Rm
External 8 089,6 843,9 36,2 8 969,7 1 019,2
revenue *
External - 526,1 9,6 535,7 765,0
interest
received
External - - (158,5) (158,5) (91,3)
interest paid
Depreciation - - (217,6) (217,6) (13,5)
and
amortisation
Group profit 1 573,2 202,5
before tax
------- -------
Segmental 1 925,3 220,3 (553,1) 1 592,5 202,5
profit before
tax
IFRS charges (19,3) -
------- -------
Capital 351,5 19,1
expenditure
Segment assets 6 008,5 2 655,5
Segment 1 940,3 1 868,2
liabilities
Consolid Consolid
ated ated
2010 2009
Reviewed Audited
Rm Rm
External revenue * 10 780,3 9 988,9
External interest received 1 443,7 1 300,7
External interest paid (261,5) (249,8)
Depreciation and amortisation (264,2) (231,1)
Group profit before tax 1 711,1 1 775,7
------- -------
Segmental profit before tax 1 748,6 1 795,0
IFRS charges (37,5) (19,3)
------- -------
Capital expenditure 289,6 370,6
Segment assets 9 236,9 8 664,0
Segment liabilities 3 751,6 3 808,5
* includes retail turnover, interest received, dividends received and other
income
COMMENT
GROUP OVERVIEW
This financial year has been difficult and volatile with consumer spending
worsening during the second half of the year, particularly in the mass middle
market space. The significantly higher than projected unemployment figures
have also had a negative impact on this sector.
Although interest rates and inflation continued to fall, this did not
translate into increased consumer spending, which remained under pressure.
Retail turnover increased by 6,4% to R8,6 billion. Gross margins for the
year were down marginally by 0,2% on the previous year which was primarily
due to Christmas trading being at the lower level of management expectations.
Headline earnings per share decreased by 6,8% to 521,4 cents whilst diluted
headline earnings per share decreased by 6,3% to 518,2 cents.
In view of our strong balance sheet and future prospects, a final dividend of
170,0 cents per share has been declared. Accordingly dividends declared in
respect of the full year amount to 288,0 cents per share.
In line with our strategy of investing for the longer term, the group
continued to grow trading space in the second half by opening a further 41
stores. 100 stores were therefore opened for the full year, whilst 12 stores
were closed. At the year-end the group was trading out of 1 627 stores, with
an increase in trading area of 8,1% compared to the previous year.
MERCHANDISE CATEGORIES
Total sales have grown by 6,4% over the previous year with growths in the
various merchandise categories as follows:
- Clothing 8,3%
- Jewellery (1,2%)
- Cosmetics 12,8%
- Homewares and furniture 15,7%
- Cellphones (7,2%)
After a strong first half performance, clothing growth slowed in the second
half resulting in a total growth of 8,3% for the year. Whilst growth in
jewellery sales was negative, this performance in the current economic
climate is acceptable when compared to the market both locally and overseas.
The first half growth was -3,0% improving to flat in the second half.
Cosmetics continued to perform satisfactorily. Homewares and furniture
performed adequately in a competitive market. Cellphone sales improved
substantially in the second half as the supply issues experienced in the
first half improved.
TRADING DIVISIONS
Whilst turnover growth in the first half was 7,9%, consumer spending
continued to deteriorate in the second half with turnover growth of 5,0%,
resulting in growth of 6,4% for the year as a whole. Retail turnover and
growths in the various trading divisions were as follows:
Number of stores Retail turnover % Change
Rm
@home 78 587,8 15,7
exact! 205 759,8 2,2
Foschini 454 3 306,0 6,5
Jewellery division 365 1 095,3 (2,7)
Markham 234 1 359,6 3,7
Sports division 291 1 496,7 15,4
Total 1 627 8 605,2 6,4
Same store turnover was flat, whilst product inflation averaged
approximately 6% for the year.
Credit sales as a percentage of total sales increased to 62,6% from 61,8%.
Our @home division continued with its expansion, opening a further seven
stores, three of which were the larger @homelivingspace stores. Turnover
grew by 15,7% to R587,8 million. Same store turnover for the year reduced
by 6,3% driven by slower sales and further cannabilisation caused by the
rapid roll-out of the larger format stores. This cannabalisation is taken
into account in the viabilities of all these new stores.
exact! which offers contemporary and modern fashion for South African
families in the LSM 5-7 categories grew its store base during the year
from 198 to 205, growing its clothing turnover for the year by 3,9% while
its cellphone turnover reduced by 5,2%. Clothing same store turnover
growth was -2,7%, whilst total same store turnover growth was -4,2%. In
adding more authenticity and detail to their garments, product prices
crept upwards which adversely affected sales. Focus has been placed on
managing pricing architecture which has been particularly successful since
its implementation in the new financial year.
The Foschini division comprising Foschini, donna-claire, fashionexpress
and Luella had a mixed year with a much better growth in the first half of
the year than the second half. Clothing turnover grew by 6,9% with
clothing same store turnover of 2,1%. After a stronger first half, the
Foschini brand suffered from a lack of casual product in the summer
season. Whilst the smarter brands such as Oasis and WWW struggled, the
more casual labels such as News and Instinct fared much better. The
fashionexpress brand performed well whilst donna-claire had a
disappointing year. Cosmetics turnover growth increased by 12,8%.
Turnover of cellphones reduced by 7,9% whilst same store cellphone
turnover reduced by 11,5%. Total same store turnover grew by 1,9%. The
repositioning and turnaround strategy of Foschini stores is taking longer
than initially anticipated, but significant progress has been made, which
positions this brand well for future growth.
This division added 27 new stores and now trades out of 454 locations
across its various brands.
The Jewellery division comprising American Swiss, Sterns and Matrix had
acceptable performance in the current difficult climate. Jewellery
merchandise turnover reduced by 1,2% whilst jewellery same store turnover
reduced by 4,9%. Cellphone same store turnover reduced by 13,1% whilst
total same store turnover reduced by 6,1%. This division remains the
dominant player in the mass middle market jewellery sector with American
Swiss Jewellers being the largest jewellery chain in southern Africa,
followed by Sterns. This division increased its store base by 17 stores
to 365 stores.
The Markham division traded satisfactorily in the current climate with
clothing turnover growth of 4,9%, whilst cellphone turnover was -4,8%.
Total same store turnover was flat. Its store base increased by 12 stores
to 234 stores.
The Sports division, trading as Totalsports, sportscene and DueSouth
traded well in the current climate with turnover growth of 15,4% and same
store turnover growth of 6,1%, maintaining its position as a market
leader. Its store base increased by 27 stores to 291 stores. This is an
exciting period for this division with the World Cup 2010 only a few weeks
away. It has spared no effort to prepare itself for this historic event.
The three largest organisations active internationally in sportswear,
Nike, Adidas and Puma have officially recognised Totalsports as a
preferred partner for the World Cup.
FG Financial Services - manages the group's in-store credit card programme
as well as handling the group's financial service products such as Club
and associated magazines as well as insurance products. The consumer
environment remains tough with many consumers without jobs or working
fewer days. Anticipated defaults by customers grew as the incidence of
customers resorting to bad debt counsellors for relief increased. Net bad
debt as a percentage of debtors' book increased to 9,9%, but this is
already showing a downward trend. Our retail debtors' book, which amounts
to R3,2 billion, increased by 15,4% during the year and remains in good
shape.
RCS GROUP
The RCS Group is an operationally independent consumer finance business
that provides a broad range of financial services under its own brand in
South Africa, Namibia and Botswana. It is structured into two operating
business units namely transactional finance and fixed term finance. The
transactional finance business comprises the RCS general-purpose card and
other private label card programmes, whilst the fixed term finance
business comprises RCS Personal loans.
The RCS Group, which experienced a challenging year last year, performed
far better this year with net profit before tax increasing by 11,5% to
R225,9 million. The quality of new business written during the year has
continued to improve with net bad debt as a percentage of debtors book
reducing to 12,3% from 14,1% last year.
During March 2010 RCS Group went to the market with its DMTN (domestic
medium term note programme) and was successful in raising R303 million of
funding in a mixture of long (four years) and short term (12 months)
paper. Subsequent to the year-end an additional R250 million has been
placed on a seven-year term. This new funding will allow RCS Group to
return to its growth potential in the future and will in time, lessen its
reliance on funding from the Foschini Group.
Our group's shareholding in the RCS Group is 55% with the balance being
held by The Standard Bank of South Africa Limited.
PROSPECTS
Retail turnover for the first eight weeks of the new financial year has
been encouraging, with an upward shift in consumer spending.
The 2010 World Cup which gets underway in a few weeks' time should create
more positive consumer sentiment, which together with the reduced interest
rate and inflationary environment should improve consumer spending.
However, the effect of the increase in the cost of electricity on the
disposable income of our consumers is unknown. In addition, unemployment
and associated factors in our economy remain as a potential risk, as do
the ongoing problems in international markets.
In line with our strategy of investing for long-term growth, we will
continue to open new stores in certain of our formats that are under-
represented and we anticipate opening in the region of 100 new stores in
the year ahead, which will increase trading space by approximately 7%.
PREFERENCE DIVIDEND ANNOUNCEMENT
Dividend no. 147 of 3,25% (6,5 cents per share) in respect of the six
months ending 30 September 2010 has been declared, payable on Monday, 27
September 2010 to holders of 6,5% preference shares recorded in the books
of the company at the close of business on Thursday, 23 September 2010.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Thursday, 16 September 2010. Foschini Limited preference
shares will commence trading "ex" the dividend from the commencement of
business on Friday, 17 September 2010 and the record date, as indicated,
will be Thursday, 23 September 2010.
Preference shareholders should take note that share certificates may not
be dematerialised or rematerialised during the period Friday, 17 September
2010 to Thursday, 23 September 2010, both dates inclusive.
FINAL ORDINARY DIVIDEND ANNOUNCEMENT
The directors have declared a final ordinary dividend of 170,0 cents per
ordinary share payable on Monday, 12 July 2010 to ordinary shareholders
recorded in the books of the company at the close of business on Friday, 9
July 2010.
The last day to trade ("cum" the dividend) in order to participate in the
dividend will be Friday, 2 July 2010. Foschini Limited ordinary shares
will commence trading "ex" the dividend from the commencement of business
on Monday, 5 July 2010 and the record date, as indicated, will be Friday,
9 July 2010.
Ordinary shareholders should take note that share certificates may not be
dematerialised or rematerialised during the period Monday, 5 July 2010 to
Friday, 9 July 2010, both dates inclusive.
Signed on behalf of the Board
D M Nurek, Chairman A D Murray, CEO
27 May 2010
Non-executive directors:
D M Nurek (Chairman), Prof. F Abrahams, S E Abrahams, W V Cuba, K N
Dhlomo, M Lewis, D M Polak, N V Simamane
Executive directors:
A D Murray, R Stein, P S Meiring
Company secretary:
D Sheard
Registered Office:
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7500
Transfer Secretaries:
Computershare Investor Services (Proprietary) Limited, Ground Floor, 70
Marshall Street, Johannesburg, 2001.
27 May 2010
SPONSOR:
UBS South Africa (Pty) Ltd
Visit our website at http://www.foschinigroup.co.za/
Date: 27/05/2010 14:00:02 Produced by the JSE SENS Department.
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