ANNUAL RESULTS PRESENTATION FOR THE FINANCIAL YEAR ENDED 31 AUGUST - - PowerPoint PPT Presentation
ANNUAL RESULTS PRESENTATION FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2018 1 AGENDA INTRODUCTION - Christopher Gilmour GROUP OVERVIEW - Heiko Weidhase YEAR IN REVIEW - Heiko Weidhase FINANCIAL REVIEW - Anton de Klerk
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Our employees are critical to building and maintaining a sustainable business and to achieving the objectives expressed in our tagline - “Think Efficient. Realise potential.” We recognise that long-term, trust-based relationships are key to our success and that client satisfaction is fundamental to the Efficient Experience. 7
Financial Services cluster The consolidation of vario ious brands in into Effic icient Wealth Established the Fin inancial l Pla lanning Centre, , comprising: − The Para-Planner Hub for the training and development −
− Effic icie ient Med, specialising in health services; and − Effic icie ient In Insure, specialising in short-term insurance. Solutions cluster The establi lishment of both Effic icient In Insure and Effic icient Med First full year for Effic icient Benefit Consulting Efficient Private Clients’ operational excell llence Naviga value proposition development progressing Investment cluster The conclusion of phase 2 of the Sele lect Manager transaction The cancell llation of the profit share agreement wit ith Boutique Coll llectiv ive In Investments (BCI) and Boutique In Investment Partners (BIP) Consolidation of value propositions, BIP IP, Naviga and Sele lect Manager has started
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PSA TIM IMELINE
Efficient Group Limited Boutique Collective Investments (RF) (Pty) Ltd Boutique Investment Partners (Pty) Ltd RW and Nominees 66% 66% Pre re–PSA Ac Acqu quis isiti ition n (FY2 (FY2014 to to FY FY2018) Pos
Acqui quisiti ition
(FY2019 on
ward) d) Efficient Group Limited Boutique Collective Investments (RF) (Pty) Ltd Boutique Investment Partners (Pty) Ltd Profit share of Net Profit Before Tax Ordinary shareholding 100% 100% 100% 100%
PSA STRUCTURE
12 Aug 2013 31 Aug 2018 31 Aug 2014
Establishment of BCI and BIP EFG and RW and others enter into PSA EFG attains 5-year call option on PSA Assets under Administration – R2 R2bn bn Assets under Management and Consulting – R0 R0bn bn First full year of operations Assets under Administration – R4 R41bn bn Assets under Management and Consulting – R2 R25bn bn Cancellation of PSA becomes effective Cancellation expensed in FY2018 FY2019 onward – all earnings of BCI and BIP retained within the Group Assets under Administration – R1 R109,8 ,8bn Assets under Management and Consulting – R3 R36,5 ,5bn
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The growth in profit reported by the Efficient Group specifically underpinned by the BCI and BIP collaboration is evident.
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Included in the original profit share agreement was a provision that grants Efficient Group the right to cancel the profit share agreement after a period of 5 years which expired on 31 August 2018 Efficient Group duly announced its intention to cancel the agreement on SENS on 15 June 2018 The terms of the cancellation agreement followed in an announcement on SENS on 5 July 2018 On 3 August 2018, the distribution of the circular and notice of general meeting was announced
transaction during the Efficient Group general meeting held on 31 August 2018 The total cancellation cost amounted to R480 million R430 million was expensed resulting in R288 million loss for the year The after-tax cost of the transaction is calculated at R346 million We obtained a SARS ruling to confirm this expense as a normal income deductible expense with the subsequent tax benefit COST
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Assets under Advice (AUA): + The 10% growth is a result of organic growth Assets under Management (AUM): + Restructuring of Efficient Select (2017) and the improved performance resulted in net inflows + Efficient Private Clients achieved positive net flows + The multi-managers reported net
Assets under Consulting (AUC): + The growth in AUC was driven mainly by the transfer of AUM mandates to AUC mandates, at the same margins Assets under Adminis istration (AUAdmin): ): + The lower AUAdmin is attributable to the expiry of a short-term mandate
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40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000 200 000 2014 2015 2016 2017 2018
ASSETS
Assets under Advice Assets under Management Assets under Consultation Assets under Administration
R'M 'Million R'M 'Million R'M 'Million R'M 'Million R'M 'Million 2014 2015 2016 2017 2018 Assets under Advice 8 945 12 707 14 766 18 288 20 086 Assets under Management 13 888 18 183 22 330 19 504 19 536 Assets under Consultation 19 691 23 978 26 440 26 879 30 110 Assets under Administration 41 041 63 173 101 096 117 331 109 848 83 565 118 041 164 632 182 002 179 580
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2018 2018 2017
R’000 R’000 Revenue (Note 1) 1 083 506 1 002 096 8% Variable expenses (778 561) (702 054) Gross contribution (Note 2) 304 945 300 042 2% Gross contribution % (Note 2) 28% 30% 30% Operating expenses (Note 3) (261 828) (255 568) 2% Share of profits from investments in equity-accounted associates 913 1 037 Operatin ing profit (Note 4) 44 030 45 511 (3%) Operating margin 4% 5% Net finance income 1 558 1 850 Profit before non-operational items 45 588 47 361 (4%) Recurring HEPS (cents) (Note 5) 39.85 41.22 (3%) Operating EBITDA (Note 6) 61 204 64 905 (6%)
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400 000 600 000 800 000 1 000 000 1 200 000 R'000 R'000 R'000 R'000 R'000 2014 2015 2016 2017 2018
Fin inancia ial Services: + The 20% increase in revenue was achieved through organic growth Solu lutio ions: + Select Manager was transferred from the Investment cluster to Solutions + Fee restructuring at Naviga Solutions negatively impacted revenue growth Asset Management and Consulting: + Reduction in revenue mainly due to the transfer of Select Manager to Solutions Asset Administration: + Mainly organic growth
2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 R'000 R'000 R'000 R'000 R'000 Financial Services Income 87 639 154 336 176 382 183 522 221 579 Solutions 20 238 35 540 30 120 31 461 50 595 Asset Management and Consulting fees 20 541 26 923 67 353 75 011 45 069 Asset Administration fees 104 776 498 926 600 130 708 947 762 310 Other 166 454 5 993 3 155 3 953 233 360 716 179 879 978 1 002 096 1 083 506
Fin inancia ial Services: RFA model (80/20) has the lowest gross contribution % (GC%) The revenue growth can be credited to this model explaining the lower GC% Solu lutio ions: Naviga Solutions: Ongoing fee restructuring negatively impacted GC% Change to an outsourced model at Efficient Select reduced the GC% but also reduced fixed expenses
0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00% 35,00% 40,00% 45,00% 50,00% 2014 2015 2016 2017 2018
Gross Contribition %
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Fix ixed Exp xpenses: Include the full year operations for Efficient Private Clients and Efficient Benefit Consulting For Efficient Select decreased because of the change to the outsourced asset management model
149 458 76 844 18 352 17 174 143 960 78 972 13 242 19 394
40 000 60 000 80 000 100 000 120 000 140 000 160 000 Fixed Expenses Profit share payments Staff incentives Non-cash flow expenses (depreciation and amortisation)
2018 2017
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2018 2018 2017
R’000 R’000 Headline earnings (28 (286 187) 62 301 Re-measurement of loans and borrowings at fair value through profit or loss (1 486) (22 558) Gain on settlement of loans and borrowings at amortised cost (562)
1 710
(479)
5 665
(1 586)
Taxation on gain on derecognition of loan payable to non-controlling interest
Claw-back on equity-accounted investment in associate, included in other income
Profit share cancellation expense 430 000
12 730
(123 964)
rring headline ea earnings 35 841 37 211 Weighted average number of shares 89 946 90 272 Recurr rring headline ea earnings per r share (c (cents) ) 39.8 .85 41.2 .22
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2018 2018 2017 2017 R'000 R'000 Operating Profit 44 030 45 511 Depreciation and amortisation 17 174 19 394 61 204 64 905
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2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018
Revenue 79 012 233 360 716 179 879 978 1 002 096 1 083 506 Gross Contribution % 69,92% 46,99% 31,18% 31,27% 29,94% 28,14% Operating profit 2 240 6 687 32 580 49 412 44 474 43 117 Fixed Expenses 48 697 83 750 108 955 124 764 143 960 149 458 PAT 2 501 4 960 29 302 37 515 46 890 (288 073) HEPS 13,04 9,37 32,32 41,53 69,01 (318,18) Recurring HEPS 13,04 9,64 32,03 41,53 41,22 39,85 Cash EPS (Cents) 28,83 19,36 113,20 70,75 78,71 49,32 ROE 3,52% 2,96% 15,27% 16,86% 17,87% n/a
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The decrease in in cash generated from operations is is due to: Expenses related to the PSA cancellation Reduction in working capital Bad debts written off Other non-continuous income received in 2017
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2018 2018 Work
capi capital Tra Transaction rela related ed
Ne Net t Current Assets Current as assets Other investments 1 092
1 092
Short-term portion of loans receivable 1 539
1 539
Trade and other receivables 97 780
97 780
Cash and cash equivalents 82 900
82 900
Current tax receivable 592
592
18 183 3 90 903 3 18 182 36 364 4 1 1 53 539 9 Current lia liabili ilitie ies Convertible equity loan 19 202
19 202
Short-term portion of loans and borrowings 259 966
1 592 258 374
Provisions 114
114
Trade and other payables 161 857
161 857
Current tax payable 998
998
Cash and cash equivalents 155
155
44 442 2 29 292 2 16 164 71 716 6 27 277 7 57 576 6 Ne Net t Current Assets (25 (258 38 389) 17 17 64 648 8 (27 (276 03 037) 7) 25
200 000 300 000 Tangible Assets Intangible assets Working Capital Liabilities
2018 2017
0,00% 2,00% 4,00% 6,00% 8,00% 10,00% 12,00% 14,00% 16,00% 18,00% 20,00%
20 000 30 000 40 000 50 000 60 000 2014 2015 2016 2017 2018 Adjusted Net profit attributable to Equity holders ROE
Transaction is excluded 26
Delivers comprehensive financial planning and management solutions. Distributes proprietary and third party financial products to identified target markets through a national network of financial advisors.
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Str trategy Consolidate existing FSPs Adopt a single brand (Efficient Wealth) Grow retail distribution footprint Entrench the Efficient Experience culture Increase profitability Services Financial planning Investment management Retirement planning Cash management Employee benefits Estate planning Healthcare Life and business assurance Short-term insurance Stockbroking Trust and executorship Cli lients Private, institutional, SME and corporate clients Number of f em employees 364
Assets under Advice
R20.1 .1 billion
Revenue
R227 mil illion
Profit after tax
R5 mil illion
Number of advisors 234 234
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Highlights Revenue up 19% to R 227 million AUA up 10% to R 20.1 billion 2% increase in number of advisors
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Num umber r of
advis isors 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 RFA RFA Re Reve venue mod
64 61 76 166 170 RFA RFA Profi rofit mod
20 25 25 41 37 Tied Tied ag agen ency mod
27 84 86 101 229 234
100 000 150 000 200 000 250 000 2014 2015 2016 2017 2018
Revenue growth
0% 20% 40% 60% 80% 100% 120% 2014 2015 2016 2017 2018
Revenue per product
Investments Risk Short-term Ancillary products (including Health) Other 0,0% 20,0% 40,0% 60,0% 80,0% 100,0% 120,0% 2014 2015 2016 2017 2018
Once-off income vs Recurring income
Once-off income Recurring income
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1. 1. Consolidation of exi xisting Fin inancial l Serv rvice Providers (FSPs) ) that adopted the Registered Financial Advisor (RFA) distribution model. 2. 2. Adopting a sin ingle le brand, Effic icient Wealth, that can aggressively be introduced to the retail market. 3. 3. Continuing to grow our retail l dis istributio ion footprint, pursuing the Vision 2020 targets of 300 RFAs and R30 billion AUA. 4. 4. Entrenching the Effic icient Exp xperience culture which, for us, embodies the concept of professionalism: + The development of professional RFAs + Ensuring access to best-in-class products and solutions through an open architecture platform + Ensuring a total commitment to independence of advice + The provision of comprehensive financial advice to our clients, looking after their total welfare — their health, happiness and fortune 5. . In Increasing profitabili lity by: Providing administrativ ive support to RFAs, for which we can earn additional fees (Efficient Insure) Focussing on cross-sell l opportunitie ies (Efficient Med and Efficient Insure) Enabling our advis isors to spend more tim ime wit ith clie lients and less on preparatory administrative work (via the Para-planner Hub)
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We made substantial investments in new, value added solutions which are housed under the newly-established FPC. . The FPC comprises three new specialist divisions within Efficient Wealth:
Specia ialis ising in in health services
Target the client bases of existing RFAs who do not yet
insurance solutions, enabling them to provide a more comprehensive service offering Increase our RFAs’ revenue through cross-selling Increase the cluster’s gross contribution margin
Specia ialis ising in in short-term in insurance
Target the client bases of existing RFAs who do not yet
insurance solutions, enabling them to provide a more comprehensive service
Increase our RFAs’ revenue through cross-selling Increase the cluster’s gross contribution margin
Tra raining and development of train inee RFAs
Focus on trainees from previously disadvantaged groups Offers recent graduates the
at Efficient Wealth This initiative brings us one step closer to the professionalisation of
The hub offers investment and retirement planning services to our existing RFA’s in the cluster, enabling them more time to service clients and to pursue new business
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Delivers customised, value-added financial services and solutions to retail, corporate and institutional clients.
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Strategy Create and package quality value propositions for the retail market Market and distribute the value propositions through the Group’s distribution businesses and through independent financial advisors Secure vertical integration through proprietary products and services Diversify revenue streams Services Model portfolios (wrap funds) Multi-managed funds Share portfolios Trusts and wills Deceased estates Employee benefit consulting services Clie lients Financial advisors and private, institutional and corporate clients Number of employees 22
Assets under management
R8.9 .9 billion
Assets under consulting
R130 m million
Revenue
R54 mil illion
Profit after tax
R4 mil illion
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Highlights Naviga Solutions increased AUM to R5.5 billion Efficient Benefit Consulting secured new clients and continued to grow Efficient Board of Executors grew deceased estates AUA to R113 million (2017: R36 million) Select Manager fully integrated into Efficient Group
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NAVIGA SOLUTIONS
Naviga Solutions offers an end-to-end value chain for Registered Financial Advisors (RFAs) which actively promotes best-practice financial planning and investment principles. Hig ighli lights AUM increased by R50 million to R5.5 billion NPAT was impacted by the reduction in fees of the Fund of Funds (FoF) range Higher net inflows to the FoF Majority of the Naviga model portfolios outperformed their respective benchmarks The number of clients increased to more than 4 500 with almost 7 000 investment accounts, which the Group will consolidate all FoF under Select Manager to realise synergies and obtain economies of scale from the respective multi- managed unit trust funds
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SELECT MANAGER
Select Manager offers a range of risk-profiled FoF to RFAs. Hig ighli lights AUM remained stable Majority of the fund range outperformed their respective benchmarks
EFFICIENT BENEFIT CONSULTING
Efficient Benefit Consulting (EBC) is a specialist independent employee benefit consulting business within the Group. EBC designs customised, value-added retirement fund and group risk solutions for employers, boards of trustees and members of retirement funds, provides independent consulting services and assists in the day-to-day running of the funds. Number of clients: 13 Number of members: 1586 Total assets: R207 million
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EFFICIENT PRIV IVATE CLIE IENTS
Efficient Private Clients is a boutique investment company that specialises in private share portfolios. Hig ighli lights Achieved operational excellence An industry-first listed note and, despite challenging markets, produced benchmark-beating returns Revenue grew 67% year-on-year, largely due to higher AUM Operating profit increased by R2 million AUM grew by 45% to R1.2 billion Monthly inflows of roughly R32 million
R950 000 R1000 000 R1050 000 R1100 000 R1150 000 R1200 000 R1250 000 R1300 000
EFP FPC Loc Local Portfolio Performance (F (Feb '16 '16 - Aug '18 '18)
EFPC Local House View Portfolio ASISA SA Equity - General $95 000 $105 000 $115 000 $125 000 $135 000 $145 000 $155 000
EFP FPC Gl Global Por
lio Performance (F (Feb '16 '16 - Aug '18 '18)
EFPC Global House View Portfolio MSCI World
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EFFICIENT BOARD OF EXECUTORS (E (EFBOE)
The fiduciary services provided by EFBOE include the drafting of wills, administration of deceased estates and the setup and management of trusts.
Hig ighlights
The year-end deceased estate AUA totalled R113 million The number of wills drafted for clients increased year-on-year to 2 850 Focussed on building awareness of the EFBOE brand
40 000 60 000 80 000 100 000 120 000 2016 2017 2018
De Deceased estates under man anagement R'0 R'000
1 000 1 500 2 000 2 500 3 000 2016 2017 2018
Nu Number of
ills ls 39
Executes administration, consulting, management and distribution of cobranded collective investments to both retail and institutional investors.
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Services Fund administration Fund management Investment consulting Multi-management Strategy Grow assets under administration, management and consulting Facilitate and identify consolidation opportunities in the asset management space Clie lients Financial advisors and private, institutional and corporate clients Number of employees 37
Assets under administration
R109.8 .8 billion
Assets under consulting
R29.9 .9 billion
Revenue
R880 mil illion
Profit after tax
(R (R287 mill illion) Recurring R32 mil illion
Assets under management
R10.6 .6 billion
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Highlights Boutique Investment Partners (BIP) beat tough economy to grow AUC, AUM and revenue Boutique Collective Investments (BCI) performed strongly Profit share agreement cancellation to bring the full earnings of BIP and BCI into the Group
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BOUTIQUE COLLECTIVE IN INVESTMENTS (BCI)
BCI is a leading large independent Collective Investments Scheme (CIS) service provider in South Africa. They provide own-brand and co-branded CIS portfolios to wealth managers and our boutique partners. Hig ighli lights Revenue increase by 4.3%, mainly attributable to the growth in the number of funds to 312 and market growth AUAdmin reduced to R109.9 billion at year-end, due to a significant client’s 2 year contract that expired in December 2017 BCI remains one of the leading large independent CIS service providers in South Africa 108 South African partners (representing 1 in every 8 FSCA approved Cat 2 FSPs) 8 offshore partners 10th largest Manco based upon AUA 4% market share
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BOUTIQUE COLLECTIVE IN INVESTMENTS (BCI)
41 041 63 173 101 096 117 331 109 848
40 000 60 000 80 000 100 000 120 000 140 000 2014 2015 2016 2017 2018
R'000
Assets under Administration
51 65 88 95 104 20 40 60 80 100 120 2014 2015 2016 2017 2018
Number of Partners
129 032 580 598 713 410 800 205 835 213
200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000 2014 2015 2016 2017 2018
R'000
Revenue
Average number
partner is 3 44
Bo Boutique Bu Busin iness ss Development will ill be le led by Robert Walt lton, who has s been appointed as s th the Group Bu Busin iness s Development Dir irector. Bo Boutique Bu Busin iness ss Development will focus on growing distribution and sales for the financial products and solutions of the broader Group, as well as those of our boutique partners. Where this team of people were previously solely responsible for the growth of Boutique Collective Investments and Boutique Investment Partners, they will now expand their focus to include the sale and distribution
Private Clients and Efficient Select (the Select BCI fund range). At Bo Boutique Co Coll llective In Investments, Gregory Abrahams, the managing director, will continue to focus
Pierre de Klerk, the managing director of Bo Boutique In Investment Part rtners, will, going forward, extend his focus to include the development of a business strategy for Select Manager, Naviga Solutions and Boutique Investment Partners, collectively. In addition, the respective teams of BIP, Naviga and Select Manager will continue to work more closely together.
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BOUTIQUE IN INVESTMENT PARTNERS (BIP)
BIP is an independent investment management and consulting firm that specialises in the provision of globally focused multi-manager investment management and consulting services. Hig ighli lights Combined AUM and AUC grew to R36. 6 billion Revenue increased modestly to R30 million Overall customer satisfaction score of above 80% achieved in the annual client service survey Progress with group wide multi-manager product range alignment & integration Successful first full year of custodianship of the group’s best-in-class outsourced single manager product range Overview 8 investment professionals with combined multi-manager investment experience of > 50 years Largest independent retail focused multi-manager team in the country Team is skilled (2x Actuarial science; 2x CFA Charter holders; B Comm Economics, IT, etc), well resourced and diverse 50 IFA clients contracts our investment consulting services Consulting services accounts ranging from R 100m AUC to R 3 billion AUC No individual consulting account represents more that 8% of BIP revenue Best in class international research and systems (Bank Credit Analyst, ETM economics, Morningstar) ESG considerations incorporated in investment manager due-diligence score cards
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BOUTIQUE IN INVESTMENT PARTNERS (BIP)
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Per erfo form rmance ance to to 31 Oc Octob tober r 2018 One One ye year ar 3 ye year ars 5 ye year ars 7 ye year ars 10 ye year ars Return (Cumulative) Quartile Rank Return (Annualised) Quartile Rank Return (Annualised) Quartile Rank Return (Annualised) Quartile Rank Return (Annualised) Quartile Rank (AS (ASISA) ) So South uth Afr Afric ican an MA MA High High Equit Equity BCI Best Blend Balanced Strategy
4 0,84 4 5,54 3 10,42 1 11,07 1 Naviga Balanced
3 2,23 3 5,75 2 9,12 2 Select BCI Balanced A
3 1,53 3 4,25 4 8,07 3 9,51 3 Select Manager BCI Flexible Growth FoF A
3 2,80 2 5,46 3 8,51 3 10,01 2 Peer Group Average
2,61 5,57 8,52 9,25 (AS (ASISA) ) So South uth Afr Afric ican an MA MA Low Low Equit Equity BCI Best Blend Cautious Strategy
4 3,54 4 6,50 2 9,40 1 9,77 1 Naviga Cautious 1,37 2 4,63 2 6,83 2 8,94 1 Select BCI Cautious A 3,44 1 5,56 1 Select Manager BCI Cautious FoF A
3 4,42 3 6,55 2 7,95 3 8,30 3 Peer Group Average 1,10 4,53 6,21 7,87 8,27 (AS (ASISA) ) Wwi wide MA MA Fl Flexib ible le BCI Best Blend Worldwide Flexible B
4 2,71 3 6,89 2 12,47 2 Naviga Growth
2 6,43 1 9,23 2 14,00 1 Select BCI Worldwide Flexible A 6,68 1 11,38 1 12,14 1 14,94 1 13,79 1 Peer Group Average
3,76 7,94 11,62 10,42 (AS (ASISA) ) So South uth Afr Afric ican an EQ EQ Gen Genera ral BCI Best Blend Specialist Equity Strategy
1 1,12 2 5,70 1 11,67 1 Select BCI Equity A
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3 3,13 3 8,80 3 9,73 3 Select Manager BCI Flexible Equity A
3 2,06 2 4,95 2 7,77 3 Peer Group Average
0,15 3,71 7,91 10,37 IMPORTANT NO NOTES:
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Regulatory changes Financial markets Culture Technology
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Market leader Highly cash generative Annuity-based earnings Acquisitive growth strategy Attractive ROE Strong brand reputation Well-positioned for regulatory reform Intrapreneurial culture Diversified/multi-disciplinary Full financial services value chain Liquidity in process of improving Growth at a reasonable price
Our vision To be a leading financial services business that creates value for our clients through a comprehensive financial services offering. Our mis ission To be open to our stakeholders’ needs through a client-centred and intrapreneurial business model attuned to sustainable growth and profitability.
Regulatory changes Internal growth and consolidation Boutique Business Development division Boutique Investment Partners / Naviga Solutions / Select Manager Revenue diversification targets Acquisition opportunities Retail brand strategy Business environment Low economic growth Margin growth Expense management
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Efficient Group Ltd has taken care that all information, provided in this presentation is true and correct. However, Efficient Group Ltd does not accept responsibility for any claim, liability, loss, expense, or damage (whether direct or consequential of any nature whatsoever) which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information, links or service provided through this presentation. There is no warranty of any kind, expressed or implied, regarding the information or any aspect of this service. This presentation and its contents are confidential, privileged and only for the information of the intended recipient. Efficient Group Ltd makes no representations or warranties in respect of this presentation or its content and will not be liable for any loss or damage of any nature arising from this presentation, the content thereof or your reliance thereon its unauthorised use. Any forecasts or commentary in this document are not guaranteed to occur. Past performance is not necessarily an indication of future performance.
81 Dely Road Hazelwood Pretoria 0081 South Africa t: +27 (0)87 944 7999 | e: info@efgroup.co.za www.efgroup.co.za 57