Wrap Text
Reviewed condensed consolidated preliminary financial results for the year ended 30 June 2014
PINNACLE HOLDINGS LIMITED
(previously Pinnacle Technology Holdings Limited)
(Registration number 1986/000334/06)
Share code: PNC
ISIN: ZAE000184149
(“Pinnacle” or “the Group” or “the Company”)
www.pinnacleholdings.co.za
REVIEWED CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL RESULTS
for the year ended 30 June 2014
AT A GLANCE
REVENUE increased by 8% to R7.1 billion
NPAT decreased by 16% to R273 million
HEPS decreased by 19% to 166.5 cents
CASH GENERATED FROM OPERATIONS increased by 276% to R345 million
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
Revenue 7 103 028 6 596 232
Cost of sales (6 082 151) (5 566 701)
Gross profit 1 020 877 1 029 531
Operating expenses (615 314) (536 277)
Selling expenses (61 860) (34 417)
Employee expenses (478 689) (421 614)
Administration expenses (85 266) (90 734)
Gain on discounting of finance
lease agreements 778 382
Profit on foreign exchange 5 377 10 106
Reclassification of fair value
adjustment on derecognition
of asset 4 346 –
EBITDA ** 405 563 493 254
Depreciation and amortisation (23 926) (20 753)
Impairment of goodwill (2 169) –
Operating profit before interest 379 468 472 501
Net finance costs (28 764) (18 558)
Investment income 60 713 58 548
Interest paid (89 477) (77 106)
Share of equity accounted associate
income 20 747 –
Profit before taxation 371 451 453 943
Taxation (98 394) (128 263)
Net profit for the year 273 057 325 680
Owners of the Company 272 580 324 948
Non-controlling interests 477 732
Other comprehensive income (20 499) 1 060
Exchange differences from translating
foreign operations 1 011 1 060
Revaluation of property, plant and
equipment (21 510) –
Total comprehensive income for
the year 252 558 326 740
Attributable to:
Owners of the Company 252 081 326 008
Non-controlling interests 477 732
RECONCILIATION OF HEADLINE EARNINGS
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
Net profit for the year attributable
to ordinary shareholders 272 580 324 948
Impairment of goodwill 2 169 –
Reclassification of fair value
adjustment on derecognition of
asset after taxation (3 738) –
Reclassification of fair value
adjustment on derecognition of
asset (4 346) –
Less: Taxation thereon 608 –
Profit on sale of property, plant and
equipment net of taxation (8 533) (314)
Profit on sale of property, plant and
equipment (11 851) (436)
Less: Taxation thereon 3 318 122
Headline earnings 262 478 324 634
Total number of shares in issue (‘000)
– Total issued less treasury shares 155 922 157 889
– Weighted average 157 638 157 931
FINANCIAL REVIEW
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
Performance per share (cents)
Basic and diluted earnings per
share * 172.9 205.8
Headline earnings and diluted headline
earnings per share * 166.5 205.6
Dividends – 41.0
Dividend cover (times) – 5.0
Returns (%)
Gross profit 14.4 15.6
Operating expenses (8.7) (8.1)
EBITDA ** 5.7 7.5
Operating profit before interest and
taxation 5.3 7.2
Effective tax rate 28.1 28.3
Net profit 3.8 4.9
Return on equity 23.6 34.3
* The Company has no dilutionary instruments in issue.
** Earnings before interest, taxation, depreciation and
amortisation.
CONDENSED SEGMENTAL ANALYSIS
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
Revenue
ICT Distribution 6 984 069 6 461 101
IT Projects and Services 169 047 161 722
Financial Services 105 750 73 113
Group Central Services – –
Less: Interest received and discounted
leases within Financial Services
revenue above (61 772) (39 417)
Less: Intergroup revenue (94 066) (60 287)
7 103 028 6 596 232
Net profit before taxation
ICT Distribution 294 669 418 089
IT Projects and Services 17 181 17 867
Financial Services 36 020 22 274
Group Central Services 23 581 (4 287)
371 451 453 943
Net profit after taxation
ICT Distribution 213 485 303 806
IT Projects and Services 13 444 11 912
Financial Services 25 880 15 902
Group Central Services 20 248 (5 940)
273 057 325 680
Net operating assets
ICT Distribution 989 510 782 990
IT Projects and Services 30 716 26 879
Financial Services 77 497 34 323
Group Central Services 137 119 243 867
1 234 842 1 088 059
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
ASSETS
Non-current assets 913 787 594 636
Property, plant and equipment 176 028 186 637
Intangible assets 135 406 129 117
Investments in listed shares – 30 179
Investment in associate 284 144 –
Long-term loans 28 795 28 689
Finance lease receivables 257 957 184 782
Deferred taxation 31 457 35 232
Current assets 2 432 892 2 501 814
Inventories on hand 895 702 940 655
Inventories in transit 76 034 108 031
Trade and other receivables 1 328 964 1 125 423
Finance lease receivables 105 758 65 349
Taxation receivable 1 171 1 154
Short-term deposit – 237 272
Cash and cash equivalents 25 263 23 930
Total assets 3 346 679 3 096 450
EQUITY AND LIABILITIES
Capital and reserves 1 234 842 1 088 059
Share capital and premium 1 680 25 982
Treasury shares (41 766) (41 766)
Non-distributable reserves 8 589 32 588
Cash flow hedge reserve (12 143) –
Accumulated profits 1 274 822 1 066 308
Non-controlling interests 3 660 4 947
Non-current liabilities 519 138 503 594
Interest-bearing liabilities 487 455 482 075
Non-interest-bearing liability 18 083 –
Deferred taxation 13 600 21 519
Current liabilities 1 592 699 1 504 797
Trade and other payables 1 129 699 1 074 736
Interest-bearing liabilities 17 944 17 203
Short-term loans 151 048 115 543
Deferred revenue 12 412 14 519
Taxation payable 4 357 12 320
Bank overdrafts 277 239 270 476
Total equity and liabilities 3 346 679 3 096 450
Capital management
Net asset value per share (cents) 789.6 686.0
Net tangible asset value per
share (cents) 702.8 604.2
Working capital management
Investment in working
capital (R’000) 1 158 589 1 084 854
Days inventory outstanding
(excluding in transit) 45.0 66.0
Days sales outstanding 54.0 50.0
Days purchases outstanding 51.0 48.0
Liquidity and solvency
Debt to equity (%) 77.1 81.4
– Attributable to Distribution and
Holdings 29.9 36.4
– Attributable to Datacentrix 23.1 24.7
– Attributable to Finance
Assets (Centrafin) 24.1 20.3
Current ratio (excluding stock in
transit) 1.55 1.71
Acid test (excluding stock in transit) 0.96 1.04
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
Opening balance 1 088 059 810 813
Shares issued 14 –
Treasury shares issued – 400
Shares acquired and cancelled (29 059) –
CGT on treasury shares sold – (3 267)
Comprehensive income for the year 252 558 326 740
Cash flow hedge reserve (12 143) –
Acquisition of non-controlling
interest (9 398) (968)
Equity-based compensation reserve 9 598 9 598
Dividends paid (64 787) (55 257)
Closing balance 1 234 842 1 088 059
Attributable to:
Owners of the Company 1 231 182 1 083 112
Non-controlling interests 3 660 4 947
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
EBITDA ** 405 563 493 254
Changes in working capital (74 019) (378 331)
Other non-fund flow items 13 046 10 037
Cash generated by operating
activities 344 590 124 960
Net finance costs (28 764) (18 558)
Finance income received 60 713 58 548
Finance expenses paid (89 477) (77 106)
Taxation paid (104 247) (117 583)
211 579 (11 181)
Cash flows from investing activities
Property, plant and equipment
acquired (58 725) (84 328)
Proceeds on disposal of property,
plant and equipment 34 559 8 162
Acquisition of intangible assets (8 675) (7 912)
Net investment in finance leases
receivable (113 584) (105 945)
Acquisition of subsidiaries (2 580) (6 000)
Acquisition of shares in Datacentrix
(including deposit) (16 693) (267 451)
Acquisition of non-controlling interest (2 939) –
(168 637) (463 474)
Cash flows from financing activities
Interest-bearing liabilities raised 68 707 439 229
Interest-bearing liabilities repaid (28 087) (14 724)
Non-interest-bearing liabilities
raised 18 083 –
Shares issued 14 –
Repurchase of shares (29 059) –
Short-term loans raised – 64 720
Short-term loans repaid – (64 561)
Decrease in long-term loans receivable – (475)
Increase in cash flow hedge reserve (12 143) –
Decrease in trust loans (106) –
Dividends paid (64 787) (55 257)
(47 378) 368 932
Decrease in net cash, cash equivalents
and overdrafts (4 436) (105 723)
Net overdraft acquired from business
combinations (994) (576)
Net overdraft at beginning of year (246 546) (140 247)
Net overdraft at end of year (251 976) (246 546)
** Earnings before interest, taxation, depreciation and
amortisation.
BUSINESS COMBINATIONS
30 June 2014
Pacific DSP
Cables Techno-
(Pty) Ltd logies Total
R’000 R’000 R’000
Assets
Property, plant and equipment 250 115 365
Deferred taxation – – –
Inventories 294 222 516
Trade and other receivables 1 230 – 1 230
Less: Provisions raised – – –
Taxation receivable – – –
Cash and cash equivalents – – –
1 774 337 2 111
Liabilities
Trade and other payables (2 032) – (2 032)
Bank overdrafts (994) – (994)
Short-term loan (554) – (554)
Long-term loan (450) – (450)
Deferred taxation (196) (97) (293)
Shareholders' loan – – –
(4 226) (97) (4 323)
Net assets acquired (2 452) 240 (2 212)
Less: Non-controlling interests – – –
Intangible asset on
acquisition 701 345 1 046
Goodwill on acquisition 1 751 1 995 3 746
Purchase amount – paid – 2 580 2 580
– to be paid – – –
Revenue since acquisition 21 885 126 22 011
Profit before taxation since
acquisition 635 5 640
Group revenue * 7 103 656
Group profit before taxation * 371 474
BUSINESS COMBINATIONS (continued)
30 June 2013
Devtrade Precision
Securities Modrac ICT
(Pty) Ltd JAG (Pty) Ltd (Pty) Ltd Total
R’000 R’000 R’000 R’000 R’000
Assets
Property,
plant and
equipment 273 13 817 1 638 72 15 800
Deferred taxation – – – – –
Inventories 652 306 – 8 619 9 577
Trade and other
receivables 4 520 1 995 9 822 4 869 21 206
Less: Provisions
raised – – (8 633) (1 200) (9 833)
Taxation
receivable 2 – – – 2
Cash and cash
equivalents 629 40 – 1 888 2 557
6 076 16 158 2 827 14 248 39 309
Liabilities
Trade and other
payables (6 162) (9 299) (12 710) (16 806) (44 977)
Bank overdrafts – (3 133) – – (3 133)
Short-term loan – (4 426) – – (4 426)
Long-term loan – (4 098) – – (4 098)
Deferred taxation – (1 603) (13) – (1 616)
Shareholders' loan – – (6 329) (1 036) (7 365)
(6 162) (22 559) (19 052) (17 842) (65 615)
Net assets
acquired (86) (6 401) (16 225) (3 594) (26 306)
Less:
Non-controlling
interests – 640 – – 640
Intangible
asset on
acquisition – – – – –
Goodwill on
acquisition 25 360 6 761 16 225 3 594 51 940
Purchase amount
– paid 5 000 1 000 – – 6 000
– to be
paid 20 274 – – – 20 274
Revenue since
acquisition 11 302 12 444 – 4 270 28 016
Profit before
taxation since
acquisition 3 027 2 787 – 1 810 7 624
Group revenue * 6 692 856
Group profit before taxation * 433 419
* If business combinations had been acquired at the beginning of
the year.
CONDENSED ANALYSIS OF GOODWILL
Full year Full year
30 Jun 30 Jun
2014 2013
Reviewed Audited
R’000 R’000
Opening balance 114 940 63 000
Business combination acquisitions 3 746 51 940
Impairments (2 169) –
Closing balance 116 517 114 940
Business combination acquisitions
Devtrade – 25 360
DSP 1 995 –
JAG – 6 761
Modrac – 16 225
Pacific 1 751 –
Precision – 3 594
3 746 51 940
Impairments
E-Secure (883) –
Pinnacle Micro (1 286) –
(2 169) –
COMMENTARY
INTRODUCTION
The Company presents its financial results for the year ended 30
June 2014. This year would have to rank as one of the most
challenging in the 21-year history of the Company, with the
attempted bribery allegations against one of our long serving
executive directors, Mr Takalani Tshivhase, in March 2014 being
the single most significant issue. These allegations have now
been retracted, and the charges, which led to the arrest, are in
the process of being withdrawn, as advised to the market in the
SENS announcement dated 25 August 2014. However, the incident
caused our stakeholders a great deal of concern and resulted in a
steep decline in the share price. As advised to our stakeholders
in the various SENS announcements, the Company, on the evidence
available to it, was of the view that there was no reason to
doubt the veracity of Mr Tshivhase’s denial of the allegations.
Whilst, therefore, the Company is greatly aggrieved that these
unfounded allegations were made against one of its directors,
which caused reputational harm to the Company, it draws some
comfort from the fact that the senior directorate of the NPA, on
reviewing the matter and assessing the reliability of the
witnesses concerned, determined that the allegations were
unsustainable and that the charges should be withdrawn.
Whilst the Company is presently considering its legal position
with regard to the matter, on a positive note, the Company is
grateful for the ongoing and unflinching support which it
received from all its major suppliers and customers who
continued, without interruption, to support the business of the
Company throughout this ordeal.
FINANCIAL RESULTS
Group revenue increased by 8% to R7.1 billion, but gross profit
decreased by 1% on margins that decreased to 14.4% (2013: 15.6%).
Towards the end of the year, the Company decided to discount
certain slow moving inventory that would have become
technologically obsolete. This resulted in substantial write
downs but helped ensure that the Company starts the new year with
inventory that is better priced and technologically up to date.
In addition, margins decreased during the last 6 months due to
certain large deals that were done at low margins and due to
competitive pressures. Operating expenses increased by 15% which
resulted in EBITDA reducing by 18%. It should be noted that
operating expenses include the reclassification of the fair value
adjustment on the derecognition of the investment in Datacentrix
from an available for sale listed share to an equity accounted
investment of approximately R4.3 million. Our annual assessment
of goodwill resulted in an impairment charge of R2.1 million.
The acquisition of the 34.99% share in Datacentrix affected
interest paid by approximately R16.6 million, and the income of
R20.7 million, calculated in accordance with IAS 28, meant that
this investment showed a R4.1 million positive effect on earnings
for the 8 months since October 2013. Group borrowing costs
otherwise decreased as a result of the growing net contribution
of Centrafin’s financial assets. These factors therefore have
contributed to a reduction in earnings per share to 172.9 cents
(2013: 205.8 cents) and headline earnings per share of 166.5
cents (2013: 205.6 cents).
DIVISIONAL PERFORMANCE
The Distribution division increased revenue by 8% although net
profit after tax decreased by 30%, mainly due to factors listed
in the Group commentary above. On a positive note, revenue in the
second half of the year grew by 14%, albeit at lower margins,
indicating the investment into new focus areas, such as the
Advanced Technologies unit, is beginning to bear fruit.
Infrasol, the IT Projects and Services division, showed a
marginal revenue increase of 5% for the year. Profit after tax in
this division increased by 11% and we continue to believe that
emphasis into this exciting part of the Group will show the
desired outcome in the years ahead.
Centrafin was the star performer of the Group with a revenue
growth of 45% and achieved a net profit after tax growth of 63%.
The book continues to grow strongly (now at R382 million from
R269 million a year ago). The management of the book remains of
the highest order with delinquent debtors remaining well below
industry norms. This can be attributed to the application of
strict credit control policies, the specific selection of assets
to fund and a dedicated credit collection team.
The Group’s focus of diversifying into higher margin business
areas is working, with the profit contribution emanating from
outside distribution now reaching 22% as against 7% in the prior
year.
FINANCIAL POSITION AND CASH FLOW
Inventory decreased by R77 million from June 2013 and we believe
that it can be reduced further. Much emphasis has been put on
this side of the business and some hard calls taken on slow
moving lines. With an increased last half revenue, and lower
inventory holdings, stock days reduced impressively from 66 days
to 45 days.
Trade Receivables are by and large well controlled although there
is one large deal that is being held up for payment due to delays
on installation with the end user. Daily Sales Outstanding
(“DSOs”) was at 54 days compared to 50 at the end of June 2013,
with the above deal contributing to 5 days of the total.
Daily Purchases Outstanding (“DPOs”) increased to 51 days (48 in
June 2013) largely as a result of better buying patterns and
stock planning.
The main cash outflows comprised:
– Further investment of R114 million into Centrafin’s customer
base as it continues to build its financial lease book (R364
million) and its leased asset base (R18 million after
depreciation);
– Repurchase of shares for R29 million;
– Taxation paid of R104 million; and
– The annual dividend to shareholders of R65 million.
This was mainly funded by an impressive improvement in the net
operational cash flow of R345 million, compared to R125 million
in 2013. New funding was raised as follows:
– R35 million in an increased facility with Investec; and
– R33 million introduced by First National Bank for the land
purchase in Samrand last year.
Borrowings now comprise R151 million in short-term loans secured
by Centrafin’s finance lease book and rental asset pool, R130
million in subsidiary preference shares issued to Nedbank
(treated as interest-bearing liabilities at Group level), R24
million for the Nedbank loan to fund the purchase of Axiz, R315
million for the medium term domestic note, R33 million for the
Samrand land funding and overdrafts of R277 million.
It must be borne in mind that this year’s borrowings profile is
considerably distorted by two assets that should be ring-fenced
due to their non-operational nature insofar as they relate to
mainstream ICT distribution. These are the investment in
Datacentrix of R284 million and the investment into Centrafin’s
financial assets totalling R382 million. Without these the
Group’s borrowings would be in the order of R370 million and its
debt to equity ratio would be 30%, down from 36% in 2013.
CORPORATE ACTIVITY
Datacentrix: On 30 October 2013, the Competition authorities
approved the acquisition by Pinnacle of a controlling stake in
Datacentrix Holdings Limited (“Datacentrix”), subject to certain
conditions. Consequently, the sale agreement, entered into with
Co-ordinated Network Investments (Pty) Ltd and Hoolican
Investments (Pty) Ltd on 6 June 2013 to acquire 61 152 467 shares
in Datacentrix, became unconditional.
The directors have classified the investment in Datacentrix as an
associated company on the basis that Pinnacle has significant
influence, but not control, over the financial and operating
policies of Datacentrix. Thus, with effect 1 November 2013 the
results of Datacentrix have been equity accounted.
IAS 28 Investments in Associates and Joint Ventures requires
equity accounting to be based on financial information that is
not more than 3 months old. However, Datacentrix is a listed
company and only the most recently published financial
information that is available to the public can be used for
equity accounting purposes. The financial year-end of Datacentrix
is 28 February and therefore published results for the periods
ended 28 February have been used to account for the income.
It is not anticipated that Pinnacle will be able to increase its
holding in the short-term into this strategic asset. The Board
will continue to monitor the returns associated with the
investment to ensure that the Group’s long-term interests are
met.
DSP: On 1 May 2014 Pinnacle acquired the business and certain
assets of DSP. The purchase price for the acquisition was R2 580
331, payable in cash on 7 May 2014. The net asset value and the
intangible asset identified came to R586 749, resulting in
goodwill of R1 994 582. DSP was a small, but established, owner-
managed business specialising in the sale and support of large,
multi-function photocopy machines and related spares. The
business was quickly absorbed into our Pinnacle Business
Solutions division and is already adding value.
Merqu: With effect 1 November 2013 Pinnacle acquired the balance
of the shares that it did not already own (49%) in Merqu
Communications (Pty) Ltd (“Merqu”). The purchase price of
R9 383 040 was made up of a fixed amount of R2 929 339, 50%
payable immediately with the balance paid on 30 June 2014, and
the balance of R6 453 701 payable on reaching certain profitability
targets. The targets should be concluded on or around 30
September 2014 and the balance paid. The managers, and previous
owners, remain committed to the entity and have confidence in its
future.
Pacific Cables: With effect 16 July 2013, Pinnacle acquired 100%
of the issued share capital of Pacific Cables (Pty) Ltd at a
price of R1. The entity had a negative equity at the time of the
acquisition which gave rise to a goodwill of R1.75 million and an
intangible, identified as part of the purchase price allocation,
of R701 000. The rationale behind the purchase was to take on the
employees involved in the distribution of Krone cables to add to
the ranges sold in the Datanet division. The business has already
been accommodated and settled into this division.
CHANGE IN DIRECTORATE
Mr Henry Ferreira (61) was appointed on 1 June 2014 as an
executive director of the Company. Henry previously had held the
role of Chief Executive Officer (“CEO”) of Axiz (Pty) Ltd
(“Axiz”), a major subsidiary of the Group. He is an industry
veteran, bringing over 30 years’ experience in the ICT industry
to the table. He is well known in the South African market for
his roles as Country General Manager for Hewlett Packard South
Africa (Pty) Ltd and Managing Director of Compaq Africa (Pty)
Ltd. Prior to joining Axiz as CEO in February 2012, he held the
position of Country General Manager for Lenovo Africa (Pty) Ltd.
He has also held senior executive positions with Microsoft
Southern Africa, Nokia Networks, Unisys Africa and Hewlett
Packard UK and Ireland.
Ms Ndumi Medupe was appointed on 29 August 2014 as an independent
non-executive director of the Company. Ndumi is a founder and
director of Indyebo Consulting (Pty) Ltd. Her areas of expertise
include Governance, Risk, Compliance, Audit and Financial
Management. She is currently a member of the South African
Institute of Chartered Accountants, the Institute of Directors
and the Institute of Internal Auditors. She has also been
appointed as a Member and Chairperson of the Audit and Risk
Committee.
SUBSEQUENT EVENTS
No other events material to the understanding of the report
occurred in the period between the period-end date and the date
of the report.
DIVIDENDS
The Company’s policy has been to declare a dividend of 20% of
HEPS (and since the introduction of Dividend Tax, a gross
dividend of 20% of HEPS before deducting Dividend Tax). After
careful consideration, the board has decided that this policy be
suspended and that no dividend be declared for the current year.
The Group wishes to preserve its cash resources to ensure that
gearing reduces to more acceptable levels and that it invests
into growth areas of the business.
PROSPECTS
The overall economy faces challenging times ahead, with the
consumer becoming more financially constrained than ever before
and the manufacturing and resources sector, bedevilled by labour
and demand issues. Nonetheless, the IT sector has remained
relatively resilient in the face of these and other economic
challenges and it is envisaged that it will continue to remain
reasonably so.
We are rigorously pursuing all commercial opportunities to take
advantage of our efficient infrastructure and broad offerings in
our Distribution cluster. The efforts of the Group to expand its
offerings into the rest of Africa are paying off, with year on
year revenue growth into the region reaching 23% for the year to
June 2014. Infrasol is expanding its services offering and is
seeing increased traction, while Centrafin, Pinnacle’s finance
subsidiary, continues to enable transactions to take place within
the Group.
STATEMENT OF COMPLIANCE
These condensed consolidated preliminary financial statements for
the year ended 30 June 2014 have been prepared in accordance with
the Group’s accounting policies by the Chief Financial Officer,
RD Lyon CA, with and containing the information required by IAS 34.
They comply with the framework concepts and the measurement and
recognition requirements of International Financial Reporting
Standards (IFRS), SAICA financial reporting guides as issued by the
Accounting Practices Committee and Financial Pronouncements as
issued by the Financial Reporting Standards Council., the Listings
Requirements of the JSE Limited and the Companies Act of South Africa.
No new standards came into effect during the year that materially
affected the financial statements and the accounting policies
adopted are consistent with those applied in the preparation of
the audited annual financial statements for the year ended 30
June 2013.
REVIEW
The condensed consolidated preliminary financial statements for
the year have been reviewed by BDO South Africa Incorporated, and
their unmodified review report is available for inspection at the
Company’s registered office. Any forward looking statement in
this announcement has not been reviewed nor reported on by the
Company's auditors.
For and on behalf of the Board
D Mashile-Nkosi AJ Fourie
Chairperson Chief Executive Officer
Midrand
5 September 2014
PINNACLE HOLDINGS LIMITED
(previously Pinnacle Technology Holdings Limited)
Directors:
D Mashile-Nkosi ^ (Chairperson), AJ Fourie (Chief Executive
Officer), SH Chaba ^, HMP Ferreira, RD Lyon (Chief Financial
Officer), N Medupe ^, RN Nkuna, TAM Tshivhase, A Tugendhaft *, E
van der Merwe ^
* (Non-executive) ^ (Independent non-executive)
Preparer of results: RD Lyon CA
Company Secretary: JV Parkin (BCompt(Hons), CTA)
Registered Office:
The Summit, 269, 16th Road, Randjespark, Midrand, 1685
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd, Ground Floor, 70
Marshall Street, Johannesburg, 2001
Auditors:
BDO South Africa Inc, Registered Auditors, 22 Wellington Road,
Parktown, 2193
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 05/09/2014 01:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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