Wrap Text
Unaudited interim results for the six months ended 31 December 2013
JASCO ELECTRONICS HOLDINGS LIMITED
Registration number: 1987/003293/06
JSE share code: JSC
ISIN: ZAE000003794
("Jasco" or "the company" or "the group")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
INTRODUCTION
Group restructuring
Jasco is in the final year of its three-year restructuring programme.
The group has achieved a number of milestones during its restructuring
period. These include:
- The consolidation of a number of businesses and the removal of
management levels
- Creating a single Jasco brand from numerous disjointed brands
- Increasing scale, with order intake and revenue in excess of
R1 billion
- Expanding the national footprint and product and market segments
- Reducing customer dependency, with no customer being more than
10% of group revenue
- The commencement of the disposal of non-core business units with
Lighting and Telecom Structures sold in F2013 and the recent
disposal of the Automotive business in January 2014. However,
the process of exiting the group's associate, M-TEC, has been slower
than anticipated
- The disposal of the Midrand head office property in F2013 and the
subsequent reduction in debt levels in the first half of F2014
- The completion of a successful rights issue in January 2014.
The company anticipates that the ongoing restructuring costs incurred to
date will only continue until the end of H2 F2014.
Operational performance
In line with the group's strategy during the final year of the three-year
restructuring programme and following the divestment of a number of
businesses, the group was structured from three verticals into two with
effect from F2014.
The ICT Solutions vertical contains the telecommunications and
information technology businesses of ICT-Carrier, ICT-Enterprise and
ICT-Networks.
The separate verticals of Industry Solutions and Energy Solutions have
been combined to create the E&I Solutions vertical. This contains
Electrical Manufacturers, Security and Power.
During the last six months to 31 December 2013, the majority of
the group's operational businesses, with the exception of the Security
business, performed solidly.
Rights issue
The group's rights offer was successfully concluded on 21 January 2014
and raised a net R55 million in funding for the group. The rights
offer also introduced new strategic broad-based black economic
empowerment (BBBEE) shareholders, Goldsol II & Harvibase, to the
group. The owners of both partners have a track record in the security
and telecommunications sectors, which will allow for potential cross-
selling and technical alliance opportunities with Jasco.
FINANCIAL OVERVIEW
Statement of comprehensive income
Headline earnings and headline earnings per share increased by 6%
to R7,5 million (Dec 2012: R7,1 million) and 5,3 cents per share
(Dec 2012: 5,0 cents per share) respectively.
As a consequence of once-off impacts and restructuring costs in the
prior year and this period, earnings per share (EPS) was down 51%
to 4,9 cents per share (Dec 2012: 10,1 cents per share). The weighted
average number of shares in issue was up slightly from 141,1 million
shares to 141,3 million shares and did not have a material impact on
EPS and HEPS.
On a revenue level, most of Jasco's businesses performed well and
partly compensated for the high base of the previous period, which
included Lighting Structures and Telecom Structures that were sold in the
previous year. Consequently, the group's revenue decreased by 4% to
R526,7 million (Dec 2012: R552,1 million). Excluding the R45 million
revenue contribution from Lighting Structures and Telecommunications
Structures, revenue on a like-for-like basis, increased by 5%.
Group profit before interest and taxation decreased by 33% from
R19,0 million in December 2012 to R12,8 million. This was mainly due to
the once-off impacts and restructuring, which are unpacked below.
The once-off impacts on operating profit consist of:
- H1 2014: R8,4 million restructuring costs
- H1 2013: R1,8 million net write-offs consisting of:
– R8,8 million profit from the disposal of group's head
office property
– R4,5 million loss on disposal of Lighting Structures
– R6,0 million restructuring costs
To outline the true operating performance of the group, Jasco also
calculates core operating profit, which excludes all once-off impacts and
restructuring costs. Core profit before interest and taxation (excluding
once-off impacts and restructuring costs) increased by 2% to R21,2 million
(Dec 2012: R20,7 million).
The net finance cost paid of R7,6 million decreased from R9,8 million
last year. This was in line with the expected improvements in working
capital and receipt of the group's Gauteng head office property disposal
proceeds. The finance income earned from long-term receivables
increased sharply from R0,3 million last year to R3,6 million in December
2013 on the group's long-term co-location contract with an African
telecommunications operator. The other main contributor to finance costs
was the preference dividend paid to the group's broad-based black
economic empowerment (BBBEE) partner, AfroCentric, of R4,2 million
(Dec 2012: R3,4 million).
The group has a 51% shareholding in its associate M-TEC, with Taihan
Electric Wire Co. Limited ("Taihan") of Korea holding the remaining 49%
interest. As advised at the June 2013 year-end, the group has decided to
exit this investment and it is therefore categorised as "held-for-sale" for
IFRS reporting purposes. Accordingly, Jasco has stopped equity accounting
this investment in its consolidated results. The performance from M-TEC
has therefore had no impact on the earnings reported for the current
interim period).
The taxation credit of R1,9 million (Dec 2012: R3,6 million credit) is due
to the utilisation of historic assessed losses on the restructure of the group
in this period and the reversal of an over-accrual of capital gains tax on the
disposal of the head office property in the prior period. The effective tax
rate will remain below 28% over the next financial year.
Profit attributable to ordinary shareholders thus decreased 51% to
R6,9 million (Dec 2012: R14,2 million) for the same reasons that
impacted EPS.
Statement of financial position
Non-current assets and liabilities
As reported at year-end, the group's preference shares obligation of
R100 million is classified as a long-term liability due to the redemption
date of 31 December 2014. These shares were allotted to AfroCentric
by Jasco Cables Investments (Pty) Ltd or "Jasco Cables" on 23 May
2008 and were indirectly secured by the group's investment in M-TEC.
The long-term interest-bearing loans of R155,0 million (Dec 2012:
R9,0 million) increased substantially due to a change in classification
of the preference shares on the extension of the redemption date to
31 December 2014 and R68 million project funding from a strategic
supplier during the prior comparative period to fund the finance lease
receivable from an African telecommunications operator.
Another noteworthy item in the statement of financial position is the
receipt of the proceeds of R60 million from the disposal of the group's
property. This allowed Jasco to reduce its level of gearing by repaying
both long-term and short-term debt in July 2013.
The investment in M-TEC remains in the "held-for-sale" category and
discussions with Taihan's new management team has commenced.
The board is satisfied that the investment is carried at the appropriate
value of R116 million, after estimated costs to sell.
Capital expenditure totalled R6,9 million (Dec 2012: R14,7 million),
predominantly by ICT-Carrier in the ICT Solutions vertical. The
majority of the capital spend in the prior year was required to expand
production capacity in Electrical Manufacturers in the E&I Solutions
vertical. Plant and equipment of R57,1 million was therefore largely
unchanged (Dec 2012: R56,5 million).
Intangibles (including goodwill) of R95,3 million decreased from
R123,7 million last year as a result of the goodwill impairments taken
in the second half of F2013 on the exit of the Telecommunications
Structures business and a reduction in the capitalisation of research and
development costs.
The deferred tax asset of R21,5 million (Dec 2012: R18,7 million)
increased in the period and relates in the main to unutilised assessed
losses in Jasco's operating subsidiaries. The conservative approach
adopted in the recognition thereof remains consistent.
Other non-current financial assets of R46,7 million decreased from
R82,4 million last year due to reclassifications to current assets in this
period and the exit from Lighting Structures. The balance relates to
the non-current portion of the group's finance lease receivable from its
annuity contract with an African telecommunications operator.
Current assets and liabilities
Inventories on hand were R113,6 million (Dec 2012: R86,8 million),
which are at required levels to meet customer demand. The most notable
increase in inventory levels occurred in Electrical Manufacturers due to
planned production expansion.
Trade and other receivables were R253,4 million (Dec 2012:
R288,6 million).
The trade receivables of R182,9 million decreased from R190,2 million
in December 2012 and R246,6 million in June 2013 due to very good
collections during the six-month period. The age profile of the debtors'
book is healthy, with good improvements in the Security business unit
where long outstanding amounts were collected. The debtor provisions
of R2,1 million (Dec 2012: R4,3 million) are considered adequate
to cover specific risk trade receivables identified and any impairment
required in terms of IAS 39.
Other receivables and pre-payments decreased to R72,6 million
(Dec 2012: R102,6 million) due to the receipt of the proceeds on the
disposal of the property (R60 million). This was offset by the current
portion of the prepaid service level agreements and the current portion
of the finance lease receivable, as discussed earlier.
Current interest-bearing liabilities of R35,1 million (Dec 2012:
R131,9 million) reduced on the reclassification of the R100 million
preference shares into long-term, as discussed earlier.
Current non-interest-bearing liabilities of R224,2 million (Dec 2012:
R212,5 million) decreased compared to R297,8 million at the year-end
to 30 June 3013 on repayment of trade and other creditors.
The deferred maintenance revenue of R32,5 million (Dec 2012:
R27,7 million) increased on prepaid Service Level Agreements from
blue-chip customers in the ICT-Enterprise business unit. Although net
foreign currency contracts are not material, foreign currency risk is
carefully managed through a hedging programme that utilises a blend
of the available instruments.
Net working capital days for the current period has reduced to 30 days
and is back on target. This is mainly due to the 11-day improvement in
debtors days to 77,9 on very good collections in this half. Stock days is
steady at 32,4 and at required levels. The creditors days decreased by
9 days to 80,3 and is in line with the debtors improvement.
The bank overdraft of R36,5 million decreased from R65,1 million in
December 2012 and R53,5 million at the year-end to 30 June 2013.
This is within Jasco's facility limits. Refer to the statement of cash flows.
Statement of cash flows
The statement of cash flows reflects an inflow in cash generated from
operations before working capital changes of R23,6 million compared
to R19,5 million in December 2012. Working capital changes reflect
an outflow of R14,8 million (Dec 2012: R20,3 million). This outflow is
mainly related to the planned increase in inventory levels at Electrical
Manufacturers.
The net interest payment of R7,6 million (including the preference
dividend) reduced from R9,8 million, while income tax payments
increased on the payment of capital gains tax related to the group's
property disposal. No ordinary dividends were paid (Dec 2012:
R4,2 million related to F2012).
Total cash inflows from operating activities of R8,8 million was therefore
pleasing compared to the R0,8 million outflow in December 2012.
Investing activities saw a cash inflow of R54,9 million (Dec 2012:
R16,9 million outflow) on receipt of the R60 million property disposal
proceeds. The financing activities outflow of R36,1 million (Dec 2012:
R1,0 million) are mainly related to the repayment of the mortgage and
short-term loans.
Accordingly, the difference between the closing and opening cash
balances is an increase in cash resources of R17,0 million (Dec 2012:
R33,3 million decrease). Management continues its focus on reducing
stock levels and improving terms of supply from major trade partners
in 2014.
Post the close of the interim period, Jasco concluded a rights issue and
raised R55 million, which will further reduce the group's overdrafts in the
second half.
OPERATIONAL REVIEW
ICT Solutions
ICT – Carrier
Revenue was flat at R218,2 million (Dec 2012: R218,8 million), mainly
due to the exit from Telecommunications Structures in the prior period.
Market share was maintained in the core business in a mature market.
All businesses outside of the smallest business Broadcast Solutions grew
operating profit. This resulted in operating profit decreasing by 2% to
R21,7 million (Dec 2012: R22,2 million) at a steady operating margin
of 10,0% (Dec 2012: 10,1%). In line with the group's restructure, senior
management overhead costs in this business were moved to head office
at the end of F2013. The Carrier RF and Carrier Solutions business units
were combined in the same premises under one management team
during the first quarter of this year. Savings from reduced management
costs and more effective Key Account Management are expected to
offset once-off moving costs incurred.
ICT – Enterprise
Revenue for the year increased by 6% to R102,0 million (Dec 2012:
R96,7 million) as market share was maintained despite the continued
slow corporate spend on technology upgrades. The annuity base
was maintained at 50%. The operating profit increased by 25% to
R9,2 million (Dec 2012: R7,3 million) and the operating margin
improved from 7,6% to 9,0% on a higher-margin product mix and the
completion of the restructure, with the resultant productivity improvements.
ICT – Networks
Revenue decreased by 45% to R40,5 million (Dec 2012: R73,6 million),
mainly due to the high base in the previous comparative period that
included a R55,0 million once-off equipment installation for an African
telecommunications operator project. However, this contract will add
R7,2 million in annuity revenue per year for five years. In line with the
growth strategy in this start-up business, the annuity revenue in the
total Networks grew by 118% off a low base. The operating loss of
R3,1 million (Dec 2012: R1,2 million profit) is in line with the volume
decrease, with no large projects in this half. The growth in the annuity
revenue, combined with tight cost control, has put Networks on track with
the planned growth strategy for this business.
E&I Solutions
E&I – Energy
Electrical Manufacturers grew revenue by 40% to R99,8 million
(Dec 2012: R71,5 million) on very strong volume growth at one
of the business' large customers. The operating profit of R12,1 million
increased by 41% from R8,6 million in line with higher volumes
as the investment made in the white goods manufacturing facility during
the last financial year is now paying off.
The operating margin of 12,1% was unchanged (Dec 2012: 12,0%)
and reflects the seasonal nature of this business, with Christmas volumes
in the second quarter. This business also sold its Automotive business
unit post the interim period end at an estimated profit of R7 million,
depending on the net asset value at the effective date.
The Lighting Structures' business unit was sold in December 2012 and
did not impact the current period.
E&I – Industry
The Industry Solutions business experienced a decline in revenue of 5%
to R77,0 million (Dec 2012: R81,2 million). Although Security's revenue
volumes to its main financial institution clients were acceptable and
its annuity base remains on target, a lack of major projects impacted
negatively. The operating profit decreased significantly to a loss of
R2,0 million (Dec 2012: R5,6 million profit) due to this lack of major
projects and on the restructure of Security and the alignment of the
overhead costs to the revenue base. Power Solutions was profitable for
the period and in line with expectations.
Cost control remains a key focus area and the Security Solutions business
will be relocated to the group's head office in February 2014, with
associated costs to be incurred in the third quarter of F2014.
PROSPECTS
Divisional prospects
In the ICT Solutions vertical the group will focus on increasing cross-
selling with large customers through Key Account Management and
leveraging its new shareholder base. It will continue to grow its annuity
income base through Property Technology Management (PTM), which
includes rooftop management and in-building solutions. Joint ventures
are planned to further assist with growth, particularly in the areas of
international voice and data connectivity and IT solutions. ICT Solutions
will also continue to build on its African presence by focusing on
expanding the Enterprise footprint and building on its success achieved
in Namibia and Zimbabwe.
In the E&I Solutions vertical, the core growth focus will be on the Power
business while the performance of Security is being addressed. This vertical
aims to grow its market share in Power through mining its customer and
shareholder base and further diversifying its customers. It aims to expand
new offerings through off-grid solutions (PV) for industrial applications,
energy optimisation to create annuity growth and a focus on cross-selling
with the ICT Solutions vertical.
Group prospects
Jasco withdrew its cautionary announcement relating to the sale of M-TEC
on 20 December 2013 due to protracted delays in the negotiations
following unexpected shareholder and management changes at
Taihan. Jasco's strategy remains to exit this business. As outlined earlier,
discussions with the new management team have commenced.
The group's main focus areas in the last six months of its restructuring
programme include:
- focusing on addressing the non-performing business of Security
- further developing annuity business
- continuing to drive negotiations to exit the M-TEC investment
- settling the group's preference shares
- exiting low-value added manufacturing in a systematic way and
exiting other non-core businesses
- improving the quality of the group's earnings by completing the
restructure programme, consolidating procurement and reducing
inventory levels.
During the restructure, decisive action was taken on non-performing areas
and the new core business base is positioned for growth. The rights offer
also improved Jasco's financial position. The second half of F2014 is
therefore expected to show further improvement, with the full benefits of
the three-year restructure to be seen from F2015.
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 EVENT
As previously communicated to shareholders, the management of Jasco
has developed a number of key strategies to maximise the return for
shareholders. These include the disposal and/or shutting down of non-
core and/or underperforming assets.
As announced on 21 January 2014, the group disposed of the
Automotive business in the Jasco Electrical Manufacturers business unit for
R12,6 million. This represents a premium over the net asset value, with a
profit on disposal of R7,0 million (pre-tax) to be recognised in the second
half. The effective date of the transaction was 11 February 2014.
As also announced on 21 January 2014, the group completed its rights
issue of 72 million shares at 80 cents per share. This has been described
in more detail earlier in the commentary.
There were no other subsequent events.
CHANGES TO THE BOARD
Mr Dewald Dempers, CEO of AfroCentric Investment Corporation
Limited, was appointed as a non-executive member to the Jasco Board
on 16 January 2014.
BASIS OF PREPARATION
The unaudited results comply with IAS 34 – Interim Financial Reporting.
The accounting policies and methods of computation used in the
preparation of this report are consistent with those used in the preparation
of the annual financial statements for the year ended 30 June 2013,
which comply with International Financial Reporting Standard ("IFRS"), the
SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronounce ments as issued by the Financial
Reporting Standards Council, the Listings Requirements of the JSE Limited
and the Companies Act (2008) of South Africa.
Fair value of financial instruments
The fair values of financial instruments are determined using appropriate
valuation techniques, including recent market transaction and other
valuation models, have been applied and significant inputs include
exchange rates. The group only has assets that are carried at fair value
in level 2. There is no difference between the fair value and carrying
value of financial instruments not presented below due to either the short-
term nature of these items, or the fact that they are priced at variable
interest rates.
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 765
– Financial liabilities at fair value through profit or loss 464
For and on behalf of the board
Dr ATM Mokgokong (Non-executive chairperson)
AMF da Silva (Chief executive officer)
WA Prinsloo (Chief financial officer)
18 February 2014
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
December December June
2013 2012 % 2013
(R'000) 6 months 6 months change 12 months
Revenue 530 369 552 124 (3,9) 1 151 035
Turnover 526 730 551 858 (4,6) 1 146 034
Interest received 3 639 266 1 268,0 5 001
Operating profit/(loss) before
interest and taxation 12 759 18 999 (32,8) (93 486)
Interest received 3 639 266 1 268,0 5 001
Interest paid (11 284) (10 074) 12,0 (24 331)
Equity accounted income/
(loss) from associates – 793 (100,0) (1 586)
Profit/(loss) before taxation 5 114 9 984 (48,8) (114 402)
Taxation 1 949 3 607 (46,0) 6 974
Profit/(loss) for the
period/year 7 063 13 591 (48,0) (107 428)
Other comprehensive income – – – 2
Total comprehensive income
for the period/year 7 063 13 591 (48,0) (107 426)
Profit/(loss) attributable to:
– minority shareholders 143 (625) (122,9) 2 632
– equity holders of
the parent 6 920 14 216 (51,3) (110 060)
Profit/(loss) for the
period/year 7 063 13 591 (48,0) (107 428)
Total comprehensive income/
(loss) attributable to:
– minority shareholders 143 (625) 122,9 2 632
– equity holders of the parent 6 920 14 216 (51,3) (110 058)
Total comprehensive income/
(loss) for the period/year 7 063 13 591 (48,0) (107 426)
Reconciliation of
headline earnings
Net earnings/(loss)
attributable to equity holders
of the parent 6 920 14 216 (51,3) (110 060)
Headline earnings adjustments 594 (7 152) 108,3 110 525
– loss on re-measurement
of associate held-for-sale
(M-TEC) – – – 72 498
– impairment of goodwill – – – 24 178
– impairment on available
for sale financial asset – – – 12 089
– loss on re-measurement
of disposal group
held-for-sale – – – 9 769
– loss on disposal of
LeBLANC Jasco (Pty) Ltd – 4 491 – 4 758
– gain on derecognition
of Maringo Software
Solutions (Pty) Ltd – – – (289)
– net after-tax loss/(profit)
on disposal of fixed assets 594 (11 643) – (12 478)
Headline earnings 7 514 7 064 6,4 465
Number of shares in issue
(‘000) 146 399 146 399 146 399
Treasury shares (‘000) 5 127 5 322 5 127
Weighted average number
of shares on which earnings
per share is calculated
(‘000) 141 272 141 077 141 272
Weighted average number
of shares on which diluted
earnings per share is
calculated (‘000) 141 272 141 077 141 272
Ratio analysis
Attributable earnings (R'000) 6 920 14 216 (51,3) (110 060)
EBITDA (R'000) 23 602 27 693 (14,8) 45 318
Earnings per share (cents) 4,9 10,1 (51,4) (77,9)
Diluted earnings per share
(cents) 4,9 10,1 (51,4) (77,9)
Headline earnings per share
(cents) 5,3 5,0 6,2 0,3
Diluted headline earnings
per share (cents) 5,3 5,0 6,2 0,3
Net asset value per share
(cents) 164,4 248,1 (33,7) 159,7
Net tangible asset value
per share (cents) 97,0 160,5 (39,6) 93,1
Debt: Equity (%) 81,8 47,2 100,4
Interest cover (times) 1,7 2,0 (17,3) (0,8)
EBITDA interest cover (times) 3,1 2,8 9,3 2,3
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
December December June
(R'000) 2013 2012 2013
ASSETS
Non-current assets 220 653 471 891 227 073
Plant and equipment 57 113 56 524 56 200
Intangibles 95 275 123 683 94 143
Investment in associates – 190 588 –
Deferred tax asset 21 534 18 669 24 246
Other non-current assets 46 731 82 427 52 484
Non-current asset held for sale 116 000 – 139 611
Current assets 379 906 375 450 510 521
Inventories 113 631 86 847 114 522
Trade and other receivables 253 384 288 603 377 291
Current portion of other non-current assets 11 058 – 10 510
Taxation prepaid 1 833 – 1 118
Cash and cash equivalents – – 7 080
Total assets 716 559 847 341 877 205
EQUITY AND LIABILITIES
Share capital and reserves 232 304 359 588 238 068
Non-current liabilities 155 950 16 733 168 167
Interest-bearing liabilities 154 964 9 046 163 030
Deferred maintenance revenue 986 7 687 1 578
Deferred tax liability – – 3 559
Non-current liability held for sale – 28 956 36 175
Current liabilities 328 305 442 064 434 795
Interest-bearing liabilities 35 131 131 887 48 209
Bank overdraft 36 475 65 084 60 602
Non-interest-bearing liabilities 224 206 212 546 297 797
Deferred maintenance revenue 32 493 27 699 24 821
Taxation liability – 4 848 3 366
Total equity and liabilities 716 559 847 341 877 205
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
December December June
2013 2012 2013
(R'000) 6 months 6 months 12 months
Attributable to equity holders of the parent
Opening balance 225 656 339 842 339 842
Treasury shares – Share Incentive Trust – 458 92
Costs incurred in rights issue (301) – –
Share based payment reserve – 136 (83)
Utilisation of share based payment reserve – (324) –
Total comprehensive income 6 920 14 216 (110 056)
– Profit/(loss) for the period/year 6 920 14 216 (110 058)
– Other comprehensive income – – 2
Dividends declared – (4 254) (4 239)
Closing balance 232 275 350 074 225 656
Minority interests
Opening balance 12 412 14 590 14 590
Subsidiaries disposed of during the
period/year (12 526) (4 451) (4 810)
Total comprehensive income 143 (625) 2 632
– Profit/(loss) for the period/year 143 (625) 2 632
– Other comprehensive income – – –
Closing balance 29 9 514 12 412
Total equity 232 304 359 588 238 068
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
December December June
2013 2012 2013
(R'000) 6 months 6 months 12 months
Cash generated from operations before
working capital changes 23 602 19 509 47 717
Working capital changes (14 791) (20 313) (114 083)
Cash generated from/(utilised in)
operations 8 811 (804) (66 366)
Net financing costs (7 645) (9 808) (19 330)
Net taxation paid (2 979) (462) (895)
Dividends paid – (4 254) (4 239)
Cash flow from operating activities (1 813) (15 328) (90 830)
Cash flow from investing activities 54 967 (16 883) (42 213)
Cash flow from financing activities (36 107) (1 042) 108 645
Increase/(decrease) in cash resources 17 047 (33 253) (24 398)
SUMMARISED SEGMENTAL REPORTS
31 December 2013 31 December 2012 30 June 2013
(Unaudited) (Unaudited) (Audited)
Operating Operating Operating
(R'000) Revenue profit/(loss)* Revenue profit/(loss)* Revenue profit/(loss)*
ICT – Carrier 218 205 21 714 218 804 22 161 498 811 56 468
ICT – Enterprise 101 994 9 175 96 650 7 339 218 988 13 824
ICT – Networks 40 457 (3 068) 73 593 1 178 114 570 (3 442)
E&I – Industry 77 030 (1 987) 81 195 5 581 148 742 5 760
E&I – Energy 99 828 12 073 102 312 7 545 184 258 11 802
Sub-total operating divisions 537 514 37 907 572 554 43 804 1 165 369 84 412
Other** – (23 785) – (22 372) 9 817 (61 267)
Adjustments (7 145) (1 363) (20 430) (2 433) (24 151) (116 631)
Total 530 369 12 759 552 124 18 999 1 151 035 (93 486)
* Segmental revenue and operating profit/(loss) includes the gross and net interest on the finance lease
receivable (ICT – Networks and E&I – Industry) and is stated before making adjustments for inter-group
interest and administration fees.
** Other includes the pre-tax profit on disposal of the property (Dec 2012 and June 2013).
Directors and Secretary
Dr ATM Mokgokong (Chairman), MJ Madungandaba (Deputy chairman)
JC Farrant*, Sir JA Sherry, M Malebye*, H Moolla*, D Dempers (Non-executives)
AMF da Silva (CEO), WA Prinsloo (CFO) (Executives), S Lutchan (Company secretary)
*Independent
Registered office
Jasco Park
c/o 2nd Road and Alexandra Avenue
Midrand, 1685
Transfer secretaries
Link Market Services SA (Pty) Limited
13th Floor, Rennie House, 19 Ameshoff Street
Braamfontein, 2001
Sponsor
Grindrod Bank Limited
Third Floor, Grindrod Tower
8A Protea Place
Sandton, 2146
More information is available at: www.jasco.co.za
Date: 18/02/2014 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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