Annual Results Presentation for the year ended 30 September 2014
AGENDA Business Overview Poultry Industry Trends Financial Overview Industry Matters Prospects Q & A 2 2
BUSINESS OVERVIEW 3
THE PERIOD IN PERSPECTIVE The period under review reflects an improved performance compared to one of the worst trading periods during the past decade experienced by the poultry industry Revenue 13% Financial Indicators Operating profit Earnings per share 88% 62% Headline earnings per share 99% 4 4
THE PERIOD IN PERSPECTIVE Continued high total poultry imports, increasingly from Europe (June 2014 7 million bpw with local production at 19 million bpw refer slides 30 and 31) Record high local maize prices in February, March and April 2014 not in line with CBOT corn prices (refer slide 53) High soya bean prices for the same period exacerbating the impact of high maize costs on feed prices (refer slide 26) The Rand remained weak against the US Dollar negating most of the benefits of lower CBOT corn prices during F2014 5 5
THE PERIOD IN PERSPECTIVE A solid performance from the Feed division and an improved performance from the Poultry division have contributed positively to the Group s earnings The Group s integrated best cost business model proved its value with the business remaining more profitable versus an industry that has struggled over the same period Acquisition of selected assets on liquidation sales of various small-sized poultry producers A positive movement in net cash flow reduced the net debt to equity ratio to 8.9% (30 September 2013: 15.5%) 6 6
POULTRY DIVISION 7
POULTRY DIVISION - OVERVIEW Revenue - R million Operating profit - R million 8 000 7 000 6 000 5 000 4 000 6 001 6 967 130 80 30 104 3 000 (20) 2 000 1 000 - F2013 F2014 (70) (120) (112) F2013 F2014 Revenue up 16% Broiler volumes up 7% Broiler selling prices up 8% Operating profit up 193% Net margin 1.5% F2013: (1.9%) Feed costs up 2% 8 8
POULTRY DIVISION - OVERVIEW Average broiler feed prices increased year-on-year by 2.3% Broiler selling prices increased year-on-year by 7.9% Product mix improvement with IQF reducing by 1% and fresh and value added increasing by 1% and 2% respectively Broiler sales volumes increased year-on-year by 7.4% - higher placements Improved broiler production efficiencies - reduced mortality & improved FCR Continued high level of poultry imports June 2014 @ 7 million bpw and September 2014 @ 6,6 million bpw 9 9
POULTRY DIVISION SALES Product Mix F2013 F2014 22% 22% 4% 7% 378 821 Tons 56% 3% 9% 406 819Tons 55% 9% 3% 10% 3% 10 10
BROILER PRODUCTION PERFORMANCES 120% 115% 110% 105% 100% 95% 90% 85% 80% 75% 70% Key indicators base-lined to 100% in 2009 F2009 F2010 F2011 F2012 F2013 F2014 Mortality Feed conversion (FCR) Efficiency factor (PEF) 11 11
BROILER PRODUCTION PERFORMANCES 106% 105% 104% (37.0 days) 103% 102% 101% 100% 99% 98% (34.3 days) 97% 96% 95% Key indicators base-lined to 100% in 2008 Key indicators base-lined to 100% in 2009 F2009 F2010 F2011 F2012 F2013 F2014 Slaughter age Live weight Processing yield 12 12
POULTRY DIVISION - PROSPECTS Projected lower feed costs in at least the first half of the new reporting period Broiler production efficiency improvement expected to continue Volume growth to approximately 5 million birds per week from October 2014 Improved product mix from the Tydstroom volumes in County Fair and the Mountain Valley expansion Provisional EU anti-dumping duties, permanent sanction required - Minister: DTI 13 13
FEED DIVISION 14
FEED DIVISION - OVERVIEW Revenue - R million Operating profit - R million 6 000 400 5 000 4 000 4 916 5 506 350 300 250 329 354 3 000 200 2 000 1 000 150 100 50 - F2013 F2014 - F2013 F2014 Revenue up 12% Sales volumes up 5% Avg. realisations up 7% Operating profit up 7% Net margin 6.4% F2013: 6.7% Rand per ton margin up 3% 15 15
FEED DIVISION - OVERVIEW Feed volumes increased by 4.5% due to higher inter-group volumes (up 12.9%) Rand per ton margin increased on prior year despite a competitive landscape Inflationary costs were successfully recovered from the market On-going management of credit risk Commissioning of the new Standerton feed mill in Q4 of F2014 16 16
FEED DIVISION SALES Meadow Feeds - Sales Mix F2013 F2014 18% 16% 22% 1 217 774 Tons 49% 22% 1 272 298 Tons 53% 11% 9% 17 17
FEED DIVISION - PROSPECTS Recently harvested maize crop of 14,3 million tons highest on record Softening of grain prices will benefit feed prices and livestock production costs External feed sales drive with due regard to credit risks Continued focus to invest in new cost saving technologies Focus on Rand per ton margins to continue New Standerton feed mill full year profit contribution in F2015 18 18
OTHER AFRICA DIVISION 19
OTHER AFRICA DIVISION - OVERVIEW Revenue - R million Operating profit - R million 500 400 300 200 100-442 F2013 499 F2014 50 45 40 35 30 25 20 15 10 5-45 F2013 35 F2014 Revenue up 13% Volumes up 4% Avg. realisations up 8% Operating profit down 23% Net margin 7% F2013: 10.2% Tiger Animal Feeds impact 20 20
OTHER AFRICA DIVISION - OVERVIEW Zambia Profitability at Tiger Animal Feeds impacted negatively by unfavourable raw material positions and the management thereof in 1H2014 Recovery in earnings in 2H2014 at Tiger Animal Feeds in line with expectations Tiger Chicks sales volumes increased by 79% following completion of expansion project Mozambique & Swaziland Good performance from Mozpintos following expansion of capacity and increase in own managed feed and day old chick outlets Good performance from National Chicks Swaziland with stringent cost control and improved sales through the own managed depot network 21 21
OTHER AFRICA DIVISION PROFIT SEGMENTATION F2013 Country PBIT Contribution F2014 Country PBIT Contribution 14% 23% 22% R45 million R35 million 47% 64% 30% 22 22
OTHER AFRICA DIVISION - PROSPECTS Zambia Maize and soya prices are at lower levels with Tiger Animal Feeds well positioned to take advantage of these The continued expansion of feed and day old chick outlets will improve product availability and competitive feed prices direct to farm Mozambique & Swaziland The production of hatching eggs in Mozambique at a lower cost than imported hatching eggs will contribute positively Expanding into further feed and day old chick outlets in Mozambique will further improve market penetration and sales of both DOC and feed Expansion of broiler breeder capacity at National Chicks Swaziland will increase the production of hatching eggs at a lower cost than imported hatching eggs 23 23
INDUSTRY TRENDS 24
SAFEX YELLOW MAIZE PRICE F2010 F2011 F2012 F2013 F2014 Source: CJA Strategic Risk Brokers 25 25
SAFEX SOYA BEANS PRICE F2010 F2011 F2012 F2013 F2014 Source: CJA Strategic Risk Brokers 26 26
27 INDUSTRY BROILER SELLING PRICES 13.22 13.47 13.41 12.70 11.96 11.95 11.75 12.22 11.75 11.76 12.29 11.83 12.33 12.83 13.51 13.34 13.42 13.20 13.38 13.46 13.18 12.79 12.86 13.56 13.91 14.90 15.53 14.51 13.66 13.21 13.42 13.15 12.67 12.51 13.40 15.03 15.79 15.55 14.82 13.85 14.08 15.53 15.35 15.24 15.07 15.42 15.44 16.01 16.27 16.26 17.05 16.15 16.60 16.87 16.98 17.13 17.23 16.09 16.18 16.54 11.00 11.50 12.00 12.50 13.00 13.50 14.00 14.50 15.00 15.50 16.00 16.50 17.00 17.50 18.00 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Broiler selling price Six month average Rand per kilogram Source: SAPA 27
Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Index (Oct 2009 = 100) BROILER PRICE VS FOOD PRICE INFLATION 135 130 125 120 115 110 105 100 95 90 85 135 130 125 120 115 110 105 100 95 90 85 Poultry selling price index SA food price index Source: SAPA & CJA Strategic Risk Brokers 28 28
Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 CHANGE IN BROILER SELLING PRICE VS FEED PRICE 40% 30% 20% 10% 0% -10% -20% -30% % Change in feed price % Change in broiler selling price Source: SAPA & Own Data 29 29
Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 POULTRY IMPORTS PER MONTH Tons 50 000 45 000 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 - Total poultry imports 6 per. Mov. Avg. (Total poultry imports) Source: SAPA 30 30
TOTAL POULTRY IMPORTS (CHICKEN, TURKEY, MDM) Tons 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep F2011 24 684 48 108 76 511 103 474 127 429 156 795 182 871 215 684 250 081 286 051 320 321 349 364 F2012 33 348 67 819 100 540 135 614 170 194 204 560 244 296 278 914 305 472 326 520 353 296 387 173 F2013 47 942 89 095 117 712 145 426 172 727 207 148 243 623 282 790 316 047 343 913 371 741 409 158 F2014 28 250 66 647 99 050 124 194 148 092 179 811 216 947 253 490 294 102 320 603 346 582 383 710 F2013 47 492 41 153 28 617 27 714 27 301 34 421 36 475 39 167 33 257 27 866 27 828 37 417 F2014 28 250 38 397 32 403 25 144 23 898 31 719 37 136 36 543 40 612 26 501 25 979 37 128 % Var -40.5-6.7 13.2-9.3-12.5-1.4 7.8-6.7 22.1-4.9-6.6-0.8 bpw* 5,0 6,8 5,8 4,5 4,2 5,6 6,6 6,5 7,2 4,7 4,6 6,6 *bpw million birds per week F2011 F2012 F2013 F2014 31 Source: SAPA
FINANCIAL OVERVIEW 32
ABRIDGED STATEMENT OF COMPREHENSIVE INCOME Year ended 30 September 2014 R million 2013 R million Revenue 9 602 8 509 Operating profit 493 262 Operating profit margin 5.1% 3.1% Profit on sale of business unit - 46 Profit before interest and tax 493 308 Net finance costs (25) (27) Share of profit in associates 2 6 Profit before tax 470 288 Tax (129) (77) Profit for the period 341 211 Earnings 338 207 % change 13% 88% 60% 63% 62% 63% Headline Earnings 330 165 EPS Cents 884 545 HEPS Cents 864 434 100% 62% 99% 33 33
GROUP ANNUAL REVENUE 14.000 12.000 (R billion) 10.000 9.602 8.000 6.000 4.000 2.000 2.793 1.983 1.269 3.692 2.689 1.721 3.947 4.053 2.681 2.703 2.168 2.285 4.838 5.184 2.516 2.670 3.345 3.623 6.852 6.329 3.530 5.138 4.382 4.579 7.407 7.006 7.227 3.988 3.577 3.478 5.149 5.030 5.258 8.160 8.508 4.327 4.916 5.834 6.001 5.506 6.967 0.000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Poultry Feed Other Africa Services & Ventures External revenue 34 34
POULTRY ANNUAL REVENUE 4000 1.4 (R million) 1.2 3500 1.0 3000 0.8 2500 3650 0.6 2000 2581 2449 2606 2652 2878 2956 2952 3049 3317 0.4 1500 0.2 1000 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Revenue Change in realisations (SAPA) Change in volumes 0.0 35 35
FEED ANNUAL REVENUE 3000 1.6 2800 (R million) 1.4 2600 1.2 2400 2200 1.0 2000 2956 0.8 1800 2397 2519 2550 0.6 1600 2175 2152 1400 1847 1730 1708 1770 0.4 0.2 1200 1000 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Revenue Change in volumes Change in feed price 0.0 36 36
GROUP ANNUAL OPERATING PROFIT 880 (R million) 14.8% 809 16.0% 14.0% 680 12.3% 766 12.8% 674 581 585 12.0% 480 280 7.3% 203 79 5.9% 220 130 8.3% 328 153 9.6% 389 151 597 214 272 333 548 6.7% 385 6.6% 261 8.4% 281 9.3% 282 477 38 5.8% 289 45 262 3.1% 493 35 5.1% 354 10.0% 8.0% 6.0% 4.0% 80 124 90 174 238 383 494 476 163 282 262 353 137 329 104 2.0% -112-120 F2001 F2002 F2003 F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 Poultry Feed Other Africa Services & Ventures 0.0% 37 37
GROUP ANNUAL OPERATING PROFIT 380 375 1.5 280 180 80 304 281 151 130 134 128 133 229 299 149 124 324 20 154 140 153 18 135 20 156 59 203 25 173 213 11 157 280 24 197 1.3 1.1 0.9 0.7 0.5 5 45 59 0.3-20 -120 (R million) 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Poultry Feed Services & Ventures Other Africa Change in feed price Change in realisations (SAPA) -117 0.1-0.1 38 38
ABRIDGED STATEMENT OF FINANCIAL POSITION At 30 September 2014 R million 2013 R million % change Non-current assets 2 242 1 983 Net working capital 452 523 Current assets (excl. cash) 2 003 1 845 Current liabilities (excl. borrowings) (1 551) (1 322) Non-current liabilities (excl. borrowings) (575) (548) Net assets 2 119 1 958 13% 13% 9% 17% 5% 8% Net debt 174 263 34% Loans 206 185 Cash and cash equivalents (32) 78 Equity 1 945 1 695 Total 2 119 1 958 15% 8% 39 39
ABRIDGED STATEMENT OF CASH FLOW For the year ended 30 September 2014 R million 2013 R million Cash operating profit 671 388 Working capital movement 33 (151) 704 237 Tax paid (100) (67) Net interest paid (37) (34) Capital expenditure (395) (235) 172 (99) Dividends paid (163) (129) Net increase in loans 24 155 Other cash flow items 12 72 Shares issued 65 - Movement in cash equivalents 110 (1) Opening balance (78) (77) Closing balance 32 (78) 40 40
CAPITAL EXPENDITURE Year ended 30 September 2014 R million 2013 R million Depreciation 135 123 Replacement capex 129 73 Expansion capex 275 168 Total capex 404 241 Commitments 56 Total spent and committed 460 41 41
KEY FINANCIAL RATIOS 70 30 60 50 40 30 20 10 0 48 51 46 48 39 39 37 33 36 13.9 31 11.4 10.0 12.3 8.9 7.5 9.6 7.3 8.3 5.5 5.9 6.1 5.5 4.7 65 55 49 45 16.5 14.5 34 31 31 30 14.8 29 25 26 26 12.8 21 9.3 9.3 11.0 9.9 23 20 19 9.3 7.4 13 6.5 8.0 8.4 7.8 5.8 4.5 12 5.1 4.1 4.4 4.3 4.7 4.8 3.1 3.6 3.7 4.0 3.8 3.9 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 RONA ROE EBITDA margin PBIT margin Asset turn 25 20 15 10 5 0 42 42
KEY FINANCIAL INDICATORS 60 50 40 30 20 10 0 49.95 44.16 41.36 41.65 37.43 29 35.38 33.47 34.24 26 23.83 22 28.28 21 22 21 23 19 17 18 20 15 16 14 17.36 11 14.34 9 10 12 14 15 12 10.79 8.53 9 3 9 7 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 NAV share Working capital days Net Debt / Equity 43 43
HEADLINE EARNINGS PER SHARE & DIVIDEND PER SHARE 1600 1400 1200 (Cents per share) 1286 1381 1000 800 600 400 200 0 1148 958 960 890 840 864 810 760 787 700 700 700 631 656 585 487 434 440 380 326 272 230 222 168 90 108 F2001 F2002 F2003 F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 Headline earnings per share Dividend per share 44 44
INDUSTRY MATTERS 45
INDUSTRY MATTERS ITAC accepted an application from SAPA for alleged dumping of poultry products from the EU after the industry showed evidence of financial harm Provisional anti-dumping duties were implemented against Germany, Netherlands and the United Kingdom on 4 July 2014, but expire on 2 January 2015 These duties will go some way in correcting the uneven playing field that has existed for some time and severely damaged the local industry Proposed brining levels of 8% by DAFF unresolved and SAPA has been notified of a roundtable discussion to take place with DAFF Astral supports the requirement for regulatory control around brining, however reducing the level to 8% will lead to excessive poultry price increases 46 46
PROSPECTS
PROSPECTS The slowing level of growth in the economy and higher unemployment levels will continue to depress consumer spending. It is of paramount importance that the EU anti-dumping measures are sanctioned on a more permanent basis by the Minister of Trade and Industry in order to stem the tide of dumped poultry products into South Africa. The recent South African harvest produced a record maize crop, and together with healthy global maize and soya crops the softening of grain prices will at least benefit feed prices and livestock production costs in the first half of the new reporting period. 48 48
49
ADDITIONAL INFORMATION 50 50
SOUTH AFRICA - TOTAL MAIZE SUPPLY & DEMAND Marketing year (May to April) '000 tons 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15E 2015/16F Actual Actual Actual Actual Actual Estimate Forecast Carry In (1 May) 1 581 2 131 2 336 991 1 414 590 2 386 Crop Estimate 12 050 12 815 10 360 12 121 11 811 14 307 12 582 Sagis Delivery 11 697 12 092 10 394 11 972 11 072 13 503 11 860 Minus early deliveries 0 0 0 0 0 0 0 Imports 27 0 421 11 80 0 0 Total Supply 13 305 14 224 13 151 12 973 12 566 14 094 13 666 Domestic Usage Food 4 471 4 513 4 512 4 499 4 583 4 811 4 751 Domestic Usage Feed 4 101 4 271 4 362 4 378 4 715 4 638 4 698 Gristing, withdrawn & released 755 866 693 674 480 516 608 Total Domestic Usage 9 327 9 650 9 567 9 551 9 777 9 965 10 056 Exports & Sundries 1 847 2 238 2 590 2 008 2 122 2 323 1 738 Plus early deliveries 0 0 0 0 0 0 0 Carry Out (30 Apr) 2 131 2 336 994 1 414 666 1 806 1 872 No of days usage 83 88 38 54 25 66 68 STU 22.85% 24.20% 10.38% 14.81% 6.82% 18.13% 18.62% Source: CJA Strategic Risk Brokers 51 51
RSA MAIZE CARRY OUT AND STOCK TO USE RATIO 000 tons 2 500 22.85% 24.20% 25% 2 000 18.13% 18.62% 20% 1 500 14.81% 15% 10.38% 1 000 6.82% 10% 500 5% 0 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15E 2015/16F 0% Carry out Maize stock to use ratio Source: CJA Strategic Risk Brokers 52 52
SAFEX YELLOW MAIZE VS CBOT CORN IN RAND TERMS F2010 F2011 F2012 F2013 F2014 Source: CJA Strategic Risk Brokers 53 53
Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 LOCAL BROILER PRODUCTION, IMPORTS & PER CAPITA CONSUMPTION Million birds per week / Rand per kg kg 28.0 26.0 24.0 22.0 20.0 18.0 16.0 14.0 12.0 10.0 40 36 32 28 24 20 RSA broilers (slaughtered / week) Broiler selling price (Rand / kg) Poultry imports (birds / week) Per capita consumption (kg) Source: SAPA 54 54
BRAZIL & EUROPE PRODUCT COST BENCHMARK Ex BRAZIL - November 2014 FROZEN LEG QUARTERS BULK PACKED CIF DBN US$ per ton TON 1 350.00 1 350.00 1 350.00 SA COST R/$ exchange rate R$ 10.00 10.50 11.00 Rand per ton TON 13 500.00 14 175.00 14 850.00 20 750.00 Rand per kg KG 13.50 14.18 14.85 20.75 Duty per kg KG 37% 37% 37% - Clearance costs KG 0.50 0.50 0.50 - COST INTO STORAGE KG 19.00 19.92 20.84 20.75 Storage KG 0.50 0.50 0.50 - Distribution KG 0.64 0.64 0.64 0.78 Marketing, Administration, Finance KG 0.78 0.78 0.78 0.85 TOTAL COST KG 20.92 21.84 22.76 22.38 Ex UNITED KINGDOM - November 2014 FROZEN LEG QUARTERS BULK PACKED CIF DBN US$ per ton TON 1 300.00 1 300.00 1 300.00 SA COST R/$ exchange rate R$ 10.00 10.50 11.00 Rand per ton TON 13 000.00 13 650.00 14 300.00 20 750.00 Rand per kg KG 13.00 13.65 14.30 20.75 Duty per kg KG 22.03% 22.03% 22.03% - Clearance costs KG 0.50 0.50 0.50 - COST INTO STORAGE KG 16.36 17.16 17.95 20.75 Storage KG 0.50 0.50 0.50 - Distribution KG 0.64 0.64 0.64 0.78 Marketing, Administration, Finance KG 0.78 0.78 0.78 0.85 TOTAL COST KG 18.28 19.08 19.87 22.38 *United Kingdom & Netherlands import duty very similar at 22.03% and 22.81% respectively Export poultry selling prices between EU countries on par with one another 55 55
PRODUCER PRICE COMPARISON SA PROTEIN Cents per kg 6000 5500 5000 4500 4000 3500 3000 2500 2000 1500 1000 Sheep Beef Pork Chicken Chicken Pork Beef Sheep Feed Conversion Rate 1.7 2.2 5.5 5.0 Per Capita Consumption 36.4 kg 4.6kg 17.2kg 3.2kg Source: SAPA & FNB 56 56
CONTACTS Chris Schutte Chief Executive Officer Tel : +27 (0) 12 667 5468 Fax : +27 (0) 86 504 2002 Email: ces@astralfoods.com Tel: +27 (0) 12 667 5468 Fax: +27 (0) 86 504 2002 Astral Foods Corporate Office 92 Koranna Avenue, Doringkloof, Centurion, 0157, Gauteng, South Africa Daan Ferreira Group Financial Director Tel : +27 (0) 12 667 5468 Fax : +27 (0) 86 504 1602 Email: daan.ferreira@astralfoods.com Website: www.astralfoods.com 57 57