ECONOMICS ASSIGNMENT Ce a chaffer of your dainty, binder course of the blot or distribute consume fluctuations during a purpose of at last span years. Prepare a repute of approximately 3000 tone, ce each chaffer, discussing in element the multiple ceces (thrilling developments) imperative ce the tends. Tuesday 24 May 2011 Board of Contents Constabulary Summary Constabulary Summary In analysing the piner chaffer, we enjoy separated the distribute consumes of span JSE listed companies, namely SABMiller and Rainbow Chicken which befit to the beverages and influence availr’s sub-sectors respectively. Our span-year keep-apartition is ce the purpose March 2009 to May 2011. We acquire perppurpose how Rainbow Chicken faflushed referable-absolute to its rectilinear adversary – Astral Influences.
SABMiller knhold us to amplify our thinking and methodology as the union to-boot has a dual-listing on the London Hoard Change. Its three closest adversarys Heineken, Anheuser-Busch InBev and Carlsberg Breweries enjoy ceeign listings. It stands to discuss, control-this-reason, that we originate our provision with an aggravateview of the global composture in which twain companies workd in the purpose inaudibleer retrospect. The aftermath of the recession and changes in global economic indicators affect the ZAR:USD change objurgate and the consume of Brent unrefined grease acquire be perpendd.
What we plant distinctly thrilling was the resilience of twain union’s distribute consumes in the challenging global economic sphere. We hint the realityors that insulated each distribute from the global downturn. We then rotate our observation to South Africa’s economic environment and perppurpose the diillustration to which the ceegoing global realityors collisioned on South Africa’s macroeconomic prudence view. The span variables that we dissipated element observation to are the persomal repo and CPI objurgates.
We harangue the diillustration to which changes to these persomal variables collisioned on the distribute consumes of SABMiller and Rainbow Chicken. As hinted in the primitive article, our analyses deduce the industries in which twain companies opeobjurgate by comparing their distribute consumes with those of their rectilinear adversarys. Our union analyses centre on inside deduceations and the strategic concretes elemented in SABMiller’s and Rainbow’s annual reputes ce the 2009 and 2010 financial year purposes.
In our analyses of each union’s distribute consume, we sojourn recollective of the reality that, although referable straightly imperative ce the distribute’s daily renewal, the concretes and diameter of superintendence besides collision on the distribute consume. We terminate each keep-apartition with a pardonable controleshowing of the expected trajectory of each union’s distribute consume. The concentric shades in the diagram adhold color the close gradation of our provision’s construction, originatening with the extinguisheder-most shade.
The diagram to-boot illusions the inter-relatedness of each shade referable-absolute to the other and how it is unusable to insulate the possessions of individual from the other. This reinforces the speaking that: “in Economics anything is connected to anything else; and usually in elevate ways than individual. ” The Global Environment [pic] Source: www. eia. doe. gov The consume of Brent unrefined grease has been constant at an medium flatten of $70 to $80 a barrel until November 2010. Departed December 2010, the grease consume has been prominence, reaching a peak of $120 / barrel in April 2011.
This has been to-some-largeness attribuboard to uprisings in the Arab cosmos-people, which holds the preponderance of global grease reserves. The grease consume affects private inflation as fuel and motive are a superior rudiment of South Africa’s CPI basket. The consume of petrol, which is grounded on grease consumes, to-boot elevates logistical consumes. SABMiller and Rainbow remunerated elevate to rapture their issues in the December 2010 to May 2011 purpose as a development of the spike in grease consumes. It stands to discuss that these preferable raptureation consumes would be passed on to piners as preferable issue consumes by twain companies. pic] Source: www. xe. com The graph aggravatehead illusions that the Rand has been controlceening referable-absolute to the US Dollar from 1USD:10ZAR to 1USD:6,3ZAR betwixt March 2009 and May 2011. The controltified rand has had a ancillary collision on our stipulations of trafficing as can be seen from the self-explanatory graph adhold which colors the Balance of Dissipatedments. The union analyses adhold discaggravate that SABMiller exports and imports a estimate of its disgraces not ascribable ascribable ascribable ascribable ascribable ascribable ascribable ascribablewithstanding the cosmos-people. Rainbow Chicken imports the soy rudiment of its chicken pamper totally from Argentina.
The rand’s controlce collisions on twain companies’ renewals (and hereafter) their distribute consumes favourably. [pic] [pic] Source: www. resbank. co. za The South African Environment Private curiosity-behalf objurgates [pic] Source: www. resbank. co. za The graph aggravatehead illusions that the Reserve Bank’s illustration to monetary prudence has been commentary. This is illusionn by the gradational withdunpractised in the repo objurgate from 9,5% in March 2009 to its prevalent flatten of 5,5% in May 2011. The Reserve Bank’s ordain is to binder the inflation objurgate unarranged its taracquire bond of 3% to 6% and it uses the repo objurgate as the machine with which to collision inflation.
The Reserve Bank’s murky of the repo objurgate is attribuboard to the CPI divulsioning its remarkable taracquire proviso of 6%. This is illusionn in the graph adown. There is a confident harmony betwixt the repo objurgate and CPI. It stands to discuss, control-this-reason, that the gradational murky of the repo objurgate would be accompanied by a withdunpractised in the CPI objurgate. This is verily the contingency. So-far, accordingly of lags, the good-tempered-tempered-natureds of a dismiss in the repo objurgate on the inflation objurgate is referable reflected presently and the CPI sojourns indicatively aggravatehead the remarkable proviso.
A dismiss in the repo objurgate eases urgency on piners by encouragement their analysis proceedss departed they, hypothetically, pine limited on their trustworthiness commitments. Every things life common, this would elevate the sales tomes of SABMiller’s and Rainbow’s issues. Private Inflation [pic] Source: www. statssa. gov. za The graph aggravatehead colors the tpurpose in inflation. It is disengaged that although the inflation objurgate has been on a downward trajectory (forthcoming the murky of the repo objurgate) it was in divulsion of the remarkable proviso of 6% from March 2009 to Oct 2009.
It was unarranged the taracquire bond in November 2009 barring divulsioned the remarkable proviso intermittently betwixt December 2009 and February 2010. The dying divulsion is attribuboard to the chaffer’s inflation expectations accordingly of the hilly enlargement in electricity tariffs during this purpose (www. eskom. co. za). As hinted previously, the biggest rudiments of South Africa’s CPI basket are influence and fuel and the graphs adhold acquire be used to illustadmonish the collision of inflation on SABMiller’s and Rainbow’s renewal specifically. CPI indicator appropriate to SAB Miller pic] Source: www. statssa. gov. za This graph illusions that inflation ce alcoholic beverages has referable barely been gratelargely preferable than the remarkable proviso of the inflation taracquire bond, it has to-boot been indicatively preferable than the country’s inflation objurgate. This is attribuboard to the reality that a superior rudiment of the consume of alcohol is a “sin tax”, which is imposed by the finance administration, accordingly of the referable-absolutely obstinate creation of the consume elasticity of insist ce alcohol as courteous as irimperative and aggravatemuch decrement moulds.
Ce some piners, smooth a discerning enlargement in the consume of alcoholic beverages does referable development in a dismiss in the portion insisted. There would, in every affectlihood, be a change remote from the decrement of referable-absolutely elevate fruitful alcoholic beverages towards referable-absolutely cheaper alcohol – referable a total halt in the decrement of alcohol. This is individual of the discusss that SABMiller’s distribute consume has illusionn constant gains referable-absolute to the chaffer. CPI indicator appropriate to Rainbow Chicken [pic] Source: www. statssa. gov. za Piner influence consume inflation decelerated discerningly from December 2010.
It is to-boot thrilling to referablee, that betwixt January 2009 and January 2010, the consumes of wheat waste by 24,58%, maize by 22,57% and sunfinferior seeds by 18,49% (www. finweek. co. za) Wanes in the consumes of these hoard influences has a confident collision on the indigent as they pine 33,4% of their proceedss on influence; versus the fruitful who pine a unfictitious 2,6% of their proceedss on influence. Indigent persons pine referable-absolutely elevate chicken than flushed meat accordingly the dying is referable-absolutely elevate fruitful. Chicken is the cheapest cem of protein in South Africa and insist ce it is tcomplete (www. astralfoods. com).
Furthermore, the aggravatehead hoard influences are used as chicken pamper which is a indicative input consume ce Rainbow Chicken, control-this-argue the union has had consume savings accordingly of bumper crops and the inferred consume wanes in these inference. The board on the controlthcoming page disengagedly accounts ce the closely perpendicular withdunpractised in the graph aggravatehead which illusions influence consume inflation. [pic] Source: www. resbank. co. za GDP – South Africa [pic] [pic] Source: www. statssa. gov. za The graphs aggravatehead illusion that South Africa was in a recession in 2009, as defined, accordingly of the span continuous headicalitys of disclaiming GDP enlargement.
Our repossession from the global recession was attribuboard to the reality that we had a inaudible peril to the sub-prime chaffer revolveing-point that was imperative ce the global meltdown. Our banking and macroeconomic policies sojourn hearty. The enlargement in the husbanding from the third headicality of 2009 is to-boot attribuboard to infrastructural investments that were made ce the 2010 Soccer Cosmos-persons Cup as courteous as South Africa’s contributions to the BRIC emerging chaffers bloc – especially our trafficing with China. It is expected that our cemal inclusion to the BRICS nations departed April 2011 acquire haunt the upward tpurpose in GDP (www. lobalsherpa. org). Confident GDP enlargement has a confident collision on the renewal of SABMiller’s and Rainbow’s distributes. In a howl everyindividual does courteous. SABMiller, in element, has a influence in every five BRICS nations and is poised ce enlargement as emerging chaffer economies enjoy aggravateenthralled plain economies in their contributions to global GDP. We now perppurpose SABMiller’s distribute consume in elevate element and then rotate our observation to Rainbow Chicken in vain of the ceegoing discussions on the global and persomal environments. Keep-apartition of SABMiller pic] SABMiller is a global renewal covering 75 countries on six continents and employing aggravate 70 000 persons. Its portfolio of concernes is divided into six regions and is courteous balanced betwixt plain and emerging chaffers. Betwixt them, the concernes avail aggravate 200 irreferring-to disgraces and dispose-of 213 darling hectoliters of lager a year. Departed listing on the London Hoard Change 10 years gsingle the union has aged in-effect and has a chaffer capitalisation of ZAR 419,837,700,000 on the JSE and GBP 36,099,310,000 on the LSE.
The union’s chaffers rank from plain economies such as the USA to the unyielding growing BRICS economies (SABMiller Annual Repute, 2009). SABMiller is to-boot the estimate individual bottler of impressible drinks ce The Coca Cola Union. The breweries chaffer can be seen as oligopolistic in creation departed SABMiller and its three deep adversarys (Heineken, Anheuser-Busch InBev and Carlsberg) are the dominant players in the chaffer and enjoy indicative chaffer distribute unarrangedst them.
The oligopolistic chaffer construction has a confident collision on the union’s renewals and distribute consume renewal. In North America, SABMiller (through its strategic keep-apartners) is the assist-largest brewer in the United States and holds closely 30% of the US beer chaffer. In Latin America, it is the estimate individual brewer by chaffer distribute. In the preponderance of the ten European countries in which it works, the union is the estimate individual or estimate span brewer by chaffer distribute. The common holds ce Africa and Asia.
In the 2009 annual repute Mayer Kahn, the Chairman of the Board, customary that the global brewing diligence was expected to remain to bond and that brotherhood in diligence connection provides opportunities to penetadmonish enlargement chaffers and to beacquire treasure from flake boons. The graph adhold illusions SABMiller’s distribute consume referable-absolute to its three deep adversarys. It is disengaged that every indelicate companies’ trajectories enjoy moved in tandem barring Carlsberg’s distribute consume has indicatively enthralled the control with SABMiller in assist settle.
At the rotate of the century, the head 10 brewers accounted ce honorable aggravate individual-third of global beer sales tomes. The departed decade has seen a speedy connection, developmenting in the head indelicate brewers – Anheuser-Busch InBev, SABMiller, Heineken and Carlsberg – accounting ce closely 50% of beer sales tomes and up to 75% of the global avail pool. (SABMiller Annual Repute, 2010) [pic] Source: www. heineken. com Mr Kahn attributes the union’s good-tempered-tempered-natured-natured developments (in twain 2009 and 2010) to the renewalal controlces of the concernes and the energy of their controling persomal disgraces.
He concedes that smooth though SABMiller was referable immune to the global revolveing-point, beer is a fairly resilient issue which settled the union in a melioadmonish posture than multifarious to weather the brag. He goes on to speak: “Thanks, to-some-extent, to our hanker trial of emerging chaffers, we are used to playing inaudibleer troublesome stipulations. If we observe tail ten years to our London hoard chaffer listing, it is merit remembering that the Asian publicity revolveing-point at that spell had shaken investor trust in emerging chaffers and that the extinguishedobserve was remote from promising.
Nevertheless, we prospeflushed and grew and achieved the interdiplomatic comment that our listing was purposed to dispose. Ten years on, our geographic distribute is proving to be an habit in that irreferring-to countries are fictitious by the revolveing-point at irreferring-to objurgates and to differing degrees. So suitableness insist in Europe has oozeped discerningly, countries in emerging chaffers such as Africa and Asia enjoy faflushed referable-absolutely courteous not ascribable ascribable ascribable ascribable ascribable ascribable ascribable ascribablewithstanding dismissing tail from the tcomplete – individual energy speak unsustainable – objurgates of enlargement of late years. ” SABMiller Annual Repute, 2009
In limited, SABMiller’s sundry distribute of concernes, controltified chaffer postures, and a portfolio of controling disgraces diminishing intermittentlyst the risks and disclaiming inferences of the global downrotate and contributed to the constant upward momentum in the distribute consume. In confutation to the mismatch betwixt the furnish of, and insist ce, infallible brewing and packaging unpractised symbolicals in Africa, the union is increasingly using persomally aged crops such as sorghum and cassava to avail affordable disgraces. This is dindividual to minimise furnish limitedages and the consume incongruity of interpretation unpractised symbolical inputs.
Continued hearty pricing and issueivity enhancements offset enlargementd store consumes (SABMiller Annual Repute, 2010). It succeeds as no confuse, control-this-reason, that the cabal of the aggravatehead realityors developmented in a constant upward tpurpose in the union’s distribute consumes on twain the London and Johannesburg bourses in the purpose inaudibleer retrospect as seen in the graphs adown. [pic][pic] Source: www. sabmiller. com In 2010, Mr Kahn had common good-tempered-tempered-natured-natured intelligence ce investors, citing the common discusss as ce 2009. So-far he hints the union’s superintendence team as life a interpretation confedeadmonish to the confident developments: This year, in individualization, we enjoy booned from superintendence’s ability to flusheduce consumes and selectively enlargement consumes in ordain to maximise enrichments…” Source: SABMiller Annual Repute, 2010 In the third article of our Constabulary Summary, we hinted that the superintendence of any union is referable imperative ce the distribute consume. So-far, in fulfilling its elementary concrete of maximising distributeholder treasure, the accuracy of and strategies employed by superintendence uniformly enjoy an collision on the distribute consume. It would show that the superintendence and rulership of SABMiller are chaffer-friendly.
The members of the constabulary team are symbolical of each of the continents in which the union works; with Mr Cyril Ramaphosa and Dr Dambisa Moyo as the referableable symbolicals ce Africa. Other chaffer-friendly strategies enclose the December 2009 proposition that 8. 45% of the distributes in SABMiller’s South African adjuvant, The South African Breweries Ltd (SAB), would be settled inaudibleer Black occupation as keep-akeep-apart of its commitment to Broad-Grounded Black Economic Empowerment in South Africa. This occurrence begetd 40,000 fantastic distributeholders unarranged SAB employees and qualifying retailers.
The traffic to-boot begetd a chariboard plantation that holds 18% of the distributes that were issued inaudibleer the occurrence. The dividpurpose proceeds acquire be used ce the boon of the stroll South African brotherhood (SABMiller Annual Repute, 2010). The union to-boot capitalised on the controlce of emerging chaffers (distinctly in China and Africa) by channeling its enlargement strategies to these chaffers. “Globally, the beer chaffer grew by 1. 5% in 2010, led by a persistent controltified renewal in Asia, Africa and Latin America. China grew by 6. 5%, Africa by 3. 1% and Latin America by closely 3%.
Western Europe remaind the tpurpose of poor beer tomes, driven by a change in decrement to other beverages and the withdunpractised of on-premise decrement. ” Source: SABMiller Annual Repute, 2010 In the 2010 financial year the union acquiflushed indelicate fantastic breweries in China, invested in fantastic breweries in Tanzania, Mozambique, Angola and Southern Sudan and carried extinguished comments and upgrades in Uganda and Zambia. The tends in the graphs coloring SABMiller’s distribute consume on twain the London and Johannesburg Securities’ Changes (fond aggravatehead) insist-upon no elevate interpretation.
With good-tempered-tempered-natured-natured superintendence life twain a confederatey realityor to and a inference of the distribute’s controltified renewal, it is discussable to terminate that the confident momentum acquire remain. [pic] Keep-apartition of Rainbow Chicken [pic] Rainbow Chicken Provisoed is the largest processor and chafferer of chicken in South Africa. It is a largely integrated broiler availr that breeds and rears its hold livehoard which it pampers from its hold pamper mills. Rainbow processes, distributes and chaffers untarnished, frozen, treasure-adventitious and elevate-processed chicken. The union has a chaffer capitalisation of ZAR 6 124 893 000 009 was a very challenging year ce the South African poultry diligence, twain persomally and globally. The persomal chicken diligence was disclaimingly collisioned by the dismiss in insist attribuboard to the recession. An aggravatefurnish by persomal availrs and enlargementd imports attribuboard to the controltified rand to-boot adventitious to the diligence’s woes. These troublesome chaffer stipulations were a elevate standard of Rainbow’s irrelativeiated disgrace plan, which through its influenceservice and piner disgraces, seeks elevate agreeing, profiboard and sustainable concern (Rainbow Chicken Annual Repute, 2009). Not ascribable ascribable ascribable ascribable ascribable ascribable ascribable ascribablewithstanding these challenges, Rainbow managed to pronounce an accepboard aggravateevery renewal.
Confident renewal, affect a chaff in the distribute consume, is a duty of several variables and suitableness we can establish inferences abextinguished the apposition betwixt the span, we establish no such inferences abextinguished their conduciveness. Affect SABMiller, Rainbow’s Black Economic Empowerment occurrence (which was terminated in July 2008) was chaffer-friendly and boosted the union’s distribute consume. Rainbow supposing vendor financing ce a 15% equity stake that was issued to a consortium that was constituted by its employees, Imbewu Consortium, Ikamva Labantu, and Mrs M Nhlanhla, a non-constabulary ruler. The BBBEE occurrence developmented in the distribute consume chaffing from R12. 0 to R16. 80 in the dying purpose of the assist headicality of the 2009 financial year as illusionn in the graph on the controlthcoming page. 2010 was an commonly challenging year ce Rainbow barring its possessions were diminishing by South Africa’s constant repossession from the recession, a inaudibleer curiosity-behalf objurgate and inflationary environment. Maize consumes withdrawd departed their peak in July 2008. The global financial revolveing-point caused a melomelodramatic wane in the insist ce maize, improving the previously dangerously inaudible US and global maize hoard situations to such an diillustration that interdiplomatic consumes waste discerningly from their annals flattens. Rainbow Chicken, Annual Repute, 2010). The dismiss in maize consumes, which is a superior rudiment in chicken pamper, developmented in a flusheduction in the union’s input consumes which boosted the ground row. Persomal availrs adventitious indicative issueion compatability ce wheat, tittle and soy aggravate the departed five years. Rainbow imports the soya rudiment of its chicken pamper from Argentina and it has a indicative FOREX peril. The controltified rand, so-far, in the purpose inaudibleer retrospect, has been in the union’s favour. The union’s 2010 annual repute reflected accepboard avail margins.
In twain 2009 and during 2010, the union’s distribute consume haunted its upward momentum as reflected in the graph adown. [pic] |Interpretation Features – Rainbow Chicken Distribute Consume | |Year |Inaudible |Tcomplete | |2009 |11500 |16800 | |2010 |15900 |16900 |
The graph and board aggravatehead fix the findings in the precedent articles. Although the separation betwixt the year’s tallest distribute consumes is negligible, South Africa’s economic repossession may be gleaned from the reality that the inaudibleest distribute consume ce 2010 was 4400c aggravatehead the 2009 inaudible. Piner’s niggardly proceedss were preferable in 2010 accordingly of dismissing curiosity-behalf and inflation objurgates. Dismissing input consumes and enlargementd piner insist enlargementd the inclination ce the union’s distributes as investors’ expectations of earning melioadmonish avail were protected.
Other smoothts that led to discerning movements in the union’s distribute consume enclose the chaffer’s fanciful expectations presently previous to the proposition of the group’s 2009 developments. After the developments were announced, the distribute consume oozeped to R13. 90 accordingly of the 39. 6% withdunpractised in headrow rights. The discuss ce this withdunpractised in rights can be attributed to the union’s prudence of buying pamper issues ceward. The distribute consume stabilised ce the sojournder of 2010 attribuboard to an enlargement in the accumulation of families that concomitant the ranks of South Africa’s intermediate assort.
As the intermediate assort grows in largeness, so the choice of chicken diversifies everyowing entrepreneurs to succeed up with fantastic ways of chaffering chicken to purpose piners. We now rotate our observation to Rainbow’s adversary, Astral Influences, to acquire a melioadmonish not ascribable ascribable ascribable ascribable ascribableion of the South African poultry diligence antecedently making conclusions abextinguished how pardonable a remaind chaff in Rainbow’s distribute consume is. Astral Influences is Rainbow Chicken’s rectilinear adversary. The union holds investments in adjuvant and knee stake companies.
Its elementary activities are fleshly pamper pre-mixes, the manufacturing of fleshly pampers, broiler genetics, the issueion and sale of day-old broiler chicks and hatching eggs, integrated breeder and broiler issueion renewals, abattoirs and the sale and analysis of several interpretation poultry disgraces. Its prevalent chaffer capitalisation is R5,5 bn (www. moneyweb. co. za) Not ascribable ascribable ascribable ascribable ascribable ascribable ascribable ascribablewithstanding a 5% ooze in sales tomes, enrichment ce Astral Influences’ poultry analysis enlargementd by 13% ce the 2009 financial year. (Astral Influences Annual Repute, 2009).
The chaffer was negative abextinguished the assignment of Chris Schutte as the Chief Constabulary Officer, good-tempered-tempered-naturedsive 1 May 2009. The distribute consume was to-boot referable echoing to the assignment of Daan Ferreira as the Financial Ruler. This may be accordingly it was referable perceived to be recollective of BBBEE. The progress in Astral Influences’ enrichment ce the 2010 purpose was largely attribuboard to a sustained enlargement in tome. The tome enlargement was on the tail of improved issueion developments protected by melioadmonish poultry soundness status.
Depressed piner pineing, concomitantly with preferable flattens of imports and tcomplete persomal hoard flattens, contributed to lusty promotional breath with consumes at flattens adhold literal flattens. Flusheduced pampering consumes during the purpose counteflushed the possessions of inaudibleer poultry dispose-ofing consumes. A diffuse purpose of industrial renewal at Earlybird Standerton disclaimingly collisioned the union’s distribute renewal. (Astral Influences Annual Repute 2010) |[pic] | |The graph aggravatehead illusions the steadily upward tpurpose in Astral Influences distribute consume.
Referable surprisingly, it follows a common mould to Rainbow | |Chicken’s distribute consume – with pronounced dispose-of-offs in the primitive and assist headicalitys of 2009 and progresss thereafter. This mould | |provides self-approval accordingly of the substance of twain union’s echoingness to smoothts in the poultry diligence. It would be about if | |the companies had irreferring-to trajectories. The accord unarrangedst analysts is that the South African poultry diligence is poised ce | |indicative enlargement fond that the consume of chicken has restored by 30 per cent year-on-year suitableness the consume of pamper has succeed down.
We | |obviate that Rainbow’s distribute consume acquire haunt its upward tend. | | | BIBLIOGRAPHY 1. Astral Influences Provisoed Annual Repute, 2009. www. astralfoods. com 2. EIA Independent Statistics and Keep-apartition, US Motive Information Administration, www. eia. doe. gov 3. www. eskom. co. za 4. www. finweek. co. za/Economy/Food-inflation-still-a-concern-20100301 5. www. globalsherpa. org/china-africa-brics 6. www. heineken. com 7. www. moneyweb. o. za 8. Rainbow Chicken Provisoed Annual Repute, 2009 and 2010, www. rainbowchicken. co. za 9. Reserve Bank Headicalityly Bulletin March 2011,www. resbank. co. za 10. SABMiller PLC Annual Repute, 2009, www. sabmiller. com 11. SABMiller PLC Annual Repute, 2010, www. sabmiller. com 12. Statistics South Africa, Statistical indemnify P0141, www. statssa. gov. za 13. www. xe. com [pic] ———————– Economics Provision 2011 GLOBAL ENVIRONMENT LOCAL ENVIRONMENT INDUSTRY / COMPETITORS COMPANY SHARE PRICE