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TOP COMPANIES
ANNUAL REPORT
WWW.FINANCIALMAIL.CO.ZA
T P
COMPANIES
2014
A leading review
of SAs listed
companies
JUNE 2014
10
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EDITORIAL
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FM Top Companies_June2014
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25
ontents
FRONT OF THE BOOK
7
9
10
Foreword
Definitions
Methodology
WINNERS
12
16-19
SA GIANTS
20
25
26
27-38
Reason says:
take your
IP to new
markets.
SECTORS
40
42
44
48
50
52
54
56
58
61
64
66
70
71
72
77
78
80
82
83
Instinct says:
new markets
could take
your IP.
SERVICES
101
102
106
107
108
111
112
114
115
117
118
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Financial_Mail_DPS_pencils.indd 1
2014/06/12 9:03 AM
NTOMBI MAZUBANE
Bursary Recipient
Landau Colliery, Kromdraai
THROUGH OUR
BURSARY SCHEME WE
ENSURE THAT BETTER
TOMORROWS ARE
BUILT TODAY.
FOREWORD
FOREWORD
Narrow
the digital
divide
www.pwc.co.za
Building
relationships,
creating value
(14-15231)
13/06/2014 02:09:21 PM
DEFINITIONS
METHODOLOGY
performers
Those that are likely to
perform well again and
offer investor value rise to
the top
10
KINGJAMES 30387
winner.
So much has been written about this nimble,
entrepreneurial company it is difficult to find a
new angle. Scoring well on both quantitative and
qualitative metrics, the biggest single advantage
that Coronation had this year and last was its
extremely high return on equity (ROE). But it also
had one of the best five-year internal rates of
return (IRR) in its share price and one of the best
five-year growths in share price. The share has
undoubtedly become something of a darling of
the investment community in recent years,
which is not surprising considering the outstanding returns that it has delivered. Investors
also obviously like the fact that the company
pays out most of its earnings to its shareholders
in the form of dividends.
But without wishing in any way to rain on
Coronations parade, there are a couple of
warnings being sounded regarding its ability to
remain number one next year. The local equity
market has run hard in the past few years and
the chances of it repeating that this year seem
less than last year, for example. But over and
above that, investment history is against Coronation greatly outperforming the market for
much longer. This isnt an opinion as such, rather
a statistical likelihood, borne out of many years
of research into fund manager performance.
Clientele has soared up the rankings from an
already impressive number 18 position to this
years number two spot. This is a diversified
financial services group, offering its products via
direct marketing and sales distribution channels.
The products offered range from hospital and
12
funeral plans through legal, life, loan and investment products. Clienteles ROE has consistently
been above 50% for many years and this is one
of the features that has helped propel the
company into number two position this year.
Almost as impressive as Clienteles meteoric
rise up the rankings was Clicks performance in
going from number 17 last year to number three
this year. Founded in the 1960s by the late Jack
Goldin (who incidentally also founded Pick n
Pay), Clicks was modelled on the American
drug-store concept. It took decades before
pharmaceutical retailing was deregulated in the
early part of past decade but Clicks has
undoubtedly been the biggest beneficiary of this
change. Most of its outlets now sell scheduled
pharmaceuticals, ably augmented by a wide
range of general merchandise products.
EOHs historical earnings and share price
graphs look very similar, as they both rise
virtually exponentially. And even though each
year the graphs look like they must surely peak
out, EOH still manages to perform incredibly
strongly. This is arguably one of the best IT
stocks in the entire IT sector and is rated very
highly, on a p:e ratio of over 23 times. But it
wasnt always like that. Back in the aftermath of
the global financial crisis of 2008, EOHs p:e ratio
slumped to less than six times, even though its
earnings growth was still intact. That, of course,
was the time to buy this exceptionally
well-managed and visionary companys shares,
led by the charismatic and deep-thinking CEO
Asher Bohbot.
Woolworths moves up from number eight to
number five in this years rankings. A firm
favourite with both local and foreign institutional
investors, Woolies has managed to convincingly
buck the downwards trend in share price that
has afflicted many of its peers in the retail sector.
Getty Images
A historic run
and quite a feat
THE WINNERS
THE WINNERS
13
THE WINNERS
KINGJAMES 30281
Mix Telematics,
which offers
vehicle tracking,
lost some of its
share price value
Nasperss share
price reached a
record high earlier
this year
Clicks managed to
turn in another
solid performance
CORONATION
Total score: 76,1
CLIENTELE
Total score: 59,3
EOH
Total score: 58
Historic score: 19 FMs score: 39
MR PRICE
Total score: 57,6
NASPERS
CLICKS
WOOLWORTHS
Total score: 57,6
16
BRAIT
MIX TELEMATICS
Total score: 54,4
10
SANLAM
17
12
11
SHOPRITE
Total score: 53,9
13
SUPERGROUP
Total score: 52,7
14
CULLINAN HLDNGS
Total score: 52,1
15
PINNACLE
Total score: 51,9
Pinnacle Holdings is one of Africas largest providers of information & communication technology products and services. It has an outstanding financial track record, even if interim
results to end-December 2013 were relatively
pedestrian. But much of its historic performance
will be ignored by potential investors. The share
price took a beating recently, and was over 50%
down from its peak, at the time of writing. Still,
it was four times higher than five years ago.
16
PSG GROUP
Total score: 51,3
17
AFRIMAT
18
CAPITEC
Total score: 51
19
ASPEN
20
18
www.mixtelematics.com
19
SA GIANTS
20
Gallo Images/AFP
Ivan Glasenberg
2014/06/12
4:12 PM
UNITED WE GROW
SA GIANTS
22
continued on PAGE 26
23394
deliveries
distribution
warehousing
23394_RAM_FM_Top_100_ad_v 8.indd 1
29/05/2014 10:11
THE FORBES GLOBAL 2000 is a comprehensive list of the worlds largest, most powerful
public companies, as measured by revenues,
profits, assets and market value. These are
weighted equally to arrive at a composite score,
which is the basis of the Global 2000 ranking.
Last year, Chinese companies took first and
second places in the ranking, displacing US
companies for the first time. This year, that
trend has been extended, with Chinese firms
taking the top three slots. In the 11 years since
the Global 2000 ranking has been calculated,
the number of countries incorporated in the
ranking has risen from 46 to 62. The superlatives make interesting reading: total revenues
of these 2 000 companies as at May 2014 was
US$38 trillion; profits were $3 trillion; assets
were worth $161 trillion; and total market
SA GIANTS
SA GIANTS
ASSET HEAVYWEIGHTS
Bidvest, one of SAs largest industrial companies, dropped one notch from seventh to
eighth spot, as did MTN, going from eighth to
ninth position.
The really big winner in this years Top 10 is
Steinhoff, which rose from 13th to 10th position,
thanks to a combination of strong fundamentals
and a major benefit from the weak rand.
Staff writer
SA GIANTS
Ranked by
turnover
Company
Turnover
Rm
Total assets
Rm
2 442 048, 4
NA
1 508 861,0
NA
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
726 992, 7
NA
779 502, 6
NA
22 406 1
NA
Dec 13
Dec 12
1
NA
2
1
590 335, 9
586 351, 4
1 249 193,0
976 980,0
694 837,0
576 748, 7
923 616 8
755 039, 9
111 394, 9
141 688, 5
Jun 13
Jun 12
3
2
275 362, 6
238 098, 5
687 317,0
616 876,0
377 522, 7
336 397, 4
517 198, 7
503 628, 1
26 868, 1
34281, 3
Dec 13
Dec 12
4
3
234 841, 7
199 614, 7
479 466,0
368 571,0
1 190 907, 9
1 004 420 9,
300 812 3
239 537 2
65 035, 4
53 379, 5
Dec 13
Dec 12
5
5
Sanlam
206 951,0
157 174,0
555 450,0
437 962,0
124 658, 8
99 078,0
38 884,0
33 269,0
2 592,0
4 556,0
Dec 13
Dec 12
6
6
SABMiller Plc
194 525, 3
156 486, 2
263 337,0
201 334,0
879 557, 5
810 376, 8
282 087, 3
222 638, 6
32 330, 1
25 033, 5
Mar 13
Mar 12
7
4
Sasol
181 269,0
169 446,0
244 608,0
202 675,0
383 206, 7
263 260, 7
180 691,0
153 548,0
31 715,0
25 354,0
Jun 13
Jun 12
8
7
153 404, 5
133 533, 6
56 519,0
47 293,0
91 306, 1
79 429, 8
25 457,0
20 826, 6
4 575, 5
3 909,0
Jun 13
Jun 12
9
8
MTN Group
135 112,0
121 884,0
145 456,0
145 169,0
403 555, 7
304 145,0
86 989,0
86 709,0
24 911,0
22 814,0
Dec 12
Dec 11
10
13
115 486,0
80 434,0
103 211,0
82 559,0
108 364, 8
45 922, 2
64 266,0
47 828,0
7 036,0
5 657,0
Jun 13
Jun 12
11
10
111 444, 2
87 861, 4
155 194,0
107 605,0
527 115, 6
378 345, 6
110 841, 5
81 837, 4
24 396, 9
17 063,0
Mar 13
Mar 12
12
9
109 117,0
95 610,0
1 528 019,0
1 477 950,0
224 600, 6
190 230, 8
108 829,0
96 821,0
14 279,0
15 039,0
Dec 12
Dec 11
13
11
Shoprite Holdings
92 747, 3
82 730, 6
31 850,0
29 516,0
90 836, 3
104 301, 9
13 805, 3
11 111, 4
3 818, 7
3 077, 4
Jun 13
Jun 12
14
12
Imperial Holdings
92 382,0
80 830,0
45 417,0
40 585,0
39 576, 7
44 161, 8
16 420,0
14 317,0
3 736,0
3 084,0
Jun 13
Jun 12
15
15
Vodacom Group
69 917,0
66 929,0
49 972,0
42 622,0
193 419, 1
163 526, 1
15 142,0
12 538,0
13 892,0
11 963,0
Mar 13
Mar 12
16
14
68 587,0
66 961,0
804 953,0
784 048,0
126 314, 9
111 322, 6
65 466,0
60 424,0
8 833,0
9 285,0
Dec 12
Dec 11
17
16
FirstRand
67 031,0
62 287,0
870 986,0
770 228,0
203 529, 7
181 541, 7
71 254,0
63 570,0
14 307,0
11 957,0
Jun 13
Jun 12
18
19
Barloworld
65 102,0
58 554,0
36 774,0
32 428,0
25 484, 1
22 140, 2
14 673,0
12 364,0
2 099,0
1 912,0
Sep 13
Sep 12
19
23
Massmart Holdings
64 887, 8
52 950, 1
19 659,0
14 628,0
29 852, 6
41 267,0
3 783, 6
3 436, 5
1 669, 5
1 502, 4
Dec 12
Jun 11
Source: INET BFA
26
27
NO. 39 TELKOM An
overhaul of its product offering
and an eye on acquisitions and
partnerships are on the cards
as the company looks at
repositioning itself
SA GIANTS
Ranked by
turnover
28
Company
Turnover
Rm
Total assets
Rm
SA GIANTS
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
Ranked by
turnover
Company
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
20
20
Mondi
62 822, 7
57 889, 3
66 007,0
56 501,0
21 877, 3
14 730,0
31 487, 7
29 371, 3
3 115, 7
2 340, 5
Dec 12
Dec 11
39
36
Telkom SA Soc
32 501,0
33 237,0
38 990,0
48 934,0
17 524, 4
7 811, 8
17 827,0
30 401,0
522,0
2 434,0
Mar 13
Mar 12
21
21
Mondi Plc
62 822, 7
57 889, 3
66 007,0
56 501,0
67 851, 4
45 721, 5
31 487, 7
29 371, 3
3 115, 7
2 340, 5
Dec 12
Dec 11
40
37
ArcelorMittal SA
32 291,0
31 453,0
30 740,0
32 620,0
14 937, 2
12 677, 2
24 361,0
25 334,0
-766,0
30,0
Dec 12
Dec 11
22
17
59 271, 3
58 984, 2
11 898,0
10 905,0
24 788, 5
20 450, 5
1 910, 3
1 772, 3
652, 7
733, 7
Feb 13
Feb 12
41
42
Liberty Holdings
30 720,0
27 302,0
291 745,0
252 112,0
35 589, 3
34344 3
17 574,0
15 625,0
3 475,0
2 111,0
Dec 12
Dec 11
23
18
59 271, 3
58 984, 2
11 899,0
10 905,0
1 1847, 3
9 759, 4
905, 5
867, 8
396, 6
218, 8
Feb 13
Feb 12
42
40
30 032,0
27 593,0
80 156,0
71 433,0
75 865, 7
85 728, 3
107 583,0
99 277,0
5 660,0
4 489,0
Jun 13
Jun 12
24
22
Nedbank Group
57 268,0
54 215,0
675 559,0
640 766,0
115 094,0
97 190,0
53 580,0
49 315,0
7 474,0
6 359,0
Dec 12
Dec 11
43
46
Tiger Brands
28 091 3
22 677,0
22 539,0
15 865,0
52 152, 6
56 300, 7
15 166 3
12 744 8
2563 2
2 705,0
Sep 13
Sep 12
25
25
AngloGold Ashanti
55 665, 4
50 023,0
168 133,0
136 219,0
73 716, 1
82 512, 7
61 419, 5
54 638,0
8 105,0
8 764,0
Dec 12
Dec 11
44
44
Netcare
27 801,0
25 731,0
20 042,0
36 323,0
34 458, 3
29 096, 7
7 767,0
1 636,0
2 024,0
3 868,0
Sep 13
Sep 12
26
24
Sappi
53 899, 7
51 815, 3
56 294,0
49 799,0
20 033, 5
15 550, 3
13 262, 3
14 045, 6
1 064 3
449,0
Sep 13
Sep 12
45
38
JDGroup
27 401,0
28 656,0
19 200,0
16 268,0
6 215, 1
7 983, 3
9 096,0
8 762,0
862,0
1 122,0
Jun 13
Jun 12
27
28
52 822,0
43 148,0
89 027,0
87 800,0
127 734, 8
103 061, 6
80 113,0
76 598,0
4 317,0
-4 114,0
Dec 13
Dec 12
46
35
Grindrod
27 156 6
35 690 4
21 248,0
19 659,0
15 319, 5
11 993, 3
10 044,0
9 203, 5
596 1
705,0
Dec 12
Dec 11
28
30
Aveng
51 704,0
40 885, 5
27 457,0
25 027,0
8 833, 7
12 580, 1
12 265,0
11 977, 3
85,0
41 7
Jun 13
Jun 12
47
45
25 049,0
23 563,0
11 244,0
10 396,0
8 427, 8
7 250, 5
4 577,0
4 671,0
1 368,0
1 284,0
Feb 13
Feb 12
29
32
Naspers
50 249,0
39 487,0
76 350,0
58 397,0
483 049, 8
238 042, 2
52 813,0
46 955,0
9 923,0
6 517,0
Mar 13
Mar 12
48
47
Mediclinic International
24 562,0
21 986,0
49 207,0
43 629,0
61 881, 2
53 090 7
22 862,0
14 848,0
1 780,0
1 303,0
Mar 13
Mar 12
30
31
48 950, 9
40 496, 2
1 931 835,0
1 975 395,0
173 402, 5
137 658, 5
96 289, 6
98 238, 6
12 628, 7
8 982, 8
Dec 12
Dec 11
49
52
23 773 5
17893 4
11 426,0
10 474,0
9 094, 8
10 181 2
4 105, 2
3 614, 6
606 9
524 2
Jun 13
Jun 12
31
27
47 387, 3
43 166,0
9 370,0
9 493,0
21 050, 2
19 641, 4
2 624, 3
2 356, 7
1 195, 2
1 078 8
Sep 13
Sep 12
50
49
Santam
20 631,0
19 386,0
21 341,0
18 625,0
23 190 2
22 936,0
5 764,0
5 226,0
1 239,0
1 279,0
Dec 13
Dec 12
32
29
Gold Fields
45 469, 3
41 876, 8
143 996,0
141 575,0
31 229, 1
52 008, 5
63 910, 7
57 276 5
6 610, 6
7 365, 9
Dec 12
Dec 11
51
51
20 551 1
18 609 8
11 093,0
9 863,0
19 313 9
16 521 3
7 028, 6
6 680, 7
697 1
690 1
Sep 13
Sep 12
33
26
45 446,0
48 553,0
35 618,0
33 723,0
121 748, 5
158 456, 6
16 302,0
13 330,0
13 618,0
18 987,0
Dec 12
Dec 11
52
54
19 844,0
17 530,0
37 593,0
35 096,0
45 185 3
40 811 4
35 557,0
33 614,0
3 155,0
3 707,0
Jun 13
Jun 12
34
33
Datatec
42 773, 5
36 377, 6
18 794,0
14 247,0
9 621, 8
9 847, 6
7 669, 9
6 028, 8
775, 9
761, 8
Feb 13
Feb 12
53
53
Nampak
19 361 8
17 639 1
18 826,0
14 466,0
25 188 1
22 389 2
6 909 3
6 327 3
1 111, 1
1 274, 7
Sep 13
Sep 12
35
34
39 310, 8
35 789,0
23 124,0
21 366,0
10 936, 1
10 446, 9
6 537, 1
5 744, 8
-158, 3
-1 230, 7
Jun 13
Jun 12
54
56
19 308,0
15 541 4
20 035,0
14 232,0
128 363,0
87 018 9
22 310 3
16 977 9
3 952, 6
3 373, 1
Jun 13
Jun 12
36
41
Oando Plc
36 587, 9
27 396, 7
25 812,0
19 102,0
9 908, 1
1 933,0
13 257, 4
9 391, 7
656, 9
-72, 2
Dec 12
Dec 11
55
50
18984 2
18722 1
4 992,0
4 410,0
5 868, 2
5 321, 9
3 083, 4
2 778, 3
485, 8
451, 8
May 13
May 12
37
39
Woolworths Holdings
35 227,0
28 604,0
9 025,0
8 182,0
62 152 3
59 417 4
4 012,0
3 265,0
2 703,0
1 973,0
Jun 13
Jun 12
56
58
Discovery
17 893,0
14 691,0
50 844,0
37 146,0
49 936, 3
46 308, 1
15 959,0
13 381,0
2 899,0
2 804,0
Jun 13
Jun 12
38
43
MMI Holdings
32 670,0
26 692,0
332 267,0
290 430,0
38 617, 2
36 466, 5
26 843,0
25 240,0
3 011,0
3 029,0
Jun 13
Jun 12
57
57
Clicks Group
17 543, 3
15 436, 9
4 936,0
4 308,0
16 134, 3
15 560, 1
1 031, 1
1 057, 6
729, 8
708, 2
Aug 13
Aug 12
29
SA GIANTS
Ranked by
turnover
30
Company
Turnover
Rm
Total assets
Rm
SA GIANTS
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
Ranked by
turnover
Company
58
55
16 776,0
16 573,0
66 905,0
67 126,0
14 247, 7
25 728, 1
36 948,0
38 382,0
321,0
2 433,0
Jun 13
Jun 12
77
74
Afgri
59
60
Remgro
16 446,0
13 532,0
97 725,0
72 544,0
98 597, 9
88 114, 6
90 889,0
68 109,0
4 592,0
5 040,0
Jun 13
Jun 12
78
78
60
48
Exxaro Resources
16 122,0
21 305,0
62 114,0
54 157,0
50 136, 2
58 435, 1
54 349,0
47 778,0
6 022,0
8 325,0
Dec 12
Dec 11
61
59
Distell Group
158 58 2
14 176,0
12 658,0
9 544,0
28 441, 1
22 535, 6
7 291, 7
6 038, 6
1075 3
834 1
62
68
15 386,0
11 018,0
13 724,0
13 061,0
8 704, 4
7 742, 4
6 763,0
6 071,0
63
63
AECI
14 516,0
12 920,0
11 294,0
10 895,0
16 286, 6
13 085, 7
64
64
Tongaat Hulett
14 373,0
12 081,0
20 923,0
17 458,0
65
61
Lonmin Plc
13 827, 4
13 200,0
66
69
Omnia Holdings
67
62
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
10 220,0
9 226,0
6 987,0
6 626,0
2 658, 6
2 008, 9
2 181,0
1 776,0
106,0
222,0
Jun 13
Jun 12
9 910,0
9 031,0
10 882,0
10 858,0
29 947, 6
29 273, 5
9 015,0
8 684,0
1 567,0
1 351,0
Mar 13
Mar 12
79
79
Truworths International
9 765,0
8 830,0
6 989,0
6 675,0
32 535, 3
41 738, 7
5 470,0
5 208,0
2 341,0
2 202,0
Jun 13
Jun 12
Jun 13
Jun 12
80
77
9 741,0
9 092,0
7 119,0
7 202,0
5 486, 3
5 075, 4
6 946,0
6 421,0
810,0
1 072,0
Dec 12
Dec 11
792,0
605,0
Jun 13
Jun 12
81
83
9329 7
7990 7
4 904,0
4 772,0
1 720, 9
1 705, 9
2072 8
2145 2
156 9
262 5
Feb 13
Feb 12
5 301,0
4 565,0
746,0
649,0
Dec 12
Dec 11
82
80
AVI
9251 9
8433 3
5 360,0
4 711,0
19 499, 4
18 473, 7
3344 7
2742 3
1093 4
1020 9
Jun 13
Jun 12
125 01 1
15 585, 5
10 128,0
8 193,0
1 262,0
1 179,0
Mar 13
Mar 12
83
73
Eqstra Holdings
9 154,0
9 263,0
13 163,0
12 496,0
2 920, 7
2 788, 7
3 834,0
3 633,0
443,0
431,0
Jun 13
Jun 12
45 975,0
38 006,0
28 541, 4
23 413, 1
71 998, 1
52 168, 1
245 6
-5 495 9
Sep 13
Sep 12
84
81
8971 8
8293 7
2 613,0
2 343,0
1 170, 9
1 360, 3
698 7
582 6
207 3
136 1
Feb 13
Feb 12
13 543,0
10 945,0
8 535,0
6 991,0
14 193, 1
10 625, 5
5 064,0
4 158,0
944,0
827,0
Mar 13
Mar 12
85
91
Adcorp Holdings
8616 8
6423 2
2 378,0
1 502,0
3 152, 9
2 800, 3
1821 5
1397 5
225 5
173 4
Feb 13
Feb 12
Assore
13 500, 9
12 947, 8
20 222,0
17 434,0
56 959, 7
43 355,0
26 365, 8
22 531, 9
3 272, 1
3 493, 8
Jun 13
Jun 12
86
95
8580 8
6003 9
37 939,0
23 317,0
22 425, 5
24 511, 1
7519 5
4394 3
1568 8
920 5
Feb 13
Feb 12
68
65
Mr Price Group
13 266,0
11 766, 8
4 658,0
4 116,0
39 538, 9
29 386,0
2 486,0
2121 3
1 527,0
1 191, 7
Mar 13
Mar 12
87
82
Astral Foods
8 524,0
8160 1
3 790,0
3 403,0
3 626, 9
3 970, 8
2046 9
1864 8
185 5
318 5
Sep 13
Sep 12
69
66
12 896, 4
11 630, 5
14 961,0
12 492,0
23 787, 8
25 774, 6
6 237,0
5 501, 6
1715 5
1530 4
Mar 13
Mar 12
88
86
8 442,0
7 384,0
34 151,0
26 802,0
42 787, 8
34 601, 7
23 341,0
16 456,0
2 079,0
2 092,0
Jun 13
Jun 12
70
70
11 843,0
10 937,0
8 792,0
7 946,0
40 135, 5
36 060, 5
5 072,0
4 539,0
1 845,0
1 547,0
Sep 13
Sep 12
89
87
PPC
8 316,0
7 346,0
8 575,0
6 837,0
17 701, 3
19 402, 4
2 040,0
1 591,0
1 235,0
1 110,0
Sep 13
Sep 12
71
71
Super Group
11 718,0
10204 8
8 262,0
6 079,0
9 065, 9
7 662, 6
3472 2
2 855,0
629 1
517 3
Jun 13
Jun 12
90
85
8214 1
7661 6
21 423,0
16 127,0
17 920, 5
14 510, 1
15 316, 3
11 662, 1
1 297, 3
1 244, 7
Mar 13
Mar 12
72
76
Group Five
11 199, 1
9 093, 1
8 745,0
7 533,0
4 945, 8
3 988, 1
2 069 5
1 755,0
253 4
90 1
Jun 13
Jun 12
91
89
8205 6
6908 3
142 655,0
104 702,0
48 448, 8
44 363, 9
57 243, 7
37 914, 2
3 898, 1
1 417, 9
Dec 13
Dec 12
73
75
Illovo Sugar
11 128, 9
9 173, 2
12 226,0
11 130,0
12 902,0
14 642, 2
6 564, 4
6 192 1
1 147 1
713,0
Mar 13
Mar 12
92
88
Clover Industries
7996 5
7223 9
3 975,0
3 499,0
3 525, 5
3 044, 9
2 202, 8
1 986, 2
251, 3
310, 6
Jun 13
Jun 12
74
67
Reunert
11 100, 2
11 454, 6
6 490,0
5 750,0
12 077, 7
15 412,0
4 512,0
4 088, 6
946, 5
1116 4
Sep 13
Sep 12
93
98
Invicta Holdings
7557 9
5599 5
11 251,0
7 856,0
8 711, 1
7 636,0
1 672, 8
1 744, 4
418, 3
485, 5
Mar 13
Mar 12
75
72
Sun International
10 267,0
9 754,0
12 316,0
11 037,0
10 775,0
11 462, 2
2 357,0
1 627,0
705,0
556,0
Jun 13
Jun 12
94
94
6834 1
6230 5
4 451,0
3 983,0
1 178, 7
1 567, 2
1 435, 2
1 799, 2
-96, 6
148, 6
Dec 12
Dec 11
76
84
RCL Foods
10 230, 9
7 855, 1
11 309,0
4 877,0
13 827,0
10 202, 4
8 149, 8
3 244, 6
52, 5
261, 6
Jun 13
Jun 12
95
93
Mpact
6820 8
6 281,0
4 771,0
4 525,0
4 444, 4
3 826,0
2 626, 4
2 248, 6
438, 2
131, 2
Dec 12
Dec 11
31
SA GIANTS
Ranked by
turnover
32
Company
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
96
96
Pinnacle Holdings
6 596, 2
5 844, 6
2 929,0
2 109,0
2 432, 5
3 741, 4
1 003, 2
732, 6
320, 9
274, 6
Jun 13
Jun 12
97
92
Cashbuild
6 376, 9
6 310, 1
2 015,0
1 873,0
3 425, 8
3 153, 8
1 051, 6
902, 6
270, 3
289, 3
Jun 13
Jun 12
98
97
6 173, 3
5 829, 6
2 847,0
2 621,0
2 348, 8
2 352, 9
2 157, 2
2 013, 2
268, 8
201, 3
Aug 13
Aug 12
99
NA
6 013,0
NA
2 606,0
NA
2 732, 2
2 096, 8
1 046,0
NA
194,0
NA
Jun 13
Jun 12
100
100
Growthpoint Prop
5 782,0
5 290,0
62 800,0
54 339,0
51 754, 8
49 146 1
1 462,0
1 708,0
-4 196,0
-1 858,0
Jun 13
Jun 12
101
103
Bell Equipment
5 670, 2
5 070, 8
3 278,0
3 670,0
1 806, 8
2 079,0
1 896,0
1630 8
278,0
306, 4
Dec 12
Dec 11
102
104
Raubex Group
5 635, 5
5 032, 6
4 074,0
3 607,0
4 125 1
3 598, 5
3 089, 3
2870, 8
352, 4
350, 5
Feb 13
Feb 12
103
102
African Oxygen
5 558,0
5 246,0
5 236,0
5 194,0
6 788, 5
7 820, 5
3 261,0
3 274,0
374,0
358,0
Dec 12
Dec 11
104
109
5 445, 6
4 599, 2
5 368,0
4 566,0
10 363,0
10 610, 7
3 760, 5
3 325, 8
642 3
748 9
Sep 13
Sep 12
105
112
Comair
5 386, 6
4 162, 9
3 560,0
2 150,0
1 783, 1
1 051, 7
1 108, 5
913, 5
296,0
11 7
Jun 13
Jun 12
106
101
Metair Investments
5 227, 4
5 273, 4
6 173,0
3 308,0
8 516, 6
5 704, 7
3 919, 3
1 891, 1
421 2
471 4
Dec 13
Dec 12
107
105
5 156, 9
4 819, 1
6 675,0
6 069,0
6 674, 7
8 174, 7
5 580, 2
5 086, 9
514 1
458, 6
Jun 13
Jun 12
108
118
EOH Holdings
5 071, 5
3 636, 1
2 294,0
1 582,0
9 355 3
5 267 3
1 302, 5
907, 6
384, 5
253, 6
Jul 13
Jul 12
109
108
Oceana Group
4 997, 4
4 648,0
2 747,0
2 456,0
10 823, 1
9 312, 3
1 515, 1
1 346, 6
448, 5
475, 4
Sep 13
Sep 12
110
113
Mustek
4 737 3
4 143,0
2 156,0
2 027,0
699 4
665 8
787, 7
716, 3
129, 9
174, 3
Jun 13
Jun 12
111
116
4 655, 4
3 846, 3
26 361,0
25 424,0
23 827, 9
NA
32 387, 6
33 657, 3
-196 8
546 8
Dec 12
Dec 11
112
111
4 588, 3
4 228, 3
2 749,0
2 364,0
2 321, 7
2 173,0
1 388, 8
1 238, 1
137,0
82,0
Jun 13
Jun 12
113
107
Trencor
4 553,0
4 649,0
30 605,0
19 914,0
11 527, 1
12 748, 9
5 709,0
4 775,0
676,0
873,0
Dec 12
Dec 11
114
110
Iliad Africa
4 493, 1
4 229, 5
1 591,0
1 678,0
988, 3
691, 1
718, 4
715, 5
66,0
51 9
Dec 12
Dec 11
CM
MY
CY
CMY
13/06/2014
17:39
SA GIANTS
Ranked by
turnover
34
Company
Turnover
Rm
Total assets
Rm
SA GIANTS
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
Ranked by
turnover
Company
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
115
117
Northam Platinum
4 421,0
3 684,0
14 348,0
12 230,0
15 478,0
15 188 7
23 202, 4
21 217, 8
461 4
358 3
Jun 13
Jun 12
134
135
Famous Brands
2 499 5
2145 1
695,0
516,0
9850 8
8403 4
891 8
759 5
329 1
268 6
Feb 13
Feb 12
116
99
4 346,0
5 587,0
3 588,0
4 291,0
879 5
1 983,0
1 659,0
2 453,0
-922,0
-52,0
Dec 12
Dec 11
135
146
Esor
2 326,0
1 771 7
1 824,0
1 388,0
158 1
505 8
1 179 4
1 053 7
86 2
35 1
Feb 13
Feb 12
117
114
Lewis Group
4 105,0
3949 1
7 249,0
6 114,0
5 687, 4
6 337, 5
4 716, 3
4 126, 4
897 9
785 4
Mar 13
Mar 12
136
138
Hyprop Investments
2 199,0
2 025 4
22 969,0
21 523,0
18 669 9
17 783 7
10 844 4
9 344 9
633 7
638 2
Jun 13
Dec 12
118
106
4 034,0
4 792,0
64 815,0
56 738,0
16 136, 8
24 541, 9
7 820,0
12 872,0
5,0
2 602,0
Sep 13
Sep 12
137
141
2 169 4
1 946 2
20 690,0
18 381,0
16841 2
17 917 9
15 050 7
13 242 4
1 846 5
1 056 1
Dec 12
Dec 11
119
125
3 989,0
2 825, 3
10 073,0
5 508,0
6 079, 4
3 855,0
3 466, 9
2 918, 5
235, 3
374, 7
Jun 13
Jun 12
138
142
Italtile
2 141,0
1 845,0
2 628,0
2 603,0
7 853 3
5 972 7
2 167,0
1 864,0
425,0
379,0
Jun 13
Jun 12
120
120
Hudaco Industries
3 942, 2
3 492, 4
2 154,0
4 064,0
3 570, 4
3 224, 1
1 707, 5
1 561, 2
315, 6
358, 6
Nov 13
Nov 12
139
132
Sentula Mining
2 085,0
2 512 4
2 659,0
3 401,0
123 2
967 8
2 358 3
3 229,0
-192 2
132 6
Mar 13
Mar 12
121
121
Redefine Properties
3 771,0
3 289, 2
42 999,0
42 096,0
29 327, 8
27 653, 3
20 422, 8
17 331,0
631, 6
1 953, 1
Aug 13
Aug 12
140
123
DRDGold
2 076 5
3 004 3
4 419,0
4 088,0
1 526 1
2 759 3
1 995 6
2 017 2
265 1
386 2
Jun 13
Jun 12
122
115
3 766 5
3 890,0
5 001,0
4 843,0
3 227, 6
3 020, 5
2 003, 5
2 022, 2
-13, 7
181, 2
Dec 12
Dec 11
141
157
2 037 4
1 553 5
2 295,0
1 496,0
3 324 8
2 258 9
1 619 9
1 200,0
108 2
123 2
Aug 13
Aug 12
123
139
3 635,0
1 975 3
71 734,0
54 574,0
34 630, 1
16 790, 4
1 085,0
1 149, 6
1 405,0
705, 2
Sep 13
Sep 12
142
127
Metmar
2024 5
2 644 5
1 468,0
1 661,0
387 6
489 2
652 7
680 9
-77 3
27 8
Feb 13
Feb 12
124
119
Aquarius Platinum
3 259,0
3 526, 5
6 971,0
9 103,0
3 049, 9
3 314, 7
4 212, 1
9 331, 7
-2 566, 4
-1 484, 8
Jun 13
Jun 12
143
354
PSG Group
2 001 8
0,0
27 426,0
23 609,0
19 264 3
13 067 5
9 332 2
8 569,0
1 338 4
764 4
Feb 13
Feb 12
125
124
3 251, 1
2 865, 3
18 517,0
17 801,0
11 573, 6
8 939, 6
30 995, 3
29 852, 5
433,, 3
235, 7
Dec 13
Dec 12
144
154
Ellies Holdings
1 996 1
1 711 3
1 455,0
1 112,0
1 299,0
2 868 1
949 6
725 1
211 7
165,0
Apr 13
Apr 12
126
122
3 236, 6
3 094, 5
1 831,0
1 537,0
556, 7
797, 6
676, 2
601 2
17, 1
48 7
Jun 13
Jun 12
145
152
ELB Group
1 984 6
1 725 5
1 601,0
1 346,0
1 422 1
1 151 2
593 8
437 6
120 4
88,0
Jun 13
Jun 12
127
131
3 020, 5
2 519, 5
3 713,0
5 654,0
447, 5
1 129, 7
1 234, 7
2 438, 8
228, 4
381, 2
Jun 13
Jun 12
146
144
Value Group
1 945 4
1 798,0
1 367,0
1 338,0
1 032 8
1 152,0
779 1
690 3
134 8
136 5
Feb 13
Feb 12
128
136
BSI Steel
2 804, 9
2 130, 1
1 514,0
1 298,0
402, 8
424, 7
532, 5
484,0
18, 3
49, 1
Mar 13
Mar 12
147
156
ARB Holdings
1 944 5
1 565 3
1 049,0
899,0
1 339 5
1 269,0
620 7
584 4
97 4
81 7
Jun 13
Jun 12
129
147
Lonrho Plc
2713, 7
1 767, 5
4 032,0
3 640,0
1 015, 3
NA
2 094, 7
1 724, 7
141, 9
-84, 3
Dec 12
Dec 11
148
137
Nu-World Holdings
1 943,0
2 123 4
822,0
879,0
396 3
452 9
654 9
632 6
83,0
31 1
Aug 13
Aug 12
130
128
Santova
2 640,0
2 605, 9
444,0
356,0
232,0
141, 9
138,0
117, 4
21, 7
22, 1
Feb 13
Feb 12
149
151
Datacentrix Holdings
1 915 2
1 755 1
805,0
710,0
841 6
718 4
441 6
409,0
82 4
94 6
Feb 13
Feb 12
131
126
Astrapak
2 635, 9
2 705, 6
2 243,0
2 021,0
966, 2
979, 7
1 213 5
954 2
264, 6
45, 5
Feb 13
Feb 12
150
140
Kelly Group
1 909 6
1 974 3
412,0
401,0
215,0
181,0
204 2
181 8
92
-7 1
Sep 13
Sep 12
132
133
Merafe Resources
2 542,0
2 426 8
4 301,0
3 922,0
2 668, 8
1 820, 1
6 025, 3
5 487, 8
74,0
199, 2
Dec 12
Dec 11
151
153
1 908 2
1 720 5
1 306,0
1 177,0
325 2
247 4
705 1
574 2
23 5
24 1
Sep 13
Sep 12
133
129
2 513, 5
2 556, 7
2 469,0
2 385,0
1 215, 5
771,0
1 426, 9
1 388, 1
19,0
-59,0
Mar 13
Mar 12
152
145
Argent Industrial
1 850 4
1 797 2
1 760,0
1 691,0
482 5
564 5
1411 4
1357 4
95 6
85 6
Mar 13
Mar 12
35
SA GIANTS
Ranked by
turnover
36
Company
Turnover
Rm
Total assets
Rm
SA GIANTS
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
Ranked by
turnover
Company
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
Financial
year-end
153
130
Gijima Group
1 848, 4
2 530, 1
682,0
804,0
132 9
145, 3
36, 7
125,0
-291, 9
-51, 4
Jun 13
Jun 12
172
173
1 255 5
1 156 1
275,0
395,0
73 2
117 1
38,0
79 6
-90 2
-134 6
Feb 13
Feb 12
154
158
1 843, 6
1 515, 4
39 701,0
26 570,0
46 990,0
28 618, 9
31 559, 7
20 288, 7
581, 7
301,0
Dec 13
Dec 12
173
171
1 251 3
1 191 3
18 061,0
15 872,0
16 673 4
15 780 2
11 249 1
9 072 4
1 533 7
908 7
Jun 13
Dec 12
155
150
1 795,0
1 759, 8
5 558,0
4 430,0
631, 5
608, 1
3 307, 4
2 281, 6
1 118, 1
576, 9
Dec 12
Dec 11
174
204
1 227 9
680 6
11 956,0
10 079,0
386 7
386 7
3 325 8
3499 2
172 7
-161 1
Dec 11
Dec 10
156
160
1 770, 3
1 448, 3
818,0
661,0
2 053, 9
1 292, 7
764, 9
655, 2
138, 5
166, 3
Jun 13
Jun 12
175
170
Clientele
1224 5
1 194 9
2 909,0
2 905,0
4 935 2
3 890,0
291 8
230 6
300 8
288 6
Jun 13
Jun 12
157
172
1 715, 8
1 189, 1
5 076,0
2 197,0
4 536, 3
4 061, 6
2 899, 4
1 486 7
450, 3
334,0
Jun 13
Jun 12
176
175
1 188 3
1074 5
11 598,0
11 249,0
8743 6
10 417 9
8249 1
8 062 9
679 5
681 4
Aug 13
Sep 12
158
155
AdvTech
1 687, 2
1 605, 6
1 133,0
992,0
3 201, 7
2 949,0
711, 5
720, 2
156, 5
166, 7
Dec 12
Dec 11
177
166
Buildmax
1 186 4
1 272 1
1 197,0
1 076,0
487 7
409 7
695 2
655 9
64,0
19 4
Feb 13
Feb 12
159
159
Workforce Holdings
1 618, 8
1 461, 2
444,0
447,0
108,0
115, 2
191, 7
211, 5
3, 4
26, 5
Dec 13
Dec 12
178
186
1 171, 8
979 3
9 228,0
6 432,0
8 525 2
8 181 1
2 632 5
2 509,0
47
-15 6
Mar 13
Mar 12
160
162
JSE
1 577, 6
1 384, 9
21 074,0
16 952,0
8 278, 6
6 194, 4
1 759,0
1 848, 2
605, 6
468, 2
Dec 13
Dec 12
179
182
Mix Telematics
1 171, 5
1 018, 5
488,0
412,0
3 607 1
2 441 9
823,0
732 1
178,0
155,0
Mar 13
Mar 12
161
134
Sanyati Holdings
1 533, 1
2 191, 2
725,0
972,0
94, 7
94, 7
682, 8
757, 6
41, 4
76, 5
Feb 11
Feb 10
180
176
Conduit Capital
1 168 2
1 071, 9
961,0
844,0
364 1
461 5
310, 9
271, 9
36, 5
32, 2
Aug 13
Aug 12
162
161
Peregrine Holdings
1 523, 8
1 390, 8
18 037,0
12 977,0
3 995, 9
2 336, 7
1 446, 1
1 988, 7
441, 8
372, 2
Mar 13
Mar 12
181
185
1 146,0
983 7
757,0
657,0
196, 6
197, 6
205,0
326 2
-7, 9
19, 5
Jun 13
Jun 12
163
216
1 472,0
542 8
601,0
687,0
248,0
788 8
429, 9
578, 2
-14 3
24,0
Dec 12
Dec 11
182
174
1 132,0
1 112, 8
3 090,0
2 935,0
1 291, 8
1 328, 3
2827 9
2689 5
141, 9
222, 7
Jun 13
Jun 12
164
149
1 459,0
1 760, 2
883,0
1 104,0
1 147, 3
1 990, 2
1164, 5
436, 8
28 6
110,0
Dec 12
Dec 11
183
178
Transpaco
1123 2
1054 2
587,0
557,0
588 9
570 7
360 3
323 4
64, 5
70, 4
Jun 13
Jun 12
165
167
1 406 3
1 261,0
867,0
743,0
156, 4
244,0
698, 3
816, 8
56, 1
59, 2
Dec 12
Dec 11
184
148
Blackstar Group SE
1 073, 3
1 764,0
1 436,0
1 321,0
1 005, 6
985, 1
1 144, 5
1 067,0
284, 4
4, 4
Dec 12
Dec 11
166
169
Holdsport
1 374, 5
1 243, 5
503,0
445,0
1 768, 7
1 960, 7
806, 6
737, 5
174, 4
161, 2
Feb 13
Feb 12
185
191
Onelogix Group
1 050 5
895 3
705,0
571,0
727 5
706 4
360 9
290 2
65, 1
55, 8
May 13
May 12
167
184
Afrimat
1 332, 3
989, 2
1 053,0
890,0
2 034, 3
1 217, 7
825, 1
728, 6
111, 1
92,0
Feb 13
Feb 12
186
183
Winhold
1 043 3
1 001 7
532,0
623,0
82,0
108, 5
244, 1
235, 4
5, 6
-8, 9
Sep 13
Sep 12
168
177
Wilderness Holdings
1 300, 2
1 059, 3
793,0
712,0
808, 5
577, 5
365, 5
339, 4
47, 1
9, 2
Feb 13
Feb 12
187
187
1 027, 2
965, 8
819,0
769,0
130, 5
199, 4
381, 9
369, 6
8, 5
-20 1
Feb 13
Feb 12
169
164
1time Holdings
1 285, 4
1 308, 2
606,0
623,0
8, 4
8, 4
155, 1
185, 5
-101, 3
87, 4
Dec 11
Dec 10
188
181
ConvergeNet Holdings
1 017, 4
1 029, 4
539,0
525,0
119, 1
202, 7
467, 2
508, 5
-19, 3
27, 2
Aug 12
Aug 11
170
168
1 268,0
1 258 7
1 031,0
1 116,0
434, 5
386, 9
739,0
813,0
88, 1
60, 7
Feb 13
Feb 12
189
188
1 007, 6
941, 6
10 114,0
9 362,0
6 903, 8
7 260, 6
6 608, 9
5 989, 2
769, 2
421, 0
Jun 13
Jun 12
171
143
Coal of Africa
1 256, 7
1 804, 3
3 689,0
4 347,0
807, 2
2 170, 1
5 909, 1
6 370, 5
-1 057, 7
-651, 7
Jun 13
Jun 12
190
192
975, 9
875, 8
1 452,0
1 350,0
5 048, 2
4 955, 1
516, 5
382,0
206, 3
136, 4
Jun 13
Jun 12
37
SA GIANTS
Ranked by
turnover
Company
Turnover
Rm
Total assets
Rm
Market cap
Rm
Equity funds
Rm
Net profit
Rm
191
180
964, 2
1 041, 1
6 836,0
6 962,0
2 799, 2
443, 9
5 230, 0
5 304, 8
-816, 4
-800, 4
Dec 12
Dec 11
192
193
956, 2
868, 6
457,0
360,0
193, 6
129,0
174, 4
185, 7
62, 9
31, 5
May 13
May 12
193
225
918, 8
474, 4
1 377,0
1 099,0
565, 3
364, 2
1 710, 8
1 530, 7
-68, 4
26,0
Mar 13
Mar 12
194
189
875, 8
933, 9
576,0
536,0
1 418, 7
805, 7
379, 5
364, 1
77, 4
63, 7
Jul 13
Jul 12
195
197
Digicore Holdings
862, 6
796,0
649,0
603,0
549, 8
594, 4
652, 3
601, 3
19,0
25, 5
Jun 13
Jun 12
196
190
853, 7
902, 1
9 442,0
8 744,0
7 920, 4
8 808, 4
7 280, 2
7 120, 1
636, 1
561, 9
Dec 13
Dec 12
197
194
839, 5
844, 7
273,0
264,0
156,0
156,0
110, 7
81, 3
5, 4
19,0
Feb 13
Feb 12
198
202
Petmin
833, 5
691, 1
2 140,0
2 036,0
1 401, 9
1 240, 4
2 206, 4
2 107, 6
465, 3
141, 6
Jun 13
Jun 12
199
NA
818, 8
NA
16 926,0
NA
11 941, 1
NA
4 357, 2
NA
1 006,0
NA
Aug 13
Aug 12
200
210
Rolfes Holdings
801, 7
636, 2
484,0
372,0
477, 9
720, 1
268, 1
197, 7
40, 0
36, 5
Jun 13
Jun 12
WIN
March 21
- 26, 2014
WITH FM
READER
SURVEY
WWW.F
INANCIALMAIL
.CO.ZA
STEINHOF
F Bold move
on Conforma
AFRICAN
EQUITY FUND
starting to
we: US$5
pay off Page
S Competiti
MEDICAL FEES
on heats
43
State, docto
up as more
rs in row
funds head
over repor
north Page
t on costs
38
Page 25
SA: R25
Overcom
ing
the yuck
factor
MONEY
& INVEST
Pharmace ING
utical
profits unde
r
press
ure
Weak rand,
regulated
depress earning
prices
s. Page 40
FM FOX
ANC cand
idates
list
Does it mean
when a portfoliosomething
commit
chair doesnt
make the tee
cut?
Page 13
Letters 9
/ Editorials
https://www.surveymonkey.com/s/FinancialMail
Advanced
waste minetechnology makes
but will SA water drinkable,
get used
Page 29
to it?
38
Financial
year-end
6/ FM Fox
13-17/ Media
& Advert
ising 36 /
Money &
Investing
38-52
/ FM Life
53-59
CHEMICALS
SECTORS
Ranked by
net profit
1
2
3
4
5
40
CHEMICALS
SECTORS
A weaker rand a
major boost
41
Negotiating
a maze of
challenges
With steel consumption
expected to moderate,
steelmakers must learn
to survive in the tough
times
42
SECTORS
SECTORS
43
MINING
storm
44
Facing a
perfect
Cyril Ramaphosa
MINING
SECTORS
SECTORS
45
MINING
MINING
SECTORS
SECTORS
47
GOLD
The
glitter
keeps on
fading
48
GOLD
SECTORS
SECTORS
49
PLATINUM
How
things
have
changed
50
PLATINUM
SECTORS
SECTORS
51
CONSTRUCTION
There are
signs of
recovery
But the slow pace at
which big projects are
coming on line is a major
hindrance
52
CONSTRUCTION
TOP 10 CONSTRUCTION
Gordhan said a programme to
rehabilitate 35 dams has been
Ranked by
Name
Net profit Total assets Market cap Equity funds
completed and work is in
net profit
Rm
Rm
Sep 13
Rm
Rm
progress on the countrys five
large water transfer schemes.
Special economic zones have
1
PPC
1 235,0
8 575,0
17 701,3
2 040,0
been allocated R3,6bn to promote
2
Wilson Bayly Holmes-Ovcon
606,9
11 426,0
9 094,8
4 105,2
value-added exports. Govern3
Raubex Group
352,4
4 074,0
4 125,1
3 089,3
ment wants the zones, located
4
Group Five
253,4
8 745,0
4 945,8
2 069,5
principally in economically
5
Stefanutti Stocks Holdings
156,9
4 904,0
1 720,9
2 072,8
disadvantaged parts of the
6
Distribution & Warehousing 137,0
2 749,0
2 321,7
1 388,8
Network
country, to be a creator of jobs.
7
Afrimat
111,1
1 053,0
2 034,3
825,1
Economic indicators continue
8
Calgro M3 Holdings
98,0
762,0
875,7
340,3
to disappoint, while conditions
9
Esor
86,2
1 824,0
158,1
1 179,4
are slowly turning less favourable
10
Aveng
85,0
27 457,0
8 833,7
12 265,0
for both the building and the
Source: INET BFA
civils industry. Fewer commercial
projects are in the pipeline, while
came in at a respectable 6,12%.
higher interest rates are likely to dampen the
Group Five, fourth in the construction sector,
limited recovery in recent months in residential
only came in at 192 in the overall rankings, with
project approvals.
12,19% in IRR, but a poor -8,71 in EPS growth
The project postponement rate has started to
over a five-year period. Fifth-ranked Stefanutti
accelerate, affecting the building industry. Tender
Stockss IRR was 12,11% and its latest ROE came
activity has contracted in the civil industry while
in at 7,57%.
awards are also slow.
Raubex did well to bring in 8,67% in IRR, but a
But despite tough trading conditions, some
disappointing -2,50% in EPS growth over a
construction companies fared well in this years
five-year period to March and 11,41% in its latest
Financial Mail Top Companies survey.
ROE.
Market darling Calgro M3 came in at number
PPC, which came in at 239 in the overall
eight in the construction sector, and at number
rankings, gave investors a measly 3,62% in IRR, a
22 in the overall rankings, out of 322 companies
-8,75% in EPS growth, but an impressive 60,44%
ranked. Calgro put a smile on investors faces by
in its latest ROE.
giving them a 50,24% internal rate of return (IRR)
Also disappointing was SAs largest construcin the five years to March. It delivered 18,77%
tion group Aveng, which was ranked seventh in
growth on earnings per share (EPS) over a
the construction sector but a lowly 233 in the
five-year period. And its latest return on equity
overall rankings. Its IRR came in at a dis(ROE) came in at 28,8%.
appointing 2,50%, its growth in EPS was -0,69
The affordable-housing developer said in May
and, worse, its latest ROE was also -0,87%.
it had secured a pipeline of projects worth more
But the biggest loser of them all was Murray &
than R10bn in the year to February from R8bn
Roberts, which claimed the 26th spot in the
the previous year and created more than 5 000
construction sector rankings. Murray was ranked
direct new sustainable jobs. Calgros headline
272 in overall rankings. And the numbers dont
EPS grew almost 40% to R71,84 in the year to
lie. It managed to give investors -7,80% in IRR
February from R51,44 in the previous year.
over a five-year period to March, also -19,70% in
Revenue rose by 55% to R798,4m. Operating
EPS growth over a five-year period and -2,48%
profit more than doubled to R89,4m from
in the latest ROE.
R43,2m. A dividend was not declared, with
Though the balance sheets of most construcCalgros board opting to retain cash to fund
tion companies are slowly showing some imgrowth in the absence of readily available
provement, especially the ones operating offdevelopment finance.
shore, locally there are still challenges. These are
Wilson Bayly Holmes-Ovcon (WBHO) was the
in the form of slow project implementation and
second-rated construction company, with
issues such as bid-rigging investigations by the
Raubex Group taking the third spot followed by
competition commission, which are yet to be
Group Five and Stefanutti Stocks.
completed and have tainted the construction
But WHBO, though second in the construction
sector, potraying it as a corrupt industry. The
sector, only came in at 183 in the overall
sector will have to work hard to repair the
rankings, giving investors 13,24% in IRR in the
damage caused by the bid-rigging allegations.
five years to March. It delivered a -1,84 growth
on EPS over a five-year period, but its latest ROE
Thabang Mokoanele
FINANCIAL MAIL TOP COMPANIES 2014
SECTORS
SECTORS
53
Foreign
expansion
GENERAL INDUSTRIALS
Trevor Samson
GENERAL INDUSTRIALS
an answer
54
Arnold Goldstone
SECTORS
SECTORS
55
Efficiency of logistics
questionable
Strong supply chains
will make SA
more competitive regionally
and globally
56
TRANSPORT
TRANSPORT
Peter Mountford
SECTORS
SECTORS
57
SECTORS
Emerging
markets
drive
growth
In a concentrated beer
industry that has
undertaken major
acquisitions recently
58
All-round impressive
performance
FAMOUS BRANDS TURNED in another strong
performance in the year to end-February 2014.
This was its 13th consecutive year of record
turnover and profits, and the group managed to
surpass the 20% operating profit margin figure
for the first time ever.
In a year of superlatives, headline earnings
per share rose by 20%, the share price broke
through the R100/share mark and the market
capitalisation exceeded R10bn. The company is
debt-free and the outlet network now comprises
2 378 stores in SA, the UK, India, Dubai and 14
countries in the rest of Africa.
Tsogo Sun experienced mixed fortunes
during the year, with its gaming operations
treading water, while its hotels experienced
60
HOUSEHOLD GOODS
Keeping
the fire
burning
Innovation and acquisitions
keep players in the game
SECTORS
SECTORS
61
Offshore
prospects
look
healthy
64
Gallo Images
SECTORS
SECTORS
65
RETAIL
just gaining momentum. In his longerterm sights are 600 or more stores in Nigeria
alone. Angola also features high in his growth
objectives.
Success in Africa on the scale envisioned by
Basson has the potential to make Shoprite an
undisputed heavyweight champion of SA retail.
But it will not happen overnight.
It leaves the door open for other companies to
stake their claim to being the best of SAs retail
best. There are two standout contenders: Pick n
Pay and Massmart, both anything but winners in
recent years.
Making it to the second position this year is
Woolworths, which has excelled over the past
three years in driving the metrics that count:
sales and market share growth as well as
operating margins. Crowning Woolworths
achievements is a 59% return on equity, the
highest of any SA retailer.
The Woolworths success story is also one of
transforming a tired, decades-old business model
into one thats ahead of the curve in the
fast-evolving clothing and food retail sectors.
etail is a tough, highly competitive
Credit for kick-starting transformation goes to
game in SA, with many retailers having
Andrew Jennings, retail director between 2007
business models that are capable of
and 2010. But it is Ian Moir, Woolworths CE
holding their own against the worlds
since November 2010, who has taken the retailer
best. This makes for a close race in
to new heights of profitability and scale.
which the title of top retail company is
Fresh from restoring Woolworths oncehard-won.
troubled Australian venture Country Road to
The top retail company title goes to Shoprite,
good health, Moir homed in on slashing costs by
with a Heps growth record over two decades
improving efficiency, ramping
matching Mr Prices. But for
RETAILERS
up margins and growing
Shoprite the biggest factor
market share. A superbly
working against it is its own
Food & drug retailers index
125
General retailers index
executed strategy delivered
success, reflected in a 34%
120
All share index
results rapidly.
share of SAs formal food retail
115
In Woolworths three
market. In an SA food sector
110
financial years to June 2013 its
where competition is
105
headline EPS rocketed by
ratcheting up fast, defending
100
110% off sales, which grew
its market share is now
95
51% to R35bn. Since Moirs
arguably its biggest challenge.
90
appointment, Woolworths
It makes Shoprites strategy
85
share price has trebled.
in Africa all the more
80
Adding to Woolworths
important. Shoprite CE
73
achievement
is the execution
Whitey Basson puts it simply:
J FMAM J J A S ON D J FMAM
of transformation simulAfrica is our future growth
2013
2014
Source: INET BFA
Share prices based to 100
taneously across two different
driver.
retail sectors, clothing and
Shoprite has a big firstfood. In Woolworths clothing division radical
mover advantage in Africa, having taken its first
streamlining of the supply chain played the key
tentative steps outside SA 25 years ago. It has
role in driving its operating margin from 10,4% to
been a long learning curve now yielding
18,5% in the three financial years to June 2013. A
significant value.
big focus is also on offering customers what they
African operations spanning 162 supermarkets
want at the right price. We are very conscious
in 15 countries contributed 16% of sales and
about offering value across all pricing points,
12,3% of operating profit to the groups core
says Moir.
supermarket results in the six months to
Ambitiously, Moir looks to increase the R11bn
December.
annual sales clothing divisions operating margin
For Basson this represents a strategy that is
defending
the market
share
In a sector where
competition is ratcheting up
fast, Shoprite faces a major
challenge
66
RETAIL
Australia.
Moir is confident the transformation of
Woolworths in SA will be replicated at DJ. There
is a huge amount we can achieve without doing
any more than we did in SA, says Moir.
Strategies to boost DJs dismal 3,3% operating
margin will include upping highly profitable
private label brands from 3% to 20% of sales, he
says. On a target of adding A$130m to DJs
earnings through synergies in five years, Moir
says: We will do more in less time.
But acquisitions, especially on the scale of DJ,
come with no guarantees. Any slip and waiting
in the wings to grab that second position from
Woolworths are a host of rivals.
Not least is Mr Price, ranked top retailer and
third overall in the 2013 Top Companies report.
And for good reason. Mr Price comes with a
second-to-none long-term track record,
including delivering average HEPS growth of just
on 22% since its listing in 1990.
SECTORS
SECTORS
Priority is
Trevor Samson
Ian Moir
67
68
RETAIL
Business Day
RETAIL
SECTORS
SECTORS
Mark Blair
69
MEDIA
The effect of
restructure
to stay afloat
user patterns
1
2
3
4
5
70
TELECOMMUNICATIONS
Diversify,
Ranked by
net profit
changing
SECTORS
SECTORS
71
BANKS
diversification
Despite enduring the worst,
its mixed fortunes for the
local players
Business Day
Sizwe Nxasana
72
BANKS
ON
SECTORS
SECTORS
73
BANKS
SECTORS
Business Day
Mike Brown
surge ahead. Then again, the rest of Africa could
be more risky than the local market, though it
does offer potentially greater earnings growth on
historical trends.
The market has given Standard the benefit of
the doubt and has rerated the group considerably
from the deep trough it fell into after 2008.
Deutsche analysts described the 2013 results as
strong, with earnings from Africa growing 44%.
The fact that overall earnings growth of 14% was
still lower than that of FirstRand relates to greater
provisioning to address bad debt, as well as
losses still emanating from the Standard Plc
operations in London, despite being sold to
majority shareholder ICBC.
Standards balance sheet has been
considerably strengthened by the repatriation of
$3bn worth of assets from Standard Bank
London Plc. Clearly the bank has learnt from the
years before the 2008 crisis when provisioning
was at much lower levels. This leaves Standard in
a much better position now than in the past.
Though the market has reacted favourably to
the changed direction of the bank, which also
resulted in the appointment of Sim Tshabalala
and Ben Kruger as joint CEOs, it has not been
shooting out the market lights. One of the
TOP 6 BANKS
Ranked by
net profit
1
2
3
4
5
6
74
Name
Net profit
Rm
Total assets
Rm
14 279,0
8 833,0
14 307,0
7 474,0
1 568,8
4 969,0
1 528 019,0
804 953,0
870 986,0
675 559,0
37 939,0
55 398,0
Projected GDP
Growth Rates for 2015:
Nigeria
POPULATION
Nigeria
Ethiopia
Kenya
AFRICA
Ghana
2012 - 8.9%
Zambia
86 614 000
Egypt
2015 -
84 605 000
DRC
6.4%
7.1 %
5.9 %
8.0 %
South Africa
3.0 %
7.4 %
Projected
74 618 000
South Africa
20
52 982 000
$52.6
Billion
Foreign direct investment
in Africa in 2013
percentage of worlds reserves in Africa
covers
63
Latin America
Europe
52
Africa
52
17 African countries
1.1
Billion
Oil
Gold
Chromium
Platinum
people in Africa
North America
0
10
20
30
48
40
50
60
70
80
maintains
Equity and Indices data from
30 African Exchanges
20 African
exchanges
Business Day
76
LIFE ASSURANCE
innovation
Working harder to retain
business, with a sharper
focus on end clients rather
than products
Russell Roberts
BANKS
SECTORS
SECTORS
Thabo Dloti
77
SHORT-TERM INSURANCE
Edwyn ONeill
Jeremy Glyn
LIFE ASSURANCE
LIFE ASSURANCE
SECTORS
SECTORS
78
79
FINANCIAL SERVICES
FINANCIAL SERVICES
exemplary
Russell Roberts
80
SECTORS
SECTORS
81
INFORMATION TECHNOLOGY
No strategic
plan, no
survival
Traditional IT changes as
other providers seize
opportunities in the sector
82
PROPERTY
Ups and
downs
continue
SECTORS
SECTORS
83
SECTORS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
84
PROPERTY
Name
Net profit
Rm
Total assets
Rm
3 898,1
1 846,5
1 533,7
142 655,0
20 690,0
18 061,0
1 006,0
769,2
744,8
679,5
636,1
16 926,0
10 114,0
8 802,0
11 598,0
9 442,0
633,7
631,6
581,7
460,0
402,2
22 969,0
42 999,0
39 701,0
8 987,0
7 220,0
118,5
79,9
1 403,0
4 022,0
2014/05/28 2:08 PM
TOP PERFORMERS
When success
breeds success
But how much longer can this remarkable winning formula
be maintained?
Anton Pillay
86
TOP PERFORMERS
INVESTMENT
INVESTMENT
87
TOP PERFORMERS
88
Company
IRR 5 years to
Mar 2014
1
2
3
4
5
6
7
8
9
10
Company
IRR 5 years to
Mar 2014
EPS growth
over
5-year period
Return on
equity over
5-year period
26
27
28
29
30
48,12
47,83
47,23
47,10
47,04
42,45
5,02
9,00
20,73
11,67
20,86
22,01
20,28
25,01
9,86
8,57
15,93
9,53
9,82
7,16
2,93
12,08
3,42
4,76
3,64
46,56
7,08
6,45
11,20
2,88
31
32
33
34
35
CSG Holdings
Metrofile Holdings
Aspen Pharmacare Holdings
Brait SE
Brimstone Investment Corp
46,36
45,25
44,72
44,65
44,11
14,31
12,11
27,78
18,06
1,48
47,75
24,47
17,72
21,35
33,81
40,41
24,60
24,17
19,68
22,38
1,02
1,21
0,13
6,56
3,12
10,98
20,72
31,38
56,25
0,01
36
37
38
39
40
43,26
42,67
42,06
41,30
41,20
6,15
6,40
8,42
NA
52,64
15,57
9,07
10,95
8,91
21,16
16,17
6,66
10,88
7,02
12,57
6,15
1,11
0,66
5,53
0,00
11,12
5,69
18,88
NA
9,49
41
42
43
44
45
Assore
Life Healthcare Group Holdings
Old Mutual Plc
Vukile Property Fund
Rolfes Holding
40,37
39,74
39,15
39,13
39,06
-21,33
NA
-6,03
8,30
6,07
12,41
36,38
13,95
0,18
14,92
16,77
26,88
2,33
8,09
13,09
2,10
2,46
5,25
8,94
4,45
0,84
NA
0,41
18,51
12,35
46
47
48
49
50
Clicks Group
Trencor
Oceana Group
Indequity Group
Seardel Investment Corp
38,78
38,33
38,06
37,69
37,68
17,61
21,32
15,47
NA
NA
70,78
11,84
29,60
26,99
1,33
15,84
6,51
17,91
18,06
2,51
1,14
5,97
5,93
0,75
0,00
13,10
14,02
16,11
NA
NA
92,06
79,35
75,79
66,80
66,65
EPS growth
over
5-year period
52,33
22,12
28,50
10,98
11,05
Return on
equity over
5-year period
129,49
33,20
29,52
15,29
21,63
Micromega Holdings
Onelogix Group
Ponyting Holdings
Metair Investments
Labat Africa
64,72
64,16
63,36
61,70
58,49
-4,91
13,04
-13,91
24,23
NA
10,63
18,03
29,28
10,75
-146,69
7,96
12,18
31,12
7,80
-20,47
0,00
0,86
0,00
3,98
0,00
-4,57
10,78
13,58
21,06
NA
51
52
53
54
55
37,54
36,84
36,41
35,91
35,43
NA
30,36
17,92
78,01
-11,32
9,02
15,53
17,91
18,12
2,45
6,78
14,31
11,51
11,60
10,22
4,86
4,72
5,84
0,00
0,00
NA
27,98
18,92
57,41
34,97
11
12
13
14
15
Findbond Group
Mondi Plc
Howden Africa Holdings
Cullinan Holdings
Afrimat
56,64
56,55
56,36
56,35
56,00
-37,50
11,67
-100,00
60,86
1,78
4,10
9,86
NA
11,38
13,46
7,11
7,16
NA
5,29
11,97
0,00
3,80
3,31
0,37
4,63
-21,47
2,88
-100,00
NA
3,06
56
57
58
59
60
RMB Holdings
Consolidated Infrastructure Group
FirstRand
Sabvest
Imperial Holdings
35,17
35,14
34,37
34,22
34,15
3,30
65,80
7,64
22,68
20,23
9,44
6,68
20,08
14,77
22,70
9,15
6,22
3,97
14,34
10,92
4,80
0,00
4,21
1,45
3,90
1,37
20,69
4,81
22,92
15,19
16
17
18
19
20
Pinnacle Holdings
Famous Brands
ISA Holdings
Woolworths Holdings
Capital & Counties Prop Plc
55,62
52,05
51,94
50,96
50,92
24,05
18,68
1,20
24,09
NA
31,99
36,90
23,54
67,37
1,82
13,61
49,00
17,14
31,84
2,35
3,21
4,21
10,28
6,25
0,68
25,94
18,51
-5,60
19,61
NA
61
62
63
64
65
Omnia Holdings
Verimark Holdings
Ellies Holdings
ARB Holdings
African Media Entertainment
34,06
33,96
33,87
33,50
33,45
12,93
15,42
19,32
-3,43
10,72
18,64
6,96
22,29
15,70
28,42
12,42
5,12
16,42
12,10
21,31
1,58
6,09
0,57
5,10
4,09
17,29
3,78
34,58
-2,74
6,87
21
22
23
24
25
Mr Price Group
Calgro M3 Holdings
Curro Holdings
Naspers
PSG Group
50,25
50,24
49,58
49,46
48,46
23,75
18,77
NA
9,86
10,23
61,42
28,80
1,87
18,79
14,34
32,78
14,17
2,68
15,88
7,00
4,18
0,00
0,00
0,85
4,94
24,01
21,04
NA
17,96
16,93
66
67
68
69
70
AVI
Spur Corp
SABMiller Plc
Datatec
Mustek
33,08
32,75
32,69
32,54
32,49
17,02
15,41
10,88
-0,46
-0,23
32,73
22,78
11,46
10,12
16,48
21,61
31,71
16,76
5,60
7,98
5,23
5,01
2,54
0,00
3,96
13,97
10,92
11,07
7,73
1,73
TOP PERFORMERS
INVESTMENT
INVESTMENT
89
TOP PERFORMERS
90
Company
IRR 5 years to
Mar 2014
EPS growth
over
5-year period
Return on
equity over
5-year period
Ranking
IRR
Company
IRR 5 years to
Mar 2014
EPS growth
over
5-year period
Return on
equity over
5-year period
71
72
73
74
75
Sanlam
Pioneer Food Group
Alexander Forbes Pref Share Inv
Peregrine Holdings
Kumba Iron Ore
32,41
31,98
31,93
31,72
31,58
25,18
5,86
NA
-9,01
31,27
6,67
10,28
4,23
30,55
83,54
0,75
7,69
11,32
3,82
50,30
4,45
1,80
0,00
4,85
8,25
NA
8,24
NA
-4,98
32,40
116
117
118
119
120
Santova
Sephaku Holdings
Trans Hex Group
Capital Property Fund
Ingenuity Property Investments
23,46
22,90
22,19
21,68
21,67
103,90
NA
NA
18,54
5,92
15,72
-1,59
2,10
12,27
2,04
7,06
-1,09
2,87
10,62
4,12
0,00
0,00
0,00
7,56
0,74
29,61
NA
9,48
51,68
-13,21
76
77
78
79
80
30,97
30,89
30,88
30,80
30,50
9,14
NA
6,96
9,31
NA
8,47
91,74
14,33
6,71
7,79
8,45
30,12
8,68
5,76
7,47
0,42
5,02
2,54
2,53
2,40
-6,43
NA
5,59
12,56
19,02
121
122
123
124
125
Hyprop Investments
Adcorp Holdings
SA Corporate Real Estate Fund
Imbalie Beauty
Reinet Investments SCA
21,44
21,09
20,82
20,79
20,72
-1,50
3,89
1,94
-38,33
NA
5,84
12,38
8,74
10,12
8,76
8,66
12,28
7,85
12,88
8,08
6,52
6,44
8,96
0,00
0,00
80,80
16,18
0,02
-24,14
NA
81
82
83
84
85
Foneworx Holdings
AfroCentric Investment Corp
Discovery
Austro Group
The Bidvest Group
29,87
29,79
29,71
29,43
29,17
7,45
34,35
16,68
-41,33
7,88
24,55
18,10
18,17
1,60
17,97
18,36
21,68
6,52
2,05
10,21
5,87
0,72
2,04
3,17
2,59
13,39
80,82
15,92
-48,77
7,95
126
127
128
129
130
JSE
Investec
Investec Plc
Liberty Holdings
Workforce Holdings
20,70
20,68
20,54
20,30
20,11
7,13
-11,13
-11,07
-14,52
-22,71
34,43
9,25
9,25
19,35
1,76
7,02
3,36
3,36
1,39
4,35
3,46
3,62
3,72
3,40
0,00
5,61
-6,10
-6,04
-10,72
-47,62
86
87
88
89
90
Italtile
Shoprite Holdings
Clientele
Bell Equipment
Remgro
29,12
28,96
28,68
28,58
28,49
6,62
16,86
16,70
-9,28
-12,78
19,61
27,66
103,09
14,66
5,05
17,58
13,39
11,01
10,67
4,86
6,50
2,60
6,41
0,00
2,40
7,59
16,74
11,73
-6,77
-10,98
131
132
133
134
135
AdvTech
Sasol
Arrowhead Properties
Growthpoint Prop
Delta EMD
19,93
19,81
19,78
19,74
19,70
1,57
6,68
NA
NA
NA
22,00
18,05
1,64
-287,00
3,98
14,14
14,52
6,71
0,97
3,39
1,76
3,94
14,52
7,22
21,62
4,12
5,03
NA
NA
NA
91
92
93
94
95
28,18
28,10
27,94
27,93
27,07
NA
12,01
3,37
17,61
NA
11,66
21,50
16,08
26,06
11,22
12,08
6,61
7,18
13,93
1,43
5,29
5,94
3,78
2,29
11,81
-19,12
16,52
1,40
18.22
NA
136
137
138
139
140
Exxaro Resources
Premium Properties
Business Connexion Group
MTN Group
Sasfin Holdings
19,65
19,65
19,54
19,52
19,47
26,94
NA
-5,38
13,24
-6,08
11,13
1,34
12,46
28,64
13,69
10,60
6,82
11,39
22,30
6,70
3,82
8,05
4,80
3,15
4,91
25,85
-0,41
12,26
14,61
-2,09
96
97
98
99
100
Mpact
Control Instruments Group
Zeder Investments
Combined Motor Holdings
AECI
26,90
26,83
26,79
26,72
26,58
NA
NA
-10,70
13,48
9,03
16,62
NA
15,70
29,67
14,07
12,26
NA
13,73
10,01
9,00
1,23
NA
2,17
3,99
3,08
NA
NA
20,72
11,49
7,33
141
142
143
144
145
Tiger Brands
Purple Group
Marshall Monteagle Plc
Phumelela Gaming & Leisure
Vunani Prop Inv Fund
19,25
19,14
19,08
19,00
18,97
1,28
NA
NA
-0,47
NA
16,88
-9,69
3,33
20,40
4,91
13,25
-11,19
4,68
13,57
9,53
2,58
0,00
4,79
6,74
5,23
0,09
NA
NA
-2,98
NA
101
102
103
104
105
26,46
26,39
26,19
26,14
26,12
7,29
4,39
NA
1,19
14,50
13,63
8,54
-138,73
11,83
21,62
14,54
7,97
-190,69
11,81
16,48
6,20
4,35
0,00
0,67
4,40
NA
-27,13
NA
8,61
14,09
146
147
148
149
150
Cashbuild
Massmart Holdings
Grindrod
Reunert
Compu-Clearing Outsourcing
18,93
18,84
18,81
18,59
18,08
7,69
10,51
-14,26
-2,20
0,51
25,70
44,13
5,93
20,98
29,76
13,62
9,72
5,25
15,05
21,25
3,66
4,05
2,10
5,06
7,74
7,97
7,15
-3,41
-3,72
1,79
106
107
108
109
110
Nedbank Group
Conduit Capital
Hudaco Industries
The Foschini Group
Infrasors Holdings
25,92
25,85
25,62
25,42
25,21
2,08
19,51
-0,76
9,44
NA
13,94
11,74
18,49
27,51
-36,80
4,86
5,83
18,41
14,56
-27,56
4,49
0,00
4,75
4,86
0,00
3,81
16,99
3,57
8,69
NA
151
152
153
154
155
17,80
17,49
17,23
17,02
16,99
NA
NA
5,57
NA
38,88
21,45
-4 953,85
6,96
4,32
3,09
14,93
2,56
6,74
8,28
9,01
8,02
7,09
5,48
6,15
7,87
NA
NA
4,46
NA
NA
111
112
113
114
115
Truworths International
Kap Industrial Hldgs
Clover Industries
The Spar Group
Distell Group
24,73
24,15
23,80
23,70
23,51
14,07
0,49
NA
11,42
2,61
42,80
11,71
11,41
45,54
14,74
33,50
9,45
7,77
13,02
10,54
4,03
0,94
1,56
4,13
3,70
12,02
54,95
NA
11,05
3,12
156
157
158
159
160
Value Group
Datacentrix Holdings
Pick n Pay Holdings
Ferrum Crescent
Comair
16,88
16,87
16,68
16,62
16,39
19,74
-5,30
-10,86
NA
25,48
17,30
18,67
43,80
-121,98
26,70
11,67
10,72
6,57
-104,64
10,04
4,65
6,45
4,06
NA
1,79
17,08
-5,40
-9,02
NA
34,32
INVESTMENT
INVESTMENT
TOP PERFORMERS
91
TOP PERFORMERS
INVESTMENT
Company
IRR 5 years to
Mar 2014
EPS growth
over
5-year period
Return on
equity over
5-year period
161
162
163
164
165
Bowler Metcalf
City Lodge Hotels
Emira Property Fund
MAS Real Estate Inc
Dipula Income Fund
16,23
16,23
16,06
15,98
15,91
4,03
2,47
4,53
NA
NA
11,97
39,94
11,64
1,67
5,26
11,14
17,71
9,97
2,03
8,54
4,51
3,82
8,90
1,82
9,19
2,72
0,49
4,91
NA
NA
166
167
168
169
170
Acucap Properties
Octodec Investments
Spanjaard
Blue Label Telecoms
Pick n Pay Stores
15,81
15,72
15,72
15,64
15,63
65,02
-45,41
2,36
16,19
-10,95
0,52
4,41
9,33
15,76
34,17
7,51
8,96
8,13
12,74
6,59
7,88
8,40
8,82
2,34
3,52
-3,29
12,55
3,48
18,39
-8,98
171
172
173
174
175
15,59
15,26
15,20
15,18
14,99
NA
-1,39
NA
NA
-2,30
-1 983,13
13,12
5,28
8,03
13,01
-2,68
3,50
9,72
4,72
10,72
7,04
4,13
5,92
0,00
3,48
NA
4,96
NA
-16,33
-0,37
176
177
178
179
180
14,43
14,20
14,08
14,03
14,01
3,98
-2,63
7,77
-3,85
6,38
8,24
13,49
19,04
2,19
6,86
7,70
4,48
13,84
7,50
6,14
7,67
4,33
6,61
11,73
7,48
6,59
-1,80
6,20
-11,67
4,13
181
182
183
184
185
14,00
13,29
13,24
13,22
13,13
12,37
11,16
-1,84
-0,07
23,44
17,08
12,43
14,78
5,01
2,54
13,75
9,34
6,12
6,50
4,59
2,16
2,10
2,78
1,37
0,70
13,85
19,80
0,42
-23,29
NA
186
187
188
189
190
Mazor Group
Chrometco
Blackstar Group SE
Anglo American Plc
London Finance & Investment Group Plc
12,96
12,93
12,77
12,67
12,62
-12,76
NA
NA
-20,32
-8,15
7,45
-3,96
24,85
6,65
33,41
7,46
-6,98
22,62
7,69
28,77
5,00
12,94
4,86
1,90
1,87
-19,35
NA
NA
-7,29
NA
191
192
193
194
195
Cafca
Group Five
Stefanutti Stocks Holdings
Trustco Group Holdings
Oasis Crescent Property Fund
12,47
12,19
12,11
11,94
11,75
-86,33
-8,71
NA
NA
-0,52
11,31
12,25
7,57
4,44
5,65
9,82
3,91
4,44
5,52
5,45
0,00
2,73
3,98
3,62
7,85
NA
-3,39
-0,54
NA
7,84
196
197
198
199
200
Crookes Brothers
Tradehold
Tsogo Sun Holdings
Interwaste Holdings
African Rainbow Minerals
11,71
11,71
11,58
11,04
10,65
19,70
NA
2,92
-10,03
-1,86
16,62
9,30
17,38
6,51
10,38
13,60
8,47
19,50
7,01
10,81
3,67
0,00
2,35
0,00
2,15
18,22
NA
34,71
-7,42
-4,78
92
Managing
risk is a
priority
The JSE is justifiably proud
of its standing among global
exchanges
014 marked the end of an era in the 127year history of the JSE with the retirement of chairman Humphrey Borkum,
bringing to an end a 70-year family
association with the exchange. His late
father, Max, was a leading broker and also
president of the JSE.
My father was a cofounder of the brokerage
firm Davis Borkum Hare. I was a founder
member of the JSE board in 2000, when the JSE
became an incorporated company, and I became
chairman in 2002. Columnist Jamie Carr, with
pardonable exaggeration, described Borkum as a
highly respected member of the broking
community since the days of quill pens and
frock coats.
It is now more than 20 years since the JSE,
under the leadership of Roy Andersen, ditched
the open-outcry trading system. Subsequent
technological advances have also brought new
risks and challenges that were unimaginable in
the 1990s.
When I first became a member of the JSE,
1 775
1 409
870
033
1 450
767
1 100
488
Sector
Gold Mining
Alternative Exchange
Alternative Exchange
Diversified Reits
Coal
Alternative Exchange
Real Estate Holding & Dev
Real Estate Holding & Dev
Diversified Reits
General Mining
Pharmaceuticals
Retail Reits
Source: JSE
JSE
JSE
.
Date
.
Price (c)
INVESTMENT
INVESTMENT
Source: JSE
94
95
in
numbers
continues
Multi-asset funds, though,
are proving to be best
sellers
96
Thabo Khojane
UNIT TRUSTS
Jeanette Marais
Hetty Zantman
Growth
Hetty Zantman
UNIT TRUSTS
INVESTMENT
INVESTMENT
97
In need of a
confidence boost
98
CORPORATE GOVERNANCE
It should
all be
about
openness
Alleged executive
transgressions should be
dealt with in a transparent
way
Business Day
ECONOMY
INVESTMENT
INVESTMENT
99
100
CORPORATE GOVERNANCE
LEGAL ADVISERS
A move in the
right direction
SERVICES
INVESTMENT
101
SERVICES
LEGAL ADVISERS
Local
expertise.
Regional
coverage.
Global reach.
This is what you get from the firm that is both
the South African Law Firm of the Year* and the
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in alliance with the Law Firm of the Year - Africa***
*
**
***
Webber Wentzel - South African Law Firm of the Year 2011 - 2014 by Whos Who Legal
Webber Wentzel is ranked Band 1 in South Africa for Banking & Finance; Capital Markets: Debt;
Capital Markets: Equity; Competition/ Antitrust; Corporate/ M&A; Dispute Resolution; Energy & Natural
Resources: Mining; IT & Telecommunications; Media & Broadcasting; Projects & Energy and Tax
by Chambers Global
Webber Wentzel - Sub-Saharan Africa Legal Adviser 2013 by Financial Times &
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Linklaters is ranked Band 1 across Africa for Corporate/Commercial; Projects & Energy;
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Botswana, Burundi, Ethiopia, Kenya, Malawi, Mauritius, Nigeria, Rwanda, South Sudan, Tanzania and Uganda.
12/06/2014 15:05:57
LEGAL ADVISERS
104
SERVICES
SERVICES
LEGAL ADVISERS
105
ACCOUNTANTS
landscape
tightens
further
With SA staying ahead as a
number of requirements are
already in practice
106
ACCOUNTANTS
Net closes
in for
corporate tax
evaders
But until more jurisdictions
commit, culprits will still use
existing loopholes
SERVICES
SERVICES
Regulatory
107
ACCOUNTANTS
ACCOUNTANTS
Dennis Davis
SERVICES
SERVICES
108
109
ACCOUNTANTS
110
A stifling operating
environment
But legislation changes
could give the industry the
boost it needs
to stay competitive
SERVICES
SERVICES
MEDICAL AID
111
MEDICAL AID
MEDICAL AID
SERVICES
SERVICES
113
ADVERTISING
Digital
takeover
gains
speed
As online access grows, its
becoming more
cost-effective to advertise
on the Web
114
Vicki
Myburgh
ADVERTISING
SERVICES
SERVICES
ADVERTISING
116
Capability
is no
longer a
luxury
As firms flock into Africa,
competitive offerings are
becoming important
SERVICES
SERVICES
PR AGENCIES
117
PR AGENCIES
PR AGENCIES
PURPLE FROG
COMMUNICATIONS CC
SA Giants: Andulela (163)
Top Performers: Andulela
(256)
RLM FINSBURY
SA Giants: OldMutual (30)
Top Performers: OldMutual
(43)
RUSSELL & ASSOCIATES
SA Giants: Implats (42),
Northam (115), Aquarius
(124), RBPlat (125), Village
(127), DRDGold (140), Wits
Gold (338), Afeagle (369),
Diamondcp (371)
Top Performers: Northam
(205), Village (223), RBPlat
(238), Implats (253),
DRDGold (279), Diamondcp
(296), Wits Gold (301),
Aquarius (302), Afeagle
(310)
SERENDIPITY CC
SA Giants: Afrox (103)
Top Performers: Afrox (217)
SHA-IZWE/CHARLESSMITHASSOCIATES
SA Giants: Control* (351)
Top Performers: Control*
(97)
SHAUNEEN BEUKES
COMMUNICATIONS
SA Giants: Aspen (54)
Top Performers: Aspen (33)
SIGNATURES INVESTOR
RELATIONS
SA Giants: Merafe (132)
Top Performers: Merafe
(203)
STONE CONSULTING
SA Giants: Medclin (48)
Top Performers: Medclin
(80)
STRATEGIC PUBLIC
RELATIONS GROUP
SA Giants: Tsogo Sun (78)
Top Performers: Tsogo Sun
(198)
TERRANOVA
SA Giants: Cargo (207)
Top Performers: Cargo (79)
TEXT100
SA Giants: Faritec (206)
THE FIRE TREE DESIGN
COMPANY
SA Giants: Gooderson (285)
Top Performers: Gooderson
(242)
*Delisted
SERVICES
SERVICES
119
INDEX
A,B,C
AdaptIT . . . . . . . . . . . . . . . . . . . . . . 82,87
Afrimat . . . . . . . . . . . . . . . . . . . . . . 14,19
Alert Steel . . . . . . . . . . . . . . . . . . . . . 43
Altron . . . . . . . . . . . . . . . . . . . . . . . . . 82
Anglo American . . . . . . . . . . . . 22,25,95
Anglo American Platinum . . . . . . . . . . 50
AngloGold Ashanti . . . . . . . . . . . . . . . 49
Annuity Property Fund . . . . . . . . . . . . 83
Aquarius Platinum . . . . . . . . . . . . . . . 95
ArcelorMittal SA . . . . . . . . . . . . . . . . . 42
Arrowhead Properties . . . . . . . . . . . . . 84
Ascension Properties . . . . . . . . . . . 83,83
Aspen . . . . . . . . . . . . . . . . . . . . . 14,19,25
BAT . . . . . . . . . . . . . . . . . . . . 22,55,58,61
BHP Billiton . . . . . . . . . . . . . . . 22,43,95
Barloworld . . . . . . . . . . . . . . . . . . . . . 55
Bidvest . . . . . . . . . . . . . . . . . . . 26,25,54
Brait . . . . . . . . . . . . . . . . . . . . . . . . 13,17
Business Connexion . . . . . . . . . . . . 71,82
Capitec . . . . . . . . . . . . . . . . . . . . 14,19,88
Caxton . . . . . . . . . . . . . . . . . . . . . . . . 70
Clicks . . . . . . . . . . . . . . . . . . . . . 12,16,69
Clientele . . . . . . . . . . . . . . . . . . . 12,16,77
Coal of Africa . . . . . . . . . . . . . . . . . . . 95
Compagnie Financire Richemont . . 25,61
Consolidated Infrastructure Group . 14,18
Coronation . . . . . . . . . . . . . . . . . . . 16,97
Coronation Fund Managers . . . . . . . 12,86
Cullinan . . . . . . . . . . . . . . . . . . . . . 14,18
Investec . . . . . . . . . . . . . . . . . . . . . 83,97
Invicta . . . . . . . . . . . . . . . . . . . . . . . . 54
Italtile . . . . . . . . . . . . . . . . . . . . . . . . . 69
J,K,L
JSE . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
Kumba Iron Ore . . . . . . . . . . . . . 14,19,43
Labat Africa . . . . . . . . . . . . . . . . . . . . 88
Liberty . . . . . . . . . . . . . . . . . . . . . . . . 77
Life Healthcare . . . . . . . . . . . . . . . . . . 64
Lonmin . . . . . . . . . . . . . . . . . . . . . . . . 95
M,N,O
MMI . . . . . . . . . . . . . . . . . . . . . . 25,77,78
MTN . . . . . . . . . . . . . . . . . . 25,26,71,107
Massmart . . . . . . . . . . . . . . . . . . . . . . 68
Mediclinic . . . . . . . . . . . . . . . . . . . . . . 65
Metair . . . . . . . . . . . . . . . . . . . . . . . . . 88
Micromega . . . . . . . . . . . . . . . . . . . . . 87
Mix Telematics . . . . . . . . . . . . . . 13,17,87
Mr Price . . . . . . . . . . . . . . . . . 13,17,67,88
Murray & Roberts . . . . . . . . . . . . . . . . 20
Naspers . . . . . . . . . . . . . . . . . 13,17,25,70
Netcare . . . . . . . . . . . . . . . . . . . . . . . . 64
Nu-world Holdings . . . . . . . . . . . . . . . 61
Old Mutual . . . . . . . . . . . . . . . . . . . 25,77
Onelogix . . . . . . . . . . . . . . . . . . . . . . . 87
D,E,F
P,Q,R
Datacentrix . . . . . . . . . . . . . . . . . . . . . 82
Delta Property Fund . . . . . . . . . . . . . . 83
Dipula Income Fund . . . . . . . . . . . . . . 83
Discovery . . . . . . . . . . . . . . . . . . . . 77,78
Distell . . . . . . . . . . . . . . . . . . . . . . . . . 60
EOH . . . . . . . . . . . . . . . . . . . 12,16,82,87
Eqstra . . . . . . . . . . . . . . . . . . . . . . 55,100
Evraz Highveld Steel & Vanadium . . . . 42
FirstRand . . . . . . . . . . . . . . . . . . . . . . 25
G,H,I
Gijima . . . . . . . . . . . . . . . . . . . . . . . . . 82
Glencore . . . . . . . . . . . . . . . . . . . . . . . 20
Gold Fields . . . . . . . . . . . . . . . . . . . . . 49
Growthpoint Properties . . . . . . . . . . . . 83
Harmony . . . . . . . . . . . . . . . . . . . . . . . 49
Hospitality Property Fund . . . . . . . . . . 83
Howden Africa . . . . . . . . . . . . . . . . . . 54
Hudaco . . . . . . . . . . . . . . . . . . . . . . . . 55
Hyprop . . . . . . . . . . . . . . . . . . . . . . . . 25
Imperial . . . . . . . . . . . . . . . . . . . . . . . 25
Impala Platinum . . . . . . . . . . . . . . . . . 51
120
COMPANIES
S,T,U
SABMiller . . . . . . . . . . . . . . 22,25,58,107
Sanlam . . . . . . . . . . . . . . . 13,17,22,25,77
Santam . . . . . . . . . . . . . . . . . . . . . . . . 78
Sasol . . . . . . . . . . . . . . . . . . . . 25,26,40
Seardel . . . . . . . . . . . . . . . . . . . . . . . . 61
Shoprite . . . . . . . . . . . . . . . . 13,18,25,66
FINANCIAL MAIL TOP COMPANIES 2014
Sibanye . . . . . . . . . . . . . . . . . . . . . . . . 49
Standard Bank . . . . . . . . . . . . . . . . 25,97
Steinhoff . . . . . . . . . . . . . . . . . . 25,26,61
Supergroup . . . . . . . . . . . . . . . . . . . 14,18
Sycom Property Fund . . . . . . . . . . . . . 84
Taste Holdings . . . . . . . . . . . . . . . . . . 87
Telkom . . . . . . . . . . . . . . . . . . . 20,71,99
Tiger Brands . . . . . . . . . . . . . . . . . . . . 60
Times Media Group . . . . . . . . . . . . . . 70
Truworths . . . . . . . . . . . . . . . . . . . . . . 66
V,W
Vividend Income Fund . . . . . . . . . . . . 84
Vodacom . . . . . . . . . . . . . . . . . . . . . . . 71
Vukile . . . . . . . . . . . . . . . . . . . . . . . . . 83
Vunani Property Investment Fund . . . . 84
Woolworths . . . . . . . . . . . . . . 12,16,66,88
X,Y,Z
Zurich SA . . . . . . . . . . . . . . . . . . . . . . 78
2014/06/03
1:24 PM
INET Fronteer
CM
MY
CY
CMY
ADVERTISERS
INDEX
CLIENT
PAGE NO
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Altron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Anglo American . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Bowman Gilfillan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Datatec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Grant Thornton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4&5
Glyn Marais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Imperial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68&69
INET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
INET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
Mix Telematrix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16/17/18/19
Marsh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
PWC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Redefine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
RAM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Saica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62/63
Santam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Sanlam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Sasol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Webber Wentzel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
THESE EXCITING
ANNUALS COMING
TO YOU THIS 2014:
The
has a series of annuals that
give deeper business insight
into specific industries, sectors
and topics
For122
more information contact: Nigel Twidale - (011) 803 6084FINANCIAL
- nigeltwidale@metroweb.co.za
MAIL TOP COMPANIES 2014
FM Budget Edition
Little Black Book
Ranking the Analysts
Top Companies
SAs Infrastructure Report
Business Schools
Property Handbook
Motor Industry Annual
Ranking the MBAs
Green Report
AdFocus
SA in 2015