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Audited Results and Dividend declaration for the year ended 30 June 2017
JASCO ELECTRONICS HOLDINGS LIMITED
Registration number 1987/003293/06
JSE share code: JSC
ISIN: ZAE000003794
("Jasco" or "the company" or "the group")
AUDITED RESULTS AND DIVIDEND DECLARATION FOR THE YEAR ENDED
30 JUNE 2017
REVENUE DOWN 3% to R1 044m
OPERATING PROFIT UP 1% to R41,9m
EPS DOWN 43% to 3,6cps
GEARING improved to 47%
INTRODUCTION
Jasco continued to experience tough economic conditions in 2017, with the second half
seeing a particularly sharp downturn in the South African economy due to
the socio-political environment.
Against these conditions, revenue decreased by 3% and operating profit was maintained.
However, reported earnings decreased by 43% and headline earnings by 61%. Both
earnings and headline earnings were impacted by a number of unusual factors,
which included:
Negative impact on earnings
Exiting unprofitable Security customer contracts and the resultant R4,3 million
retrenchments
Further business development costs in East Africa R3,0 million
Unutilised foreign tax credits in Kenya R2,3 million
Transaction costs on two acquisitions, mainly from the unsuccessful R2,2 million
Cross Fire acquisition
Investments in the newly-established Middle East operation R1,8 million
Fraudulent transactions perpetrated by a senior employee in the R1,1 million
Enterprise business, as well as related costs to investigate (refer to the
operational review for more information)
Skills development costs due to more onerous requirements R0,9 million
from the new B-BBEE^ codes
Positive impact on earnings
Saving due to once-off costs savings R4,7 million
profit from the disposal of security technical services to an enterprise R2,6 million
development partner*
First-time contribution from Reflex R1,7 million
^ Broad-based black economic empowerment
*This was a headline earnings adjustment
Excluding these impacts, earnings for 2017 would have been 3% up compared to the
R14,2 million last year.
DELIVERY ON STRATEGY
Jasco continues to progress its strategy of offering services across the ICT, power, water
management, broadcast and building management sectors. It operates across the entire
value chain, from engineering, solutions development, procurement, construction and
integration to maintenance.
The group focused on four key areas this year to further deliver on its strategy:
1. Create scale through bolt-on acquisitions
The group acquired 51% of Reflex Solutions on 1 May 2017 to enable Jasco's entry
into the fibre to home growth-market and expanded its IT infrastructure and management
service offering.
Reflex Solutions was acquired for a maximum undiscounted consideration of
R39,8 million and contributed revenue of R28,3 million, profit before tax of R 4,5 million and
earnings of R1,7 million in the first two months.
Unfortunately, the Competition Commission did not approve the group's acquisition of
Cross Fire during the year, which was set to provide additional scale to the Fire business.
2. Geographic diversification
The group continues with its international diversification. The business in East Africa
experienced volume growth of 58% off a low base. The Middle East presence was
established during the year, with a focus on securing its first contracts.
3. Customer diversification in Electrical Manufacturers
The group is further diversifying its manufacturing business. During the year, it successfully
secured four new large customers.
4. Improving working capital management and financial gearing
The continued focus on working capital during the year is evident in the cash flows
generated. Management also made good progress during the year to reduce long-term
debt following the accelerated receipt of the remainder of the M-TEC sale proceeds. The
priority is to continue to reduce the corporate bond obligation over the next financial year
from the cash generation going forward due to expected continued profitability levels
from the business units.
The debt to equity ratio pleasingly improved from 51% to 47%, which is now within the
group's maximum range of below 50%.
FINANCIAL OVERVIEW
STATEMENT OF COMPREHENSIVE INCOME
Revenue decreased by 3% to R1,044 billion (2016: R1,076 billion) on lower volumes,
particularly in the second half.
The contributors to revenue were:
2017 2016
R'm % change R'm
Carrier 385,9 (6,8%) 414,2
Enterprise 315,7 (0,7%) 318,0
Intelligent Technologies 165,3 (13,3%) 190,7
Electrical Manufacturers 190,8 15,1% 165,8
The operating profit was R41,9 million compared to the R41,7 million in 2016. This was
mainly due to improved gross margins and once-off cost reductions. This partly offset the
impact of the lower sales volumes. The net operating margin of 4% was similar to last year's 3.9%.
Net interest costs of R11,5 million decreased from R15,2 million due to the reduction in
interest paid following the part repayment of long-term debt, as well as the decrease in the
bank overdraft.
The equity-accounted share of losses of R1,8 million represents Jasco's 40% share in the
establishment costs of the Middle East joint venture operation. The group is confident of
securing its first orders in the first half of 2018.
The taxation charge of R16,3 million compares to a charge of R10,5 million in 2016.
The effective tax rate was significantly higher at 56.9% than the standard rate of 28% due
to the higher level of non-deductible expenses on the inclusion of once-off unusual items
mentioned earlier. This resulted in a higher taxable income, as well as an unused tax credit
in Kenya. The main items included in non-deductible expenses are the interest paid on the
corporate bond, the group's share-based payment costs, as well as the acquisition costs and
fraudulent transactions. The tax rate is expected to remain above the standard rate over the
next 12 months.
The minorities' share of profits increased from R1,8 million to R4,2 million on improved
profitability in Fire and Co-location Solutions, and the first-time contribution from
Reflex Solutions.
Earnings of R8,1 million decreased by 43% (2016: R14,2 million) and earnings per share
(EPS) was down to 3,6 cents per share (2016: 6,3 cents per share). As outlined earlier,
earnings were impacted by a number of unusual factors. Excluding these, earnings would
have increased by 3%.
Headline earnings of R5,6 million decreased by 61% (2016: R14,1 million) and headline
earnings per share (HEPS) decreased by 61% to 2,5 cents per share (2016: 6,3 cents per share).
HEPS was similarly affected by the unusual impacts, but was adjusted for the profit on
the disposal of the Security technical services business to an enterprise development partner.
The weighted average number of shares in issue was higher at 226,9 million shares versus
224,6 million last year.
STATEMENT OF FINANCIAL POSITION
M-TEC sale proceeds
The balance of R40,7 million of the sale proceeds were received ahead of plan and utilised
to reduce debt. Refer to long-term liabilities below.
Intangible assets and goodwill
Intangibles, excluding goodwill, increased to R44,6 million (2016: R22,9 million) and
include the following:
- The voice transaction management application and the computer software applications
(internet-of-things or IOT) of R26,1 million (2016: R13,3 million)
- Trade names of R3,9 million (2016: R2,4 million) due to the Reflex acquisition
- Customer-related intangibles of R14,6 million (2016: R7,2 million) due to
the Reflex acquisition
Goodwill increased from R65,8 million in 2016 to R96,3 million following the acquisition
of Reflex due to the future cash flows this investment is expected to generate. There were
no impairments to the carrying value of goodwill during the year. This assessment was
conducted in accordance with Jasco's accounting policy to test the carrying value of
goodwill annually.
Fixed assets
Fixed assets of R78,9 million (2016: R61,1 million) increased on capital expenditure
of R25,4 million (2016: R14,5 million). This relates mainly to plant and machinery of
R9,6 million for the Electrical Manufacturers business unit, as well as the first-time inclusion
of the Reflex Solutions fixed assets.
Long-term liabilities
The corporate bond was partly redeemed from the M-TEC sale proceeds and reduced
from R87,1 million to R44,6 million in the year. The corporate bond attracts interest at the
equivalent of the prime lending rate and is repayable in January 2019.
During the second half of the financial year, a medium term working capital facility of
R150 million was negotiated with the Bank of China at more favourable terms than previous
funding. This facility will cater for any future growth requirements and replaced the general
banking facilities of R121,8 million with the group's commercial bankers. The security
provided is similar. The first draw-down of R105 million was made in May 2017 and utilised
to settle the bank overdrafts which historically funded the group's working capital position.
The deferred purchase consideration of R38,4 million relates to Reflex Solutions, of which
R5,8 million is included in long-term liabilities and R32,6 million classified as a
current liability.
Working capital
Jasco's working capital management remained an area of focus, with an overall reduction of
R7,1 million compared to R16,4 million in the previous financial year.
Net working capital days of 33.9 days were below the target of 35 days. This was mainly
due to the continued focus on stock control and good debtors collections. The table below
compares the current period to the June 2016 and June 2015 positions:
Jun 17 Jun 16 Jun 15
Inventory 33.6 35.3 31.8
Receivables 91.5 107.3 104.6
Payables (91.2) (103.8) (97.6)
NWC days 33.9 38.8 38.8
Inventories of R86,3 million include R2,6 million for Reflex, and compares to R108,7 million
in 2016. Excluding Reflex, the decrease of R25,0 million was mainly due to lower volumes
and a concerted effort to reduce stock in the Carrier, Enterprise and Electrical
Manufacturers businesses.
Trade and other receivables of R275,4 million include R26,5 million for Reflex, and
compares to R261,9 million in 2016. Excluding Reflex, the decrease of R13,1 million was
due to a combination of good cash collections and lower second-half volumes.
Trade and other payables of R205,0 million includes R22,7 million for Reflex, and compares
to R208,2 million in 2016. Excluding Reflex, the decrease of R25,8 million was in line
with the decrease in volumes. Deferred maintenance revenue decreased from R60,4 million
to R55,3 million and relates mainly to service level agreement renewals from Enterprise customers.
STATEMENT OF CASH FLOWS
The statement of cash flows reflects an inflow in cash generated from operations of
R65,9 million compared to R79,4 million in 2016. Working capital changes reflect an
inflow of R7,1 million (2016: R16,4 million inflow) on a decrease in inventories, receivables
and payables.
The net interest payment amounted to R11,5 million (2016: R15,9 million), while income tax
payments of R16,9 million were almost double the R8,9 million in the prior year. An ordinary
dividend of 2 cents per share, amounting to R4,5 million, relates to 2016 and was paid in
the first half. Total cash inflows from operating activities of R32,1 million compared to the
R54,5 million inflow in 2016.
Investing activities saw a cash inflow of R14,5 million (2016: R7,3 million inflow), mainly
related to the proceeds from the M-TEC sale, as well as finance lease receivables. This
was somewhat offset by the capital expenditure. Financing activities saw an inflow of
R41,9 million (2016: R23,1 million outflow), which was the net position of the Bank of
China's working capital loan and the repayment of the corporate bond.
Accordingly, Jasco's net bank position of R95,6 million improved from R7,3 million in 2016,
mainly due to maintaining profitability and good working capital management.
OPERATIONAL OVERVIEW
The Jasco structure remained unchanged during the year.
CARRIER – 36% of group revenue
The Carrier's business unit delivers products and services across the telecommunications value
chain, from design and planning of networks to configuration, integration and support. As
a systems integrator and distributor, its proven solutions focus on access, transmission and
operational support systems of telecommunications networks across the African continent.
Year under review
During the year, telecommunications network operators continued to focus on cost reductions.
The delayed sale of Neotel and the extended time taken to re-capitalise Cell C resulted in
significant reduction in network capex spend, negatively impacting both Jasco's order book
and revenue. This was somewhat offset by increased spending from Telkom on additional
optical network infrastructure, as they further cater for the increase in demand for data
services. The group continued to diversify its portfolio to meet the higher demand for products
and solutions, such as fibre to the home and business (FTTX).
Orders remained flat year-on-year, which resulted in revenue being 7% down at
R385,9 million compared to last year's R414,2 million. Despite the impact of the volatile
exchange rate, operating profit was up by 7% from R47,8 million to R51 million due to
good cost control. The Carrier business unit delivered a healthy operating margin of 13.2%
(2016: 11.5%) and remains Jasco's largest profit contributor. The higher level of operating
margin is not expected to continue due to the inclusion of once-off projects during the year.
ENTERPRISE – 30% of group revenue
The Enterprise business unit delivers end-to-end solutions, including contact centres, unified
communications, workforce optimisation, IT infrastructure and security and fire solutions to
corporates in Southern and East Africa.
Year under review
Tough economic trading conditions in South Africa continued for the year under review.
Ongoing focus was placed on reviewing profitability levels per customer, which resulted in
exiting and closing unprofitable contracts within the Security division. One large managed
services contract and two large multi-year Joint Building Contracts Committee (JBCC) contracts
were identified and either exited or closed out. This resulted in restructuring and retrenchment
costs, which had a significantly negative impact on the business unit's results.
The Communications business remains flat in South Africa, but showed good growth in East
Africa. Jasco continued to invest and scale up within that region.
Although the Fire division delivered a good performance, the rejection of the proposed Cross
Fire acquisition by the Competition Commission was a major disappointment. The successful
acquisition of Reflex Solutions is set to deliver a positive impact in the coming year based on
its initial two-month contribution since acquisition.
Revenue was down by 0.7% to R315,7 million compared to last year, largely due to
volume loss on exiting its unprofitable contracts. Operating profit reversed to a loss of
R3,5 million compared to a profit of R3,7 million. This was mainly due to exiting the
contracts and the cost of restructuring and retrenchments in Security, as well as increasing
operational investment costs for the East African business.
In late March 2017 the group became aware of suspicious transactions by the Enterprise
Financial Director (FD). Jasco's leadership immediately commenced with a preliminary
investigation, with the results leading to the appointment of an external fraud investigation
and dispute services team to conduct a forensic investigation. The Enterprise FD was
suspended and he has made an admission of guilt and signed an acknowledgement of
debt for transactions totalling R1,1 million.
INTELLIGENT TECHNOLOGIES – 16% of group revenue
Intelligent Technologies comprises broadcast solutions, smart buildings, data centres, water
management, power solutions and renewable energy solutions.
Year under review
The business unit was also impacted by the tough economic conditions in South Africa,
with orders declining by 13.8% to R212,7 million, whilst revenue declined by 13.3% from
R190,7 million to R165,3 million. The reduction in revenue was mainly due to the decline in
business within the Power division.
Even though revenues were down, operating profit improved by 25.9% from R17,5 million
to R22,1 million due to improved gross margins in the business following strict cost control.
Accordingly, the operating margin improved from 9.2% to 13.4%. The Broadcast division
delivered particularly strong results due to digitisation projects at the major broadcasters.
The Property Technology Management division continues to grow off a low base. Due to once-off
projects that contributed to margins during the year, the operating margin is not expected to
be maintained at the level reported at year-end.
ELECTRICAL MANUFACTURERS – 18% of group revenue
The Electrical Manufacturers business unit is a component manufacturer of plastic products,
wire harnesses and metal pressings, with a special focus on the large and small home
appliances market in South Africa.
YEAR UNDER REVIEW
The business unit showed good growth, despite difficult trading conditions in the South
African consumer sector and exchange rate volatility. Revenue increased by 15.1% to
R190,8 million (2016: R165,8 million), mainly due to higher volumes from its major
customer on increased exports. Operating profit increased by 5.4% to R13,3 million from
R12,6 million. The operating margin decreased slightly from 7.6% to 7.0% on higher sales
of lower-margin products to its major customer.
Good progress continued during the year on diversifying the customer base, with four new
large customers secured during the year.
GROUP PROSPECTS
The current economic climate is expected to prevail throughout 2018, which will continue to
impact results.
Against tough conditions, Jasco will continue to execute its strategy and focus on the
following additional key areas over the next six to 18 months:
- Maintain its focus on costs and ensure a return to acceptable and sustainable profitability
levels in the Enterprise business
- Maintain financial gearing at less than 50% from the cash generated by Jasco's operations
- Further expand into the rest of Africa by leveraging off the established base in Kenya and
the recently-established base in the Middle East
- Evaluate acquisitions to ensure that smaller businesses achieve the required critical mass,
as well as continue to investigate the exiting of non-core manufacturing
- Continue the transformation of Jasco, with black ownership, employment equity and
skills development a key priority to maintain the group's broad-based black economic
empowerment rating
Shareholders are advised that any forward-looking information or statements contained in this
announcement have not been reviewed or reported on by Jasco's independent auditors.
SUBSEQUENT EVENTS
With effect from 1 September 2017, Jasco increased its investment in Jasco Datafusion from
10% to 51%. There are no material subsequent events to report, apart from the dividend declared.
CHANGES TO THE BOARD
There were a number of changes to the board during the year under review. Sir JA Sherry
retired from the board on 13 September 2016 and Mr H Moolla resigned from the board on
1 November 2016. Mrs PF Radebe and Miss TP Zondi joined the board on 1 January 2017
as independent non-executive directors. Mr T Petje and Mrs S Samuels joined the board on
19 June 2017 as executive directors.
This brings the independent non-executive component of the board to half, which has improved
the independent complement of the board.
DIVIDEND
Jasco's board is pleased to declare a dividend of 1 cent per share.
Declaration and finalisation announcement date Wednesday, 13 September 2017
Last day to trade cum entitlement Tuesday, 3 October 2017
Shares trade ex-entitlement Wednesday, 4 October 2017
Record date Friday, 6 October 2017
Payment date Monday, 9 October 2017
Shares may not be dematerialised or rematerialised between Wednesday, 4 October 2017
and Friday, 6 October 2017.
In compliance with the JSE Listings Requirements, the following additional information is
disclosed:
1. the dividend has been declared out of income reserves;
2. the local Dividend Withholding Tax rate is 20%;
3. the gross local dividend amount is 1 cent per share for shareholders exempt from paying
Dividend Withholding Tax;
4. the net local dividend amount is 0,80 cents per share for shareholders liable to pay
Dividend Withholding Tax;
5. the issued share capital of Jasco is 229 319 191 ordinary shares; and
6. Jasco's income tax reference number is 9300/183/71/3.
For and on behalf of the board
Dr ATM Mokgokong AMF da Silva WA Prinsloo
(Non--executive chairman) (Chief executive officer) (Chief financial officer)
13 September 2017
BASIS OF PREPARATION
The summarised consolidated results have been prepared in accordance with International
Financial Reporting Standards ("IFRS"), IAS 34 Interim Financial Reporting Standards, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the
Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council,
the South African Companies Act, 71 of 2008, as amended and the Listings Requirements of
the JSE Limited. The accounting policies and methods of computation used in the preparation
of this report are consistent with those of the previous year. These summarised consolidated
financial statements, which were derived from the underlying audited consolidated financial
statements for the year ended 30 June 2017, have not been audited. The directors take
full responsibility for the preparation of the abridged report and the financial information
has been correctly extracted from the underlying audited financial statements. The auditors,
Ernst & Young Inc., have audited the consolidated annual financial statements for the year
ended 30 June 2017 from which this summarised report has been derived and on which
an unmodified opinion was expressed. The annual financial statements and a copy of the
unmodified audit opinion are available at Jasco's registered office.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of foreign currency contracts and option contracts has been determined using
valuation techniques with market observable inputs. The most frequently applied valuation
techniques include forward pricing models using present value calculations. The model
incorporate various inputs including the foreign exchange spot and forward rates, forward
rate curves of currency basis spreads between the respective currencies, and forward rate
curves of the underlying commodity. At 30 June 2017 and 2016, the group's only financial
instruments carried at fair value were foreign currency contracts. These were
classified as level 2.
FAIR VALUE HIERARCHY
Financial instruments carried at fair value in the statement of financial position (R'000)
– Financial assets at fair value through profit or loss 604
– Financial liabilities at fair value through profit or loss 476
SUMMARISED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited Audited
30 June 30 June
(R'000) 2017 2016 % change
Revenue 1 044 301 1 076 429 (3,0%)
Turnover 1 037 315 1 070 033 (3,1%)
Finance income 6 986 6 396 9,2%
Operating profit before interest and taxation 41 941 41 677 0,6%
Finance income 6 986 6 396 9,2%
Finance costs (18 521) (21 596) 14,2%
Equity accounted share of loss from joint venture (1 823) – (100,0%)
Profit before taxation 28 583 26 477 8,0%
Taxation (16 253) (10 534) (54,3%)
Profit for the year 12 330 15 943 (22,7%)
Other comprehensive income 319 31
Total comprehensive income for the year 12 649 15 974 (20,8%)
Profit attributable to:
– non-controlling interests 4 202 1 765 138,1%
– ordinary shareholders of the parent 8 128 14 178 (42,7%)
Profit for the year 12 330 15 943 (22,7%)
Total comprehensive income attributable to:
– non-controlling interests 4 202 1 765 138,1%
– ordinary shareholders of the parent 8 447 14 209 (40,6%)
Total comprehensive income for the year 12 649 15 974 (20,8%)
Reconciliation of headline earnings
Net earnings attributable to
equityholders of the parent 8 128 14 178 (42,7%)
Headline earnings adjustments (2 562) (47) 5351,1%
– profit on disposal of business unit (2 641) –
– loss on disposal of associate held for sale
– M-TEC – 255
– net loss/(profit) on disposal of fixed assets 79 (302)
Headline earnings 5 566 14 131 (60,6%)
Number of shares in issue ('000) 229 319 229 319
Treasury shares ('000) 2 407 4 704
Weighted average number of shares
on which earnings per share is
calculated ('000) 226 912 224 616
Dilutive share options ('000) 2 451 105
Weighted average number of shares
on which diluted earnings per share
is calculated ('000) 229 363 224 720
Ratio analysis
Attributable earnings 8 128 14 178 (42,7%)
EBITDA 56 315 57 024 (1,2%)
Earnings per share (cents) 3,6 6,3 (43,3%)
Diluted earnings per share (cents) 3,5 6,3 (43,8%)
Headline earnings per share (cents) 2,5 6,3 (61,0%)
Diluted headline earnings per share (cents) 2,4 6,3 (61,4%)
Net asset value per share (cents) 102,2 100,1 2,2%
Net tangible asset value per share (cents) 40,1 60,6 (33,7%)
Debt:Equity (%) 47,1 50,6 (6,9%)
Interest cover (times) 3,3 2,7 18,9%
EBITDA interest cover (times) 4,9 3,8 30,1%
SUMMARISED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
30 June 30 June
(R'000) 2017 2016
ASSETS
Non-current assets 251 663 223 974
Plant and equipment 78 936 61 082
Intangible assets 140 910 88 731
Investment in joint venture 284 –
Deferred income tax 27 526 31 779
Other non-current assets 4 007 42 382
Current assets 479 598 408 686
Inventories 86 334 108 722
Trade and other receivables 275 351 261 899
Taxation refundable 7 280 6 131
Short-term portion of other non-current assets 15 082 24 678
Cash and cash equivalents 95 551 7 256
Total assets 731 261 632 660
EQUITY AND LIABILITIES
Shareholders' equity 249 401 231 849
Non-current liabilities 168 504 110 747
Interest-bearing liabilities 162 598 104 717
Deferred maintenance revenue 331 2 721
Deferred income tax 5 575 3 309
Current liabilities 313 356 290 064
Short-term interest-bearing liabilities 50 373 19 818
Non-interest bearing liabilities 205 024 208 187
Deferred maintenance revenue 55 333 60 403
Taxation 2 626 1 656
Total equity and liabilities 731 261 632 660
SUMMARISED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Audited Audited
30 June 30 June
(R'000) 2017 2016
Attributable to equity holders of the parent
Opening balance 224 749 207 768
Treasury shares -Share Incentive Trust 3 597 680
Share based payment reserve (359) 2 092
Total comprehensive income 8 447 14 209
– (Loss)/profit for the year 8 128 14 178
– Other comprehensive income 319 31
Dividends paid (4 478) –
Closing balance 231 956 224 749
Non-controlling interest
Opening balance 7 100 5 335
Acquisition of subsidiary 6 966 –
Transactions with non-controlling shareholders 3 –
Total comprehensive income 4 202 1 765
- Profit for the year 4 202 1 765
- Other comprehensive income – –
Dividends paid to non-controlling shareholders (826) –
Closing balance 17 445 7 100
Total equity 249 401 231 849
SUMMARISED CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited Audited
30 June 30 June
(R'000) 2017 2016
Cash generated from operations before working capital changes 58 790 62 943
Working capital changes 7 060 16 412
Cash generated from operations 65 850 79 355
Net financing costs paid (11 535) (15 934)
Net taxation paid (16 943) (8 908)
Dividends paid (5 304) –
Cash flow from operating activities 32 068 54 513
Cash flow from investing activities 14 544 7 266
Cash flow from financing activities 41 878 (23 081)
Increase in cash resources 88 490 38 698
SUMMARISED SEGMENTAL REPORTS
Income and expenses 30 June 2017 30 June 2016
Operating Operating
Audited (R'000) Revenue profit/(loss) Revenue profit/(loss)
Carrier 385 846 51 032 414 153 47 778
Enterprise 315 652 (3 446) 317 960 3 736
Intelligent Technologies 165 294 22 094 190 697 17 549
Electrical Manufacturers 190 795 13 275 165 762 12 600
Sub-total operating divisions 1 057 587 82 955 1 088 572 81 663
Other 4 770 (36 887) 2 442 (36 786)
Adjustments (18 056) (4 127) (14 585) (3 200)
Total 1 044 301 41 941 1 076 429 41 677
Financial position
Audited '(R'000) Assets Liabilities Assets Liabilities
Carrier 150 705 38 191 151 209 40 307
Enterprise 152 772 88 623 147 783 94 507
Intelligent Technologies 75 254 32 824 84 428 50 935
Electrical Manufacturers 89 445 19 776 84 301 23 382
Sub-total operating divisions 468 176 179 414 467 721 209 131
Other 170 685 302 827 100 213 191 875
Adjustments 92 400 (381) 64 726 (195)
Total 731 261 481 860 632 660 400 811
Directors and Secretary: Dr ATM Mokgokong (Chairman), MJ Madungandaba (Deputy Chairman),
JC Farrant*, MSC Bawa, PF Radebe*, TP Zondi* (Non-executives), AMF da Silva (CEO), WA Prinsloo
(CFO), TS Petje, SM Samuels (Executives), N Modisakeng (Company Secretary) *Independent
Registered office: Jasco Park, c/o 2nd Street and Alexandra Avenue, Midrand, 1632
Transfer secretaries: Link Market Services SA (Pty) Limited, 13th Floor, Rennie House, 19 Ameshoff Street,
Braamfontein, 2001
Sponsor: Grindrod Bank Limited, Fourth Floor, Grindrod Tower, 8A Protea Place, Sandton, 2146
More information is available at: www.jasco.co.za
Date: 13/09/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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