South Africa's Top 500 Best Managed Companies by Topco Media

www.top500.co.za

South Africa’s best managed companies

ENGINEERING & SCIENCE Progress through ingenuity Richard Vries

RAYMOND ACKERMAN

EXCLUSIVE

The Prophet of Principled Proﬁt Priceless wisdom from a lifetime of achievement

TURNING THE AUCTION INDUSTRY ON ITS HEAD

New methods. Fresh approaches. Has the gavel’s day returned?

THE COMPANIES TO DO BUSINESS WITH

SILVER SPONSOR

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FOREMATTER TOP500 BEST MANAGED COMPANIES

CONTENTS

Into Africa TAX sPecial feaTure

Doing business in South Africa, particularly from Johannesburg, has traditionally been easier and more commercially effective than anywhere else in the region. The country’s banking, accounting and legal systems are sophisticated and function well, international flights are more frequent and foreign destinations more accessible, and there is ready access to all the goods and services needed to operate smoothly. To counter the business advantages offered by this well-developed infrastructure environment, Mauritius has substantially undercut South Africa from a fiscal point of view. On the other hand, to diminish Mauritius’s tax advantage, South Africa need not make radical corrections to its own tax arrangements. Rather than aim to be as accommodating as its Indian Ocean rival, South Africa need only to improve sufficiently on its current position. Enough tax and exchange control change, coupled with the country’s existing infrastructure advantages, should be more than adequate to reinforce South Africa’s position as the gateway of choice into the rest of Africa.

Tackling The four challenges With this in mind, the South African authorities are focusing on correcting the four broad areas that are detracting from the country’s competitiveness as a host for foreign investors: exchange controls, controlled foreign company (CFC) rules, secondary tax on companies (STC), and transfer pricing and thin capitalisation rules.

currenTly, The main drawbacks of These elemenTs are:

The approvals required under the existing exchange controls when residents (including South African subsidiaries of foreign holding companies) wish to invest abroad. Greater freedom could encourage more foreign companies to form holding companies in South Africa to manage their African investments

UPFRONT 6 4 8 10 16 18

EDITORIAL FEATURES

Tax changes will sTrengThen souTh africa’s sTaTus as africa’s gaTeway www.top500.co.za

Publisher’s Letter......................................................................... A-Z Listing of Featured Clients................................................... Contributors................................................................................. Industry Classification................................................................ Research Methodology................................................................ Top 5 Sectors By Growth.............................................................

The benign tax regime of Mauritius has placed it on a solid footing to compete with South Africa as a gateway for investment into Africa. Recognising the need to tilt the balance back in South Africa’s favour, the authorities have published draft tax legislation that addresses the current key constraints. Ernest Mazansky, Director of Werksmans’ Tax division, examines this strategy as it applies in South Africa.

auritius has been making good headway in promoting itself as an investor-friendly route into the African Continent. From a tax perspective especially, the island nation offers foreign investors a number of advantages. One of these is the very low rate of tax on Mauritian holding companies, currently pegged at a maximum of three percent. And when profits are paid from a Mauritian company to its foreign shareholders, no further Mauritian tax is payable. A second draw card is that Mauritius has no exchange control. Thirdly, and this is a very important factor in international tax planning, Mauritius has managed to negotiate a series of favourable double tax treaties with African countries. In fact, one could go so far as to say that Mauritius has been rather more successful than South Africa in negotiating these treaties, because though they have concluded fewer treaties than we have, theirs are more favourable to a foreign investor.

Room to move In view of this advantageous tax environment, Mauritius has been able to persuade a growing number of foreign companies to use the island as a base for investing into their African operations. This success has not gone unnoticed by South Africa, whose well-developed, reliable infrastructure far outweighs the non-tax investment advantages of any other location, including Mauritius.

cfc rules which could add a further layer of tax in the structure if South Africa imposes tax on the CFC’s profits, and even if not, there is added compliance The levying of sTc when a South African company receives a foreign dividend and wishes to on-declare, adding to the tax burden shouldered

The current transfer pricing and thin capitalisation rules which, if switched off, would lessen the tax and compliance burden for foreign investors wishing to set-up regional head office operations in South Africa These problem areas can be swiftly and simply addressed through amendments to our income tax legislation and, in the case of exchange controls, by an announcement by the South African Reserve Bank. Fixing our double tax agreements is a much longer-term project. All indications are that the pending changes will be passed into law, ensuring that South Africa is well-positioned to benefit from the expected upsurge in foreign investor interest in the African Continent.

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Into Africa Taxing concerns for foreign investors - Keeping SA competitive................................................................................... 22

Mergers & Acquisitions

An upward swing......................................................................... 28

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Mergers & Acquisitions MERGERS AND ACQUISITIONS SPECIAL FEATURE

Diversification

New products, fresh markets...................................................... 39

Entrepreneurship

Nurture the entrepreneur........................................................... 48 The next big thing....................................................................... 52

Environmental Social Governance

King III Integrated Report: Why it’s crucial to plan ahead....... 60

AN UPWARD

SWING Whereas business transactions of the merger and acquisition (M&A) variety took a knock throughout 2009, with a 42 percent reduction in deal values and a drop in volume from 10 to 6 in South African deals over that economically trying period, as of July 2010, a significant upswing in M&A activity has been recorded. Vanessa Rogers speaks to the legal specialists who smooth the way for this important economic activity.

Top500 Product OIL & GAS

Divesting in the downstream oil and gas industry.............. 122

SA’s Top Icons Raymond Ackerman

- King of Retail - By service, not command................................ 126

Khalid Abdulla

- Empowerment in untapped markets....................................... 130

Top500 at Work

www.top500.co.za

Crossing the lion - Peugeot 3008 Crossover SUV.................. 120

lora Wilke writes in a press release on up-to-the-minute local M&A activity that ‘total deal value in the first half (H1) of 2010 reached US$8.2-billion, over twice the total value of H1 2009’. Two mega deals contributed to this high deal value, being Gold Reef Resorts’ acquisition of Tsogo Sun Holdings for US$ 2.7-billion, and the US$ 2.4-billion merger of Momentum Group with Metropolitan Life. Further, the release reports that Edward Nathan Sonnenbergs (ENS) has kept its top M&A rating from 2009, both in terms of volume (seven deals) and value (US$6.8-billion). Second and third ranked in deal values were Webber Wentzel (US$2.9-billion) and Tabacks (US$2.7-billion), while volumes placed Bowman Gilfillan second (seven deals) and Webber Wentzel third (six deals). In terms of financial firms and their rankings, Rank Merchant Bank was top of both the value (US$3.3-billion) and volume (seven deals) tables. Investec was next in value with a total of US$2.8-billion, robbing Deutsche Bank – at US$2.7-billion – of the position it had maintained since early 2009. Nedbank Capital was third in volume with only three deals, just below Vuvani Corporate Finance in second place.

LegaL environment Three M&A specialists (from legal firms Werkmans and ENS, respectively) commented on the challenges of concluding a successful merger and/or acquisition in the post-2009 recession environment. Kevin Trudgeon is the director of Werkmans (incorporating Jan S de Villiers). It is Trudgeon’s opinion that while the M&A market was very buoyant in South Africa in terms of Private Equity (PE) and Broad-Based Black Economic Empowerment (B-BBEE) deals, but over the past year and a half these latter two types of deals have been few and far between. Reasons include the banks not extending as much credit as they did previously, as well as a slowdown in B-BBEE transactions as the majority of large firms in South Africa these days already have a B-BBEE component. “One or two of these PE and B-BBEE deals are still taking place – such as the recent Didata and MTN deals, both unique situations – but the majority of M&A deals today are driven by traditional business rationale, where companies wish to grow their operation, increase efficiency or sell off non-core assets.” Scott Nelson, executive – corporate and commercial at ENS: “Investor confidence - and consequently deal flow - is clearly picking up quite considerably quarter on quarter and exponentially, when compared with the picture 12 to 18 months

Gold Reef Resorts’ acquisition of Tsogo Sun Holdings

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Environmental Social Governance ENVIRONMENTAL SOCIAL GOVERNANCE SPECIAL FEATURE

NBA Awards Dinner..................................................................... 142

Top500 Companies by Turnover................................................ 144 Top500 Gallery............................................................................ 135 A-Z Listing of Researched Clients. ............................................. 146 TOP500 THANKS THE FOLLOWING SPONSORS SILVER Bonitas Medical Scheme BRONZE Alliance Group Continental Outdoor Hatch Africa Manhattan Corporation

King iii

he nature of corporate reporting has evolved tremendously over the past few years and now even more so since the inception of King III in March 2010, which stipulates that listed companies should submit an Integrated Report. Many have subsequently dubbed Integrated Reporting as a complex process. But the rationale behind Integrated Reporting was not to complicate reporting on business operations. It was rather created to stimulate integrated corporate strategies that are driven towards truly sustainable businesses. Companies that fully understand these King III principles and incorporate it in their core business strategies, will have no trouble at all with providing an Integrated Report on their business activities. And this is why it is so important to plan ahead.

integrated report

The meaning of inTegraTed reporTing

Why it’s crucial to plan ahead

King III is the abbreviated name for the King Report on Corporate Governance for South Africa published in 2009, which officially came into effect on the 1st of March 2010. King III specifies that companies should issue an annual Integrated Report that provides a reliable, comprehensive and holistic overview of the company, from both a financial and a nonfinancial perspective. A key aspect of Integrated Reporting is that companies should be able to outline the impact of their businesses on all three the spheres within which it operates: economic; social and environmental. These three elements are known as the Triple Bottom Line. Essentially, King III recognises that companies cannot separate their business objectives and drive for profitability from sustainability. Integrated Reporting should therefore provide a more informed assessment of a company, based on both its economic and social value, and not only its book value. “Sustainability is the primary moral and economic imperative for the 21st century,” as said by Mervyn King.

Reana Rossouw from Next Generation Consultants, a thought leader in the CSI and Sustainability arena, has provided us with insight into the King III Integrated Report and why it is crucial to plan ahead.

The key componenTs of a king iii inTegraTed reporT

“Essentially, King III recognises that companies cannot separate their business objectives and drive for profitability from sustainability.”

Key elements of business as it is addressed in the King III Integrated Report, include: • Effective Ethical Leadership and Corporate Citizenship: A board should develop and implement the necessary policies and procedures to ensure that a company’s operations positively impact on the triple bottom line and that the company thus qualifies to be regarded as a good Corporate Citizen • Governance of Risk: King III focuses on the definition of roles and responsibilities for an all inclusive risk management approach which

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CONTENT TOP PERFORMING

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Top500 Product PRODUCT REVIEW SPECIAL FEATURE

Nurture the

CROSSING THE LION

hen Peugeot announced that they would be releasing the 3008 crossover SUV in South Africa during the first quarter of 2010, we were obviously very excited. After having previously test-driven the 308 cc which was an absolute marvel, we could not wait until the 3008 would be delivered at our offices. Our anticipation was even stronger as our review period coincided with a planned trip across country from Cape Town to Durban over an extended long weekend. So we packed the family into the car and set off on our merry way along the N1. The cavernous boot simply swallowed up all the luggage we could fit in, and believe me, even with two children and my wife’s 20 pairs of shoes for the weekend, we found this to be ample. There was even the option of extending the boot by removing the floor board which gives the luggage bay even more depth. Associate Publisher, Yusuf Seedat - an all round family man with a rather concealed taste for adventure - heeds the call of the wild and discovers that in today’s world, even Lion taming has a call centre. www.top500.co.za

As far as performance is concerned, the 1.6 THP, with 115kw at 6 000 revs, and maximum torque at 240 nm, this Lion roars.

COMFORT AND CONNECTIONS We found the cockpit and passenger bay to be luxurious and comfortable. The car also maintains a sense of space with the panoramic sunroof, generous head and leg room and a whole array of storage spaces for those extra bits that we needed to carry along. The technological aspect was

also a huge plus, with the head up display on the dashboard, Bluetooth connectivity, iPod jack, heated seats a whole host of gadgets and gizmos that will keep any technophile happy for a long time to come.

POWER AND PERFORMANCE As far as performance is concerned, the 1.6 THP, with 115kw at 6 000 revs, and maximum torque at 240 nm, this Lion roars. The six speed gearbox added to the joy of the long and straight N1 at speed. Overtaking was a pleasure and the car never once lacked for power. Just as well though, the cruise control with speed limiter was easy to decipher, since there would be a number of traffic fines coming my way. The claimed rural consumption of 5.6l/100 km was not too far off, and the size of the tank at 60l meant that there was less stopping and more driving. But perhaps the real story did not lie in the awesomeness of this vehicle at a budget price (the Top of the range 1.6 THP retails at R305 400), but in the impressive nature of the service we received subsequently from Peugeot.

THE SECRET TO SERVICE Upon arrival in Bloemfontein, we decided to stop for breakfast and explore the city that I had grown up in. And just like that, in peak hour traffic, the car simply refused to go into gear. What we later found out, was that the clutch had burnt out with 3000km on the clock. This is not unusual though, as test cars usually change hands a few times, and are subjected to an array of testing.

One phone call to Peugeot Assist, and a tow truck had arrived within 15 minutes to take us to the nearest Peugeot dealership in Bloemfontein. From the call centre operator, to the staff at the dealership, to the PR and marketing people at head office, there was never a sense of being left in the dark, and we were constantly updated as to what was happening. Now, on the day that we arrived in Bloemfontein, it was also my wife’s birthday, so we were handed the keys to a 1.4 308, and we set off to explore and celebrate as we had originally planned. In the meantime, the people at head office had arranged for another 3008 to be delivered from Johannesburg so we could continue on our journey. In the late afternoon, when the car eventually arrived, I was also pleasantly surprised to find that the said vehicle was the 110kw, 2.0 Hdi premium. Now, even though this car was slightly more muted in it’s styling, with high quality black cloth seats, no head up display, and the absence of the spectacular panoramic cielo roof, the car was still exceptional in its comfort. A diesel power-train always carries favour with me, so the prospect of driving 2 000 km’s in this car was mouth-watering, and did not dishearten at all. In an era where performance and service are judged side-by-side, there can be no doubting that Peugeot South Africa has got it all right. All 3008 models come standard with a 3 year / 100 000km warranty and 5 year / 90 000 km service plan.

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Icon: Raymond Ackerman RAYMOND ACKERMAN ICONS

Raymond ackeRman

King of Retail - By Service, Not Command I am part of the generation that never knew a time before Pick n Pay. Any South African born after 1967 would say the same thing. And being synonymous with the company he built into a multi-billion Rand enterprise - and which grew from four small stores in Cape Town, to 794 stores today. Raymond Ackerman is truly a South African legend, with a reach and influence that extends far beyond the boundaries of business. Announcing his retirement as Executive Chairman in early 2010, and handing the reigns over to his son Gareth Ackerman, this elder statesman of retail now occupies the position of company ambassador, which has already seen him visiting a number of the stores around the country, ensuring that his invaluable and unique experience becomes part of his already substantial legacy. A champion of entrepreneurship, Mr Ackerman, in association with the UCT Graduate School of Business, and the University of Johannesburg, established the Raymond Ackerman Academy of Entrepreneurship in 2005, which provides aspiring entrepreneurs from disadvantaged backgrounds with the necessary tools to succeed. Observing that its reach is inherently limited, Mr Ackerman has recently published ‘A Sprat to Catch a Mackerel’, which condenses his practical and acquired wisdom into 53 principles from which to build a business, which are refreshingly practical and meaningful, and clearly based on humane principles, rather than aca-demic ones. It was clear to everyone involved in the judging of the 2010 African Access National Business Awards that the recipient of the prestigious Lifetime Achievement was to be Raymond Ackerman. When the opportunity arose for Top500 to interview this legend, it wasn’t taken lightly: his high public profile belies the fact that he is a very private person, and characterised as both a tough businessman and a true gentleman. Waiting for the interview to start at the Pick n Pay headquarters in Kenilworth, Cape Town, we were interrupted from our thoughts by a welcome offer of coffee or tea, and a quick check that we were being taken care of. It took a moment to realise that it was Mr Ackerman himself paying us this courtesy. And so began a brief, but rewarding encounter with this business legend who, in his person, contradicts the status conferred on him with his humility, and with his humanity.

Name Raymond Ackerman Born 10 March 1931 Raised Cape Town, South Africa Occupation and position Founder and Executive Chairman – Pick n Pay Trustee to the University of South Africa Occupation and position Founder and Exceutive Chairman - Pick n Pay School Diocesan College (Bishops) University University of Cape Town Major influences Professor William H Hutt, Bernardo Trujillo Achievements • Pioneer of the “No Name Brand” concept • Launched the concept of the Hypermarket in South Africa • Total number of Pick n Pay stores in 1967: 4 • Current number of Pick n Pay stores: more than 450 Greatest public disappoint Ousted from his own initiative to bring the 2004 Olympics to Cape Town

www.top500.co.za

Business philosophy Building a successful business is 90% guts and 10% capital.

Top500: You chose to officially retire this year, and it’s understood that this has been a careful and exacting process. What are your thoughts on succession planning, and what was important to you in this process? Raymond Ackerman: This was in fact my fifth succession plan. And I took the position of no compromise. The Pick n Pay Group is a family business, which makes it extremely important to appoint the best

successor, regardless of origin. For the role of CEO, Pick n Pay has had two successors who have been appointed from within the ranks of the company, first Sean Summers in 1999, followed by Nick Badminton in 2006, which strengthened our corporate governance, as well as assuring long-term growth. But while the management structure had changed, the family ownership remained preserved. We are unreservedly a family-controlled company, with good corporate governance and professional management, which has allowed us to take a long-term view of the company. The foundations of the Pick n Pay Group are secure, and in handing over the Chairmanship to Gareth, I felt that the ideal solution had been found, and that the timing was right. Top500: You refer a lot to principles. To values. Who were your influences and what did they teach you? Raymond Ackerman: One of my earliest influences, who gave me the foundation from which I’ve always strived to work, was William Hutt (ed. 1899 to 1988) who was my economics lecturer at the University of Cape Town. It was Professor Hutt who coined the phrase ‘consumer sovereignty’. That stuck with me always. During my time at Greatermans, I became acquainted with the work of Bernado Trujillo. His mantra was simple: Treat the consumer as queen, and she’ll make you king. His lessons clarified for me why I was in business in the first place: to interpret what the consumer wanted, and then giving it to them. At this time, South Africa was very far behind the American Market when it came to food retail. When I first took over the management of Checkers, it was clear to me that we were missing something. The question was what? Customer response to these first supermarkets had been poor and while food retailers saw the immediate advantages - notably, the self-service aspect, faster customer traffic and less labour-intensive operations, the customers simply saw the elimination of services they had grown accustomed to: telephonic orders, home-delivery and credit accounts. While manager of Checkers, my wife, Wendy, and I were fortunate to be sent by Greatermans to attend one of Trujillo’s seminars in America, followed by a quick tour of supermarkets in the southern states of America. A number of things became apparent to me. Trujillo described the then modern merchandising formula of the 1950s as desirable goods, openly displayed and readily accessible. Another simple, but outstanding observation he made was that ‘rich people love low prices but poor people need them’. In practical terms, even the smallest of the supermarkets we visited had a vibrancy that we lacked back home. By the end of the tour it was my firm belief that implementing these ideas would provide the missing ingredients for the Checkers chain.

Being fired awoke the entrepreneur in me, and once I became aware that the four Pick n Pay stores were on the market, I knew that this was the way for the Ackerman family to once again own a business.

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NBA Awards Dinner

A-Z Listing of feAtured CLients

Dining with the stars

THE

Inspiration is nothing without intent. Design is not accidental. It does not land on a page in a blinding flash of inspiration. Great design pursues a definite purpose. It has a reason that goes beyond the aesthetic and a purpose that’s strategic as much as it is inspired. Great design has an objective, a destination, and it’s our job to take it there.

Shirley Zinn of Nedbank, Tracey Czakan of Kelly Group and Nicholas McDiarmid of Topco Media

The African Access National Business Awards was established in 2002 by Topco Media to provide South African businesses with a platform to benchmark themselves against other companies and to celebrate and acknowledge companies who have gone the extra mile. This year, it was announced that African Access, one of South Africa’s leading Black Economic Empowerment Companies, had officially been named the headline sponsor of the awards, an alliance which has had excellent results and is due to continue for the next three years. African Access National Business Awards announced its finalists at a lavish dinner which took place on 27 May 2010 at the Sandton Convention Centre Ballroom. This year’s gala event played host to a number of high level dignitaries including First Lady, Madame Thobeka Madiba Zuma. Profiled here are some of the esteemed guests.

Editor of Topco Media, Nicholas McDiarmid welcoming the winners and sponsors

First floor, 198 Oxford Road, Illovo, 2196 +27 11 502 4600 info@gridworldwide.com www.gridworldwide.com

Chris Griffith of Kumba Iron Ore and Seth Phalatse Chairman of African Access - Title Sponsor of the African Access National Business Awards

Left to Right: Abrie De Swart of Imperial Logistics, Fayaz Sacoor of AIDC and Gavin Fletcher of BEE Online

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YOU WANT FOR CHRISTMAS

444778

ALL

The Peugeot RCZ goes on sale in November. Enough time, to get one out of the box in December, if you miss out in the frenzied initial demand. After all, it was voted the most beautiful car in the world in 2009*. And received the Best of The Best automobile design at the Red Dot Awards.

Voted the most beautiful car in the world in 2009* A dynamic silhouette and sharply reﬁned contours create a look that is classic, yet unmistakably modern. The oddly sensual ‘double bubble’ roof is Peugeot’s homage to the concept art of legendary car designer Zagato. The RCZ sees the beginning of a new era of driving excitement from Peugeot. The emphasis being on driver exhilaration whether you’re in the car or not. The car has even garnered praise from some of Peugeot’s toughest critics: “You’re forced to double-and-triple-take this car, absorbing the unlikely curves, supercar stance and balance.” (BBC Top Gear)

The interior is a luxurious immersion into the world of motorsport with backlit carbon dials and chrome offsetting double-stitched black Nappa leather. An extended low-roof, short windscreen and design of the dashboard create a cockpit feel with an unobstructed view of the outside, while sport seats mould to the body to provide an ergonomic driving position. Looks aside, the RCZ provides a respectable 147kW in the 1.6l manual incarnation with the 1.6l automatic providing 115kW. Driving dynamics are enhanced with independent front and rear suspension. Safety has also been enhanced with a pyrotechnic pop-up bonnet, 4 airbags and Peugeot’s advanced ESP dynamic stability control. And while it’s true that Christmas is a time for giving, rather than receiving, the new RCZ must surely count as the exception to the rule. For more information or to arrange a test-drive, contact your nearest Peugeot Dealer or email testdrive@peugeotrcz.co.za *As voted at the 25th International Automobile Festival.

FOREMATTER

A-Z Listing of Featured Clients

A-Z Listing of Featured Clients Having satisfied the performance criteria established by Topco Media, the following companies and other organisations are qualified to feature their activities in Top500: South Africaâ&#x20AC;&#x2122;s Best Managed Companies, and have chosen to do so. *With exception to these participants

Alliance Group ............................ 9, 136

............................................................ 2

Peugeot SA.......................................... 5 *

Arcelor Mittal SA............................... 26

Gibb.................................................... 98

Planet Fitness...................................... 7 *

AstraZeneca...................................... 108

Premier Verification........................... 42 *

Actom . ............................................... 80

Aurecon SA ........................................ 92

BonitasMedical Scheme..... 32, 134, 145 Business Connexion.......................... 140 Bidvest Prestige Group.................... 106

Claremart Auction Group ............... 116 Continental Outdoor Media...... 88, 137

Grid Worldwide Branding & Design....

Hatch Africa....................................... 82 HRG Rennies Travel........................ 112

I K

Imperial Logistics.................... 114, IBC

Kumba Iron Ore................................. 68 Kyocera Mita SA.............................. 104

Paxson Marketing............................... 59 *

PricewaterhouseCoopers Inc............. 24 Primeserv Group Limited................ 110 Protea Coin Security Services................ .................................................... 96, 139

R S

Rectron ............................................ 100

SA Post Office.................................... 94 Sandton Convention Centre............ 102

Eskom................................................. 78

Santam................................................ 20

EXP Agency........................................ 72

Medihelp Medical Scheme................. 36

The Waste Group ............................. 76

Empowerdex ...................................... 46 *

Exxaro Resources.............................. 115

Fidelity Security Group...................... 71 Fleet Africa....................................... 118

Manhattan Corporation ............ 64, 138 Multilayer Advertising Agency....... 1, 45 *

T W

WSP Group Africa........................... 117

Old Mutual SA................................. 140

Foskor................................................. 74

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FOREMATTER Publisher’s Foreword

Growth is on the horizon A MESSAGE FROM THE PUBLISHER

or the past year Top500 has been hard at work, striving to come up with new initiatives on how to improve business sustainability and increase the assistance of the Top500 Companies in facilitating social responsibility in our country. One of the ways in which to do this was to head up a project called You and Me Will Plant a Tree. You and Me Will Plant a Tree is a Top500 initiative aimed to enhance our environment, assist the ozone layer, educate on the benefits of trees and inevitably contribute positively to our atmosphere. This initiative involves the Top500 Companies and volunteering communities to assist in planting trees for the future of Africa. There are so many benefits to planting trees: they provide shade on those much-needed days when the rays of the sun get too hot to stand, they take carbon dioxide out of the air and produce oxygen, they soften our landscape and provide shelter. Additional benefits include deterring soil erosion, lowering electricity bills, providing a good habitat, diminishing urban heat islands and flood prevention. Top500 is very proud of this initiative and is aiming to plant thousands of trees wherever necessary, along highways and in underprivileged areas in order to make South Africa a better place to live in. It is our vision that the Top500 Companies will spearhead this project. The World Cup™ is over, but the long-lasting legacy it has left has sparked a feeling of unity in every South African. With exciting and not forgetting, gripping soccer matches, the publicity South Africa has gained is incalculable. Irrespective of whether money was made, or not, South Africa is now notorious worldwide for pulling off a spectacular event. Another very exciting upcoming venture is the first ever, Top500 Awards. Over the years we have received ample requests to have a Top500 Awards, and this year, that is finally becoming a reality. Introducing the first of its kind, the Top500 Awards incorporating a golf day for valued clients who are number one in sector. All number one’s have been nominated for entry in the following sectors: auction houses, outdoor media, metals and minerals, branding and design agencies, postal services, engineering groups, accounting and consulting, and private security services. This prestigious, long-awaited event will be held at The Wanderers Golf Club. It will incorporate an early breakfast, followed by the scintillating longed-for awards, and ending spectacularly with a Champion of Champions Golf Day. For more information on the Top500 Awards, contact Karla Fletcher on karla.fletcher@topco.co.za Top500 Companies is most certainly cutting the path others will follow. To a year of great memories and grand plans!

Richard Fletcher Publisher

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FOREMATTER

TOP500 BEST MANAGED COMPANIES

CONTRIBUTORS Ernest Mazansky, Director, Werksmans Tax, is a specialist in local and international tax law providing advice and opinions on corporate tax planning, restructuring of corporate entities, share incentive schemes, offshore structures and financing, VAT, estate planning, wills and trusts, and exchange control. He was named as a leading specialist in Tax by Chambers Global: The World’s Leading Lawyers for Business and as a leading specialist in Corporate and Tax by Best Lawyers International. Ernest completed his BCom and BAcc degrees at the University of the Witwatersrand and is a registered CA (SA). He also holds a higher diploma in Tax Law.

Reana Rossouw, Director of Next Generation Consultants, is an alumnus of the University of Stellenbosch Business School. She has more than 20 years of experience in practical business management at senior executive level. In 2008, Reana won the South African Council for Business Women - Business Women of the Year award in the Micro-Business Category. She was appointed a director of the Western Cape Investment and Trade Promotion Agency (WESGRO) in April 2006. Reana is the founding director of Next Generation Consultants. Reana is a regular speaker at national and international conferences and is regarded as one of South Africa’s leading experts in social investment, socio-economic development, corporate responsibility, sustainability and sustainability reporting, and has published extensively in this area.

James Newlands is a senior partner at Ernst & Young and Leader of Oil & Gas for Africa. James explores new opportunities in the downstream business and looks at the role of private equity investors in South Africa.

Shireen Chengadu is the Academic Director at the University of Pretoria’s Gordon Institute of Business Science (GIBS). GIBS academic offerings include a full-time Entrepreneurship MBA, and Chengadu has a particular interest in attracting more women to the programme.

Moky Makura was born in Nigeria, educated in England and since 1998 has lived in Johannesburg. A TV presenter/ producer, writer and a successful entrepreneur in her own right, Moky holds an Honours degree in Politics, Economics and Law from Buckingham University in the UK. With a wealth of marketing communications experience gained from over 18 years in the PR industry serving almost every aspect of specialist communications across the continent, Moky’s field of expertise extends across most market sectors and industries. Moky formed her own agency - Red PR - early in 1999, with the vision of becoming the first pan-African PR network. In 2002, she sold her business to Draft FCB – then SA’s largest communications agency. Three years later she left to set up as an independent consultant and pursue her media passions. With a highly successful broadcast career under her belt, Moky set about completing her book ‘Africa’s Greatest Entrepreneurs’, which was published with great success in 2008, and is currently in its third print. Committed to promoting Africa and presenting the continent in a positive light, Moky is a soughtafter speaker, and editorial contributor.

Vanessa Rogers is the director of the media business, TextBOX Conceptual Services, which offers magazine subbing, article writing and PR services to the South African media industry and corporates. TextBOX is newly located within Colourworks, at The Foundry, where a network hub has been created for similarly-minded executives looking to take their businesses to the next level. To de-stress, Vanessa runs marathons and teaches aqua aerobics classes.

Yusuf Seedat is the associate publisher of Top500: South Africa’s Best Companies. He has worked in the commodities exports industry and in the media industry, and has a distinct passion for fast cars, jet-planes, football and fly-fishing.

CREDITS Chairman & Publisher Richard Fletcher

Head Designer Jayne Macé

Proofreading Carol du Toit

CEO Ralf Fletcher

Designers Kyle Collison Stephen Alfreds

Subscriptions Candice Hooper candice.hooper@topco.co.za

Business Development Coordinators Zaheera Seedat Judy Twaambo Chileshe Lizel Jonker

Distribution Ingrid Johnstone Ursula Davids

Associate Publisher Yusuf Seedat Editor Nicholas McDiarmid Managing Editor Shaheema Albertyn-Burton Art Director Van Fletcher Traffic Manager Tamlyn Van Der Horst

Research Managers Haley Fletcher Jake O’Brien Researchers Edna Hamilton Carmen Saville Laylaa Abarder

Financial Manager Keith Van Der Vent Human Resources Manager Irene Wijne Financial Administrators Bernadette Theron Themba Gaga Printers

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Contact Details Topco Media (Pty) Ltd 1 Garron Avenue, Hout Bay, Cape Town, South Africa 7806 PO Box 16476, Vlaeberg 8018 Tel: +27 (0)21 791 7100 Fax: +27 (0)21 790 7496 Email: info@topco.co.za Website: www.topco.co.za Disclaimer All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Topco Media (Pty) Ltd Reg. No. 2007/002190/07. While every care has been taken when compiling this publication, the publishers, editor and contributors accept no responsibility for any consequences arising from any errors or omissions. ISBN: 978-0-620-48718-4

10/7/10 7:13:27 PM

AUCTION ALLIANCE FOREWORD

BRONZE SPONSOR

ahead of thEIR game A foreword from the Chairman of South Africa’s leading auction group.

www.top500.co.za

Sango Ntsaluba Chairman

uction Alliance, southern Africa’s leading auction group, has revolutionised the local auction industry and created a Superbrand in the process. In its two decades of leading and stimulating markets, the company has been at the forefront of the South African property auction industry and has grown into the country’s largest auction house. The company operates in five independent, yet integrated, business units and has two decades of experience in identifying the value of a given asset and monetising it by means of the auction mechanism. It is an honour to be associated with the Top500 Companies magazine as first in the auction sector. We have won a string of awards, in marketing, HR, business strategy, and last year we attained Superbrand status, reflecting our dominant position in the auction industry. The words ‘team’, ‘innovation’, ‘vision’, ‘enthusiasm’, ‘tenacity’ and ‘positive attitude’ are prevalent when companies are considered for the Top500 Awards. These words have proved to be a winning formula for the Alliance Blues, enabling the company to be ahead of the game at all times. Companies only qualify for a listing in the Top500 if they meet or surpass the strict and wide performance criteria established by the Topco Media Research Department and we take great pride in being recognised as the number one auction house in the country. With almost 20 years of industry experience under our belt, we believe that our in-depth knowledge of the specific asset and property classes gives our group a competitive advantage. Our clients maintain loyal relationships with us and together we build long-term wealth. As auction pioneers we define our own space and constantly strive to find superior solutions for our clients. We are constantly on the lookout for opportunities and we stress creativity, innovation and determination to achieve distinction in all we do. Our services, which include property valuation and property auctions, are of the highest standard, achieved through our uncompromising drive towards excellence and professionalism. We believe that Topco shares these values, which is why we are proud to be associated with them. The team at Topco are dynamic and inspired to be the best they can be. It is clear that successful Top500 Companies understand the value of their employees - this is evident at Auction Alliance where team members regard the company as a market dominator. Our staff have found a place where they can advance their careers speedily and are stakeholders who impact where the organisation goes and how it gets there. Our core values are resolute and with an innovative, dynamic and entrepreneurial spirit we build our business one relationship at a time. Topco have shown that they also possess these values and they too are seen as market leaders. Integrity and honesty are at the heart of both businesses and our employees. Auction Alliance welcomes the success and development of Top500 Companies and is proud to be included in this enviable stable of winning organisations.

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South Africa’s Top500 Companies by INDUSTRY CLASSIFICATION In order to determine this year’s Top500 Companies, the Topco Research Department collected and analysed data from over 4 000 companies. Companies were rated against a wide range of criteria differing in some sectors due to the nature of the business of those sectors. Through this process we are able to give you this year’s Top500 Companies. The classiﬁcation system followed identiﬁes 96 sub-sectors clustered in 11 economic groups, in turn located in three economic segments. Jake O’ Brien Research Manager

KEY Primary Segment Secondary Segment Tertiary Segment 1st in Sector Company Sponsor Advertising Company

Primary RESOURCES

Gas

Afrimat Limited

Coal

BP Southern Africa (Pty) Ltd

Masonite (Africa) Limited

Anglo Operations Limited – Coal Division

Sasol Gas Limited

Sasol Mining (Pty) Ltd

PetroSA (Pty) Ltd

Cement

BHP Billiton Energy Coal South Africa Limited

Easigas (Pty) Ltd

AfriSam (South Africa) (Pty) Ltd

Optimum Coal Holdings Limited

African Oxygen Limited t/a Afrox

Exxaro Coal (Pty) Ltd

Air Liquide (Pty) Ltd

Pretoria Portland Cement Company Limited (PPC) Lafarge Industries South Africa (Pty) Ltd

Xstrata SA (Pty) Ltd

Secondary

Natal Portland Cement (Pty) Ltd

Gold

BASIC INDUSTRIES

Gold Fields Limited

Speciality Chemicals

Construction Groups

Harmony Gold Mining Company Limited

Sasol Limited - Chemical Division

Murray & Roberts Holdings Limited

Anglogold Ashanti Limited

AECI Limited

Aveng Limited

DRD Gold Limited

Omnia Holdings Limited

Group Five Limited

Simmer & Jack Mines Limited

African Oxygen Limited t/a Afrox

WBHO Construction (Pty) Ltd

Sud-Chemie SA (Pty) Ltd

Basil Read Holdings Limited Stefanutti Stocks Holdings Limited

Platinum Anglo Platinum Limited

Paint Manufacturers

Impala Platinum Holdings Limited

Freeworld Coatings Limited

Forestry & Forest Products

Lonmin plc

ICI Dulux (Pty) Ltd

Sappi Manufacturing (Pty) Ltd

Aquarius Platinum (South Africa) (Pty) Ltd

Chemical Specialities Limited t/a ChemSpec

Mondi Limited

Northam Platinum Limited

Dekro Paints (Pty) Ltd

Komatiland Forest (Pty) Ltd York Timber Holdings Limited

Metals & Minerals

Builders Merchants

Kumba Iron Ore Limited

pg 68

Hans Merensky Holdings (Pty) Ltd

Cashbuild (South Africa) (Pty) Ltd Massbuild (Pty) Ltd

Aluminium

Merafe Resources Limited

Iliad Africa Limited

BHP Billiton Aluminium SA LImited

Palabora Mining Company Limited

Distribution & Warehousing Network Limited

Hulamin Limited

Metorex Limited

Italtile Limited

Wispeco (Pty) Ltd

Mica Investments (Pty) Ltd - a subsidiary of Mica Holdings Limited

AGI Aluminium (Pty) Ltd

Foskor (Pty) Ltd

pg 74

Diversiﬁed Mining Anglo American South Africa Limited BHP Billiton SA Holdings Limited Exxaro Resources Limited

pg 115

African Rainbow Minerals Limited

Steel Building & Construction Materials

ArcelorMittal South Africa Limited

PG Bison Limited

BSI Steel Limited

Corobrik (Pty) Ltd

Cape Gate (Pty) Ltd

Ceramic Industries Limited

Trident Steel (Pty) Ltd

pg 68

Evraz Highveld Steel (Pty) Ltd

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Defining

excellence towards an objective

Top500 - South Africaâ&#x20AC;&#x2122;s best Managed Companies aims to identify the top five companies across 100 business sectors monitored by the Topco Research Department. In order to do so, some measure of the qualities that we consider to be characteristic of top companies must be designed in order to rank companies. To be classed as one of South Africaâ&#x20AC;&#x2122;s best companies, we expect companies to excel in three key spheres, namely financial performance, people, and policy and accreditation.

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AN UPWARD

www.top500.co.za

Legal environment Three M&A specialists (from legal firms Werkmans and ENS, respectively) commented on the challenges of concluding a successful merger and/or acquisition in the post-2009 recession environment. Kevin Trudgeon is the director of Werkmans (incorporating Jan S de Villiers). It is Trudgeon’s opinion that while the M&A market was very buoyant in South Africa in terms of Private Equity (PE) and Broad-Based Black Economic Empowerment (B-BBEE) deals, but over the past year and a half these latter two types of deals have been few and far between. Reasons include the banks not extending as much credit as they did previously, as well as a slowdown in B-BBEE transactions as the majority of large firms in South Africa these days already have a B-BBEE component. “One or two of these PE and B-BBEE deals are still taking place – such as the recent Didata and MTN deals, both unique situations – but the majority of M&A deals today are driven by traditional business rationale, where companies wish to grow their operation, increase efficiency or sell off non-core assets.” Scott Nelson, executive – corporate and commercial at ENS: “Investor confidence - and consequently deal flow - is clearly picking up quite considerably quarter on quarter and exponentially, when compared with the picture 12 to 18 months

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MERGERS AND ACQUISITIONS SPECIAL FEATURE

Gold Reef Resorts’ acquisition of Tsogo Sun Holdings

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Sealing the deal

ago. Africa has not been affected by the financial crisis as badly as the more developed markets and deal flow has remained reasonable across the continent, even through the darkest hours of the last two years. There have always been attractively priced assets available, the growth of which has never depended to the same extent on the ‘mega leverage’ previously deployed in Europe and North America. Additionally, the relative robustness of our banking system has been hugely important, and will continue to be so.” On the topic of the difference between the sale of a business as a ‘going concern’ and that of buying shares in a business, Trudgeon explains that in the latter instance you get ‘the entire entity, warts and all’. This means the buyer inherits all assets, liabilities and staff of the company or business they have purchased. On the other hand, if a business is bought as a ‘going concern’, the buyer can ‘cherry pick’ which assets and liabilities he or she wishes to take on. Regarding the staff component, however, Trudgeon says that there is legislation in place that it is wise for the buyer to follow.

www.top500.co.za

Labour law Susan Stelzner, a director in the employment department at ENS was on hand to explain the Labour Law component of the M&A process. She says, “There have been no changes to the Labour Relations Act (LRA) on this issue since 2002, when the definition was expanded to include a ‘service’ (i.e. when a business or service is transferred as a going concern). However, there have been labour court decisions on the application of section 197 in different contexts. So, most recently, the Labour Appeal Court (LAC) has held that a secondary outsourcing transaction can constitute a transfer of part of a business as a going concern and thus be covered by section 197. The Labour Court has also held that section 197 can apply, where a franchise arrangement with one franchisee is cancelled and awarded to another. Prior to the LAC decision on secondary outsourcing referred to above, the labour court had held that secondary outsourcing was not covered by section 197. The franchise issue had not previously been considered by the courts, and therefore it was not clear whether section 197 would apply.” As regards the improved rights of employees, Stelzner explains that the employees in the transactions referred to above (secondary outsourcing and

changing of franchisees) enjoyed the protection afforded by section 197. Their contracts of employment transferred automatically with the business, on their existing terms and conditions. So the acquirer cannot choose whom it employs, but ‘inherits all the employees along with the business,’ explains Stelzner. Clarifying the terms and conditions of employment, Stelzner says that the acquirer can also not change these “without agreement, and the agreement must comply with section 197(6) of the LRA, which means it must be concluded with the same party as the employer would have to consult in the event of a retrenchment”. So, if a union is involved, the employer can’t simply reach agreement with the individual employees; such agreement will be invalid and then the default position – namely that the employees transfer automatically on their previous terms – will apply.

ASSETTS AND LIABILITIES – THE RULES OF DISCLOSURE Trudgeon continues to say that there are no fixed obligations regarding disclosure of assets and liabilities in an M&A deal, but that the process is in fact driven by negotiation between the buyer and seller. “The seller may be happy to disclose certain things to achieve a sale, whereas the buyer may request to see various documents (including financial statements, contracts with clients and employees, and lease agreements) in order to be happy to close the deal,” he says. “The process is very fluid and hangs on the negotiation skills and bargaining position of the two parties. For example, if a company is put up to auction, less warranties may need to be given than in the case of a single buyer. Further, every buyer has a different appetite for risk. The seller’s attorney will draw up the purchase agreement, whereupon the buyer/s will request or negotiate a certain level of due diligence, a certain number of warranties … they will approach the seller with their ‘shopping list’ of requests.” “What’s important in the role of attorney or advisor is to identify all potential risks in the process. It is useful for the buyer to hire someone conversant and, indeed, skilled with the M&A process and with sale agreements; who is prepared and able to assist in identifying the various risk areas, and who will be able to suggest solutions to problems as they crop up,” he concludes.

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Edward Nathan Sonnenbergs (ENS) has kept its top M&A rating from 2009, both in terms of volume (seven deals) and value (US$6.8b-billion)

…the majority of M&A deals today are driven by traditional business rationale, where companies wish to grow their operation, increase efficiency or sell off non-core assets. Nelson concurs. “The value of an experienced legal M&A practitioner in the deal process clearly stems from an intrinsic and deep knowledge of the legal environment in which the transaction is being conducted, all the way through to providing a principal role in actively managing and driving the process to conclusion. It should be very much a given that senior lawyers at the top firms are fully acquainted with the law – the real value is to be proactive and not reactive,” he explains, as well as to ‘take the bull by the horns’ in moving, what can often be very large and complex transactions, forward. The M&A lawyer, perhaps more than other advisors on a deal, has a unique ‘birds eye’ view of all the components and needs to orchestrate their progress and not just provide the purely legal input.”

For sellers, the ‘locked box’ mechanism provides greater certainty of price and increased control over the sale, both of which are key to achieving the best value in the current buyers’ market. Nelson adds that this technique “is beginning to show itself, although not to the extent that it has been seen recently in Europe. I think that the problems facing the general deal market in many of the developed countries have, of necessity, rendered this mechanism an attractive option. Liquidity issues have not been prevalent to the same extent here and, as such, its use is very much more the exception rather than the rule.”

EFFECTIVE INTEGRATION, OPERATIONAL SUCCESS As sustainability of a business acquisition depends on what happens during the merger – after the financial deal has been signed – Rogan Davies of the IQ Business Group believes that effective integration is the only way to extract real value from the merger deal. He recommends that the holding company purchase businesses that are bringing in a profit, and continue to operate them as per before the sale. Davies says that the value of the merged entity can only be greater than the sum of its merged parts when integration is clever, duplication costs are eliminated and value is unlocked. Problems occur when management does not take the basic steps required for a smooth integration, which are: • • • •

CERTAINTY OF SALE PROCEEDS In the UK, at least half of M&A deals are structured on the ‘locked box’ technique. How it works, explains Nelson, is that “the price for a target company is set by reference to a base balance sheet (whether last audited, most recent management accounts or a pro forma prepared specifically for the purpose). This is combined with an agreed and relatively stringent set of covenants on ‘leakage’ between signing and closing, rather than to test normalised working capital/net debt post closing and then to adjust the purchase price accordingly.” Explains Tertius van Dijk, PricewaterhouseCoopers SA Transaction Services director in an article posted to www.fanews.co.za, in the ‘locked box’ scenario there is more time for the buyer’s management resources to focus on post-deal operational integration, business performance and value.

Brand rationalisation Elimination of duplicated costs Systems integration (IT and accounting) Cultural integration, thereby creating a new staff identity

As the above takes time, Davies recommends easy steps like ensuring pay slips are in the ‘new entity’s business name at the end of the first month. This makes everyone aware that there’s no going back,’ he concludes.

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COMPANY FEATURE SANDTON CONVENTION CENTRE (SCC)

10 year legacy of the Sandton Convention Centre The venue of choice for top local and international conferences.

www.top500.co.za

ince the Sandton Convention Centre (SCC) opened its doors, it has moved rapidly up the ranks to become the venue of choice for top local and international conferences, high-level association meetings, major exhibitions, dazzling special events and intimate business meetings. The SCC’s prime location accounts for its high success, with 74 percent of all South African corporate headquarters housed in Johannesburg. With the newly completed Gautrain, delegates can experience a seamless journey from OR Tambo into Sandton in a mere 14 minutes, enhancing the offering of the Sandton Convention Centre as the leading venue choice within South Africa. The SCC boasts an impeccable track record for hosting major events such as the World Summit on Sustainable Development in 2002, with 3 500 delegates. It also hosted Oprah: Live Your Best

Cumulatively, the SCC has contributed over R1.6-billion to provincial GDP, making it an investment that has benefited the entire country over the past decade. Life and the 18th World Petroleum Congress in 2005, the SADC Heads of State Summitand Miss World in 2008, Soccerex 2007 until 2009, and more recently hosted the 60th FIFA Congress and The 26th International Paediatric Association Congress 2010.

ECONOMIC IMPACT During the construction of the R400-million convention centre, it was estimated that 1 597 jobs were directly created by the project while a further 1 458 indirect jobs were created throughout South Africa. The number of sustained jobs since the opening has increased over the years from just 76 in 2001 to 1 251 in 2008. The construction of the sprawling SCC also added R269.8-million to Gauteng’s GDP and, when operations began in 2001, contributed R8.8-million to provincial GDP. This has grown considerably over the years to a contribution of R355.5-million to Gauteng’s GDP in 2008. Accumulatively, the SCC has contributed over R1.6-billion to provincial GDP, making it an investment that has benefited the entire country over the past decade, especially in the context of the growing importance of the conference and exhibition industry.

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TERTIARY: CYCLICAL SERVICES/ SUPPORT SERVICES/ EXHIBITION & CONFERENCE FACILITIES

Back: Richard Flack Davidson, Janine Baltensperger, Cedric Laurie and Mati Nyazema. Front: David Doosi, Jabulile Khumalo, Michael Hogeweg, Karin White and Debra De Sousa.

THE VENUE OF CHOICE DURING THE 2010 WORLD CUP TM

The 2010 FIFA World Cup™ was a time for the Sandton Convention Centre to really shine and put 10 years of unparalleled eventing expertise into practice. During the month of June the SCC recorded its highest ever occupancy in 10 years. The SCC hosted some of football’s most noteworthy and festive events. World Cup™ celebrations kicked off with the ‘Taste of Mexico’ extravaganza and the centre also hosted the Casa Brazil Sensational Experience, showcasing the sights and sounds of Brazil for 2014. The SABC Studios occupied the venue for the duration, and other events included the Heads of States Breakfast, World Sports Destination Expo and the unveiling of the Brazil 2014 logo and campaign.

Event Greening With the world’s focus turning to environmental issues such as global warming, carbon emissions, waste management and energy efficiency, it is comforting to know that one of the leading convention centres in Africa has been flying the ‘green’ flag high since its doors opened 10 years ago.

The Sandton Convention Centre was awarded gold classification status in the Heritage Environmental Rating Programme in 2002. Due to its ongoing commitment to reducing impact on the environment and surrounding community through its ‘Green Plan’, the convention centre has managed to retain this prestigious status and continue to strive to sustainable operations.

Companies (Topco Media) • Imvelo Awards - Best Energy Management • EXSA: Best Exhibition Venue Award • Diamond Arrow award by Professional Management • TPSA -Favourite Technical Venue

Facts & figures • The most technologically advanced conference centre • The centre can accommodate up to 10 000 visitors simultaneously • Meals can be served to up to 2 000 guests within 12 minutes • The SCC is in the proximity of 2 000 four and five-star hotel rooms

Awards & accolades • Heritage Environmental Rating Programme, gold classification • Top500 - South Africa’s Best Managed Companies • South Africa’s Top 300 Performing

Tel: +27 (0)11 779 0000 Email: info@saconvention.co.za Website: www.saconvention.co.za

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Come & celebrate the best successes of business in 2010

To View the complete magazine CLICK HERE!!

www.top500.co.za

South Africaâ&#x20AC;&#x2122;s best managed companies