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13TUESDAY 6 NOVEMBER 2012 B u s i n ess Day

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Austro down afterwarning to investorsSHARES Industrial suppliescompany Austro fell 17.39% to38c yesterday after warningshareholders it expects to reporta headline loss per share for theyear ended August of 4.9c-5.7cfrom headline earnings of 1.6cthe previous year. Staff Writer

Nutritional slimmerOUTLOOK NutritionalHoldings expected basic andheadline earnings per share forthe six months ended August tobe more than 20% lower than inthe previous correspondingperiod, the health food companysaid yesterday. Staff Writer

Colliery strike endsMINING South African CoalMining Holdings yesterday saidNational Union of Mineworkersmembers at its Umlabu collierywho went on strike on October24 had agreed to return to workpending the outcome of afacilitation process. Staff Writer

Ubank gets new CEOAPPOINTMENT Ubankyesterday said it had appointedLuthando Vutula as its new CEOfollowing the resignation ofMark Williams earlier this year.Mr Vutula previously held a topposition at Absa’s retail bank.Phakamisa Ndzamela

Tantalum ups stakeHOLDING MvelaphandaGroup yesterday said TantalumCapital, in its capacity asinvestment manager and onbehalf of Mvela’s clientportfolios, had increased itsholding in Mvela’s issued sharecapital to 10.06%. Staff Writer

Trustco secretaryAPPOINT JSE-listed Namibianfinancial services companyTrustco said yesterday DJ Steynwould replace M Gebhardt ascompany secretary on December3 following Ms Gebhardt’sresignation. Staff Writer

Alert Steel man quitsRESIGN Alert Steel notifiedshareholders yesterday thatEdwin Hewitt had resigned as anonexecutive director withimmediate effect. Staff Writer

Pioneer appointmentDIRECTOR Pioneer Foodsappointed Gerrit “Boel”Pretorius as its lead independentdirector yesterday. Staff Writer

COMPANIES INDEXEd i t o r i a l :Raubex ................................................ 13Business Connexion ........................... 13AngloGold, Gold Fields ....................... 13Kagiso Media ...................................... 13Protech Khuthele ................................ 14Telkom ................................................ 14Aquarius Platinum .............................. 14Barclays, Standard Chartered ............ 14Wescoal .............................................. 14Anglo American Platinum .................. 14Financial:Raubex ................................................ 15Business Connexion ........................... 17Protech Khuthele ............................... 19

BUSINESS BRIEF

M E RA F E 9 873 674 86 -4.10F I R ST RA N D 7 271 792 2469 -0.33MTN GROUP 7 192 998 3810 0.48ST E I N H O F F 6 522 006 2467 -0.43SA N L AM 5 778 916 2197 2.27ABIL 5 487 645 2204 0.32O L D M U T UA L 5 009 478 1447 -0.87CO M A I R 3 175 958 192 10.34PA N -A F 2 923 818 145 -1.64T E L KO M 2 432 569 1197 -3.07

MTN GROUP 1 180 798 811 16499 +0.48SA B 692 165 898 37048 -0.46B ATS 672 326 833 43629 +0.39A N G LO 652 305 310 26950 -1.39SASO L 505 832 985 37120 -0.47BHPBILL 407 335 424 27830 -1.86N AS P E R S - N - 309 532 296 56425 -0.30I M P L ATS 250 449 956 15700 +0.31SHOPRIT 249 221 042 18262 +3.76SA N L AM 225 913 685 3953 +2.27

MTN GROUP 16499 0.48 3 810I M P L ATS 15700 0.31 3 467A N G LO 26950 -1.39 3 462B ATS 43629 0.39 3 206SASO L 37120 -0.47 2 992SA B 37048 -0.46 2 904SHOPRIT 18262 3.76 2 550F I R ST RA N D 2940 -0.33 2 469ST E I N H O F F 3010 -0.43 2 467IMPERIAL 19169 -0.59 2 429

C U R RO 1 652 1ORION 400 0BEIGE 219 744VPIF 215 -16CADIZ 190 -3CAP CO 130 8ASCEN A 108 4AM P L ATS 99 1EFFICIENT 93 20INGENUITY 55 0

NAIL 27 0NAIL -N- 27 0ALLIANCE 19 0VERIMARK 16 4D B ST E X X 2 12 -2I SA 11 16M E TM A R 10 26T E L E M AST R 9 0D B ST N P N D 9 -11AST RA L 8 6

Steady flow oftender workbuoys Raubex

MARK ALLIXIndustrial Correspondent

RAUBEX, a builder of roads andassociated infrastructure sawrevenues rise 7.7% to R2.8bn inthe six months ended August,despite a challenging operatingenvironment.

The group says it has contin-ued to grow revenues and main-tain a stable R5bn order book ona steady flow of new tender work.It declared an interim dividend of30c per share in the period.

“The roads division is begin-ning to show signs of stabilising,supported by a relative easing ofcompetitive pressures,” financialand commercial director FrancoisDiedrechsen said y e s t e r d a y.

But he said the group wasmonitoring this positive develop-ment against the effect of theGauteng tolling dispute, andlabour unrest across its opera-tions. The South African NationalRoads Agency accounted forabout 50% of the group’s work-flow, and there was concern thatthe agency’s budgets could be cut,Mr Diedrechsen said.

Labour problems had forcedmining clients to shut down oper-ations, and along with the recenttruckers’ strike would “definitelyhave an impact” on the secondhalf of the year.

Group operating profit was up3.1% to R291m, with headlineearnings per share up 3% to 95.7cper share from 92.9c in the periodlast year. Cash flow from oper-ations rose 68.6% to R444m, fromR263m previously. Capital expen-diture soared to R281m fromR88m in the period last year.

Mr Diedrechsen said thegroup’s healthy balance sheet andstrong cash position allowed it totake advantage of opportunitiesarising from the more stable com-petitive environment in the SouthAfrican roads sector, and alsoAfrican infrastructure projects.

Raubex said it had reached asettlement with the Free Stateprovincial government over non-payment for work done on roads.The same problems contributedto the closure of one of its com-petitors, Sanyati.

In terms of the settlementR130m was outstanding at the endof August, and was now payable intwo instalments of R97.5m thismonth and R32.5m payable inApril next year. The group alsosaid despite a slight improvementin trade receivables, it continuedto face slow payments on anumber accounts.

Hugan Chetty, analyst atAfrifocus, said yesterday theRaubex construction division hadincreased revenue by 9.4% toR630m, with operating profitshooting up 176.3% to R69.2m.

But Mr Chetty said Raubex sawoperating profit fall in its aggre-gates division, while revenues andoperating profit fell in its inter-national operations on comple-tion of the Namibian roads con-tract, even as margins in that unitmore than doubled to 19.2%.a l l i x m @ b d f m .co. za

Gold price ‘may not boost miners’SHERILEE LAKMIDAS

A HIGHER gold price will not beenough to offset production lossesthat have eaten into the quarterlyearnings of South African minersAngloGold and Gold Fields, aReuters poll found.

Smaller rival Harmony Goldby contrast was expected to post abig improvement in earnings,because its overwhelming domes-tic focus means it is affected mostby rand currency factors.

The consensus forecast forAngloGold’s September earningsper share is $0.655 from $0.65previously, Gold Fields’ is R2.128from R2.50, and Harmony isexpected to turn a profit of R1.077

Business Connexion profit shoots upTHABISO MOCHIKOInformation Technology Editor

BUSINESS Connexion’s shareprice rose as much as 4% in earlytrade after the technology com-pany reported its best results ineight years. The share price closed2.02% higher at R5.05.

The company’s headlineearnings per share increased to39c for the year to August, from17.3c last year. Revenue grew35.1% to R5.8bn and the grossprofit margin increased from30.9% to 31.5%, thanks to theacquisition of Canoa and somebusinesses of UCS, which had“exceeded expectations”, saidCEO Benjamin Mophatlane.

Business Connexion hasentered into an agreement toacquire privately-owned technol-ogy management company Inte-gr8 IT, part of the Integr8 Group,for R126m. The acquisition wouldenable Business Connexion toenter the mid-sized corporatemarket across SA and the rest ofAfrica, Mr Mophatlane said.

In addition, Integr8 IT wa sexpected to enhance the group’sability to win market share in thepublic sector, Africa and the storeenvironments in the retail sector,where this acquisition would addto the services its subsidiary CEBMaintenance provided.

Mr Mophatlane said thoughthe company had a “great year”,the market was still challenging.“All key businesses performed

well and are profitable, includingthe technology unit.

“The acquisitions have alsodelivered and exceeded ourexpectations,” he said.

The UCS division contributed

about R1.1bn to group revenuewith an operating profit ofR116.9m. The Canoa divisionaccounted for R860.5m in rev-enue and R106.5m in operatingprofit. “Both these performances

are ahead of targeted forecasts …and demonstrate the synergisticbenefits of the divisions within thegroup,” said Mr Mophatlane.

The group’s internationaldivision reported revenue growthof 26.8% to R467.2m for the year,demonstrating the “excitinggrowth potential” in Africa.

“The continued progress inAfrica is pleasing with the group’soperations across the continentmaturing,” Mr Mophatlane said.

“This has translated into ani m p r ov e d and less volatilefinancial performance with thegroup taking market leadingpositions in some key, high growthAfrican economies.

“More than ever, Africanexpansion presents a significantopportunity for (the company)and accessing these marketsremains a key strategic focus.”

With approved investmentsfor setting up data centres in Nige-ria and Kenya, the group is wellpositioned to extend its cloudservices offerings to the rest of theAfrican continent. It will furtherexpand into Ghana, where italready provides some services,Ethiopia, Angola and Zimbabwe.m o c h i ko t @ b d f m .co. za

Kagiso bidfor 100% ofBlue Bullsteam failsALISTAIR ANDERSONIndustrial Correspondent

KAGISO Media’s plan to gain fullcontrol of the Blue Bulls rugbyteam has been derailed with thecompany saying yesterday it hasbeen unable to reach a deal withthe club by the deadline.

It is known that South Africanbillionaire Johann Rupert, who isthe chairman of Remgro, Kagiso’sparent, is an avid sports fan.Kagiso bid in September to buythe Bulls but yesterday announcedthe deal had collapsed.

Kagiso CE Murphy Morobesaid the parties could not finalise adeal in time. “The assets in ques-tion presented an opportunity forKagiso to extend our marketingand communications value chainbut we were unable to carry thenegotiations to a successfulconclusion and they were can-celled by mutual consent.”

Kagiso made a R335m offerfor the shares of Trinergy BrandConnectors, ExperientialMarketing Proprietary and EXPMomentum. Through the deal,Kagiso would have also indirectlyacquired 100% of the shares inBlue Bulls Rugby Holdings andthus a majority 50% interest in theBlue Bulls Company.

These companies are ownedby the Marc Group of companies.Remgro owns more than 30% ofMarc already. The acquisition wassupposed to see Remgro and itssubsidiaries having direct and in-direct interests in one English andfour South African rugby clubs.

Remgro has a 50% stake inPremier Team Holdings, whichowns the Saracens in England.

The Marc Group also has a24.9% stake in the Welkom-basedGriffons Rugby Union and a24.9% share-holding in WesternProvince Rugby.

Kagiso would look to buy otherassets. “Going forward, it remainsour strategic intention to pursue amix of organic and acquisitiveg r ow t h , ” Mr Morobe said.

“We are strongly capitalised,with significant capacity forfurther expansion in both ourdomestic market and in selectedsub-Saharan territories.”a n d e rso n a @ b d f m .co. za

Group watching strike falloutand cutbacks due to e-tolling row

from a loss of R0.20 in theSeptember quarter last year.

The average gold price in theSeptember quarter rose 3% to$1,652/oz. And weakness in theSouth African currency meant inrand terms the average price dur-ing the July-September quarterwas up 4% to R438,000/kg.

The rand gold price has anespecially big effect on Harmony’sbottom line, since over 90% of itsoutput comes from SA.

Gold Fields gets about 50% ofits production from its SouthAfrican home base, while forAngloGold, SA accounts foraround 40% of its global output.

AngloGold Ashanti hasalready said it expects production

for the September quarter to be4% lower than its previous fore-cast of between 1.07-millionounces and 1.10-million ounces,because of labour unrest in SA andlower than anticipated productionat Obuasi in Ghana.

Gold Fields has warned of ahigher strike outcome, with itsSeptember production about 6%lower because of wildcat strikes. Afire at its KDC operations alsoreduced production to about810,000oz during the quarter.

Harmony’s first-quarterresults are due tomorrow, withAngloGold’s third-quarter earn-ings on Thursday. Gold Fields’third-quarter results are due onNovember 26. Reuters

Headline earnings per share more than double on acquisitions

Share price, daily close (cents)

Graphic: DOROTHY TSHWAEDI Source: I-NET BRIDGE

RAUBEX

A S O NJ JM

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1850

1700

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1250A S O NJ JM

Close: 1775

2.31%

HCI 9 19RICHEMONT 9 39LO N F I N 9 1407PA L AM I N 10 690O N E LO G I X 12 n /aB R I M STO N 16 43B R I M ST N - N - 16 39N O RT H AM 16 171P R I M E S E RV 20 551B RA I T 25 1055

R AU B E XHalf Year 20 13 20 1 2Revenue (Rbn) 2 .8 2 .6Pretax (Rm) 284 27 7Net Income (Rm) 194 17 7Diluted HEPS (c) 9 4. 9 92 . 5Dividend (c) 30 25

BUSINESS CONNEXIONFull Year 20 1 2 20 1 1Revenue (Rbn) 5. 8 4. 3Pretax (Rm) 2 8 1 .7 16 6.7Net Profit (Rm) 1 9 6. 1 102 . 3HEPS (c) 39 17. 3Dividend PS (c) 20 14

GETTING IT RIGHT

CORRECTION The report“Cipla Medpro appoints twodeputy CEOs” named one of theappointees as Mark James,which is incorrect. He is, in fact,Mark Sardi.

PLEASED: Business Connexion CEO Benjamin Mophatlane releases theg ro u p’s results in Midrand yesterday. Picture: MARTIN RHODES

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