{"id":846,"date":"2014-10-17T11:29:11","date_gmt":"2014-10-17T09:29:11","guid":{"rendered":"http:\/\/www.remgro.com\/ar2015\/?page_id=846"},"modified":"2015-10-17T13:56:13","modified_gmt":"2015-10-17T11:56:13","slug":"industrial","status":"publish","type":"page","link":"https:\/\/www.remgro.com\/ar2015\/index.php\/reports-to-shareholders\/investment-reviews\/industrial\/","title":{"rendered":"Industrial"},"content":{"rendered":"<div class=\"table-responsive\">\n<table class=\"investment_table\" width=\"100%\" border=\"0\">\n<tr>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"15%\" valign=\"bottom\"><\/td>\n<td width=\"15%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<td width=\"1%\" valign=\"bottom\" class=\"tablelastcol\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">contribution to headline earnings<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">30 June<br \/>\n      2015<br \/>\n    R million<\/td>\n<td valign=\"bottom\" class=\"figreghead borderrg1\">30 June<br \/>\n      2014<br \/>\n    R million<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Air Products South Africa<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">222<\/td>\n<td valign=\"bottom\" class=\"figreg borderlg1 borderrg1\">217<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">KTH<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 bra\">(108)<\/td>\n<td valign=\"bottom\" class=\"figreg borderlg1 borderrg1\">71<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Total South Africa<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">133<\/td>\n<td valign=\"bottom\" class=\"figreg borderlg1 borderrg1\">233<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">PGSI<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">30<\/td>\n<td valign=\"bottom\" class=\"figreg borderlg1 borderrg1\">72<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"borderbg1 tablecopy\">Wispeco<\/td>\n<td valign=\"bottom\" class=\"borderbg1 figbold  borderlg1\">104<\/td>\n<td valign=\"bottom\" class=\"borderbg1 figreg  borderlg1 borderrg1\">107<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figbold borderbg2 tablecopy borderlg1\">381<\/td>\n<td valign=\"bottom\" class=\"figreg borderbg2  borderlg1 borderrg1\">700<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"tablelastcol\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\" class=\"tablelastcol\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<div class=\"osc-res-tab tabbable   osc-tabs-left\"><div style=\"clear:both;width: 100%;\"><ul class=\"nav osc-res-nav nav-tabs osc-tabs-left-ul\" id=\"oscitas-restabs-1-industrial-45642\"><li class=\"active\"><a href=\"#ert_pane1-0\" data-toggle=\"tab\">Air Products<\/a><\/li><li class=\"\"><a href=\"#ert_pane1-1\" data-toggle=\"tab\">KTH<\/a><\/li><li class=\"\"><a href=\"#ert_pane1-2\" data-toggle=\"tab\">Total<\/a><\/li><li class=\"\"><a href=\"#ert_pane1-3\" data-toggle=\"tab\">PGSI<\/a><\/li><li class=\"\"><a href=\"#ert_pane1-4\" data-toggle=\"tab\">Wispeco<\/a><\/li><\/ul><\/div><div style=\"clear:both;width: 100%;\"><ul class=\"tab-content\" id=\"oscitas-restabcontent-1-industrial-45642\"><li class=\"tab-pane active\" id=\"ert_pane1-0\"><br \/>\n<img decoding=\"async\" class=\"investment-pics\" src=\"http:\/\/remgro.com\/wp-content\/themes\/remgro\/images\/2015\/ir2015\/p42_2.jpg\" alt=\"\"  border=\"0\" \/><\/p>\n<p><strong>Profile<\/strong><\/p>\n<p>Air Products South Africa produces oxygen, nitrogen, argon, hydrogen and carbon dioxide for sale in gaseous form by pipeline under long-term contracts to major industrial users, as well as the distribution of industrial gases and chemicals for sale, together with ancillary equipment, to the merchant market. The other 50% of the ordinary shares is held by Air Products and Chemicals Incorporated, a USA company.<\/p>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"30%\">CORPORATE INFORMATION<\/td>\n<td class=\"tableheadgreyC borderlrw\" valign=\"top\" width=\"\">FINANCIAL HIGHLIGHTS<\/td>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"33%\">SUSTAINABILITY MEASURES<\/td>\n<\/tr>\n<tr>\n<td>\n<p class=\"tablecopyblue\">Equity valuation at 30 June 2015<\/p>\n<p>R8 328 million<\/p>\n<p class=\"tablecopyblue\">Unlisted<\/p>\n<p><\/p>\n<p class=\"tablecopyblue\">Chief Executive Officer<\/p>\n<p>M Hellyar<\/p>\n<p class=\"tablecopyblue\">Remgro nominated directors<\/p>\n<p>H J Carse, N J Williams<\/p>\n<p class=\"tablecopyblue\">Website<\/p>\n<p><a href=\"http:\/\/www.airproductsafrica.co.za\" target=\"_blank\">www.airproductsafrica.co.za<\/a><\/p>\n<\/td>\n<td class=\"borderlrb\">\n<table class=\"\" width=\"100%\" border=\"0\">\n<tr>\n<td  width=\"2%\"rowspan=\"7\"><\/td>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">Year<br \/>\n          ended<br \/>\n          30 Sep<br \/>\n          2014<br \/>\n          R million<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderrg1\">Year <br \/>\n          ended<br \/>\n          30 Sep<br \/>\n          2014<br \/>\n          %<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Income<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">1 958<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 borderrg1\">+9<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy\">Operating profit<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1\">617<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1 borderrg1\">+8<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy borderbg1\">Headline earnings<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1\">424<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 borderrg1\">+5<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"footnote\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"\">&nbsp;<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td valign=\"top\">\n<p class=\"tablecopyblue\">CSI\/Training spend<\/p>\n<p>R4.1 million<\/p>\n<p class=\"tablecopyblue\">Number of employees<\/p>\n<p>554<\/p>\n<p class=\"tablecopyblue\">BBBEE status<\/p>\n<p>Level 3<\/p>\n<\/td>\n<\/tr>\n<tr class=\"borderbg1\">\n<td class=\"\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">Air Products South Africa PROPRIETARY Limited (Air Products SOUTH AFRICA)<\/p>\n<p class=\"Body-text\">Air Products South Africa has a September year-end and there\u00adfore its results for the twelve months ended 31&nbsp;March&nbsp;2015 have been included in Remgro\u2019s results for the year under review. Air Products South Africa\u2019s contribution to Remgro\u2019s headline earnings for the year under review increased by 2.3% to R222&nbsp;million (2014: R217&nbsp;million).<\/p>\n<p class=\"Body-text\">Turnover for Air Products South Africa\u2019s twelve months ended 31&nbsp;March&nbsp;2015 increased by 14.1% to R2&nbsp;170&nbsp;million (2014: R1&nbsp;902&nbsp;million), while the company\u2019s operating profit for the same period increased by 8.1% to R667&nbsp;million (2014: R617&nbsp;million). The results for the period have been negatively impacted by a claims settlement of R10&nbsp;million in the chemicals business and the non-recovery of costs during the platinum and metalworkers strike action.<\/p>\n<p class=\"Body-text\">Air Products South Africa is the largest manufacturer of industrial gases in Southern Africa. Air Products South Africa also imports and distributes a variety of specialty gases and chemical products that are supplied to a wide range of industries, including steel, chemicals, oil refining, resource minerals, glass, pulp and paper, food packaging as well as general manufacturing, fabrication and welding.<\/p>\n<p class=\"Body-text\">Demand for large tonnage gas volumes remains below historic levels. The continuing difficulties in the steel and mining sectors continue to be the primary factor behind this.<\/p>\n<p class=\"Body-text\">Low manufacturing growth continues to depress demand for packaged gas products for welding and metals fabrication. Bulk liquid volumes have shown modest growth in several market sectors including food processing. <\/p>\n<p><\/li><li class=\"tab-pane \" id=\"ert_pane1-1\"><br \/>\n<img decoding=\"async\" class=\"investment-pics\" src=\"http:\/\/remgro.com\/wp-content\/themes\/remgro\/images\/2015\/ir2015\/p43_1.jpg\" alt=\"\"  border=\"0\" \/><\/p>\n<p><strong>Profile<\/strong><\/p>\n<p>KTH is an established black economic controlled company with a focus on investment banking services, media and strategic investments. KTH has an investment portfolio and strategy that is complementary to that of Remgro. Its major investments include Kagiso Media Limited, MMI\u00a0Holdings Limited and Exxaro Resources Limited.<\/p>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"30%\">CORPORATE INFORMATION<\/td>\n<td class=\"tableheadgreyC borderlrw\" valign=\"top\" width=\"\">FINANCIAL HIGHLIGHTS<\/td>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"33%\">SUSTAINABILITY MEASURES<\/td>\n<\/tr>\n<tr>\n<td>\n<p class=\"tablecopyblue\">Equity valuation at 30 June 2015<\/p>\n<p>R8 271 million<\/p>\n<p class=\"tablecopyblue\">Unlisted<\/p>\n<p><\/p>\n<p class=\"tablecopyblue\">Chief Executive Officer<\/p>\n<p>V Nkonyeni<\/p>\n<p class=\"tablecopyblue\">Remgro nominated directors<\/p>\n<p>J J du Toit, P J Uys<\/p>\n<p class=\"tablecopyblue\">Website<\/p>\n<p><a href=\"http:\/\/www.kagiso.com\" target=\"_blank\">www.kagiso.com<\/a><\/p>\n<\/td>\n<td class=\"borderlrb\">\n<table class=\"\" width=\"100%\" border=\"0\">\n<tr>\n<td  width=\"2%\"rowspan=\"7\"><\/td>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">Year<br \/>\n          ended<br \/>\n          30 June<br \/>\n          2015<br \/>\n          R million<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderrg1\">Year <br \/>\n          ended<br \/>\n          30 June<br \/>\n          2015<br \/>\n          %<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Income<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">1 644<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 borderrg1\">+4<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy\">Operating profit<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1\">127<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1 borderrg1\">\u201329<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy borderbg1\">Headline earnings<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 bra\">(310)<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 borderrg1\">Nm<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"bottom\" class=\"footnote\">Nm = Not meaningful<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td valign=\"top\">\n<p class=\"tablecopyblue\">CSI\/Training spend<\/p>\n<p>R3.2 million<\/p>\n<p class=\"tablecopyblue\">Number of employees<\/p>\n<p>46<\/p>\n<p class=\"tablecopyblue\">BBBEE status<\/p>\n<p>Level 2<\/p>\n<\/td>\n<\/tr>\n<tr class=\"borderbg1\">\n<td class=\"\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">Kagiso Tiso Holdings PROPRIETARY Limited (KTH)<\/p>\n<p class=\"Body-text\">KTH is a leading black-owned investment company with a strong and diversified asset portfolio covering the resources, industrial, media, financial services, healthcare, property and information technology sectors.<\/p>\n<p class=\"Body-text\">KTH\u2019s contribution to Remgro\u2019s headline earnings for the year under review amounted to a loss of R108&nbsp;million (2014: headline earnings of R71&nbsp;million). The decrease in earnings was mainly driven by KTH\u2019s net attributable share of negative fair value adjustments on equity investments in Exxaro Resources Limited (R393&nbsp;million) and Aveng Limited (R137&nbsp;million) partly offset by positive fair value adjustments on preference shares in MMI Holdings Limited (R69&nbsp;million).<\/p>\n<p class=\"Body-text\">Income from equity accounted investments increased slightly to R612&nbsp;million (2014: R604&nbsp;million), with major contributions from its investments in MMI Holdings Limited, Emira Property Fund, Idwala Industrial Holdings Proprietary Limited and Fidelity Bank (Ghana) Limited. Net finance costs increased to R374&nbsp;million (2014: R244&nbsp;million) mainly as a result of the incurring of debt to partially finance the buyout of minorities of Kagiso Media midway through the comparative period.<\/p>\n<p><\/li><li class=\"tab-pane \" id=\"ert_pane1-2\"><br \/>\n<img decoding=\"async\" class=\"investment-pics\" src=\"http:\/\/remgro.com\/wp-content\/themes\/remgro\/images\/2015\/ir2015\/p44_1.jpg\" alt=\"\" border=\"0\" \/><\/p>\n<p><strong>Profile<\/strong><\/p>\n<p>Subsidiary of Total (France). Total South Africa\u2019s business is the refining and marketing of petroleum and petroleum products in South Africa. It distributes to neighbouring countries. It\u00a0has a 36% interest in National Petroleum Refiners of South Africa Proprietary Limited (Natref).<\/p>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"30%\">CORPORATE INFORMATION<\/td>\n<td class=\"tableheadgreyC borderlrw\" valign=\"top\" width=\"\">FINANCIAL HIGHLIGHTS<\/td>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"33%\">SUSTAINABILITY MEASURES<\/td>\n<\/tr>\n<tr>\n<td>\n<p class=\"tablecopyblue\">Equity valuation at 30 June 2015<\/p>\n<p>R7 168 million<\/p>\n<p class=\"tablecopyblue\">Unlisted<\/p>\n<p><\/p>\n<p class=\"tablecopyblue\">Chief Executive Officer<\/p>\n<p>C M R J des Closi\u00e8res<\/p>\n<p class=\"tablecopyblue\">Remgro nominated directors<\/p>\n<p>L Crouse, N J Williams<\/p>\n<p class=\"tablecopyblue\">Website<\/p>\n<p><a href=\"http:\/\/www.total.co.za\" target=\"_blank\">www.total.co.za<\/a><\/p>\n<\/td>\n<td class=\"borderlrb\">\n<table class=\"\" width=\"100%\" border=\"0\">\n<tr>\n<td  width=\"2%\"rowspan=\"7\"><\/td>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">Year<br \/>\n          ended<br \/>\n          31 Dec<br \/>\n          2014<br \/>\n          R million<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderrg1\">Year <br \/>\n          ended<br \/>\n          31 Dec<br \/>\n          2014<br \/>\n          %<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Turnover<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">45 918<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 borderrg1\">+16<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy\">Operating profit<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1\">(104)<\/td>\n<td valign=\"bottom\" class=\" figbold bra borderlg1 borderrg1\">\u2013108<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy borderbg1\">Headline <br \/>\n          earnings\/(loss)<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 bra\">(10)<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 borderrg1\">Nm<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"bottom\" class=\"footnote\">Nm = Not meaningful<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td valign=\"top\">\n<p class=\"tablecopyblue\">CSI\/Training spend<\/p>\n<p>R21.7 million<\/p>\n<p class=\"tablecopyblue\">Number of employees<\/p>\n<p>840<\/p>\n<p class=\"tablecopyblue\">BBBEE status<\/p>\n<p>Level 2<\/p>\n<p class=\"tablecopyblue\">Environmental aspect*<\/p>\n<p>Scope 1 and 2 emissions of 11&nbsp;304&nbsp;tonnes&nbsp;CO<sub>2<\/sub>e<\/p>\n<\/td>\n<\/tr>\n<tr class=\"borderbg1\">\n<td class=\"\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td width=\"30%\" class=\"\">&nbsp;<\/td>\n<td width=\"\" class=\" \">&nbsp;<\/td>\n<td width=\"33%\" class=\"footnote\">*\tExcludes emissions from Natref.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">Total South Africa PROPRIETARY Limited (Total SOUTH AFRICA)<\/p>\n<p class=\"Body-text\">Total South Africa has a December year-end, but its results for the twelve months to 30&nbsp;June&nbsp;2015 have been included in Remgro\u2019s results for the year under review. Total South Africa\u2019s contribution to Remgro\u2019s headline earnings for the year under review amounted to R133&nbsp;million (2014: R233&nbsp;million).<\/p>\n<p class=\"Body-text\">The results were negatively impacted by stock revaluation losses of R1&nbsp;597&nbsp;million (2014: gains of R94&nbsp;million), as the international oil price decreased from US$114 per barrel, at 30&nbsp;June&nbsp;2014, to US$61 per barrel at 30&nbsp;June&nbsp;2015.<\/p>\n<p class=\"Body-text\">Total South Africa\u2019s turnover for the twelve months ended 30&nbsp;June&nbsp;2015 increased by 14% to R51&nbsp;168&nbsp;million (2014: R44&nbsp;818&nbsp;million). The increase in turnover is mainly due to a marketing strategy to increase volumes to the mining sector and to distributors.<\/p>\n<p class=\"Body-text\">The Department of Energy announced an increase in the whole\u00adsale margins, with effect from 1&nbsp;December&nbsp;2014, for petrol and diesel of 3.7 cents per litre and 4.7 cents per litre, respectively. The rollout of RAS (split of regulated margin between retail and wholesale) had no impact on Total South Africa\u2019s operating profit, as expected, following dealers contract renegotiations.<\/p>\n<p class=\"Body-text\">The company is intensifying its investments regarding the health, safety, environment and quality constraints, at its depots as well as at its service stations. <\/p>\n<p class=\"Body-text\">Natref (in which Total South Africa has an interest of 36.4%) experienced an improvement in refining margins during the second half of the period under review, due to the combined impacts of a better economic environment for refiners, favour\u00adable exchange rate movements and an improved refinery operational performance.<\/p>\n<p><\/li><li class=\"tab-pane \" id=\"ert_pane1-3\"><br \/>\n<img decoding=\"async\" class=\"investment-pics\" src=\"http:\/\/remgro.com\/wp-content\/themes\/remgro\/images\/2015\/ir2015\/p45_1.jpg\" alt=\"\" border=\"0\" \/><\/p>\n<p><strong>Profile<\/strong><\/p>\n<p>PGSI holds an interest of 90% in PG Group. The PG\u00a0Group is South Africa\u2019s leading integrated flat glass business that manufactures, distributes and installs high-performance automotive and building glass products.<\/p>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"30%\">CORPORATE INFORMATION<\/td>\n<td class=\"tableheadgreyC borderlrw\" valign=\"top\" width=\"\">FINANCIAL HIGHLIGHTS<\/td>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"33%\">SUSTAINABILITY MEASURES<\/td>\n<\/tr>\n<tr>\n<td>\n<p class=\"tablecopyblue\">Equity valuation at 30 June 2015<\/p>\n<p>R1 782 million<\/p>\n<p class=\"tablecopyblue\">Unlisted<\/p>\n<p><\/p>\n<p class=\"tablecopyblue\">Chief Executive Officer<\/p>\n<p>C Bromley<\/p>\n<p class=\"tablecopyblue\">Remgro nominated directors<\/p>\n<p>J J du Toit<\/p>\n<p class=\"tablecopyblue\">Website<\/p>\n<p><a href=\"http:\/\/www.pggroup.co.za\" target=\"_blank\">www.pggroup.co.za<\/a><\/p>\n<\/td>\n<td class=\"borderlrb\">\n<table class=\"\" width=\"100%\" border=\"0\">\n<tr>\n<td  width=\"2%\"rowspan=\"7\"><\/td>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">Year<br \/>\n          ended<br \/>\n          31 Dec<br \/>\n          2014<br \/>\n          R million<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderrg1\">Year <br \/>\n          ended<br \/>\n          31 Dec<br \/>\n          2014<br \/>\n          %<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Revenue<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">3 771<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 borderrg1\">+7<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy\">Operating profit<\/td>\n<td valign=\"bottom\" class=\" figbold  borderlg1\">177<\/td>\n<td valign=\"bottom\" class=\" figbold  borderlg1 borderrg1\">\u201317<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy borderbg1\">Headline earnings<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 bra\">94<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 borderrg1\">+71<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"bottom\" class=\"footnote\">&nbsp;<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td valign=\"top\">\n<p class=\"tablecopyblue\">CSI\/Training spend<\/p>\n<p>R25.6 million<\/p>\n<p class=\"tablecopyblue\">Number of employees<\/p>\n<p>4 144<\/p>\n<p class=\"tablecopyblue\">BBBEE status<\/p>\n<p>Level 6<\/p>\n<p class=\"tablecopyblue\">Environmental aspect<\/p>\n<p>Total GHG emissions of<br \/>\n      201 643 tonnes&nbsp;CO<sub>2<\/sub>e<\/p>\n<\/td>\n<\/tr>\n<tr class=\"borderbg1\">\n<td class=\"\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">PGSI Limited (PGSI)<\/p>\n<p class=\"Body-text\">PGSI has a December year-end, but its results for the twelve months ended 30 June 2015 have been included in Remgro\u2019s results for the year under review. PGSI\u2019s contribution to Remgro\u2019s headline earnings for the year under review amounted to R30&nbsp;million (2014: R72&nbsp;million). It should be noted that the comparative headline earnings included a non-recurring positive fair value adjustment of R38&nbsp;million on the conversion right attached to PGSI preference shares.<\/p>\n<p class=\"Body-text\">PGSI\u2019s turnover for the period under review increased by 2.4% to R3&nbsp;733&nbsp;million (2014: R3&nbsp;645&nbsp;million). The group\u2019s normalised operating profit, which excludes the impact of asset impairments, decreased from R250&nbsp;million to R210&nbsp;million, as market conditions in especially the automotive sector remained difficult. <\/p>\n<p class=\"Body-text\">During the period under review PGSI sold a 10% equity stake in PG Group, its main operating subsidiary in South Africa, to Saint Gobain of France, a leading global glass and building products supplier. This disposal resulted in a significant rationalisation of the balance sheet leading to several non-cash adjustments to asset valuations and goodwill. It is anticipated that the association with Saint Gobain will strengthen PG Group\u2019s position and will enable positive operational improvements in the years ahead. <\/p>\n<p class=\"Body-text\">The group\u2019s main operating subsidiary in South Africa, PG Group, manufactures and supplies glass for the building and automotive industries. The building glass businesses reported positive growth in volumes driven by increased domestic sales, in spite of competitive market conditions, and strong growth into Africa. The division has implemented rationalisation programmes which have substantially reduced overheads. The weaker rand has also had a positive impact, assisting the group\u2019s competitive position in the local market and improving export profitability.  <\/p>\n<p>The market conditions in the automotive businesses remain difficult.  Domestic new car sales have declined due to the weak economic climate, low consumer confidence, elevated household debt levels and expectations of future interest rate hikes. While there has been positive growth in export vehicle sales, the margins are compressed with the Original Equipment Manufacturers (\u201cOE\u201d) benchmarking prices with global competitors who have significantly higher economies of scale. The lower sales in the domestic automotive aftermarket sector during the period were further negatively affected by lower volumes of claims from the insurance sector, due to economic pressure on the consumer as well as market share loss to low-priced imported products. A new \u201cSafevue\u201d windscreen offering was launched in January&nbsp;2015 to enable the group to meet aftermarket requirements for a low priced value proposition. This product offering will supplement the premium OE quality \u201cShatterprufe\u201d offering. The manufacturing operations have shown improvements in yields, and cost reductions and improved efficiencies are being achieved through the auto\u00admotive supply chain. <\/p>\n<p>The results for the year were positively impacted by a reduction in finance costs of R30&nbsp;million, which resulted mainly from the conversion of preference shares to ordinary shares during June&nbsp;2014. The group also restructured its bank borrowings at more favourable rates, which generated further savings in finance charges.<\/p>\n<p>While the economic climate is lacklustre, the group has established a sound strategic base for future growth. Initiatives to review the group\u2019s structure to reduce costs and improve the service to its customers are under way. The strategic input and technical assistance provided by Saint Gobain provides further opportunities for sustainable growth.<\/p>\n<p><\/li><li class=\"tab-pane \" id=\"ert_pane1-4\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" width=\"1134\" height=\"340\" src=\"http:\/\/www.remgro.com\/ar2015\/wp-content\/uploads\/wispeco-aliminium-2.jpg\" alt=\"wispeco-aliminium-2\" class=\"alignnone size-full wp-image-2094\" srcset=\"https:\/\/www.remgro.com\/ar2015\/wp-content\/uploads\/wispeco-aliminium-2.jpg 1134w, https:\/\/www.remgro.com\/ar2015\/wp-content\/uploads\/wispeco-aliminium-2-300x89.jpg 300w, https:\/\/www.remgro.com\/ar2015\/wp-content\/uploads\/wispeco-aliminium-2-1024x307.jpg 1024w, https:\/\/www.remgro.com\/ar2015\/wp-content\/uploads\/wispeco-aliminium-2-86x25.jpg 86w\" sizes=\"(max-width: 1134px) 100vw, 1134px\" \/><\/p>\n<p><strong>Profile<\/strong><\/p>\n<p>Wispeco\u2019s main business is the manufacturing and distribution of extruded aluminium profiles used mainly in the building, engineering and durable goods sectors.<\/p>\n<div class=\"table-responsive\">\n<table width=\"100%\" border=\"0\">\n<tr>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"30%\">CORPORATE INFORMATION<\/td>\n<td class=\"tableheadgreyC borderlrw\" valign=\"top\" width=\"\">FINANCIAL HIGHLIGHTS<\/td>\n<td class=\"tableheadgrey\" valign=\"top\" width=\"33%\">SUSTAINABILITY MEASURES<\/td>\n<\/tr>\n<tr>\n<td>\n<p class=\"tablecopyblue\">Equity valuation at 30 June 2015<\/p>\n<p>R920 million<\/p>\n<p class=\"tablecopyblue\">Unlisted<\/p>\n<p><\/p>\n<p class=\"tablecopyblue\">Chief Executive Officer<\/p>\n<p>H Rolfes<\/p>\n<p class=\"tablecopyblue\">Remgro nominated directors<\/p>\n<p>S J de Villiers, J J du Toit<\/p>\n<p class=\"tablecopyblue\">Website<\/p>\n<p><a href=\"http:\/\/www.wispeco.co.za\" target=\"_blank\">www.wispeco.co.za<\/a><\/p>\n<\/td>\n<td class=\"borderlrb\">\n<table class=\"\" width=\"100%\" border=\"0\">\n<tr>\n<td  width=\"2%\"rowspan=\"7\"><\/td>\n<td class=\"empty\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"30%\" valign=\"bottom\"><\/td>\n<td width=\"2%\" valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy borderbb1 tablecopyuc\">&nbsp;<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderlg1 borderrg1\">Year<br \/>\n          ended<br \/>\n          30 June<br \/>\n          2015<br \/>\n          R million<\/td>\n<td valign=\"bottom\" class=\"figboldhead borderrg1\">Year <br \/>\n          ended<br \/>\n          30 June<br \/>\n          2015<br \/>\n          %<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\"tablecopy\">Revenue<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1\">1 649<\/td>\n<td valign=\"bottom\" class=\"figbold borderlg1 borderrg1\">+11<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy\">Operating profit<\/td>\n<td valign=\"bottom\" class=\" figbold  borderlg1\">150<\/td>\n<td valign=\"bottom\" class=\" figbold  borderlg1 borderrg1\">+6<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" class=\" tablecopy borderbg1\">Headline earnings<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 bra\">104<\/td>\n<td valign=\"bottom\" class=\" figbold borderbg1 borderlg1 borderrg1\">\u20133<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" valign=\"bottom\" class=\"footnote\">&nbsp;<\/td>\n<td valign=\"bottom\">&nbsp;<\/td>\n<\/tr>\n<\/table>\n<\/td>\n<td valign=\"top\">\n<p class=\"tablecopyblue\">CSI\/Training spend<\/p>\n<p>R13.3 million<\/p>\n<p class=\"tablecopyblue\">Number of employees<\/p>\n<p>1 065<\/p>\n<p class=\"tablecopyblue\">BBBEE status<\/p>\n<p>Level 4<\/p>\n<p class=\"tablecopyblue\">Environmental aspect<\/p>\n<p>Scope 1 and 2 emissions of<br \/>\n      49 460 tonnes&nbsp;CO<sub>2<\/sub>e<\/p>\n<\/td>\n<\/tr>\n<tr class=\"borderbg1\">\n<td class=\"\"><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"spacer\"><\/div>\n<p class=\"Investment-reviews_Investment-blue-caps-bold\">Wispeco Holdings PROPRIETARY Limited (Wispeco)<\/p>\n<p class=\"Body-text\">Wispeco\u2019s turnover for the year ending June 2015 increased by 11% to R1&nbsp;649&nbsp;million (2014: R1&nbsp;486&nbsp;million). The growth in turnover resulted mainly from higher selling prices following on increased raw material costs in rand terms, while sales volumes were only 1% higher. Headline earnings for the year under review decreased by 3% to R104&nbsp;million (2014: R107&nbsp;million). Sales margins were lower due to price competition against imports and local competitors, while the month long strike during July&nbsp;2014 also had a&nbsp;negative impact on the results for the year.<\/p>\n<p class=\"Body-text\">Various exciting projects have been initiated which will reach fruition in the new financial year. These include the commissioning of the 9th&nbsp;extrusion press and the installation of the first vertical powder coating plant in the country. Expansion of the stockist (distributor) network remains a&nbsp;growth focus with some cross-border opportunities being investigated. A shareholding of 65% was acquired in Pressure Die Castings (Pty) Ltd during the year, with an effective date of 1&nbsp;July&nbsp;2015. The acquisition results in a diversification of Wispeco\u2019s business into brass casting and synergies could arise with Wispeco\u2019s drive to grow its aluminium accessories business.<\/p>\n<p class=\"Body-text\">Wispeco leads the way in developing products and software solutions for the architect and fabricator market. The Fenestration Performance Declaration is gaining traction as controls to ensure conformance to the building regulations intensifies. U-Solve is a user friendly software tool to calculate actual and certified thermal performance of Crealco aluminium windows and doors.  Starfront&nbsp;4 was rolled out at the end of the year offering various new features to its broad user base.<\/p>\n<p><\/li><\/ul><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>contribution to headline earnings 30 June 2015 R million 30 June 2014 R million &nbsp; &nbsp; Air Products South Africa 222 217 &nbsp; &nbsp; KTH (108) 71 &nbsp; &nbsp; Total South Africa 133 233 &nbsp; &nbsp; PGSI 30 72 &nbsp; &nbsp; Wispeco 104 107 &nbsp; &nbsp; &nbsp; 381 700 &nbsp; &nbsp;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":448,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-full-width.php","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Industrial - Remgro Limited<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.remgro.com\/ar2015\/index.php\/reports-to-shareholders\/investment-reviews\/industrial\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial - Remgro Limited\" \/>\n<meta property=\"og:description\" content=\"contribution to headline earnings 30 June 2015 R million 30 June 2014 R million &nbsp; 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