Wrap Text
Condensed consolidated unaudited interim financial results for the six months ended 28 February and cautionaries
enX Group
(Formerly Austro Group Limited)
enX Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: ENX
ISIN: ZAE000195723
('enX' or 'the company' or 'the group')
Condensed consolidated unaudited interim financial results for the six months ended 28 February 2015
and cautionary announcements
New Way Power order book at record levels
Acquisition of Centlube completed
Commenced distribution of Mobil lubricants
Sustained turnaround at Wood
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
for the six for the six for the
months ended months ended year ended
28 February 28 February 31 August
% 2015 2014 2014
change R'000 R'000 R'000
Revenue 23,6 326 469 264 110 585 006
Cost of sales (227 870) (179 686) (410 416)
Gross profit 16,8 98 599 84 424 174 590
Other operating income 11 014 1 821 6 025
Net operating expenses 35,0 (97 986) (72 591) (156 772)
Profit from operations before impairment
of goodwill (16,0) 11 627 13 654 23 843
Impairment of goodwill (15 712) - -
(Loss)/profit from operations before
interest and taxation (4 085) 13 654 23 843
Net interest received 442 559 1 293
Interest received 1 238 972 1 719
Interest paid (796) (413) (426)
(Loss)/profit before share of loss
from associate and taxation (3 643) 14 213 25 136
Share of loss from associate (151) - -
(Loss)/profit before taxation (3 794) 14 213 25 136
Taxation expense (1 901) (2 320) (625)
Total comprehensive (loss)/income
for the period (5 695) 11 893 24 511
Attributable to:
Equity holders of parent (5 695) 11 984 24 718
Non-controlling interest - (91) (207)
Total comprehensive (loss)/income
for the period (5 695) 11 893 24 511
Number of shares in issue 421 689 018 395 292 923 395 292 923
Weighted average number of shares 405 910 347 395 292 923 395 292 923
(Loss)/earnings per share and diluted
(loss)/earnings per share (cents) (1,4) 3,0 6,3
Headline earnings per share and diluted
headline earnings per share (cents)1 (19,8) 2,4 3,0 6,1
Adjusted headline earnings per share
(cents)1 (13,9) 3,8 4,4 8,7
EBITDA (R'000)2 3,5 18 496 17 874 32 402
Adjusted EBITDA (R'000)2 (4,6) 26 081 27 329 49 379
Unaudited Unaudited Audited
for the six for the six for the
months ended months ended year ended
28 February 28 February 31 August
% 2015 2014 2014
change R'000 R'000 R'000
1 Headline earnings reconciliation
Attributable (loss)/income for the period (5 695) 11 984 24 718
Net loss/(profit) on disposal of plant and
equipment 26 (78) (676)
Gain on disposal of subsidiary (209) - -
Impairment of goodwill 15 712 - -
Tax effect of adjustments (7) 22 189
Headline earnings (17,6) 9 827 11 928 24 231
Legal costs relating to Freed litigation - 3 087 3 211
Release of straight-line provision for
operating lease (9 272) - -
IFRS2 charge 15 796 6 368 13 766
Deferred taxation adjustment - (1 435) (2 946)
Pre-opening expenses
(ExxonMobil Distributorship) 1 061 - -
Tax effect of adjustments (2 124) (2 647) (3 854)
Adjusted headline earnings (11,6) 15 288 17 301 34 408
2 EBITDA reconciliation
(Loss)/profit from operations
before interest and taxation (4 085) 13 654 23 843
Impairment of goodwill 15 712 - -
Depreciation and amortisation 6 869 4 220 8 559
EBITDA 3,5 18 496 17 874 32 402
Legal costs relating to Freed litigation - 3 087 3 211
Release of straight-line provision for
operating lease (9 272) - -
IFRS2 charge 15 796 6 368 13 766
Pre-opening expenses
(ExxonMobil Distributorship) 1 061 - -
Adjusted EBITDA (4,6) 26 081 27 329 49 379
Adjusted EBITDA % 8,0% 10,3% 8,4%
Condensed consolidated statement of changes in equity
Unaudited Unaudited Audited
for the six for the six for the
months ended months ended year ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
Stated capital
Balance at beginning of period 295 497 295 497 295 497
Issue of shares 55 430 - -
Balance at end of period 350 927 295 497 295 497
Accumulated profits 88 422 81 383 94 117
Balance at beginning of period 94 117 69 399 69 399
Attributable (loss)/income for the period (5 695) 11 984 24 718
Non-controlling interest - (301) (417)
Total capital and reserves 439 349 376 579 389 197
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
as at as at as at
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
ASSETS
Non-current assets 224 276 160 417 157 152
Plant and equipment 62 472 43 976 42 853
Goodwill 124 849 95 544 95 544
Intangibles 17 085 - -
Deferred taxation 19 870 20 897 18 755
Current assets 498 278 340 525 356 798
Inventories 247 089 194 496 145 467
Trade and other receivables 190 363 108 804 128 943
Taxation receivable 10 385 5 285 8 744
Cash and cash equivalents 50 441 31 940 73 644
Total assets 722 554 500 942 513 950
EQUITY AND LIABILITIES
Capital and reserves 439 349 376 880 389 614
Stated capital 350 927 295 497 295 497
Accumulated profits 88 422 81 383 94 117
Non-controlling interest - (301) (417)
Total capital and reserves 439 349 376 579 389 197
Non-current liabilities 6 320 6 214 1 820
Interest-bearing liabilities 4 499 2 510 1 820
Deferred tax liability 1 821 3 704 -
Current liabilities 276 885 118 149 122 933
Trade and other payables 242 593 115 029 119 368
Current portion of interest-bearing liabilities 30 958 2 734 1 785
Taxation payable 3 334 386 1 780
Total equity and liabilities 722 554 500 942 513 950
Net asset value per share (cents) 104,19 95,34 98,56
Net tangible asset value per share (cents) 70,53 71,17 74,39
Average net operating assets (R'000) 410 693 373 751 363 812
Average net tangible operating assets (R'000) 291 954 278 207 268 268
Average net operating asset turnover (LTM) 1,6x 1,4x 1,6x
Average net tangible operating asset turnover (LTM) 2,2x 1,8x 2,2x
Adjusted operating profit margin 5,9% 8,7% 7,0%
Pre-tax return on average net operating assets 9,3% 11,8% 11,2%
Pre-tax return on average net tangible operating assets 13,0% 15,9% 15,2%
Condensed consolidated statement of cash flow
Unaudited Unaudited Audited
for the for the for the
six months six months year
ended ended ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
(Loss)/profit before taxation (3 794) 14 213 25 136
Non-cash items and other adjustments 23 611 3 583 6 590
19 817 17 796 31 726
(Increase)/decrease in working capital (22 145) (16 751) 16 478
(Increase)/decrease in inventories (56 092) (24 198) 24 831
Increase in trade and other receivables (44 556) (20 142) (40 281)
Increase in trade and other payables 78 503 27 589 31 928
Cash (utilised)/generated by operations (2 328) 1 045 48 204
Interest received 1 238 972 1 719
Interest paid (796) (413) (426)
Dividends paid - - -
Taxation paid (2 077) (1 619) (3 551)
Cash (outflow)/inflow from operating activities (3 963) (15) 45 946
Additions to plant and equipment (13 950) (7 795) (11 920)
Proceeds on disposal of plant and equipment 893 664 2 171
Acquisition of business (37 035) - -
Goodwill acquired (1 000) - -
Cash outflow from investing activities (51 092) (7 131) (9 749)
Interest-bearing liabilities raised/(repaid) 31 852 (1 252) (2 891)
Cash inflow/(outflow) from financing activities 31 852 (1 252) (2 891)
Net (outflow)/inflow of cash and cash equivalents (23 203) (8 398) 33 306
Cash and cash equivalents at beginning of period 73 644 40 338 40 338
Cash and cash equivalents at end of period 50 441 31 940 73 644
Condensed segmental analysis
Power Fuel
Unaudited Unaudited Audited Unaudited
for the six for the six for the for the
months months year three months
ended ended ended ended
28 February 28 February 31 August 28 February
2015 2014 2014 2015
R'000 R'000 R'000 R'000
Revenue 175 291 174 237 389 859 48 951
External 175 291 174 237 389 859 48 951
Intercompany - - - -
Gross profit 54 509 54 258 107 775 10 730
Gross profit % 31% 30% 28% 22%
Profit/(loss) from operations
before interest and taxation 14 083 13 350 13 679 2 151
EBITDA3 26 526 22 753 38 095 3 399
Adjusted EBITDA3 18 894 25 840 42 091 4 461
Capital expenditure 8 795 4 540 7 539 2 301
Depreciation and
amortisation 1 866 1 615 3 323 1 026
Taxation expense/(income) 3 171 2 605 4 329 518
Total assets 311 619 293 042 287 891 153 444
Total liabilities 117 445 74 547 61 613 116 184
Net tangible operating
assets4 193 465 194 333 175 006 68 413
Number of employees 278 251 258 45
3 All EBITDA figures exclude intercompany management fees
4 Excludes goodwill which is attributable to the Power and Fuel segments
Condensed segmental analysis
Wood
Unaudited Unaudited Audited
for the for the for the
six months six months year
ended ended ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
Revenue 102 227 89 873 195 147
External 102 227 89 873 195 147
Intercompany - - -
Gross profit 33 359 30 364 67 361
Gross profit % 33% 34% 35%
Profit/(loss) from operations
before interest and taxation 4 104 5 295 14 302
EBITDA3 9 533 9 738 24 772
Adjusted EBITDA3 9 741 9 738 24 831
Capital expenditure 2 095 3 545 4 372
Depreciation and
amortisation 3 427 2 574 5 191
Taxation expense/(income) 758 1 349 (2 240)
Total assets 128 736 108 528 123 372
Total liabilities 47 365 42 088 41 817
Net tangible operating
assets4 74 841 64 622 68 663
Number of employees 155 136 147
3 All EBITDA figures exclude intercompany management fees
4 Excludes goodwill which is attributable to the Power and Fuel segments
Condensed segmental analysis
Head Office
Unaudited Unaudited Audited
for the for the for the
six months six months year
ended ended ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
Revenue 12 788 9 342 26 345
External - - -
Intercompany 12 788 9 342 26 345
Gross profit 12 788 9 342 26 345
Gross profit % 100% 100% 100%
Profit/(loss) from operations
before interest and taxation (7 705) (4 991) (3 592)
EBITDA3 (7 688) (4 959) (3 548)
Adjusted EBITDA3 (6 259) 1 409 9 374
Capital expenditure 759 9 9
Depreciation and
amortisation 17 31 45
Taxation expense/(income) (2 297) (1 634) (1 464)
Total assets 367 326 260 987 262 693
Total liabilities 30 182 10 756 22 417
Net tangible operating
assets4 (22 024) 7 180 6 429
Number of employees 7 5 5
3 All EBITDA figures exclude intercompany management fees
4 Excludes goodwill which is attributable to the Power and Fuel segments
Condensed segmental analysis
Consolidation
Unaudited Unaudited Audited
for the for the for the
six months six months year
ended ended ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
Revenue (12 788) (14 088) (26 345)
External - - -
Intercompany (12 788) (14 088) (26 345)
Gross profit (12 787) (9 540) (26 891)
Gross profit %
Profit/(loss) from operations
before interest and taxation (16 718) - (546)
EBITDA3 (13 274) (9 658) (26 917)
Adjusted EBITDA3 (13 274) (9 658) (26 917)
Capital expenditure - (299) -
Depreciation and
amortisation 533 - -
Taxation expense/(income) (249) - -
Total assets (238 571) (161 615) (160 006)
Total liabilities (27 971) (3 028) (1 094)
Net tangible operating
assets4 249 - -
Number of employees
3 All EBITDA figures exclude intercompany management fees
4 Excludes goodwill which is attributable to the Power and Fuel segments
Condensed segmental analysis
Total
Unaudited Unaudited Audited
for the for the for the
six months six months year
ended ended ended
28 February 28 February 31 August
2015 2014 2014
R'000 R'000 R'000
Revenue 326 469 264 110 585 006
External 326 469 264 110 585 006
Intercompany - - -
Gross profit 98 599 84 424 174 590
Gross profit % 30% 32% 30%
Profit/(loss) from operations
before interest and taxation (4 085) 13 654 23 843
EBITDA3 18 496 17 874 32 402
Adjusted EBITDA3 26 081 27 329 49 379
Capital expenditure 13 950 7 795 11 920
Depreciation and
amortisation 6 869 4 220 8 559
Taxation expense/(income) 1 901 2 320 625
Total assets 722 554 500 942 513 950
Total liabilities 283 205 124 363 124 753
Net tangible operating
assets4 314 944 266 135 250 098
Number of employees 485 392 410
3 All EBITDA figures exclude intercompany management fees
4 Excludes goodwill which is attributable to the Power and Fuel segments
COMMENTARY
enX is an industrial energy and supplies group that provides quality branded and in some segments,
locally manufactured capital and consumable goods and services to a broad range of economic sectors
in South Africa and sub-Saharan Africa. Adding value to the products sold by offering ongoing
servicing and customer support is a key component of enX's business model.
enX currently comprises three businesses:
- Power segment ('Power') incorporates:
- Private Power Sales: The design, manufacture, supply, installation and maintenance of diesel
generators and related components (New Way Power)
- Power Product Distribution: The distribution of industrial engines, marine engines and components (PowerO2)
- Temporary Power: Rental of temporary power in the form of diesel generators (Neptune Plant Hire)
- Fuel and Chemicals segment ('Fuel') comprises the production and marketing of oil lubricants (Centlube)
- Wood segment ('Wood') encompasses the distribution of professional woodworking equipment, tooling and
edging and the provision of associated services such as blade sharpening and equipment maintenance (Austro)
In line with management's intention to introduce new energy platforms into the group, enX acquired a
100% shareholding in Centlube Holdings Proprietary Limited ('Centlube') effective on 1 December 2014.
Based in Germiston, Johannesburg, Centlube has a production capacity in excess of 12 million litres
per annum and will form the foundation of a Fuel segment being developed by enX. Centlube has recently
been appointed as a distributor of Mobil lubricants for its Automotive and Industrial lines of business
and in respect of certain Strategic Global Accounts.
Results
Revenue for the six months ended 28 February 2015 increased by 23,6% to R326,5 million (2014: R264,1 million)
driven by the acquisition of Centlube and growth in capital equipment sales at Wood. Revenue in the Power
segment was flat year-on-year due to lower first quarter revenues in Private Power Sales. Revenues in this
area achieved a marked increase in the second quarter which has since been sustained. Following ongoing
load shedding by Eskom, which commenced in late November 2014, the order book for generators has grown
to record levels with revenues beginning to flow through in January and February.
Earnings before interest, taxation, depreciation and amortisation ('EBITDA') was in line with the prior
year at R18,5 million (2014: R17,9 million). Consistent with prior year disclosure, management has
elected to disclose an adjusted EBITDA which provides a more meaningful reflection of sustainable
earnings. Adjusted EBITDA decreased by 4,6% to R26,1 million (2014: R27,3 million) at a margin relative
to revenue of 8,0% (2014: 10,3%). Adjusted EBITDA declined despite the addition of Centlube due to cost
increases not matched by increases in revenue, particularly in the Power segment. The adjustments to
EBITDA arise from:
- an IFRS2 charge of R15,8 million (2014: R6,4 million) relating to the provision for long-term
share-related incentives awarded to JFN Management Proprietary Limited and enX senior executives
- the release of a provision for the straight-lining of an operating lease of R9,3 million. The
lease at New Way Power's Johannesburg property was renegotiated in the current period and the
provision is no longer required in terms of IFRS
- pre-opening expenses of R1,1 million incurred by Centlube in taking on the ExxonMobil distributorship
Headline earnings decreased 17,6% to R9,8 million (2014: R11,9 million). This translates into headline
earnings per share of 2,4 cents (2014: 3,0 cents). Adjusted headline earnings of R15,3 million (2014:
R17,3 million) translates into 3,8 cents per share (2014: 4,4 cents per share) a decline of 13,9% or
0,6 cents per share.
The group generated an attributable loss for the period of R5,7 million (2014: R11,9 million profit)
primarily as a result of a R15,7 million goodwill impairment that was processed in the current
reporting period. This goodwill relates to the Centlube acquisition and arose as a result of an
increase in the enX share between the R1,45 issue price agreed in the acquisition agreement and
the share price at the date that the shares were issued. The company has elected to immediately
impair this portion of goodwill since the value placed on the Centlube acquisition as a result
of the application of IFRS does not reflect the value placed on Centlube by the board at the date
of concluding the transaction. The board wishes to reflect the fair market value of the business
on enX's statement of financial position.
Net working capital increased during the interim period as a result of the acquisition of Centlube
and the inventory build-up to support the Mobil distributorship. The company took advantage of
generous credit terms extended by ExxonMobil to partially fund inventory purchases which also led
to the increase in trade and other payables. Trade and other receivables will increase further as
the Mobil sales ramp up.
Cash balances have declined since 31 August 2014 as R40,3 million of the purchase consideration for
Centlube was settled from internally generated cash in December 2014. The increased working capital
requirements of Centlube were partially funded by way of a bridge loan of R27,5 million from Ricophase
Proprietary Limited, enX's largest shareholder. R79,2 million of trading facilities are currently in
place which provides the group with scope to manage exchange control fluctuations, credit terms with
foreign suppliers and take advantage of attractive trading opportunities. Increased working capital
facilities are being negotiated with the group's banking partners to provide liquidity and support
future organic growth.
Business combination
In December 2014 enX purchased an effective 100% shareholding in Centlube for a purchase consideration
settled in cash and the issue of enX shares. Centlube has been consolidated from 1 December 2014.
The details of the net assets acquired on the above business combination, for which the purchase
price has been allocated to the respective assets and liabilities on a provisional basis, is as
follows:
R’000
Non-current assets 14 838
Current assets 59 026
Non-current liabilities (5 850)
Current liabilities (31 825)
Net assets acquired 36 189
Non-controlling interests -
Goodwill 43 521
Intangibles 16 000
Purchase consideration 95 710
Purchase consideration settled in shares 55 430
Cash balances acquired 3 245
Purchase consideration settled in cash 37 035
The acquired business contributed revenue of R48,9 million and adjusted EBITDA of R4,5 million
to the group since the acquisition date.
Operational review
Power
Revenue of R175,3 million was flat year-on-year (2014: R174,2 million). Gross margins were stable.
Adjusted EBITDA for the combined businesses declined 26,9% to R18,9 million (2014: R25,9 million)
as cost increases were not matched by revenue growth. Adjusted EBITDA margins relative to revenue
narrowed to 10,8% (2014: 14,8%). The majority of the capital expenditure of R8,8 million (2014:
R4,5 million) related to an investment in manufacturing equipment which has materially increased
throughput and product quality.
The Temporary Power business delivered a 12,7% increase in revenue to R19,7 million (2014:
R17,5 million). An increase in the cost base resulted in adjusted EBITDA of R8,1 million being
largely in line with the prior year (2014: R8,6 million). This represents a margin relative to
revenue of 41,3% (2014: 49,5%).
On 1 September 2014 enX launched a new company under the Power Segment called PowerO2 Proprietary
Limited. This company houses the distributorship business that formerly existed within New Way Power,
distributing industrial engines and spare parts on behalf of John Deere and Mitsubishi to the fire
pump, water pump, industrial, generator and marine industries. It was established to create a clear
separation from the manufacturing business and focus exclusively on distribution. This business has
performed well with revenues up materially year-on-year.
Fuel
Centlube was consolidated as part of the group with effect from 1 December 2014. In the three months
of trading to 28 February 2015 the business generated revenue of R49,0 million and adjusted EBITDA
of R4,5 million. Centlube began distributing Mobil lubricants with effect from January 2015. Monthly
volumes and revenues have increased by a factor of more than 250%. A substantial amount of inventory
was purchased to take on the distributorship and ensure continued supply to customers. ENI revenues
and volumes were flat year-on-year, while toll blending volumes are showing healthy growth emanating
from existing customers and new contracts.
Wood
The Wood business has sustained its turnaround following the restructure completed in 2013. Revenue
increased 14% to R102,2 million (2014: R89,9 million) due to buoyant capital equipment sales.
Following a large decrease in the number of staff during the restructuring, the business has
corrected the staff count to a sustainable level. The increase in the cost base resulted in
adjusted EBITDA decreasing 2% to R9,5 million (2014: R9,7 million). This represents a margin
relative to revenue of 9,3% (2014: 10,8%).
Matase
In September 2014, the group's enterprise development vehicle, Matase Power Systems Proprietary
Limited, was restructured to become an associate of enX, with the group reducing its holding to
25% (previously 49,9%, but consolidated in terms of IFRS). 75% of the shares are held by empowerment
shareholders. Matase has since been renamed Matase Industrial Solutions Proprietary Limited and is
rated as a Level 1 B-BBEE contributor. Matase targets primarily the public sector and distributes a
broad range of industrial products including some of the products and services offered by enX.
Changes to directorate
After many years of service, Tony Phillips stepped down as Chairman of the board with effect from
18 November 2014. He remains on the board as an independent non-executive director. The board
wishes to thank Tony for the outstanding leadership and guidance he has provided to enX and looks
forward to his continued contribution. Steven Joffe, who was appointed to the board as a non-executive
director on 14 May 2014, replaced Tony as Chairman with effect from 18 November 2014. Mpho Makwana
serves as Lead Independent Director from the same date.
Due to their involvement in Caplev Proprietary Limited, directors Paul O'Flaherty and Paul Baloyi will
no longer be considered independent following the conclusion of the empowerment transaction referred
to below.
Prospects
enX will continue to focus on growing its power and fuel segments organically and through acquisition.
The group is well positioned to service the increased demand for back-up power brought about by capacity
constraints at Eskom that began manifesting itself through load shedding in late November 2014. This has
resulted in a significant and thus far sustained improvement in activity in the Private Power Sales and
Power Product Distribution businesses. The order book in these businesses is the highest on record.
Production capacity was increased to 150% in February and has since doubled in late April to meet demand.
We will invest in working capital to support these production levels and expect the Power segment to
deliver significant year-on-year growth in revenue and profitability.
Trading activity at Centlube is ramping up. During the next six months management intends focusing on
growing the Mobil Industrial and Automotive business, optimising the level of inventories as they gain
a better understanding of the Mobil sales mix and making further capital investments in customer bulk
installations to secure and grow volumes. The full impact of these initiatives will be reflected in
the second half results. We are planning for sustained volume growth in Mobil products over the next
few years.
The Wood business is expected to sustain its turnaround and continue contributing to group profits.
The group's acquisition pipeline is promising both locally and in Southern Africa. The expected capital
raised through our empowerment transaction will give us the agility to execute quickly on these deals,
subject to customary compliance requirements.
Dividend
In line with group policy to reinvest for growth, no dividend has been declared for the period.
Subsequent events and cautionary announcement
As per the SENS announcement released on 16 March 2015, enX has entered into an agreement with
empowerment consortium, CapLev Proprietary Limited, the salient terms of which will result in
the injection of R211 million of new equity and facilitate the introduction of an additional
25,01% B-BBEE equity participation in enX, which will increase the B-BBEE equity ownership of
enX to 26,54%. The board and management of enX are committed to growing the asset base and
earnings of the group and driving shareholder value. The implementation of the transaction
will significantly strengthen the equity capitalisation and liquidity of the company and
facilitate this growth commitment. A further announcement will be published on SENS and in
the press once the financial effects of the transaction have been finalised. In addition,
shareholders are advised that the company has entered into negotiations regarding a potential
acquisition. Accordingly, due to both the outstanding financial effects of the empowerment
transaction and the potential acquisition, enX shareholders are advised to exercise caution
when dealing in their enX ordinary shares until further announcements are made.
Basis of presentation
The accounting policies and method of measurement and recognition applied in the preparation
of these condensed consolidated unaudited interim financial results for the six months ended
28 February 2015 are consistent with those applied in the audited annual financial statements
for the previous year ended 31 August 2014.
There was no material impact on the interim financial results identified based on management's
assessment of these standards.
The condensed consolidated unaudited interim financial results have been prepared in accordance
with IFRS and are presented in terms of the disclosure requirements set out in International
Accounting Standards ('IAS') 34 as well as the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the
Financial Reporting Standards Council, the JSE Limited Listings Requirements and the requirements
of the Companies Act, 2008. Financial Director, Jarrod Friedman CA (SA), was responsible for the
preparation of the condensed consolidated unaudited interim financial results. The results for
the period ended 28 February 2015 have not been reviewed or reported on by the group's independent
external auditors.
For and on behalf of the board
PD Mansour
Chief Executive Officer
JS Friedman
Financial Director
15 May 2015
Non-executive directors
SB Joffe (Chairman)
PC Baloyi*
NV Lila*
PM Makwana (Lead Independent)*
PS O'Flaherty
AJ Phillips*
* Independent
Executive directors
PD Mansour (Chief Executive Officer)
JS Friedman (Financial Director)
Registered address
202D
11 Crescent Drive
Melrose Arch
2196
Business postal address
PO Box 1914
Florida
1710
Company secretary
CIS Company Secretaries Proprietary Limited
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital
www.enxgroup.co.za
Date: 15/05/2015 08:34:00 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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