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ADAPT IT HOLDINGS LIMITED - Unaudited Condensed Consolidated Interim Group Results for the six months ended 31 December 2013- Correct Formatting

Release Date: 07/02/2014 07:42
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Unaudited Condensed Consolidated Interim Group Results for the six months ended 31 December 2013- Correct Formatting

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
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

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

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         –
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   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            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
                                                                   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
    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 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 subsidiaryOn 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
         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
         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.

    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:

                                       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

COPORATE SPONSOR
Merchantec Capital
2nd Floor, Corner North Wing
Hyde Park Office Suites
Corner 6th Road and Jan Smuts Avenue
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



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