Transcript www.esor.co.za

2012
Annual results presentation
For the year ending 29 February 2012
1
2
TABLE OF CONTENTS
•
INTRODUCTION
•
SALIENT FEATURES
•
SUSTAINABILITY ACHIEVEMENTS
•
FINANCIAL REVIEW
•
STRATEGY
•
•
Short-term challenges & progress
•
Medium to long-term strategy
OPERATIONAL REVIEW
•
Products, services & clients
•
Competitors & value proposition
•
Geographical footprint and key contracts
•
RISK MANAGEMENT
•
SEGMENTAL REVIEW
•
ORDERBOOK & OUTLOOK
•
CAPEX
•
CONCLUSION
3
INTRODUCTION
“EVERYTHING I REALLY NEED TO KNOW
I LEARNED IN KINDERGARTEN” Robert Fulghum
4
“Everything I really need to know I learned in Kindergarten”
This passage was written by Robert Fulghum in trying to establish a Credo by which to live and
I believe it provides the means for humanity to solve the world’s problems and should form the
basis of every Integrated Report. It is entitled:
ALL I REALLY NEED TO KNOW I LEARNED IN KINDERGARTEN
”All I really need to know about how to live and what to do and how to be I learned in
Kindergarten. Wisdom was not at the top of the graduate-school mountain, but there in the
Sunday School sand-pile. These are the things I learned:
•
Share everything
•
Play fair
•
Don’t hit people
•
Put things back where you found them
•
Clean up your own mess
5
“Everything I really need to know I learned in Kindergarten”
•
Don’t take things that aren’t yours
•
Say you’re sorry when you hurt somebody
•
Wash your hands before you eat
•
Flush
•
Warm cookies and cold milk are good for you
•
Live a balanced life – learn some and think some and draw and paint and sing and dance and play and
work every day some.
•
Take a nap every afternoon
•
When you go out into the world, watch out for traffic, hold hands and stick together
•
Be aware of wonder.
6
“Everything I really need to know I learned in Kindergarten”
“Remember that little seed in the Styrofoam cup – the roots go down and the plant goes up and
nobody really knows how or why, but we are all like that. Goldfish and hamsters and white mice and
even the little seed in the Styrofoam cup – they all die. So do we. And then remember the Dick-andJane books and the first word you learned – the biggest word of all – LOOK.”
“Everything you need to know is in there somewhere. The Golden Rule, love, basic sanitation,
ecology, politics, equality and sane living.
Take any one of these items and extrapolate it into sophisticated adult terms and apply it to your
family life or your work or your government or your world and it holds true and clear and firm.
Think what a better world it would be if we all – the whole world – had cookies and milk about three
o’clock every afternoon and then lay down with our blankets for a nap. Or if all governments had as
a basic policy to always put things back where they found them and to clean up their own mess.
And it is still true no matter how old you are – when you go out into the world, it is best to hold
hands, stick together and LOOK.”
By Robert Fulghum
7
SALIENT FEATURES “Be aware of wonder.”
8
Salient Features – 29 February 2012
• Revenue up 30% to R1.8bn (2011:R1.4bn)
• EBITDA up 170% to R132.6 m (2011:R49.1m)
• Headline earnings up 163% to R24m
(2011:R37.8m loss)
• HEPS up 148% to 6.2cents (2011:12.9 cents loss)
• PAT up 145% to R18.2m (2011:R40.8m loss)
• EPS up 134% to 4.7cents (2011:13.9 cents loss)
• Order book up 21% to R1.8b (2011:R1.45b)
• Operating cash increased by R66.1m to R124.2m
9
Sustainability Achievements – “Put things back where you found them, clean up your own mess.”
•
We have had a successful return to profitability in H2 FY 2012
•
Our rights offer has been completed
•
Acquisition-based debt has been settled
•
We now have a single amalgamated operating entity
•
Our order book has been strengthened
•
We have expanded into Ghana and Uganda
•
ISO 9001 accreditation has been obtained in all divisions
•
Our LTIFR of 0.75 is significantly better than the industry norm of 1.33
•
Esorfranki Civils’ capital acquisition programme has been successfully implemented
•
Historical loss-making contracts in all divisions have been concluded
•
Numerous insurance claims impacting cash flows on certain projects have been resolved
•
We have retained key staff
10
FINANCIAL REVIEW 29 February 2012
“Don’t take things that don’t belong to you.”
11
Statement of Financial Position
Salient Features as at 29 February 2012:
Feb 2011
R’ 000
Feb 2012
R’ 000
Assets
Non-current assets
966 187
1 151 181
Current assets
498 164
665 288
1 464 351
1 816 469
Share capital and reserves
703 156
937 432
Non-current liabilities
195 562
316 658
Current liabilities
565 633
562 379
1 464 351
1 816 469
238,9
241.5
Total assets
Equities and liabilities
Total equity and liabilities
Net asset value per share (cents)
12
Statement of Financial Position
Salient Features (1 March 2011 – 29 February 2012)
Total assets
PPE
Cash reserves
Equity
• Cash
• Trade & other receivables
• No impairment of intangibles
• Investment in construction equipment and
property in Mauritius
•
•
•
•
•
•
Operational cash-flow generated
Acquisition PPE
Dividends paid
Secured borrowings
Rights issued
Debt/(debt+equity) ratio
•
•
•
•
Profit after tax
FCTR
Dividend paid
Rights issue
R96.7m
R529.1m
R737.3m
R124.2m
(R257.7m)
Nil
(R40.2m)
R200m
23.4% vs 31.7%
R18.2m
R11.8m
Nil
R200m
13
Statement of Income
Salient Features
Feb 2011
R’ 000
Revenue
%
Feb 2012
R’ 000
1 366 433
30%
1 771 692
49 066
170%
132 656
Profit/(loss) after tax
(40 761)
145%
18 216
Headline earnings/(loss)
(37 774)
163%
24 046
(12,9)
148%
6.2
EBITDA
HEPS
14
STRATEGY
“Live a balanced life – learn some and think some and draw and paint and sing and dance and play and work
every day some.!”
15
Short-Term Challenges & Progress
CHALLENGE
•
Severe slowdown in public sector infrastructure spend (large scale
projects)
PROGRESS
•
Management intervention to improve profitability and synergy of divisions by
focusing on cost structures, tender submissions and contract execution
•
Expansion into Ghana and Uganda (Esorfranki Geotechnical)
•
Private sector clients targeted and market share grown through efficient
project execution, high safety standards and timeous delivery
•
Articles published in major industry journals to enhance brand awareness
CHALLENGE
•
B-BBEE focus
PROGRESS
•
Level 4 B-BBEE certification maintained
16
Short-Term Challenges & Progress
CHALLENGE
•
Price competitive environment and increasingly difficult contract terms and
conditions
PROGRESS
•
Project execution capabilities improved
•
Contract portfolio reviewed and restored to profitability by improving cost reporting standards
and standardising policies and procedures across all divisions
•
Civil plant capacity expansion (enhancing efficiency and resource optimisation)
•
Focus on brand awareness
•
Group operations integrated into a single entity to harness cost effectiveness and
standardisation
•
Group driven by common values, business philosophies and practices
•
Resources rationalised to enhance shared values and cohesiveness
17
Short-Term Challenges & Progress
CHALLENGE
•
Organisational development
PROGRESS
•
Succession and development plans implemented
CHALLENGE
•
The Competition Commission investigation into alleged anti-competitive behaviour in
the piling and drilling markets is currently inactive after having the matter referred to
a tribunal following a failed settlement offer to the Commissioner.
PROGRESS
•
The board has raised an estimated provision in the financial statements for the likely
penalty.
•
During the recent fast track settlement process offered to the construction industry
Esorfranki Limited filed one marker relating to a prescribed offence
•
Esorfranki was further mistakenly implicated in one other instance relating to
Shearwater prior to acquisition
•
Any further developments will be communicated to all stakeholders as they occur.
18
Short-Term Challenges & Progress
CHALLENGE
•
Delayed payment cycles from government and main contractors
PROGRESS
•
Significant advance payments on foreign contracts secured
•
Strict working capital management and reporting enforced
•
Duplicate assets, including business properties realised
•
Short-term working capital facilities secured to accommodate growth and delayed payment
cycles
•
Rights issue finalised and acquisition-based debt settled
•
Capital asset expansion programmes secured on the back of long-term contracts, boosting
price competitiveness and efficiency and plant resource expansion
19
Medium to Long-Term Strategy
•
Harness synergy within the group
•
Expand product offering and grow market share
•
Geographical diversity in Civils and Pipelines
•
Environmental accreditation ISO 14001, safety accreditation ISO 18001
•
Securing long-term contracts to create future visibility and to underpin
sustainability
•
Focus on sustainable growth nodes within government infrastructure
programmes
•
Supply chain management will take cognisance of environmental impact
and carbon emissions will be measured and managed
•
Addressing Construction Charter requirements to improve BEE scoring by
31 December 2013
•
Focus on concession and development projects
•
Focus on private sector clients to balance dependency on government
contracts
20
OPERATIONAL REVIEW 29 February 2012
“Wash your hands before you eat – flush!”
21
Products & Services
GEOTECHNICAL
Products &
Services
• Pilling
PIPELINES
• Gas & petrochemical
steel pipelines
• Lateral support
CIVILS
• Road construction
• Bridge construction
• Marine structures
• Water & wastewater
pipelines
• Township infrastructure
• Pipejacking
• Sewer pipelines
• Mining infrastructure
• Thrust boring
• Pump stations
• Water reticulation
• Bridgejacking
• Pipeline refurbishments • Water towers
• Diaphragm walls
• Cement mortar lining
• Reservoirs
• Ground improvement
• Valve chambers
• Sewer reticulation
• Dynamic compaction
• Associated concrete
structures
• Bulk earthworks
• Ground remediation
• Soils investigation
• Geotechnical design
• Building
• Associated
infrastructure
• Housing
• Development
22
Clients
GEOTECHNICAL
• Civil contractors
Clients
• Building contractors
• Listed & private
contractors
• Government at:
• Central
• Provincial
• Municipal levels
• Property development
companies
• Parastatals:
• Eskom
• Transnet
• Rand Water
• Umgeni Water
• Portnet, etc
• Mining sector including
most major mining houses
PIPELINES
• Government at:
• Central
• Provincial
• Municipal level
CIVILS
• Eskom
• Sanral
• Anglo Coal
• Parastatals:
• Transnet
• Rand Water
• Umgeni Water
• Portnet
• TCTA & DWAF
• Mining sector
• Private clients
• RBM
• Foscor
• Mondi
•
•
•
•
• Xstrata
• RAL
• Gauteng Province
• Government
• Central
• Provincial
• Municipal
• Private developers
Cross-border
• Bakwena Concessions
FIPAG Mocambique
Botswana Government
Mining sector
Zimbabwe
23
Competitors and Value Proposition
GEOTECHNICAL
Competitors
PIPELINES
CIVILS
• Steffanutti Stocks inhouse geotechnical
division
• WK Pipelines
• Murray & Roberts
• WBHO
• Aveng
• Aveng in-house
geotechnical division
• Group 5
• WBHO
• Steffanutti Stocks
• Group 5
• Cycad
• Steffanutti Stocks
• Dura (Solentache Bachy
is a large global
contractor)
• Cerimele Construction
• Basil Read
• Murray & Dixen
• Raubex
• Wepex
• Concor
• Sanyati
• Afripile
• Sanyathi
• Erbacon
• Gauteng Piling
• Ikon
• Protech-Khutheli
• Sanyathi in-house
geotechnical division
• Diesel Power
• Haw & Inglis
24
Value Proposition
GEOTECHNICAL
Value
Proposition
• Geotechnical market
leader in South Africa
PIPELINES
CIVILS
• Niche leader in welded • Diversified range of
pipelines
construction services
• Good reputation and well • Supply and install all
known brand in SSA
aspects of crosscountry pipelines
• Design alternatives
constantly investigated
• Supply and install
pipelines in a myriad of
• Geographical diversity
materials
entrenched and expanded
• Experienced and
• Depth of management
talented management
know-how
team
• Plant capacity and
capability expanded
• Excellent workshop
facilities
• Strong relationships
with mines and
consulting engineers
• Experienced and
talented management
team
• Well-established business • Excellent track record
processes for over 65
with blue-chip clients
years
• Impeccable safety
• ISO 9001 accreditation
record
• Plant capacity retooled
and modernised
• Excellent safety record • ISO 9001 accredited
• ISO 9001 accredited
25
Geographical footprint
Currently
working in Ghana
on 3 contracts.
New awards in
Kenya & Uganda
26
Geotechnical - Key Contracts
Country & Contract
Description
Angola, Kinaxixi MXD complex
Phase I – 1 150 soil nails, 4 200m² of gunite, 310 micropiles and over 370 soldier
piles. Phase II comprised the installation of up to five rows of Titan anchors, 7 500m²
of gunite arches and approximately 90 jet grout columns.
Duration: 15 months – in progress
DRC, Kolwezi soil improvement
project
Large soil improvement project for a new copper mine processing plant.
Duration 6 months: Completed
Tanzania, PSPF
Lateral support and piling to new offices for the Public Services Pension Fund in Dares-Salaam
Duration: 6 months - completed
Botswana, Jwaneng mine cut 8
A piling contract consisting of 710 straight-shafted, cast-situ auger piles ranging
between 600mm – 900mm in diameter and inserted to depths ranging from 16m –
25m. Esorfranki also completed the dynamic compaction on the primary
stockpile over an area of more than 2 000m².
Duration: 10 months - completed
South Africa, Argyle storm water
outfall (KZN)
Design and construction of a temporary jetty and coffer dam with a 5m high
protection wall for the construction of the extended concrete shotgun outfall.
Duration: 12 months - completed
Mozambique, Beira Stacker and
Quay Upgrade
Deep piling to 28 metres for new coal export facility.
Duration: 10 months - completed
Mauritius, Dry dock in Port Louis
Construction of a diaphragm wall and piling to the floor slab of the dry dock.
Duration: 12 months - completed
27
Pipelines - Key Contracts
Province & Contract
Description
Limpopo, Mooihoek Bulk Water
Supply Phase III
Installation of 13km of a 660mm diameter steel pipeline.
Duration: 11 months – in progress
Limpopo, Nebo Plateau Bulk Water
Pipeline
Installation of 32km of a 450mm diameter steel pipeline from Nebo to Jane Furst.
Duration: 24 months - completed
Gauteng, BG3
Delivering water from the Vaal Dam, a distance of 8.6km, in a 3 500mm diameter
steel pipe to the canal feeding Zuikerbos Pump Station.
Duration: 24 months – in progress
KwaZulu-Natal, Nsezi Bulk Water
Pipeline
Installation of 4.5km of a 1 300mm diameter raw water steel pipeline.
Duration: 8 months - completed
Eastern Cape, Mbizana Pipeline
Installation of 13km of a 500mm diameter steel pipeline from the Ludeke dam
site to the Nomlaqu treatment works.
Duration: 12 months - completed
Eastern Cape, Milton Siphon
Replacement of approximately 1.1 km of a 1 900mm diameter concrete siphon
with new steel pipework.
Duration: 6 months - completed
28
Civils - Key Contracts
Province & Contract
Description
North West, Bakwena N4 Toll Road
Construction of a second 21km carriageway along a section of the N4.
Duration: 30 months – in progress
Mpumalanga, Kusile Power Station
Underground service ducts to completed terraces and general services pipeline
Duration: 36 months – in progress
Gauteng, Sanral R21
Upgrade of 12.8km of the R21 national route from the East Rand Mall to Pomona
Road.
Duration: approximately 28 months - completed
Gauteng, K71/R55
Phase 1 of the 6.5km R55 from the N14 to the Wierda Road (Kl03) intersection
including two road-over-river bridges.
Duration: 24 months - completed
Final phase comprising 4.2km construction of a dual carriageway from the Kl03
intersection to Laudium and an additional two road-over-river bridges.
Duration 24 months – in progress
Free State, Wesselsbron
Construction of a 4.5 mega-litre waste water purification plant in Wesselsbron.
Duration: 18 months - completed
Northern Cape, Kathu
Construction of a 20 mega-litre water reservoir and water tower.
Duration: 18 months - completed
Construction of infrastructure and housing for Bestwood development
Duration 15 months – in progress
29
RISK MANAGEMENT
“When you go out into the world, watch out for traffic, hold hands and stick together!”
30
Matrix of Major Risks
Material Risks
Mitigation
Dependency on government
infrastructure spend
Product & market diversification, Strategic B-BBEE rating &
geographical diversity
Working capital management
Monthly cash flow forecast, working capital facilities, tougher on debt
collection & KPAs of divisional managers
BEE
Promotion from within & careful management of transformation process
Material shortages
material delivery delays
Proper planning, qualifying bids, site contracts and manuals & KPAs of
divisional managers
Credit risk and cost reporting
Monthly review at EXCO meeting, monthly review of contract financials
& KPAs of divisional managers
Bribery and corruption
Obtain court interdicts, exposure of corruption through whistle-blowing &
enforce Code of Ethics and Conduct
Competition
Build on reputation through strong brand, be competitive in terms of
price and quality, include alternative bids & in-house design
Underperforming contracts
Immediate identification and response, follow up with possible
disciplinary action, ensure accountability, appoint the right people to the
right jobs, minimise non-conforming reports & compliance reviews
against policies and procedures
31
Risk Management
Management
Contracts
Meetings
Tender committees
Site visits
Risk management officer &
internal audit
Monthly cost and resource
meetings
Authority levels
Board, Risk, EXCO, Divisional & Site
Basic conditions of tender
Pricing
Project management software
Costs
Scope
Margins
Tendering process
Quality ISO 9001
Safety ISO 18001
Environmental ISO 14001
FIDIC, NEC, GCC, client specific
Overhead, mark-up, risk
Production, programme, current prices
Resource planning & management (people &
plant)
Tender finalisations, limits of authority, policies &
procedures
32
SEGMENTAL REVIEW
33
Segmental Review - Geotechnical
GEOTECHNICAL
Segment revenue
Feb 2011
R’ 000
Feb 2012
R’ 000
706 672
734 092
18 747
50 253
662 228
722 746
No of employees
1287
1 191
Revenue growth
(25%)
4%
3%
7%
Order book
332 454
321 205
Pending awards
263 009
150 500
Prospects
454 700
468 210
Non-government
60%
67%
Government
40%
33%
PBIT
Segment assets
Operating margins
34
Segmental Review - Pipelines
PIPELINES
Segment revenue
Feb 2011
R’ 000
Feb 2012
R’ 000
169 005
227 821
PBIT
(3 548)
2 234
Segment assets
87 092
84 007
No of employees
434
373
Revenue growth
(26%)
35%
(2%)
1%
Order book
264 083
220 073
Pending awards
631 000
260 867
5 000 000
3 115 000
-
-
100%
100%
Operating margins
Prospects
Non-government
Government
35
Segmental Review - Civils
CIVILS
Segment revenue
Feb 2011
R’ 000
Feb 2012
R’ 000
518 787
824 051
(3 113)
25 377
454 761
583 537
No of employees
1 453
1 820
Revenue growth
(27%)
59%
(1%)
3%
Order book
860 267
1 215 762
Pending awards
511 500
1 613 000
2 482 000
3 788 500
Non-government
30%
23%
Government
70%
77%
PBIT
Segment assets
Operating margins
Prospects
36
ORDER BOOK AND OUTLOOK
“Cookies and warm milk are good for you!”
37
Order book as at 29 February 2012
Business Unit
Geotechnical
Civils
Pipelines
Total
Order Book
(R millions)
Secured Revenue
FY 2013
(R millions)
Secured Revenue
FY 2014+
(R millions)
321
289
32
1 216
843
373
220
178
42
1 757
1 310
447
38
Geotechnical Outlook as at 29 Feb 2012
Johannesburg
Cape Town (including
Ghana)
Angola
Durban, Mozambique,
Tanzania & East
Coast
Mauritius
TOTAL R940m
Awarded
Pending & Key
R36m
R260m
R136m
R123m
R47m
R109m
R85m
R109m
R17m
R18m
R321m
R619m
39
Pipelines Outlook as at 29 Feb 2012
Description
Current contracts
Pending & potential
awards
Key contracts
•
•
•
•
•
BG3 near Vaal
Mooihoek 3
Bluff military base
Umlaas Road
Thulele/ Woodmead
•
•
•
•
•
Giyani (appealed)
Mooihoek 3 additional work
Kwahlokohloko
Luvubu
Warden
•
•
•
•
•
•
•
•
Western Aqueduct
Northern Aqueduct
Mamashia to Kanya Botswana
Rand Water B17
Richmond Pipeline
Mahalapi (Botswana)
Xstrata Pipeline
Mooihoek 4
Value
R220m
TOTAL
R260m
R3 115m
R3 595m
40
Civils Outlook as at 29 Feb 2012
Current contracts rolled over from last year as at 29 Feb 2012
Description
Roads
• K71/R55
• RAL current road contract
• Bakwena N4 (Mooinooi)
Kusile
• Package 26 Terraces contract
• Package 25 General Services Pipeline
Mine work at Xstrata
& Anglo Coal
• 7 mines
Building
General
Value
R315m (26%)
R417m (34%)
R74m (6%)
• The Rose in Rosebank (5 storey)
• Roedean
• Bestwood Development
• Vryberg pipeline
• Pipejacking
R297m (24%)
R113m (10%)
TOTAL
R1 216m
41
Civils Outlook as at 29 Feb 2012
Pending awards and targeted key contracts
Description
Value
• N4 next phase
R400m
• Additional crushing
• Terraces bulk earthworks
• Housing (details unknown)
R180m
Roads
Kusile
Mine work at
Anglo Coal
Building
General
•
•
•
•
•
Topsoil strip & haul road
Block 7 civil works & box-hole
Brine ponds
Yellowboy dam
Kromdraai Pipeline
•
•
•
•
•
Moz housing & infrastructure (4-5yrs)
Bestwood (4-5yrs)
Orchards Development (3-4yrs)
PRASA Stations
Schools
• Lanseria Reservoir
• Brits Bridge
TOTAL
R446m
R4 298m
R77m
R5 401m
42
General Outlook 2013FY and beyond
• Sandton
Gautrain Private
Development Spinoff
• Rosebank
• I have no doubt that significant development
will occur around Park Station and into the
Braamfontein surrounds once this leg is
operational as evidenced elsewhere.
• Hadfield
• Park Station surrounds & Braamfontein
• Mozambique Gasfields
Resource Arena
• Iron ore & manganese
• There is still significant work to be done to
benefit from South Africa’s own huge
resource base as well as that of our
neighbours.
• Coal
• Platinum
General
• Private & Commercial Developments
• Indication that this is starting to pick up
• African new markets
• Ghana, Kenya, Uganda & Zambia
• Presidential infrastructure initiative
• As per State of the Nation address
• Integrated Housing Developments
• High priority for government
43
General Outlook 2013FY and beyond
Energy sector
Sanral & other roads
• Medupi & Kusile Power Stations
• Some housing still to happen
• Nuclear Power Station
• Has been in the press extensively lately
• 3rd Coal fired Power Station
• Rumours
• Transmission Lines
• Geotechnical foundation solutions
• Solar and Wind initiatives
• Geotechnical foundation solutions
• 15 000km non-toll roads
• R9.5-billion in 2012 budget
• Sanral are obviously in a state of flux after
the e-tolling debacle but will ultimately be
supported by central government
• Coal haul-road upgrades R20-billion
• This is due to come out to tender again
• GFIP phase 2
Other parastatals
• Transnet
• R330-billion capex spend
• Port authorities
• Drydocks and general harbour upgrades
• PetroSA
• Refined product line from Maputo
• Coega
• Refinery, smelter or both
44
CAPEX
“Share everything!”
45
Capex
Segments
(R ‘000’s)
Financial years
2013
Total (L+H)
Geotechnical
2013
High (H)
2013
Low (L)
2012
2011
50 000
25 000
25 000
51 100
11 793
328 000
190 000
138 000
205 317
17 964
Pipelines
30 000
15 000
15 000
620
6 104
Corporate
6 000
4 000
2 000
685
14 512
414 000
234 000
180 000
257 722
50 373
2 800 000
400 000
2 400 000
1 727 000
1 366 433
Civils
Total
Revenue
46
CONCLUSION
Having successfully turned the corner, we find ourselves
leaner, meaner, happier, more focused and realistically
bullish for the future of Esorfranki Limited and all its
stakeholders!
THANK YOU
47
Disclaimer
Forward-looking statements
This presentation contains forward-looking statements that, unless
otherwise indicated, reflect the company’s expectations as at 29
February 2012. Actual results may differ materially from the
company’s expectations if known and unknown risks or uncertainties
affect its business or if estimates or assumptions prove inaccurate.
The company cannot guarantee that any forward-looking statement
will materialise and, accordingly, readers are cautioned not to place
undue reliance on these forward-looking statements. The company
disclaims any intention and assumes no obligation to update or
revise any forward-looking statement even if new information
becomes available as a result of future events or for any other
reason.
48
Esorfranki Limited | 30 Activia Road Activia Park Germiston 1401
PO Box 6478 Dunswart 1508 South Africa
Bernie Krone| CEO
Wayne van Houten| CFO
+ 27 83 259 2584
+ 27 84 556 2486
+27 11 776 8700
+27 11 776 8700
+27 11 822 1158
+27 11 822 1158
[email protected]
[email protected]
www.esorfranki.co.za
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