Wrap Text
CANCELLATION OF S341360 Unaudited condensed consolidated Interim Group Results for the six months ended 31 December 2013
ADAPT IT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1998/017276/06
Share code: ADI
ISIN: ZAE000113163
Unaudited condensed consolidated
INTERIM GROUP RESULTS
for the six months ended 31 December 2013
OUR BUSINESS
Adapt IT
provides a variety of specialised
turnkey IT solutions & services
SPECIALISED SERVICES
OUTSOURCING SERVICES
- Business Intelligence (BI) Services
- Human Capital Management Services
- Enterprise Resource Planning (ERP) Services
- Development and Integration Services
- Turnkey Oil and Gas Services
- Technology Services
- Cloud Services
- Training and Development Services
- Recruitment Services
SOLUTIONS
- Tranquillity – Process Manufacturing ERP
- CaneLab – Weighbridge and Cane Testing Solution
- OpSUITE – SHEQ Solution
- HCM Spectrum – SAP(R) HCM and Payroll on the Cloud
- ITS Integrator – Higher Education ERP
- ITS Mobile – Real time information via mobile devices
- Adapt IT Timetabling – CELCAT solutions
- InfoSlips – Personalised system generated information
and notifications
- Strivesoft ICAS(R) – Integrated campus administration system
- SAP IS Oil & Gas – Leading solution supporting the full
Oil & Gas industry value chain
- TouchStar UK – State-of-the-art fuel distribution system
- Fuel-loc – Comprehensive secure fuel road distribution
solution
- Fuel-facs – Complete Terminal Automation Software
TECHNOLOGY PARTNERSHIPS
Microsoft
Adapt IT is a Microsoft
Certified Partner
offering our clients a
comprehensive range
of highly accredited
independent technical
support for Microsoft
and multi-vendor
products.
IBM
Adapt IT’s IBM partnership
enables us to develop next
generation applications for
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Adapt IT December 2013 Interims v1 060214
big data and analytics.
Cognitive computing provides
unprecedented insights into
opportunities, threats and
efficiencies for an organisation.
ORACLE
Adapt IT is an Oracle Gold Partner
and Independent Software Vendor
(ISV) which equips us with the latest
technology to exceed customer needs
while remaining on the leading
edge of innovation.
SAP
Adapt IT is a SAP Channel
and Services Partner, which
enables us to offer complete
cloud-based solutions,
powered by SAP in a
cost-effective model.
In addition we design,
implement and support
solutions for SAP IS Oil & Gas.
DELIVERY PLATFORMS
ON PREMISE
Services and Solutions
WEB-BASED SOLUTIONS
On premise and Hosted
CLOUD SOLUTIONS
Software as a Service
Platform as a Service
MOBILE SOLUTIONS
SECTORS
TURNOVER
BY SECTOR
2013
36,1%
Manufacturing
31,6%
Education
14,8%
Energy
17,5%
Financial services
FINANCIAL HIGHLIGHTS
39%
TURNOVER
75%
OPERATING
PROFIT
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Adapt IT December 2013 Interims v1 060214
65%
HEPS
FINANCIAL REVIEW
Turnover for the six month period to December
2013 increased 39% to R189,6 million
(2012: R135,9 million), organic growth was 13%
and acquisitive growth was 26%.
Profit from operations increased 75% to
R20,5 million (2012: R11,7 million), representing
an improved operating profit margin of 10,8%
(2012: 8,6%). All segments of the business grew
turnover and operating profit.
Adapt IT acquired the Aquilon companies
("Aquilon") effective 1 October 2013, in line
with the acquisitive growth strategy. Aquilon
provides consulting and systems integration
for the Oil and Gas sector which now forms the
Energy segment of Adapt IT. Aquilon's results, for
the three months, are included in these interim
results and contributed R28,0 million in turnover
and R7,9 million to profit from operations. Refer
to the business combination note 8 on page 10.
Interim earnings per share (EPS) improved by
64% to 13,71 cents per share (cps) from 8,36 cps
and interim headline EPS (HEPS) improved by
65% to 13,74 cps from 8,35 cps.
Ordinary dividend number 11, in respect of the
year ended 30 June 2013, of 5,56 cents per
share, being a four times cover ratio, was paid to
shareholders on 16 September 2013. Our policy
is to consider a dividend after the financial year
end and not at the interim reporting date.
STRATEGY
Adapt IT continues to realise synergies between
its specialised software businesses to yield higher
organic growth and margins, with increasing
focus on foreign markets, especially other
African countries. Further strategic, synergistic
and earnings enhancing software business
acquisitions will be pursued.
Increased focus on transformation is being
prioritised to ensure alignment with the new
Broad-based Black Economic Empowerment
Codes.
OUTLOOK
Our outlook remains positive as we continue
to build on the strong foundation we have
established to create a sizeable leading ICT
business which delivers above sector average
growth and returns.
BOARD
There have been no changes to the board during
the reporting period.
APPRECIATION
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Adapt IT December 2013 Interims v1 060214
We thank our customers, partners and service
providers for their continued support and
members of the board and Adapt IT Group
staff for their dedication which underpins our
success.
On behalf of the board
Craig Chambers Sbu Shabalala
Independent Chief Executive Officer
non-executive Chairman
6 February 2014
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited
Audited
6 months 6 months
Year
ended ended
ended Year-
31 Dec 31 Dec
30 June on-year
2013 2012
2013 variance
Note R'000 R'000
R'000 %
Revenue 190 892 140 123
306 035 36
Turnover 189 580 135 914
303 401 39
Cost of sales (109 040) (79 425)
(171 782) 37
Gross profit 80 540 56 489
131 619 43
Administrative, selling and other costs (60 267) (46 001)
(102 735) 31
Sundry revenue 219 1 190
515 (82)
Profit from operations 20 492 11 678
29 399 75
Finance income 3 1 094 3 018
2 118 (64)
Finance costs (384) (416)
(785) (8)
Profit before taxation 21 202 14 280
30 732 48
Income tax expense (6 208) (5 224)
(6 642) 19
Profit for the period attributable to
ordinary shareholders 14 994 9 056
24 090 66
Other comprehensive income 514 259
2 225 98
Exchange differences arising from translation
of foreign operations 514 259
623 98
Revaluation of land and building – –
2 225 –
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Income tax effect – –
(623) –
Total comprehensive income 15 508 9 315
26 315 66
Headline earnings:
Profit attributable to ordinary shareholders 14 994 9 056
24 090 66
Loss/(profit) on sale of property and equipment 38 (9)
21 –
Headline earnings 15 032 9 047
24 111 66
Number of ordinary shares in issue (000) 111 499 108 226
108 226 3
Weighted average number of
ordinary shares in issue (000) 109 395 108 346
108 286 1
Basic earnings per share (cents) 13,71 8,36
22,25 64
Headline earnings per share (cents) 13,74 8,35
22,27 65
Fully diluted basic earnings per share (cents) 13,71 8,36
22,25 64
Fully diluted headline earnings per share (cents) 13,74 8,35
22,27 65
Dividend per share (cents) 5,56 4,84
4,84 15
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited
Audited
6 months 6 months
Year
ended ended
ended
31 Dec 31 Dec
30 June
2013 2012
2013
Notes R'000 R'000
R'000
ASSETS
Non-current assets 185 442 84 949
86 684
Property and equipment 28 333 23 881
28 351
Intangible assets 6 341 6 187
5 772
Goodwill 5 133 487 38 010
38 010
Deferred taxation asset 17 281 16 871
14 551
Current assets 177 815 135 725
92 039
Trade and other receivables 148 654 112 428
64 039
Current tax receivable – 2 640
5 307
Cash and cash equivalents 29 161 20 657
22 693
Total assets 363 257 220 674
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Adapt IT December 2013 Interims v1 060214
178 723
EQUITY AND LIABILITIES
Equity 161 725 75 256
92 234
Share capital 11 11
11
Share premium 23 926 14 626
14 626
Other capital reserves 8 52 000 1 300
1 300
Foreign currency translation reserve 1 642 764
1 128
Revaluation reserve 1 602 -
1 602
Retained earnings 82 544 58 555
73 567
Non-current liabilities 30 894 13 323
3 747
Interest-bearing borrowings 6 27 389 10 664
–
Deferred taxation liability 3 505 2 659
3 747
Current liabilities 170 638 132 095
82 742
Trade and other payables 44 091 28 852
18 550
Provisions 15 416 7 948
14 200
Deferred income 7 80 061 76 425
47 979
Current tax payable 5 938 529
–
Current portion of interest-bearing borrowings 6 16 271 12 854
643
Current portion of non-interest-bearing borrowings 8 861 1 770
1 370
Bank overdraft – 3 717
–
Total equity and liabilities 363 257 220 674
178 723
Net asset value per share (cents) 145,05 69,54
85,22
Net tangible asset value per share (cents) 7,28 15,57
34,79
Liquidity ratio (times) 1,04 1,03
1,11
Solvency ratio (times) 1,80 1,52
2,07
Market price per share
Close (cents) 490 144
235
High (cents) 501 158
290
Low (cents) 231 102
102
Capital expenditure for the period (R'000) 3 245 9 707
14 480
Capital commitments (R'000) 4 038 2 887
5 283
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
currency
Other
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Adapt IT December 2013 Interims v1 060214
Re- trans-
Share Share capital
valuation lation Retained Total
capital premium reserves
reserve reserve earnings equity
Notes R'000 R'000 R'000
R'000 R'000 R'000 R'000
Balance at 30 June 2012 11 14 920 –
– 505 54 725 70 161
Total comprehensive income
for the period – – –
– 259 9 056 9 315
Profit for the period – – –
– – 9 056 9 056
Other comprehensive income – – –
– 259 – 259
for the period
Net repurchase of shares – (294) –
– – – (294)
Issue of shares for
business combinations – – 1 300
– – – 1 300
Dividend paid – – –
– – (5 226) (5 226)
Balance at 31 December 2012 11 14 626 1 300
– 764 58 555 75 256
Balance at 30 June 2013 11 14 626 1 300
1 602 1 128 73 567 92 234
Total comprehensive
income for the period – – –
– 514 14 994 15 508
Profit for the period – – –
– – 14 994 14 994
Other comprehensive
income for the period – – –
– 514 – 514
Issue of treasury shares
for business combination – 1 300 (1 300)
– – – –
Shares to be issued 8 – – 52 000
– – – 52 000
Issue of shares for
business combination 8 – 8 000 –
– – – 8 000
Shares issued during the period – 1 753 –
– – – 1 753
Issue of treasury shares – 6 247 –
– – – 6 247
Dividend paid – – –
– – (6 017) (6 017)
Balance at 31 December 2013 11 23 926 52 000
1 602 1 642 82 544 161 725
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited
Unaudited Audited
31 Dec 31
Dec 30 June
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Adapt IT December 2013 Interims v1 060214
2013
2012 2013
Notes R'000
R'000 R'000
OPERATING ACTIVITIES
Cash generated from operations 7 032
149 36 662
Finance income 3 1 094
3 018 2 118
Finance costs (384)
(416) (785)
Dividends paid (6 017)
(5 226) (5 249)
Taxation paid (671)
(9 652) (11 481)
Net cash flow from/(utilised in) operating activities 1 054
(12 127) 21 265
INVESTING ACTIVITIES
Property and equipment acquired (1 828)
(3 991) (7 902)
Intangible assets acquired and developed (1 417)
(5 716) (6 578)
Proceeds on disposal of property and equipment –
9 59
Net cash flow on acquisition of subsidiary 8 (32 207)
(7 165) (7 165)
Net cash flows from investment activities (35 452)
(16 863) (21 586)
FINANCING ACTIVITIES
Proceeds from borrowings 43 660
23 917 28 917
Repayment of borrowings (3 308)
(2 602) (30 878)
Share repurchases –
(294) (294)
Net cash inflow/(outflow) from financing activities 40 352
21 021 (2 255)
Net increase/(decrease) in cash resources 5 954
(7 969) (2 576)
Exchange differences on translation 514
259 619
Cash and cash equivalents at beginning of period 22 693
24 650 24 650
Cash and cash equivalents at end of period 29 161
16 940 22 693
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION AND CORPORATE INFORMATION
The unaudited condensed consolidated interim financial statements of the
Group for the six months
ended 31 December 2013 were prepared in accordance with IAS 34 Interim
Financial Reporting, SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee
and the requirements of
the Companies Act No 71 of 2008 of South Africa as amended, and the Listings
Requirements of the JSE Limited.
The accounting policies applied in the preparation of these unaudited
condensed interim consolidated financial
statements are in accordance with International Financial Reporting
Standards and are consistent with those
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Adapt IT December 2013 Interims v1 060214
applied in the annual financial statements for the year ended 30 June 2013.
The interim results have not been audited or reviewed by the Group auditors,
and have been prepared
under the supervision of Tiffany Dunsdon, CA (SA), Finance Director of Adapt
IT Holdings Limited.
The directors take full responsibility for the preparation of these
unaudited
condensed consolidated interim financial statements.
2. SUBSEQUENT EVENTS
No matters have occurred between the reporting date and the date of approval
of the interim financial
statements which would have a material effect on these financial statements.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2013 2012 2013
R'000 R'000 R'000
3. FINANCE INCOME
Imputed interest 571 2 531 1 238
Bank interest 523 487 880
Total finance income 1 094 3 018 2 118
4. DIVIDENDS
Ordinary dividend number 11 of 5,56 cents per share was paid to
shareholders on 16 September 2013.
It is Group policy to consider declaration of dividends at the end of the
financial year and not at the
interim reporting date.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2013 2012 2013
R'000 R'000 R'000
5. GOODWILL
Carrying amount at beginning of period 38 010 25 658 25 658
Acquisition of Swicon360 (Pty) Ltd – 12 352 12 352
Acquisition of Aquilon companies 95 477 – –
Carrying amount at end of period 133 487 38 010 38 010
Comprising:
Cost 133 487 38 010 38 010
Goodwill is allocated as follows:
– Adapt IT (Pty) Ltd 25 599 10 349 10 349
– ApplyIT (Pty) Ltd 59 59 59
– BI Planning Services (Pty) Ltd – 15 250 15 250
– Swicon360 (Pty) Ltd 12 352 12 352 12 352
– Aquilon companies 95 477 – –
Total 133 487 38 010 38 010
On 1 July 2013, BI Planning Services (Pty) Ltd was amalgamated into Adapt IT
(Pty) Ltd in accordance
with the provisions of Section 113, 115 and 116 of the Companies Act, 2008,
as amended. Accordingly
the goodwill of BI Planning Services (Pty) Ltd was transferred to Adapt IT
(Pty) Ltd.
The Group tests goodwill for impairment. As at 31 December 2013, the
carrying amount of goodwill was
considered not to require impairment.
The recoverable amount of goodwill has been determined based on a value in
use calculation using
cash flow projections from financial forecasts approved by senior management
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Adapt IT December 2013 Interims v1 060214
covering a five-year
period. Cash flow projections take into account past experience and external
sources of information.The
valuation method used is consistent with the prior year. There have been no
accumulated impairment
losses recognised to date.
The key assumptions used in the testing of goodwill are:
– Discount rate of 12% (2013: 12%) (weighted average cost of capital); and
– Projected cash flows for the five years based on a 5% (2013: 5%) growth
rate.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2013 2012 2013
R'000 R'000 R'000
6. INTEREST-BEARING BORROWINGS
Non-current borrowings 27 389 10 664 –
– Investec Private Bank Limited 27 389 10 664 –
Current borrowings 16 271 12 854 643
– Investec Private Bank Limited 16 271 11 612 –
– IBM Global Finance – 1 242 643
Total 43 660 23 518 643
Further facilities from Investec Private Bank Limited were obtained to fund
the acquisition of the Aquilon
companies. They are secured by a mortgage bond over fixed property, 100% of
the shares held in Adapt
IT (Pty) Ltd and cession of book debts held by Adapt IT Holdings Limited and
its subsidiaries. The interest
rates range from 8,5% to 9% per year at the reporting date.
Excess cash resources are used from time to time to reduce the facilities.
Unaudited Unaudited Audited
31 Dec 31 Dec 30 June
2013 2012 2013
R'000 R'000 R'000
7. DEFERRED INCOME
Education segment 66 117 60 520 32 779
Manufacturing segment 12 323 15 280 15 200
Energy segment 1 151 – –
Financial segment 470 625 –
Total 80 061 76 425 47 979
The Education segment relates to annual maintenance fees invoiced in advance
for the year and
usually collected end of January and February, the start of the education
year.
Manufacturing sector includes long-term software projects in progress,
ongoing upgrades and other
software-related projects for clients.
8. BUSINESS COMBINATIONS
8.1 Acquisition of subsidiary
On 1 October 2013, the Group acquired the entire issued share capital
of Aquilon (Pty) Ltd, Aquilon
Evolution Holdings (Pty) Ltd and Aquilon Evolution Consulting (Pty) Ltd
(the Aquilon companies),
and 40% of the issued shares in Fuel-Loc (Pty) Ltd. The Aquilon
companies and Fuel-Loc (Pty) Ltd are
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Adapt IT December 2013 Interims v1 060214
South African registered companies.
The Aquilon companies are specialist SAP consultancies, which design,
implement and support
SAP(R) IS-Oil implementations throughout South Africa. They provide SAP
services to six of the major oil
companies trading in South Africa and globally.
The purchase consideration consists of R38,0 million cash paid on 29
November 2013 and
R8,0 million shares issued in December 2013. A further R52,0 million is
contingent upon the actual
achievement of specified profit warranties (profit warranties) over a
33-month period (earn-out
portion).
The earn-out portion of a maximum of R52,0 million shall be settled via
the issue of shares upon the
attainment of the profit warranties.
The profit warranties are as follows:
- R18,3 million profit after tax for the period 1 October 2013 to 30
June 2014 (2014 performance
warranty period). Should such profit after tax be achieved, shares to
the value of R16,0 million shall
be issued;
- R32,0 million profit after tax for the period 1 July 2014 to 30 June
2015 (2015 performance warranty
period). Should such profit after tax be achieved, shares to the
value of R18,0 million shall be
issued; and
- R38,4 million profit after tax for the period 1 July 2015 to 30 June
2016 (2016 performance warranty
period). Should such profit after tax be achieved, shares to the
value of R18,0 million shall be
issued.
The shares to be issued to settle the earn-out portion shall be issued
within 60 days after the end of
the 2014 performance warranty period, 2015 performance warranty period
and 2016 performance
warranty period respectively and shall be reduced pro-rata to the
extent that such profit warranties
are not attained.
The latest financial projections for the Aquilon companies indicate
that the profit warranties will
be achieved and accordingly the R52,0 million shares to be issued are
disclosed as other capital
reserves, resulting in a maximum purchase consideration of R98,0
million.
Shares are specifically issued at a volume weighted average traded
price of 352 cents.
The fair value of the net assets acquired amounted to R2,5 million,
resulting in goodwill of
R95,5 million at acquisition.The consideration paid for the combination
effectively included amounts
in relation to the benefit of the expected synergies, revenue growth,
new market penetration and
future market development.
The acquisition of Aquilon companies provides Adapt IT with an entry
into specialised areas within
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Adapt IT December 2013 Interims v1 060214
the Oil and Gas sector. The strategic acquisition assists Adapt IT to
expand into the growing Energy
sector in Africa, as well as extend its local reach into the Western
Cape, and bolsters its SAP solutions
expertise.
The fair values of the identifiable net assets and liabilities of Aquilon
companies as at the date of
acquisition were:
Fair value
recognised
on
acquisition
R'000
Assets
Property and equipment
210
Intangible assets
17
Deferred taxation
1 098
Trade and other receivable
23 350
Cash and cash equivalents
5 793
Total assets
30 468
Liabilities
Current portion of non-interest-bearing borrowings (previous shareholders)
10 156
Trade and other payables
11 991
Provisions
1 964
Current tax payable
3 834
Total liabilities
27 945
Total identifiable net assets
2 523
Goodwill arising on acquisition
95 477
Fair value of consideration transferred
98 000
Settled in shares
8 000
Shares to be issued
52 000
Settled in cash
38 000
Cash outflow on acquisition:
Net cash acquired with the subsidiary
5 793
Cash paid
(38 000)
Net cash outflow on acquisition
(32 207)
Fair value of the assets acquired approximates their carrying value at the
acquisition date.
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Adapt IT December 2013 Interims v1 060214
From the date of acquisition, the Aquilon companies have contributed R5,1
million to the profit after
tax and R28,0 million to the turnover of the Group.
Acquired receivables represent the gross contractual amounts which
approximate fair value and
which are further estimated to be fully recoverable.
Goodwill recognised is not deductible for tax purposes.
Acquisition related costs of R1,9 million have been expensed and are
included in administrative,
selling and other costs on the statement of comprehensive income.
Current portion of non-interest bearing borrowings relates to dividends due
to the previous
shareholders payable by the end of March 2014.
9. SEGMENT ANALYSIS
For management purposes, the Group is organised into the following segments:
– Education – Adapt IT Pretoria;
– Manufacturing – Adapt IT Durban, ApplyIT (Pty) Ltd and Swicon360 (Pty) Ltd;
– Financial Services – Adapt IT Johannesburg;
– Energy – the Aquilon companies; and
– Other – includes once-off transaction costs.
Management monitors the operating results of its business units separately
for the purpose of making
decisions about resource allocation and performance assessment. Monthly
management meetings
are held to evaluate segment performance against budget and forecast.
The following table presents revenue and profit information regarding the
Group's operating segments
for the six months ended 31 December 2013 and 31 December 2012, respectively:
Edu- Manu- Financial
cation facturing Services Energy
Other Total
R'000 R'000 R'000 R'000
R'000 R'000
Six months ended 31 December 2013
Turnover 59 989 68 381 33 256 27 953
– 189 579
Segment profit/(loss) from operations 8 013 3 414 3 416 7 916
(2 268) 20 491
Operating profit margin 13% 5% 10% 28%
11%
Six months ended 31 December 2012
Turnover 55 569 56 977 23 368 –
– 135 914
Segment profit from operations 6 363 2 722 2 450 –
143 11 678
Net finance income 754 1 722 126 –
– 2 602
Segment profit before tax 7 117 4 444 2 576 –
143 14 280
Operating profit margin 11% 5% 10%
9%
The following table presents segment assets and liabilities of the Group's
operating segments as at
31 December 2013 and 31 December 2012, respectively:
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Adapt IT December 2013 Interims v1 060214
Edu- Manu- Financial
cation facturing Services Energy
Other Total
R'000 R'000 R'000 R'000
R'000 R'000
Six months ended 31 December 2013
Total assets 126 606 71 901 28 072 135 405
1 273 363 257
Total liabilities 94 176 69 473 4 905 30 266
2 712 201 532
Six months ended 31 December 2012
Total assets 120 449 74 166 25 386 –
674 220 674
Total liabilities 77 851 62 557 4 552 –
458 145 418
Amounts previously included under adjustments and eliminations in the prior
year, relating mainly
to goodwill, have been reallocated to the related segment in the tables above in
order to allow
for a more meaningful analysis.
CORPORATE INFORMATION
ADAPT IT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1998/017276/06
Share code: ADI
ISIN: ZAE000113163
COMPANY SECRETARY
Statucor (Pty) Ltd
22 Wellington Road
Parktown
2193
REGISTERED OFFICE
5 Rydall Vale Office Park
Rydall Vale Crescent
La Lucia Ridge
4019
KwaZulu-Natal
South Africa
DIRECTORS
Craig Chambers* (Chairman)
Sbu Shabalala (Chief Executive Officer)
Tiffany Dunsdon (Financial Director)
Bongiwe Ntuli*
Thembisa Dingaan*
Oliver D Fortuin*
*independent non-executive director
TRANSFER SECRETARY
Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown, 2107
T +27 (0) 11 370 5000
F +27 (0) 11 688 5200
AUDITORS
Deloitte & Touche
CORPORATE SPONSOR
Merchantec Capital
2nd Floor, Corner North Wing
Hyde Park Office Suites
Corner 6th Road and Jan Smuts Avenue
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Adapt IT December 2013 Interims v1 060214
Hyde Park
Johannesburg
2024
CORPORATE BANKERS
The Standard Bank of South Africa Limited
ABSA Bank
LEGAL REPRESENTATIVES
Shepstone & Wylie
Read Hope Phillips Thomas Cadman Inc.
ADAPT IT WEBSITE
www.adaptit.co.za
REGIONAL OFFICES
Durban
5 Rydall Vale Office Park
Rydall Vale Crescent
La Lucia Ridge
4019
KwaZulu-Natal
T +27 (0) 31 514 7300
F +27 (0) 86 602 8961
Johannesburg
The Braes
Adapt IT House
I93 Bryanston Drive
Bryanston
Johannesburg
T +27 (0) 11 460 5300
F +27 (0) 11 460 5301
Pretoria
50 Bushbuck Lane
Monument Park
Pretoria
0181
T +27 (0) 12 425 5600
F +27 (0) 12 460 5377
Cape Town
21 Dreyer Street
Sunclare Building
2nd floor
Cape Town
7700
T +27 (0) 21 200 0480
adapt IT
www.adaptit.co.za
Page 15
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