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ACSION LIMITED - CANCELLATION OF S372168 Summarised reviewed consolidated financial results for the twelve months ended 29 February 2016

Release Date: 01/06/2016 17:34
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CANCELLATION OF S372168 Summarised reviewed consolidated financial results for the twelve months ended 29 February 2016

Acsion Limited 
Incorporated in the Republic of South Africa
(Registration Number 2014/182931/06)
ISIN: ZAE000198289
Share code: ACS
("Acsion:" or "the company" or "the group")

SUMMARISED REVIEWED CONSOLIDATED FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED 29 FEBRUARY 2016

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2016
 
                                                                         GROUP
                                                                 Reviewed    Audited
                                                                     2016       2015
                                                                    R'000      R'000
Assets
Non-current assets
Investment property                                             4 311 974  3 434 690
Plant and equipment                                                92 322    119 369
Operating lease asset                                             119 235    101 960
Goodwill                                                          625 464    625 464
Prepayments                                                       366 610    409 662
Investments in associates                                             917      1 136
Other financial assets                                             13 324     13 324
                                                                5 529 846  4 705 605

Current assets
Operating lease asset                                               5 315     11 423
Loans to group companies                                            1 661      1 715
Loans to shareholders                                                   -        259
Other financial assets                                                 13          -
Current tax receivable                                                640          -
Trade and other receivables                                        14 724     11 321
Cash and cash equivalents                                          16 288     16 800
                                                                   38 641     41 518

Non current assets held for sale                                   87 931     87 659
Total assets                                                    5 656 418  4 834 782

Equity and liabilities
Equity
Equity attributable to equity holders of parent
Share capital                                                   3 975 482  3 979 956
Retained income                                                   726 720     40 811
                                                                4 702 202  4 020 767
Non controlling interest                                           10 953        (18)
                                                                4 713 155  4 020 749
Liabilities
Non current liabilities
Deferred tax                                                      665 488    545 142
Other financial liabilities                                       190 073    189 565
                                                                  855 561    734 707

Current liabilities
Current tax payable                                                 4 507     13 086
Loans from shareholders                                               506        361
Other financial liabilities                                        16 729      8 747
Provisions                                                          4 254      5 360
Trade and other payables                                           61 706     51 772
                                                                   87 702     79 326

Total liabilities                                                 943 263    814 033

Total equity and liabilities                                    5 656 418  4 834 782

NAV per share (R)                                                   11.92      10.18
NAV per share excluding deferred taxation (R)                       13.61      11.56


CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                         GROUP
                                                                 Reviewed    Audited
                                                               Year ended   3 months
                                                                   29 Feb  to 28 Feb
                                                                     2016       2015
                                                                    R'000      R'000
Cash flows from operating activities
Cash generated from operations                                    342 521     55 085
Finance income                                                      1 974        474
Finance costs                                                     (18 530)    (3 729)
Taxation paid                                                     (66 116)   (20 011)
Net cash from operating activities                                259 849     31 819

Cash flows from investing activities
Purchase of plant and equipment                                   (20 496)    (4 615)
Development costs relating to investment property                (244 054)   (20 669)
Sale of investment property                                             -      1 222
Loans repaid to group companies                                        54          -
Increase in other financial assets                                    (13)    (4 951)
Cash acquired with purchase of investments in subsidiaries              -     13 096
Net cash flows from non-current assets held for sale                 (272)         -
Net cash utilised in investing activities                        (264 781)   (15 917)

Cash flows from financing activities
Purchase of treasury shares                                        (4 474)         -
Increase from other financial liabilities                           8 490      4 348
Loans received from shareholders                                      145        361
Loans repaid by (to) shareholders                                     259     (3 811)
Net cash from financing activities                                  4 420        898
Total cash movement for the period                                   (512)    16 800
Cash at the beginning of the period                                16 800          -
Total cash at end of the period                                    16 288     16 800

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
                                                                        GROUP
                                                                Reviewed     Audited
                                                              Year ended    3 months
                                                                  29 Feb   to 28 Feb
                                                                    2016        2015
                                                                   R'000       R'000

Revenue                                                          453 343     107 424
Other income                                                      10 625       4 604
Operating expenses                                              (210 509)    (56 135)
Operating profit                                                 253 459      55 893
Finance income                                                     1 974         474
Fair value adjustments                                           633 227           -
(Loss) profit from associate                                        (219)        160
Gain on non-current assets held for sale                           4 963           -
Finance costs                                                    (18 530)     (3 729)
Profit before taxation                                           874 874      52 798
Taxation                                                        (177 994)    (12 005)
Profit for the period                                            696 880      40 793
Other comprehensive income                                             -           -
Total comprehensive income for the period                        696 880      40 793

Profit (loss) attributable to:
Owners of the parent                                             685 909      40 811
Non controlling interest                                          10 971         (18)
                                                                 696 880      40 793
Total comprehensive income (loss) attributable to:
Owners of the parent                                             685 909      40 811
Non controlling interest                                          10 971         (18)
                                                                 696 880      40 793

Earnings per share information
Headline earnings per share (cents)                                45.88       41.06
Basic/diluted earnings per share (cents)                          173.70       41.33
Weighted number of shares                                    394 882 303  98 739 994

The HEPS for 2015 was restated by excluding the profit on the sale of non-current assets held for sale which was not excluded in the prior year. This had an effect of 0.27 cents per share. 
The originally reported number was 41.33 cents per share and the restated number is 41.06 cents per share.

RECONCILIATION OF EARNINGS PER SHARE TO HEADLINE EARNINGS PER SHARE

                                                                   Reviewed  Audited
                                                                     29 Feb   28 Feb
                                                                       2016     2015

Basic earnings                                                      685 909   40 811
Adjusted for (net of tax where applicable):
Fair valuation adjustments (excl minority interest)                (500 728)       -
Gain on non-current assets held for sale                             (4 037)    (264)
Profit of sale of plant and equipment                                    55        -
Headline earnings                                                   181 199   40 547

NOTES TO THE CONSOLIDATED FINANCIAL RESULTS
IFRS 3 - Business Combinations
The group arose on 3 December 2014 in terms of a business combination, the details of which can be found in the pre-listing statement on www.acsionsa.co.za. The pertinent details are described below:
The restructure transaction lead to the forming of Acsion Limited and ultimately gave it 100% control in most of the subsidiaries. The purchase consideration was settled by way of a share issue.

                                                                         GROUP
                                                                 Reviewed    Audited
                                                                     2016       2015
                                                                    R'000      R'000

Assets                                                                  -  4 181 356
Liabilities                                                             -    896 139
Total identifiable net assets at fair value                             -  3 285 217
Goodwill arising on acquisition                                         -    625 464
Purchase consideration transferred                                      -  3 910 681

IFRS 8 - Segment reporting
Due to the current investment property portfolio exposure being heavily weighted to retail, the chief operating decision maker considers the operations to be a single operating segment and as such reviews financial information on this
basis.

IFRS 13 - Fair value measurement
The group's policy is to value investment properties at year-end, with independent valuations performed on a rotational basis to ensure each property is valued at least every three years by an independent professional valuer. The
directors value properties by applying the discounted cash flow method. This method is consistent with the prior year. This method is subjective and requires significant judgements to be made regarding sensitive variables including
capitalisation and discount rates and some less sensitive variables like vacancy rates and increases in rentals and related property expenses.

Level 3
Fair value hierarchy          2016      2015
Properties at fair value  R4.617bn  R3.755bn

Properties at fair value consist of investment property, plant and equipment, operating lease asset and non-current assets held for sale.
Cash and cash equivalents, trade and other receivables, trade and other payables and variable rate loans which are carried at amortised cost, the carrying value is a reasonable approximation of fair value.

IAS 24 - Related parties
During the financial period, K Anastasi Projects Close Corporation of which K Anastasiadis is the sole member, undertook construction of the Hyde Park Terrace development as well as the phase III and IV extension of Mall@Carnival to
the value of R101.9m for the year ended 29 February 2016. Kinsella Consultants Proprietary Limited, a company owned by the wife of I Anastasiadis, was used for ad hoc repairs and maintenance for the upgrade at Mall@Reds to the 
value of R1.1m for the twelve months ended 29 February 2016.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                            Share capital   Treasury          Total  Retained  Total attributable  Non-controlling      Total
                                                                    R'000     shares  share capital    income   to equity holders         interest     equity
                                                                               R'000          R'000     R'000        of the group            R'000      R'000
                                                                                                                            R'000
GROUP
Profit for the period                                                   -          -              -    40 811              40 811              (18)    40 793
Issue of shares                                                 3 979 956          -      3 979 956         -           3 979 956                -  3 979 956
Audited balance at 1 March 2015                                 3 979 956          -      3 979 956    40 811           4 020 767              (18) 4 020 749
Profit for the period                                                   -          -              -   685 909             685 909           10 971    696 880
Purchase of treasury shares                                             -     (4 474)        (4 474)        -              (4 474)               -     (4 474)
Reviewed balance at 29 February 2016                            3 979 956     (4 474)     3 975 482   726 720           4 702 202           10 953  4 713 155

GEOGRAPHIC AND TENANT PROFILES
The tenant profile is separated into national and semi-national tenants, to indicate the exposure Acsion has to direct head office leases and individual franchises. Exposure to national and semi-national tenants as a percentage of
gross lettable area ("GLA") is at 84% (2015: 82%). Line shops and other franchises are carefully vetted by Acsion's leasing division to promote maximum dwelling time and footfall in each centre, underpinning trading densities and 
the overall sustainability of tenants' lease terms.

Geographical profile by revenue
77% Gauteng
12% Mpumalanga
11% Limpopo

Geographical profile by GLA
77% Gauteng
12% Mpumalanga
11% Limpopo

Tenant profile by revenue
60% National
20% Semi-national
20% Line and other franchises

Tenant profile by GLA
70% National
14% Semi-national
16% Line and other franchises


COMMENTARY
ABOUT ACSION
Acsion ("the group" or "the company") is a property manager, developer and owner which listed on the Johannesburg Stock Exchange on 9 December 2014. Acsion is differentiated from Real Estate Investment Trusts ("REITs") in the listed
property sector as it focuses on the delivery of superior net asset value ("NAV") growth. NAV growth drivers include enhancing existing properties, completing the secured development pipeline and obtaining additional future development
opportunities. To a lesser extent, the group derives capital growth from selling completed developments and purchasing existing properties.

The group's development function and "value-engineering" approach to development, significantly enhances returns to shareholders. Value engineering focuses on optimising upfront feasibility studies, planning, design and construction in
an innovative and more cost-effective way, resulting in lower construction costs, without compromising on quality.

Existing investment properties consist of six predominantly retail developments strategically located in Gauteng, Mpumalanga and Limpopo with an aggregate GLA of 204 454 m2 (2015:188 716 m2). The tenant profile by GLA comprises 70%
national tenants (2015: 69%), 14% semi-national (2015: 13%) and 16% line and other franchises (2015: 18%). The current value of the six retail properties from which the group derives income was valued at R4.032bn as at 29 February 2016
(2015: R3.246bn).

OPERATIONAL UPDATE
During the 15 months since listing, Acsion commenced construction of four of the developments that were included in the pipeline disclosed in the pre-listing statement ("the pre-listing pipeline"). These include Acsiopolis (Benmore,
Gauteng), Mall@55, Trade 55 (Monavoni, Gauteng) and Mall@Moutsiya (Walkraal, Limpopo). It also started on a new development, Mall@Mfula (Piet Retief, Mpumalanga), which was not previously included in the pre-listing pipeline. More
details on these developments are available in the section "Development pipeline progress update".

During the period, the company also completed the Hyde Park Terrace (Hyde Park, Gauteng) development. The sale of these units has progressed ahead of expectation and there are only eight completed units left, six in respect of which
the group has not received an offer and two which are currently being rented. Offers on all other vacant stands and completed units were received and they were either transferred before year end or were in the process of being
transferred at year end.

The Mall@Carnival phase III and IV, was completed and commenced trading on 24 September 2015. This addition to Mall@Carnival has further entrenched the centre as a dominant retail destination of choice in the catchment area.

FINANCIAL RESULTS
During the financial year the group recorded revenue of R453.3m (2015: R107.4m) and a net profit after tax of R696.9m (2015: R40.8m). Notwithstanding a challenging operating environment, the group managed to contain operating expenses
to R210.5m (2015: R56m) for the financial year. Fair value adjustments, net of depreciation of R47.4m included in plant and equipment, for the year amounted to R633.2m of which, R497.4m relate to existing trading properties and R135.8m
to new developments, two of which will commence trade before December 2016. The directors are satisfied that the properties are fairly valued.

Net profit after tax attributable to ordinary shareholders of R685.9m (2015: R40.8m) equated to basic and diluted weighted earnings per share of 173.70 cents (2015: 41.33 cents) and weighted headline earnings per share of 45.88 cents
(2015: 41.06 cents) for the year.

Properties at fair value increased to R4 617m from R3 755m. The increase is due to the fair value increases to existing investment property as well as the inclusion of investment property under development which includes Mall@Moutsiya
(Limpopo), Mall@Mfula (Mpumalanga), Mall@55/Trade 55 (Monavoni, Gauteng) and Acsiopolis (Benmore, Sandton).

As at year end, the group remained largely ungeared with a loan to value ratio of 4.13% (2015: 4.83%). Expansion, upgrades and current developments were largely funded from cash generated from operations. With the current developments
underway, it is expected that the gearing will increase significantly in the next financial year as the group delivers on its growth targets.

Liquidity of the group, adjusted for mortgage bonds prepaid by R162m (2015: R147m), is satisfactory at 2.3 times current liabilities (2015: 2.4 times). Mortgage bonds increased from R198m as at February 2015 to R206m as at February
2016.

Acsion aimed to grow its NAV by an average annual growth of 20% - 25% excluding deferred tax. As from the date of listing to 29 February 2016, a fifteen month period, the NAV of the group increased by 27.2%. For the financial year
ended 29 February 2016, a twelve month period, the NAV increased 17.7% from the previous financial year end. Acsion is therefore on track to deliver on its growth expectations as the company achieved a rolling average growth in NAV of
21.7%. 

TREASURY SHARE PURCHASE
The group repurchased 492 870 shares during the financial year and currently holds them as treasury shares. The decision to repurchase shares was made as the share price is trading significantly below the reported NAV of the company.
These shares were purchased at approximately 34% below the reported net asset value per share as at 29 February 2016.

VACANCY LEVELS AND LEASE EXPIRY PROFILE
Strategic vacancies are maintained in order to accommodate tenant relocations and support optimisation. The directors are satisfied with the reported vacancy numbers for the portfolio. The weighted vacancy (by GLA) for the portfolio as
at year end was 4.43% (2015: 5.05%). The weighted average lease expiry by GLA for the portfolio is currently 4.11 years (2015: 4.50 years).

DEVELOPED INVESTMENT PROPERTY PORTFOLIO
The developed investment portfolio and developments under construction as at 29 February 2016 consisted of ten properties. Details are as follows:

Property name                          Valuation      GLA      Rand  Percentage
                                            (R'm)     (m2) value/m2    of total
                                                                      portfolio
                                                                       by value
                                                                             (%)

Mall@Carnival*                             2 000   87 721    22 800        49.6
Mall@Reds                                    980   54 342    18 034        24.3
Mall@Emba                                    486   24 415    19 906        12.1
Mall@Lebo*                                   380   23 510    16 163         9.4
Moreleta Square*                             154    8 459    18 205         3.8
Simarlo Rainbow*                              32    6 007     5 261         0.8
Total developed investment portfolio       4 032  204 454    19 719       100.0

Developments under construction          Expected     GLA       Rand Percentage
                                           future     (m2)  value/m2   of total
                                        valuation                     portfolio
                                            (R'm)                      by value
                                                                             (%)

Mall@Moutsiya                                130   15 500     8 300        15.6
Mall@Mfula                                   170   18 700     9 000        20.5
Mall@55/Trade 55*                            275   25 000    11 000        33.1
Acsiopolis*                                  255   67 000     3 800        30.8
Total developments under construction        830  126 200     6 600       100.0

*Indicates directors' valuation
The developed investment property portfolio is trading at an annualised operating profit yield of approximately 7.3% (2015: 7.4%) based on these results.

DEVELOPMENT PIPELINE PROGRESS UPDATE
The Mall@Carnival Phase III and IV opened for trade on 24 September 2015. Negotiations for Phase V are already under way. The expansion project entrenches Mall@Carnival's position as the preferred regional retail destination in its
primary catchment area of Brakpan, Benoni, Springs, Boksburg and Germiston by increasing its total GLA to 87 721 m2.

Acsion has secured rights to develop up to 217 000 m2 at Mall@Carnival and, depending on sufficient tenant demand to justify further expansion, the group aims to expand Mall@Carnival to 110 000 m2 over the next five years.

Acsiopolis, Benmore, has been designed as a twenty storey mixed use development, situated in the heart of Sandton. The site is positioned on Benmore Drive and consists of an approximate 1 hectare parcel of land. Mixed use development
rights for 70 000 m2 have been obtained and transfer of the land has been completed. The current design allows for a total development of 67 000 m2 of which the majority of the rights, comprising approximately 61 000 m2, have been
earmarked for residential use which supports Acsion's strategy of sectoral diversification. Of the  61 000 m2 approximately 35 000 m2 will be available as executive apartments, 26 000 m2 is earmarked for short term rental units. An
additional 5 000 m2 will be utilised for retail purposes and 1 000 m2 for office space bringing the total square meters to be developed to 67 000 m2. Acsiopolis will further offer 6 levels of parking equating to approximately 1 500
underground parking bays, some of which will be on-grade parking for the retail section that is expected to further enhance convenience for shoppers and residents.

In addition to vehicular access, Acsiopolis has been designed to take into consideration the evolving public transport systems in Sandton to accommodate the integration of pedestrian accessibility and bus routes. Construction of the
development has commenced and is estimated to be completed in beginning 2019. Since construction started 75 000 m3 of soil has been removed. The main contractor will be on site shortly, to commence construction of the group's biggest
development to date.

Mall@Moutsiya Phase I is a 15 500 m2 development, comprising a 14 200 m2 retail offering and a 1 300 m2 petrol station in Walkraal, Limpopo. The highly visible and easily accessible location has direct access onto the R573 "Moloto Road"
and R568, two major regional arterial roads through the Elias Motsoaledi municipality in Limpopo. The primary catchment market consists of approximately 136 000 people and secondary catchment market consists of approximately 396 000
people. Leasing of the premises commenced steadily and construction started at the end of October 2015.

Mall@55 Phase I, consists of a 15 000 m2 convenience shopping centre in Monavoni, Gauteng. It is located on an extremely busy arterial route accessible from the N14 freeway and the R55 provincial route. This development is ideal for a
value/convenience/lifestyle centre, which is underrepresented in the Monavoni area. The anticipated start date for this development has been moved out to the second half of 2016 mainly due to municipal delays in road infrastructure
planning and finalisation surrounding the development.

Trade 55 Phase I, comprises a 10 000 m2 large ("big box") retail centre with special commercial rights already obtained in Monavoni, Gauteng. It is located on an extremely busy arterial route accessible from the N14 freeway and the R55
provincial route and across from the Mall@55 site. Trade 55's value offering will be complementary to Mall@55's offering. The timing of the development is anticipated to be similar to that of Mall@55.

Hyde Park Terrace, a residential development comprising 12 completed cluster units and 27 residential land parcels is located in Hyde Park, Gauteng. This high-end residential development is in the heart of one of Sandton's most
exclusive areas. The total land size comprises 2.5 hectares and is situated 500 m from the exclusive Hyde Park shopping centre. The 12 units are approximately 350 m2 to 540 m2 under roof, with the remaining land to be sold as stands of
450 m2 to 650 m2 with or without building packages. There is significant appetite based on initial marketing and sales, and a growing demand for luxury residential properties in close proximity to the Sandton CBD, driven by rising
living standards. Completed four to five-bedroom units start from R5.5m. As at the end of February 2016, the group received and accepted offers on all the vacant stands and 3 completed units have been sold. The group is expecting
offers for acceptance of the last 6 completed units during 2016.

Mamahlodi Gardens is an affordable housing development in Walkraal, Limpopo with a total land size of 40 hectares. Acsion has formed a partnership with local residents and the local municipality to approach prospective buyers with
access to housing subsidies from the Department of Human Settlements. Proclamation of the land is completed with all services (water, sewage and electricity) already secured. Plans to build up to 515 residential units for sale are
supported by a shortage of affordable housing in the Walkraal area. The market price will be between R300 000 and R350 000 per unit. The development will be demand driven and will be supplementary to the Mall@Moutsiya development.

Mall@Mfula (previously Mall@PietRetief) will consist of a 18 700 m2 shopping centre with an anticipated 70% national tenancy and will provide a complete formal retail offering for Piet Retief. Acsion has finalised the township
establishment application of this property, and the contractor moved on site on 27 October 2015 with the opening scheduled for November 2016. Sufficient national retailer commitments have been received and negotiations for the
remaining GLA are anticipated to be finalised before the opening of the development.

Mall@Frankfort will comprise an 8 000 m2 shopping centre in Frankfort, Free State. The rezoning of land is currently in progress and construction is anticipated to commence as soon as the rezoning of the land is finalised. Interest
from a potential anchor tenant for 1 800 m2 has already been received.

FURTHER DEVELOPMENT OPPORTUNITIES
Acsion continuously evaluates a consistent stream of new opportunities and is in advanced discussions on certain projects to further enhance capital growth in financial years 2018 and beyond. Details of these projects are not contained
in these results and will be communicated to shareholders in due course and in line with JSE Listings Requirements once an appropriate level of certainty has been reached. At the last practicable date, the following further development
opportunities were under investigation by Acsion, among others:

The Mall@Maputo development will be located in northern Maputo and will be adjacent to the main Maputo ring road, with a total land size of 8.9 hectares. A memorandum of understanding has been signed with the Mozambican Ministry of
Sport to develop a 50 000 m2 shopping centre - a formal agreement is still to be finalised. Acsion's effective holding in the development project will be 85%. The development is to be completed in partnership with a reputable local
Mozambican partner and is in line with Acsion's vision of geographic diversification into Southern African retail. There were some delays in this development, due to regulatory requirments and changes.

Interest has been received from South African national retailers looking to expand their footprint into Maputo. Letters of intent have been received from Pepkor, Woolworths and other retailers.

With Offices@Lusaka, Acsion aims to take advantage of Zambia's limited available infrastructure for multinational companies. Negotiations with a local land owner to co-develop up to 20 000 m2 of office space are currently underway. The
site is located in close proximity to Manda Hill Shopping Mall and next to Stanbic's Lusaka offices.

Several potential transactions in Europe were evaluated during the period under review. However, none of the transactions met Acsion's investment requirements and as such, no transactions have been concluded as yet. There are other
transactions still under review and should these meet Acsion's investment requirements, details of such transactions will be communicated to the market.

NEW INITIATIVES
Acsion installed its first solar solution at Mall@Emba (Embalenhle, Mpumalanga) and commissioned the project in October 2015 at a cost of approximately R16m. The project generates 1MW of electricity which significantly reduces the
reliance on power supply from the national grid. The significant success of this project resulted in similar installations at Mall@Reds and Mall@Carnival for a 2MW and 4MW solar plant respectively. Installation of these two additional
plants commenced in May 2016 and should be fully commissioned by August 2016. The NAV uplift of these projects meets the investment requirements of the group.

PROSPECTS
Acsion's board and management remain confident that the group's growth objectives can be achieved despite a challenging economic operating environment. The group remains focused on the completion of its secured development pipeline
over the next three years.

Acsion will continue reinvesting in its existing portfolio and focus on its development expertise, or "value-engineering" approach, to ensure above average NAV growth. In addition, Acsion will explore further development opportunities
in high-growth markets in the rest of Africa and Europe.

These prospects have not been reviewed or reported on by Acsion's independent external auditors.

DIVIDENDS
In line with the group's policy, no dividends have been declared for the period ended 29 February 2016.
By order of the board
Centurion, 30 May 2016
D Green            K Anastasiadis
(Chairman)        (Chief executive officer)

BASIS OF PREPARATION AND ACCOUNTING POLICIES
The reviewed consolidated financial results for the twelve months ended 29 February 2016 were prepared in accordance with International Financial Reporting Standards (IFRS), the information required by IAS 34: Interim Financial
Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the requirements of the Companies Act of South Africa and the JSE Listings Requirements. The accounting policies are consistent in all
material respects with those of the previous financial period.

The information presented was extracted from the reviewed financial statements. The additional disclosure required in terms of IFRS 7 Financial Instruments: Disclosures and IFRS 13 Fair Value Measurements, will be included in detail 
in the integrated report for the period ended 29 February 2016.

The directors are not aware of any matters or circumstances arising subsequent to the period ended 29 February 2016 that require additional disclosure or adjustment to the financial statements.
The directors take full responsibility for the preparation of the summarised reviewed consolidated financial results for the twelve months ended 29 February 2016 and for ensuring that the financial information was correctly extracted
from the underlying financial statements. These results were prepared under the supervision of the chief financial officer, Pieter Scholtz CA(SA), MCom (Tax).

INDEPENDENT REVIEW BY AUDITORS
Ernst & Young Inc., Acsion's independent auditors, have reviewed the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity,
consolidated statement of cash flows and notes to the consolidated financial results, as set out in the summarised reviewed consolidated financial results, and have expressed an unmodified review conclusion. A copy of their review
conclusion is available for inspection at the company's registered office.

Directors: D Green (Chairman)*, K Anastasiadis (CEO), P Scholtz (CFO), S Griesel*, PD Sekete*, T Jali* (*Independent non-executive)
Registered office: Mall@Reds, 1st Floor, Corner of Rooihuiskraal and Hendrik Verwoerd Drives,Rooihuiskraal, Ext 15, Centurion
Postal address: PO Box 569, Wierda Park, 0149
Registration number: 2014/182931/06
Transfer secretaries: Computershare Investor Services Proprietary Limited, 70 Marshall Street, Johannesburg 2001
Sponsor: Nedbank Corporate and Investment Banking Limited
JSE share code: ACS
ISIN code: ZAE000198289
Company secretary: MWRK Accountants and Auditors Inc.


Date: 01/06/2016 05:34:59 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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