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PPC LIMITED - Reviewed Provisional Results for the six month period ended 31 March 2016

Release Date: 14/06/2016 07:25
Code(s): PPC     PDF:  
Wrap Text
Reviewed Provisional Results for the six month period ended 31 March 2016

PPC Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE code: PPC 
JSE ISIN: ZAE 00017049 
ZSE code: PPC
www.ppc.co.za


REVIEWED PROVISIONAL RESULTS
For the six month period ended 31 March 2016

Highlights
• GROUP REVENUE OF R4,5 BILLION – DOWN 1%
• EBITDA UP BY 2% TO R1,1 BILLION  
• PROFIT IMPROVEMENT PROGRAMME REALISES AN ADDITIONAL R178 MILLION 
• PROFIT FOR THE PERIOD UP 25% TO R351 MILLION
• EARNINGS PER SHARE UP 35% TO 70 CENTS INCLUDING SALE OF NON-CORE ASSETS
• RECENTLY COMMISSIONED PLANT IN RWANDA GENERATES 124 000 TONS IN CEMENT SALES VOLUMES 
• CAPITAL RAISING PLANS PROGRESSING

Darryll Castle, CEO, said: 
“PPC’s group revenue and cement sales both decreased marginally by 1% on weaker performances in most operating regions. Our newly 
commissioned plant in Rwanda contributed to group revenue after achieving cement sales volumes of 124 000 tons at the expected 
margin. The Profit Improvement Programme, which generated R212 million by September 2015, contributed an additional R178 million 
in sustainable profit improvement in this period; thereby contributing R390 million in less than 12 months. This programme, as well 
as the sale of some non-core assets, contributed to earnings per share rising a pleasing 35% to 70 cents. Our projects in the DRC, 
Zimbabwe and Ethiopia are all at advanced stages and will be commissioned in the next 12 months; ensuring we offer shareholders a 
diversified portfolio of businesses in different geographies. The company is also advancing its plans to raise betweeen R3 billion 
to R4 billion to overcome its near-term liquidity constraints.”

COMMENTARY 
In the last quarter of 2015, the Board approved the change of financial year end from 30 September to 31 March.

PPC group performance
PPC’s total cement sales volumes for the six-month reporting period were 1% below last year. Group revenue also declined 1% to 
R4 501 million (2015: R4 541 million). In South Africa, cement volumes were up by 1% although lower selling prices reduced 
revenue. Revenues from our recently commissioned plant in Rwanda increased by almost 150% but could not offset declines in our 
other African markets, Zimbabwe and Botswana. While revenue in our lime business declined 12%, our aggregates and readymix 
operations contributed positively to group revenue.  

Cost of sales at R3 261 million was only 2% higher than last year (2015: R3 206 million), with cost increases particularly well 
managed in the South African and Botswana cement businesses as well as the lime division. Cost of sales in the South African 
cement business was down 3%, on a per ton basis, for the period.

The continued focus on cost management reduced administration and other operating expenditure by 12% to R489 million (2015: 
R554 million). The Profit Improvement Programme, which aimed to deliver R400 million by 2017, generated R178 million for the 
period after providing R212 million by September 2015. The total of R390 million comprised mainly operational efficiencies and 
overhead reductions. 

Group EBITDA is up 2% to R1 144 million (2015: R1 123 million), with an EBITDA margin of 25.4% (2015: 24,7%) primarily due to 
improved efficiencies and cost savings as part of the PPC group’s Profit Improvement Programme. 

Finance costs were R350 million, up 26% over last year’s R277 million mainly due to interest expensed post the commissioning 
of the Rwanda operation which amounted to R88 million. 

Cash generated from operations of R813 million was significantly lower than the prior period (2015: R1 140 million) impacted by 
changes in working capital mainly inventories and reduction in trade and other payables. Similarly, the group cash-conversion 
ratio at 0,7x was below the 1,0x, achieved in the previous period. 

Taxation of R156 million (2015: R163 million) translating to an effective tax rate of 30.8% (2015: 36.4%) mainly due to the 
inclusion of capital profit made on the disposal of non-core assets and favourable prior year tax reassessments.

Capital investments in property, plant and equipment and intangible assets were R1 188 million (2015: R1 008 million), with 
R970 million used for the Slurry kiln 9 project in South Africa and expansions in the DRC and Zimbabwe. Group debt increased 
to R9 171 million (2015: R6 772 million) due to project finance drawdowns, leading to the group debt to EBITDA ratio rising 
to 3.8x on an annualised basis. When non-recourse project finance debt is excluded, this ratio drops to 2.7x, well within the 
financial covenant range. 

Despite rising finance costs, net profit attributable to PPC shareholders rose 35% to R369 million (2015: R274 million), supported 
by the sale of non-core assets. In line with this, earnings per share were 35% higher at 70 cents (2015: 52 cents) albeit the 
headline earnings per share fell 12% to 53 cents (2015: 60 cents) due to weaker trading conditions as well as higher finance costs 
and depreciation.

As stated in September 2015, the company’s dividend policy takes into consideration the growth phase, trading conditions as well 
as the need to strengthen its capital structure and as such no dividend is declared. 

CEMENT
Group cement revenue declined 1% to R3 700 million (2015: R3 752 million) while EBITDA was down 2% to R972 million (2015: 
R988 million). Consequently, the EBITDA margin remained flat at 26,3%. 

South Africa 
Cement sales volumes improved marginally, as a result of strong volume growth in the coastal regions benefiting from reduced 
imports and increased supply to local infrastructure projects. Lower sales volumes in Gauteng and other inland provinces reflect 
increased competitor activity. However, the Limpopo area was hardest hit, with double-digit volume declines. The North West 
region, although also under pressure, showed some resilience with positive volumes. In Gauteng, the construction and industrial 
segments produced a relatively better performance than the highly contested retail space. Average selling prices declined 4% for 
the period.  

Variable delivered cost of sales per ton increased 2% while fixed costs of production decreased by 11%. Cost savings were 
realised from refractories, maintenance, depreciation and power.  

Zimbabwe 
Our Zimbabwe operations, including exports, recorded overall volume declines of 22% while local selling prices in US dollars 
declined 3%. Contribution to group revenue decreased 4% due to exchange rate effects, EBITDA margins contracted by 4%. Domestic 
cement demand dropped significantly in the review period after several years of growth. This reflected a poor agricultural season, 
tighter market liquidity, increased local competition and lower disposable incomes. Supported by weakening regional currencies 
against the US dollar and increased regional capacity, imports from neighbouring countries have grown despite a number of barriers 
to entry. 

Botswana
The increase in cement capacity and competitiveness in the southern African region has affected pricing and volume in all segments. 
Consequently, volumes declined 15% while EBITDA margins dropped 8% in the reporting period. 

Rwanda 
Our 600 000 tpa plant was commissioned in the second half of 2015 at a cost of US$165 million. Ramp-up has been satisfactory to 
date and most of the plant’s provisional acceptance certificates were issued by 31 March 2016. Since commissioning, the plant has 
sold 124 000 tons of cement; this gradual ramp-up will continue and the plant should reach planned capacity over the next two 
years. Plant performance for the review period was satisfactory. Further business improvements are expected once current initiatives 
are implemented. 

MATERIALS BUSINESS
As part of PPC’s strategy to be a world-class provider of materials and solutions, we revised our business structure to consolidate 
PPC Aggregates, Pronto Readymix, Ulula Ash and PPC Lime into a materials business. This business will report into the South African 
operations through a management committee.

The lime business generated revenue of R383 million which was 12% lower (2015: R436 million) on the back of continued pressure in 
the steel industry. In line with this, burnt product sales volumes declined by 19%. EBITDA of R96 million was 23% higher (2015: 
R78 million) due to the non-recurrence of a provision for bad debt passed in 2015 and good cost containment. 

Aggregates and readymix revenues were 9% higher at R503 million (2015: R463 million) due to improved sales volumes in South African 
aggregates and Pronto Readymix. As a result, EBITDA rose 33% to R76 million (2015: R57 million). Major projects supplied include 
Mall of Africa, the N14 and Cedar road construction projects as well as the Steyn City development. 

PROJECTS UPDATE 
Democratic Republic of the Congo 
Construction of the US$280 million, 1mtpa plant was 83% complete by March 2016. Contingency utilisation is high in relation to the 
construction programme, which could result in a 4-6% increase in the capital estimate. Construction is slightly ahead of schedule, 
and cold commissioning, using generator power, is under way. Power, supplied by Société Nationale d’Electricité (SNEL), is likely 
to be later than scheduled, however hot commissioning remains on track for end calendar 2016 with first cement sales expected early 
in calendar 2017. Management has identified potential start-up funding requirements to which PPC might have to contribute between 
US$20 million and US$50 million which will be reimbursed from future operating profits. These payments may arise because of delayed 
VAT repayments (VAT exemption was only received in January 2016), settling of bank facilities relating to cement trading losses 
incurred ahead of commissioning and pre-funding of future debt repayments.

Zimbabwe 
Construction of the US$85 million mill in Harare was around 70% complete at 31 March 2016. Operational readiness activities are 
under way with staffing, skills transfer, material and equipment plans being implemented against a ramp-up plan. Plant commissioning 
is expected towards the end of calendar 2016.
Ethiopia 
The US$170 million to US$180 million, 1,4mtpa plant remains scheduled to be commissioned in the second quarter of calendar 2017. The 
additional funds will be sourced from equity and debt funding. Both PPC and South Africa’s Industrial Development Corporation 
followed their rights in the first capital raising, with PPC investing a further US$5 million in March 2016. PPC’s shareholding has 
risen to 35% as some shareholders did not follow their rights. The capital-raising programme is forecast to be concluded by the end 
of the third calendar quarter of 2016. Plant construction is progressing well, with overall project progress at 71%. The main plant 
power agreement is in place with the Ethiopian power authorities and the contract for supply and construction of a 14km 132KV 
transmission line has been awarded. 

Slurry 
Work on the new R1.5 billion to R1.7 billion, 1mtpa clinker production line (SK9) at PPC Slurry is on schedule. A number of leading 
technology features has been incorporated into the SK9 plant design to optimise production, reduce heat and electrical energy 
consumption, and increase plant availability.  While issuing work permits to the EPC contractor’s workforce has been delayed, as an 
interim plan to avoid delaying implementation, the contractor has partnered with local contractors to begin the main earthworks. The 
project is on schedule for commissioning and ramp-up in calendar 2018.

BOARD CHANGES
Mr Bheki Sibiya, who had served as chairman of the Board since November 2008, did not offer himself for re-election and accordingly 
retired from the Board at the end of the company’s annual general meeting (“AGM”) held on 25 January 2016. As a consequence of his 
retirement, his alternate, Ms Zibusiso Kganyago, also retired at the AGM after serving since October 2007. Mr Peter Malungani, a 
non-executive director since February 2009, elected not to stand for re-election at the AGM and accordingly retired from the Board. 

The Board would like to thank the aforementioned retired directors for their dedicated service and valuable contribution during their 
respective tenures. Their input and involvement often extended beyond the ordinary call of duty and at great personal expense, for 
which the Board is most grateful. Special thanks must go to Bheki Sibiya. While PPC achieved a number of key milestones under his 
stewardship, most notably he ensured Board continuity and the preservation of corporate expertise during a challenging phase in the 
company’s recent history.

The Board has appointed Mr Peter Nelson as an interim chairman, until such time as a new chairman is appointed. The Board believe 
that the qualifications and experience of Mr Nelson will enable him to guide the Board and the company until such time as the 
selection process has been completed.

Ms Salukazi Dakile-Hlongwane was elected a non-executive director of the Board with effect from 26 January 2016. The Board welcomes 
her and is looking forward to her input and contribution.

STRATEGY
In the short to medium term PPC’s focus is on consolidating current expansion projects and operational efficiency initiatives 
introduced in the past 18 months, stabilising the company and ensuring it is able to deliver on its strategic priorities.  

The group has made changes to its operating structure to ensure that it has the appropriate business model to deliver on its 
long-term growth strategy. Two key changes include the establishment of the materials business division, noted earlier, and a new 
commercial function. The materials business division is focused on expanding PPC’s product range and service offering in aggregates, 
readymix, fly ash, lime and related businesses. Progress to date includes the imminent acquisition of 3Q Mahuma Concrete, the largest 
independently owned readymix concrete supplier in southern Africa. The new commercial function is intended to create and entrench an 
increased commercial perspective to facilitate PPC’s aim to become a world-class provider of materials and solutions. A dedicated 
project management office now operates from this division to ensure the company realises its aspirations.

The Board approved a corporate restructure to streamline and optimise the South African and foreign operations, effective 1 April 2016. 
As a consequence, the legal structures and management accountability are fully aligned and Project Omega is now substantially complete.

PPC’s 2008 broad-based black economic empowerment transaction (B-BBEE 1) matures in December 2016, however discussions to accelerate 
the unwind of B-BBEE 1 continues. Under the revised Department of Trade and Industry’s broad-based black economic empowerment 
codes of good practice, PPC was rerated from a level 2 contributor to level 8 in December 2015. We had anticipated this outcome and 
management plans to improve our B-BBEE score to level 4 over the next three years. This rating will enable our customers to claim 
back 100% of their spending with our group for their own preferential procurement points. To reach level 4, the company will focus on 
improving the score in the categories of management control, skills development, and enterprise and supplier development.

GOING CONCERN AND CAPITAL RAISE
On 30 May 2016, S&P Global Ratings (S&P) released a report downgrading the company’s long- and short-term South African national scale 
corporate credit ratings to zaBB-/zaB from zaA/zaA-2 respectively. At the time of the downgrade the company was at an advanced stage 
with the finalisation of a capital raise. 

Due to its long-term rating falling below investment grade, the company was obliged to offer early redemption to noteholders in terms 
of the Domestic Medium Term Note Programme Memorandum. As a result the notes, with an outstanding principal value of R1.75 billion plus 
interest, have been reclassified from long-term to short-term borrowings. The early settlement, which has negatively impacted the group’s 
short-term liquidity, highlights a material uncertainty regarding the group’s viability as a going concern.

Due to the pressures on the liquidity position of the company, it is in the final stages of concluding agreements with local financial 
institutions for a bridging guarantee facility of R2 billion to settle the outstanding note obligations and provide the company with 
the appropriate funding requirements until the conclusion of the proposed capital raise. 

Shareholders are referred to an announcement released on the Stock Exchange News Service of the JSE Limited (“SENS”) on 31 May 2016 
wherein, inter alia, the Company outlined its funding strategy which included the intention to raise between R3 billion and R4 billion 
gross proceeds through a proposed rights issue. The company has mandated a syndicate of banks comprising The Standard Bank of South 
Africa, Nedbank Limited, Absa Bank Limited and Rand Merchant Bank, a division of Firstrand Bank Limited. Finalisation of the capital 
raise is still subject to an agreement on terms, approval of shareholders to proceed, followed by the exercising of their rights.

Once the capital raise is in place and the terms fulfilled, the Company believes that it will have an appropriate capital structure.
Further details of the going concern assumption and risks thereto are included in note 1 to this announcement.

Solvency and liquidity
The group is currently solvent with a total equity of R3,6 billion. However, on liquidity, current liabilities of R6,1 billion exceed 
current assets of R2,8 billion due to the reclassification of the R1,75 billion noteholders liabilities from long-term to short-term 
as well as the maturing of the B-BBEE1 debt in December 2016. 

Cash flow
The decrease in cash flows from operations to R813 million (2015: R1 140 million) is in part due to a decrease in trade and other 
payables and an increase in inventory due to operational requirements. The group maintained its strict cash flow management policy 
and was able to meet its working capital obligations, however the forecast cash flow has been negatively affected by the accelerated 
payment of R1,75 billion to noteholders. Cash flow management remains critical in this challenging period. 

FURTHER CAUTIONARY ANNOUNCEMENT 
Shareholders are advised to continue to exercise caution when dealing in PPC securities until a further announcement in this regard 
is made.

On behalf of the Board

PG Nelson                DJ Castle                      MMT Ramano
Interim Chairman         Chief executive officer        Chief financial officer

13 June 2016


Condensed provisional consolidated statement of comprehensive income
                                                                                     Six              Six                            Twelve    
                                                                            months ended      months ended                     months ended    
                                                                                31 March          31 March                          30 Sept    
                                                                                    2016              2015                             2015    
                                                                Notes           Reviewed         Unaudited             %            Audited    
                                                                                      Rm                Rm        change                 Rm    
   Revenue                                                                         4 501             4 541           (1)              9 227    
   Cost of sales                                                                   3 261             3 206             2              6 437    
   Gross profit                                                                    1 240             1 335           (7)              2 790    
   Administration and other operating expenditure                                    489               554          (12)              1 130    
   Operating profit before item listed below:                                        751               781           (4)              1 660    
   Empowerment transactions IFRS 2 charges(a)                                         18                25          (28)                 43    
   Operating profit                                                                  733               756           (3)              1 617    
   Finance costs (including fair value adjustments 
   on financial instruments)                                        2                350               277            26                496    
   Investment income                                                                  12                11             9                 28    
   Profit before equity accounted earnings and 
   exceptional items                                                                 395               490          (19)              1 149    
   Earnings from equity accounted investments                                          -               (3)                             (16)    
   Impairments                                                      3                (5)              (44)                             (81)    
   Other exceptional adjustments                                    3                117                 1                                -    
   Profit before taxation                                                            507               444            14              1 052    
   Taxation                                                         4                156               163           (4)                391    
   Profit for the period                                                             351               281            25                661    
   Attributable to:                                                                                                                            
   Shareholders of PPC Ltd                                                           369               274            35                698    
   Non-controlling interests                                                        (18)                 7                             (37)    
                                                                                                                                               
   Other comprehensive income, net of taxation                                                                                                 
   Items that will be reclassified to 
   profit or loss                                                                    177               246          (28)                775    
   Cash flow hedges                                                                   10                 -                               38    
   Taxation on cash flow hedges                                                      (3)                 -                             (11)    
   Translation of foreign operations(b)                                              237               246                              752    
   Reclassification of profit on sale of available-for-sale 
   financial asset to profit and loss                                               (82)                 -                                -    
   Taxation impact on reclassification of profit on sale of 
   available-for-sale financial asset to profit and loss                              15                 -                                -    
   Revaluation of available-for-sale financial asset                                   -                 -                               (7)   
   Taxation impact on the revaluation of available-for-sale 
   financial asset                                                                     -                 -                                3    
                                                                                                                                               
   Total comprehensive income                                                        528               527                            1 436    
   Attributable to:                                                                                                                            
   Shareholders of PPC Ltd                                                           520               483                            1 340    
   Non-controlling interests                                                           8                44                               96    
   EARNINGS PER SHARE (CENTS)                                       5                                                                          
   Basic                                                                              70                52            35                133    
   Diluted                                                                            69                51            35                131    
   (a)  Comprise BBBEE, Zimbabwe indigenisation and DRC IFRS 2 charges.
   (b) In March 2015 translation of foreign operations only included the portion owing to shareholders of PPC Ltd and has been adjusted to 
       include the portion owing to non-controlling interests. This was previously shown directly in the consolidated statement of changes 
       in equity.
   PPC Ltd changed its financial year-end from September to March. This is the first reporting cycle of the company using the March year-end.



Condensed provisional consolidated statement of financial position
                                                                           31 March       31 March       30 Sept    
                                                                               2016           2015          2015    
                                                                           Reviewed      Unaudited       Audited    
                                                                Notes            Rm             Rm            Rm    
   ASSETS                                                                                                           
   Non-current assets                                                        13 579          9 802        12 202    
   Property, plant and equipment                                    6        11 716          8 009        10 648    
   Goodwill                                                         7           255            249           254    
   Other intangible assets                                          8           766            774           772    
   Equity accounted investments                                     9           200            219           125    
   Other non-current assets                                        10           590            536           355    
   Deferred taxation assets                                                      52             15            48    
   Non-current assets held for sale                                11            42              -            76    
   Current assets                                                             2 768          2 480         2 979    
   Inventories                                                                1 121            944         1 029    
   Trade and other receivables                                     12         1 187          1 072         1 232    
   Cash and cash equivalents                                                    460            464           718    
                                                                                                                    
   Total assets                                                              16 389         12 282        15 257    
   EQUITY AND LIABILITIES                                                                                           
   Capital and reserves                                                                                             
   Stated capital                                                  13       (1 113)        (1 141)       (1 165)    
   Other reserves                                                             1 558            941         1 402    
   Retained profit                                                            2 583          2 123         2 406    
   Equity attributable to shareholders of PPC Ltd                             3 028          1 923         2 643    
   Non-controlling interests                                                    535            757           521    
   Total equity                                                               3 563          2 680         3 164    
   Non-current liabilities                                                    6 729          6 628         8 813    
   Provisions                                                                   408            388           400    
   Deferred taxation liabilities                                              1 178            980         1 059    
   Long-term borrowings                                            14         4 614          5 216         6 711    
   Other non-current liabilities                                   15           529             44           643    
   Current liabilities                                                        6 097          2 974         3 280    
   Short-term borrowings                                           14         4 557          1 556         1 510    
   Trade and other payables and short-term provisions              16         1 540          1 418         1 770    
   Total equity and liabilities                                              16 389         12 282        15 257    
   Net asset book value per share (cents)                                       573            365           503    
                                                                                                                    



Condensed provisional consolidated statement of cash flows
                                                                    Six months ended      Six months ended      Twelve months ended    
                                                                            31 March              31 March                  30 Sept    
                                                                                2016                  2015                     2015    
                                                                            Reviewed             Unaudited                  Audited    
                                                         Notes                    Rm                    Rm                       Rm    
   Cash flow from operating activities                                                                                                 
   Operating cash flows                                                        1 137                 1 171                    2 416    
   Working capital movements                                                   (324)                  (31)                      300    
   Cash generated from operations                                                813                 1 140                    2 716    
   Finance costs paid                                                          (292)                 (252)                    (408)    
   Investment income received                                                      8                    11                       28    
   Taxation paid                                                               (195)                 (252)                    (489)    
   Cash available from operations                                                334                   647                    1 847    
   Dividends paid                                                              (185)                 (423)                    (559)    
   Net cash inflow from operating activities                                     149                   224                    1 288    
   Acquisition of additional shares in equity accounted  
   investment                                                9                  (75)                     -                        -    
   Acquisition of additional shares in subsidiary           15                     -                     -                    (108)    
   Proceeds on sale of equity accounted investment and   
   available-for-sale financial asset                                            153                     -                        -    
   Investments in property, plant and equipment and      
   intangible assets                                        17               (1 188)               (1 008)                  (2 892)    
   Movement in other non-current assets                                        (181)                     -                        -    
   Other investing movements                                                       8                     9                        5    
   Net cash outflow from investing activities                                (1 283)                 (999)                  (2 995)    
   Net borrowings raised before note repayment                                 1 499                   632                    1 796    
   Purchase of shares in terms of the FSP share          
   incentive scheme                                         13                     -                     -                     (24)    
   Repayment of note                                                           (650)                     -                        -    
   Net cash inflow from financing activities                                     849                   632                    1 772    
   Net movement in cash and cash equivalents                                   (285)                 (143)                       65    
   Cash and cash equivalents at beginning of the period                          718                   563                      563    
   Exchange rate movements on opening cash and           
   cash equivalents                                                               27                    44                       90    
   Cash and cash equivalents at end of the period                                460                   464                      718    
   Cash earnings per share (cents)(a)                                             63                   123                      351    
   Cash conversion ratio(b)                                                      0,7                   1,0                      1,1    
   (a) Cash earnings per share is calculated using cash available from operations divided by the total weighted average number of 
       shares in issue for the period.
   (b)Cash conversion ratio is calculated using cash generated from operations divided by EBITDA.



Condensed provisional consolidated statement of changes in equity
                                                                             Other reserves
                                                                                                                          Equity                        
                                                         Foreign   Available-                 Equity                attributable                    
                                                        currency     for-sale                compen-                   to share-           Non-             
                                           Stated    translation    financial     Hedging     sation    Retained         holders    controlling        Total    
                                          capital        reserve        asset     reserve    reserve      profit      of PPC Ltd      interests       equity    
                                               Rm             Rm           Rm          Rm         Rm          Rm              Rm             Rm           Rm    
   Balance at September 2014 (audited)    (1 173)            416           84           -        233       2 255           1 815            603        2 418    
   Dividends declared                           -              -            -           -          -       (411)           (411)           (12)        (423)    
   IFRS 2 charges                               -              -            -           -         36           -              36              -           36    
   Recognition of non-controlling 
   interest in subsidiary                       -              -            -           -          -           -               -            122          122    
   Total comprehensive income                   -            209            -           -          -         274             483             44          527    
   Transfer to retained profit                  -              -            -           -        (5)           5               -              -            -    
   Vesting of shares 
   held by BBBEE 1 entities                     9              -            -           -        (9)           -               -              -            -    
   Vesting of FSP share        
   incentive scheme awards                     23              -            -           -       (23)           -               -              -            -    
   Balance at March 2015 (unaudited)      (1 141)            625           84           -        232       2 123           1 923            757        2 680    
   Dividends declared                           -              -            -           -          -       (129)           (129)            (7)        (136)    
   IFRS 2 charges                               -              -            -           -         23           -              23              -           23    
   Non-controlling interest recognised 
   following investment                         -              -            -           -          -           -               -            134          134    
   in subsidiary                                                                                                                                                
   Put option recognised on 
   non-controlling shareholder       
   investment in subsidiary(a)                  -              -            -           -          -           -               -          (422)        (422)    
   Shares purchased in terms of FSP 
   incentive scheme treated
   as treasury shares                        (24)              -            -           -          -           -            (24)              -         (24)    
   Total comprehensive income/(loss)            -            409          (3)          27          -         424             857             52          909    
   Transactions with non-controlling 
   shareholders recognised  
   directly in equity                           -              -            -           -          -         (7)             (7)              7            -    
   Transfer to retained profit                  -              -            -           -          5         (5)               -              -            -    
   Balance at September 2015 (audited)    (1 165)          1 034           81          27        260       2 406           2 643            521        3 164    
   Dividends declared                           -              -            -           -          -       (185)           (185)              -        (185)    
   IFRS 2 charges                               -              -            -           -         31           -              31              -           31    
   Increase in stated capital from 
   issuance of shares                          26              -            -           -          -           -              26              -           26    
   Total comprehensive income/(loss)            -            211         (67)           7          -         369             520              8          528    
   Transactions with non-controlling 
   shareholders recognised  
   directly in equity                           -              -            -           -          -         (7)             (7)              6          (1)    
   Vesting of FSP share incentive 
   scheme awards                               26              -            -           -       (26)           -               -              -            -    
   Balance at March 2016 (reviewed)       (1 113)          1 245           14          34        265       2 583           3 028            535        3 563    
   (a)For details on the put options refer note 15 and 16.



Segmental information
 The group discloses its operating segments according to the business units which are regularly reviewed by the group executive committee and comprise cement, 
 lime, aggregates and readymix and other. There has been no change in reporting segments during the period under review but lime and aggregates and readymix 
 are shown under the materials business.
 Revenue is split between South Africa and the rest of Africa based on where the underlying products are anticipated to be consumed or used by the customer.
 No individual customer comprises more than 10% of group revenue.
                                                                                                                            
                                                   Group                                   Cement(a)                         
                                  31 March       31 March       30 Sept      31 March       31 March       30 Sept          
                                      2016           2015          2015          2016           2015          2015          
                                  Reviewed      Unaudited       Audited      Reviewed      Unaudited       Audited          
                                        Rm             Rm            Rm            Rm             Rm            Rm          
 Revenue                                                                                                                    
 South Africa                        3 219          3 363         6 795         2 386          2 516         4 999          
 Rest of Africa                      1 367          1 288         2 624         1 314          1 236         2 507          
                                     4 586          4 651         9 419         3 700          3 752         7 506          
 Inter-segment revenue                (85)          (110)         (192)                                                     
 Total revenue                       4 501          4 541         9 227                                                     
 Operating profit before 
 items listed below                    764            789         1 660           645            706         1 422          
 Empowerment transactions 
 IFRS 2 charges                         18             25            43            18             25            43          
 Restructuring costs                    13              8             -            13              8             -          
 Operating profit                      733            756         1 617           614            673         1 379          
 South Africa                          522            520         1 120           404            434           881          
 Rest of Africa                        211            236           497           210            239           498          
 Fair value (loss)/gains  
 on financial instruments             (20)            (1)            22          (20)              4            34          
 Finance costs                         330            276           518           282            219           382          
 Investment income                      12             11            28             8              6            19            
 Profit before earnings 
 from equity accounted 
 investments and 
 exceptional items                     395            490         1 149           320            464         1 050          
 Earnings from equity 
 accounted investments                   -            (3)          (16)             -            (3)          (16)          
 Impairments and other 
 exceptional adjustments               112           (43)          (81)           113           (22)          (59)          
 Profit before taxation                507            444         1 052           433            439           975          
 Taxation                              156            163           391           129            140           325          
 Profit for the period                 351            281           661           304            299           650          
 Depreciation and 
 amortisation                          393            342           702           340            290           594          
 EBITDA                              1 144          1 123         2 362           972            988         2 016          
 South Africa                          793            821         1 706           624            685         1 364          
 Rest of Africa                        351            302           656           348            303           652          
 EBITDA margin (%)                    25,4           24,7          25,6          26,3           26,3          26,9          
 Assets                                                                                                                     
 Non-current assets                 13 579          9 802        12 202        12 613          8 870        11 251          
 South Africa                        5 205          5 178         5 141         4 280          4 278         4 231          
 Rest of Africa                      8 374          4 624         7 061         8 333          4 592         7 020          
 Current assets                      2 768          2 480         2 979         2 343          2 055         2 536          
 Non-current assets held 
 for sale                               42              -            76            42              -            76          
 Total assets                       16 389         12 282        15 257        14 998         10 925        13 863          
 South Africa                        6 753          6 919         6 687         5 441          5 634         5 376          
 Rest of Africa                      9 636          5 363         8 570         9 557          5 291         8 487          
 Investments in property, 
 plant and equipment and
 intangible assets                   1 188            995         2 856         1 125            957         2 741          
 Capital commitments 
 (refer note 18)                     3 283          6 145         4 643         3 219          6 120         4 588          
 Liabilities                                                                                                                
 Non-current liabilities             6 729          6 628         8 813         6 536          5 303         7 492          
 Current liabilities                 6 097          2 974         3 280         5 038          2 684         2 921          
 Total liabilities                  12 826          9 602        12 093        11 574          7 987        10 413          
 South Africa                        8 148          7 669         8 343         6 921          6 075         6 692          
 Rest of Africa                      4 678          1 933         3 750         4 653          1 912         3 721          
 

Segmental information continued 
                                                                  Materials business
                                                  Lime                                   Aggregates and readymix(b)                 Other(c)
                                  31 March       31 March      30 Sept      31 March       31 March      30 Sept      31 March       31 March      30 Sept    
                                      2016           2015         2015          2016           2015         2015          2016           2015         2015    
                                  Reviewed      Unaudited      Audited      Reviewed      Unaudited      Audited      Reviewed      Unaudited      Audited    
                                        Rm             Rm           Rm            Rm             Rm           Rm            Rm             Rm           Rm    
 Revenue                                                                                                                                                    
 South Africa                          378            430          853           455            417          943             -              -            -    
 Rest of Africa                          5              6           18            48             46           99             -              -            -    
                                       383            436          871           503            463        1 042             -              -            -    
 Operating profit before 
 items listed below                     75             56          133            44             27          105             -              -            -    
 Empowerment transactions 
 IFRS 2 charges                          -              -            -             -              -            -             -              -            -    
 Restructuring costs                     -              -            -             -              -            -             -              -            -    
 Operating profit                       75             56          133            44             27          105             -              -            -    
 South Africa                           75             56          133            43             30          106             -              -            -    
 Rest of Africa                          -              -            -             1            (3)          (1)             -              -            -    
 Fair value (loss)/gains on
 financial instruments                   -              -            -             -            (5)         (12)             -              -            -    
 Finance costs                           2              2            4             4              3           29            42             52          103    
 Investment income                       1              2            1             3              3            8             -              -            -       
 Profit before earnings 
 from equity accounted 
 investments and 
 exceptional items                      74             56          130            43             22           72          (42)           (52)        (103)    
 Earnings from equity 
 accounted investments                   -              -            -             -              -            -             -              -            -    
 Impairments and other 
 exceptional adjustments                 -              -            -           (1)           (22)         (22)             -              1            -    
 Profit before taxation                 74             56          130            42              -           50          (42)           (51)        (103)    
 Taxation                               21             16           35             6              7           31             -              -            -    
 Profit for the period                  53             40           95            36            (7)           19          (42)           (51)        (103)    
 Depreciation and 
 amortisation                           21             22           45            32             30           63             -              -            -    
 EBITDA                                 96             78          178            76             57          168             -              -            -    
 South Africa                           96             78          178            73             58          164             -              -            -    
 Rest of Africa                          -              -            -             3            (1)            4             -              -            -    
 EBITDA margin (%)                    25,0           17,9         20,4          15,1           12,3         16,1             -              -            -    
 Assets                                                                             
 Non-current assets                    325            300          310           641            632          641             -              -            -    
 South Africa                          325            300          310           600            600          600             -              -            -    
 Rest of Africa                          -              -            -            41             32           41             -              -            -    
 Current assets                        187            189          185           237            236          254             1              -            4    
 Non-current assets held 
 for sale                                -              -            -             -              -            -             -              -            -    
 Total assets                          512            489          495           878            868          895             1              -            4    
 South Africa                          512            489          495           799            796          812             1              -            4    
 Rest of Africa                          -              -            -            79             72           83             -              -            -    
 Investments in property, 
 plant and equipment                    37             11           45            26             27           70             -              -            -    
 Capital commitments 
 (refer note 18)                         5             55           28            59             20           27             -              -            -    
 Liabilities                                                                             
 Non-current liabilities               103             95           94            90             92           89             -          1 138        1 138    
 Current liabilities                    90             78          105           125            120          162           844             92           92    
 Total liabilities                     193            173          199           215            212          251           844          1 230        1 230    
 South Africa                          193            173          199           190            191          222           844          1 230        1 230    
 Rest of Africa                          -              -            -            25             21           29             -              -            -    

 (a)Includes head office activities.
 (b)Aggregates and readymix have been aggregated in line with industry practices.
 (c)Comprises BBBEE trusts and trust funding SPVs.


Notes to the condensed provisional consolidated results

   1     Basis of preparation                                                                                                                      
         The condensed provisional consolidated financial statements have been prepared in accordance with the framework concepts, recognition and measurement 
         criteria of International Financial Reporting Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board in issue 
         and effective for the group at 31 March 2016 and 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 results are presented in accordance with minimum requirements of 
         IAS 34 Interim Financial Reporting and comply with the Listings Requirements of the JSE Limited for provisional reports and the requirements of the 
         Companies Act of South Africa applicable to condensed consolidated financial statements.                                                        
         These condensed provisional consolidated financial statements have been prepared under the supervision of MMT Ramano CA(SA), chief financial officer, 
         and were approved by the board of directors on 13 June 2016.                                                        
         The accounting policies and methods of computation used are in terms of IFRS and consistent with those used in the preparation of the consolidated 
         annual financial statements for the twelve months ended 30 September 2015, the group’s previous financial year-end. There were no revised accounting 
         standards and interpretations adopted during the period under review.  
 
         Going concern                                                                                                                               
         In 2010, PPC embarked upon an expansion strategy to extract value from high-growth economies by expanding its footprint into the rest of Africa. The 
         Rwanda expansion project was successfully commissioned in 2015 and during the next twelve months the group will commission its expansion projects in 
         Zimbabwe, the DRC and Ethiopia. The result of these expansions will see an increase in gross production capacity of approximately three million tons 
         per annum giving the group a strong foundation for further growth. Given the long lead time required to develop greenfield operations, the group has 
         drawn down on pre-arranged project finance debt without an immediate concomitant increase in earnings and resultant cash flow.                             
 
         During the same period of our expansion growth on the continent, external factors beyond the group’s control have seen a slowing global economy, 
         significant decline in oil and commodity prices which culminated in downward pressures on selling prices in the regions in which the group operates. 
         In addition, South Africa, which is the major contributor to earnings, has seen intensified competition in terms of new entrants and also imports into 
         the country despite the economic slowdown, resulting in overcapacity in the South African market. The board and executive management had reviewed the 
         group’s business and capital structure and developed appropriate business plans in order to be able to deal effectively with the effects of a 
         continuation of the current low price environment and slowing economic growth.                         
 
         Key elements of the business plans were the reduction of costs and improvements in efficiencies, in part through right-sizing of the various 
         operations and the profit improvement programme (PIP) implemented in 2015, the curtailment of discretionary capital expenditure while preserving the 
         ability of the business to increase production and compete efficiently when cement prices and economies improve. The board had in principle approved 
         that the group undertakes a capital raise in order to strengthen its capital structure and was well advanced at the date of the S&P Global ratings 
         review.   
 
         The unexpected event-driven review by S&P resulted in a downgrade in our credit rating thereby triggering the acceleration of the outstanding notes 
         amounting to R1.75 billion. The group is in the process of securing bridging funding guarantees from a consortium of local financial institutions 
         which will be effective until the proceeds of the capital raise are received.                          

         Based on the group’s expectation that the conditions of the planned capital raise will be met, in addition to the group’s current trading position and 
         forecasts and facilities and guarantees in place, the directors believe that the group will be able to comply with its financial covenants and be able 
         to meet its obligations as they fall due, and accordingly have formed a judgement that it is appropriate to prepare these condensed provisional 
         consolidated financial statements on a going-concern basis. These condensed provisional consolidated financial statements therefore do not include any 
         adjustments that would result if the going-concern assumption was not used as the basis for the underlying preparation of these condensed provisional 
         consolidated financial statements. 
 
         Auditors conclusion                                                                                                                            
         These condensed provisional consolidated financial statements for the period ended 31 March 2016 have been reviewed by Deloitte & Touche, who expressed 
         a disclaimer conclusion thereon.

         The auditors' basis for their discalimer opinion is noted as follows:
         "We make reference to note 1 in the condensed consolidated financial statements under the heading Going Concern and note 14 Borrowings, on disclosures 
         relating to the Domestic Medium Term Notes (DMTN).
 
         Subsequent to year end, Standard and Poor’s released its report in which the credit rating of PPC LTD was lowered to below investment grade. As a 
         result of this downgrade, the Domestic Medium Term Notes (DMTN) to the value of R1,75 billion became due and payable in the short-term as per Clause 11 
         of the DMTN Program Memorandum, thus creating a liquidity challenge.
 
         As a result, management has entered into negotiations with its current consortium of local financial institutions to provide a guarantee to the DMTN 
         noteholders to ensure that the company will be able to meet any obligations once they become due as a result of Clause 11 of the Program Memorandum. 
         In addition, the board of directors have announced their intention to execute a capital raise which will ensure the group has sufficient funding to 
         settle the obligations arising from the guarantee and to ensure that the business has adequate funding for its continuing business.
 
         The group’s ability to address its liquidity and funding obligations is contingent on:
         · the successful conclusion of the negotiations referred to in the preceding paragraph; and
         · the ability to raise the capital funding.
 
         On conclusion of our review work, there were conditions yet to be fulfilled in order to secure the guarantee to the DMTN noteholders. Furthermore, 
         management is still working to fulfil the conditions for the capital raise. Accordingly, at the date of this report, management’s plans on both the 
         bridging facility and the capital raise were not sufficiently advanced to allow us to draw a review conclusion on PPC LTD’s ability to continue as 
         a going concern."

         A copy of the auditors' report on the condensed provisional consolidated financial statements is available for inspection at the company's 
         registered office. 
                                                        
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm
   2       Finance costs (including fair value adjustments on financial instruments)                                                            
           Bank and other short-term borrowings                                                                49               22             48    
           Notes                                                                                               98               95            189    
           Long-term loans                                                                                    229              121            313    
                                                                                                              376              238            550    
           Capitalised to plant and equipment and intangibles                                               (119)             (39)          (196)    
           Finance costs before BBBEE transaction and time                                                    257              199            354    
           value of money adjustments                                                                                                           
           BBBEE transaction                                                                                   41               53            116    
           Dividends on redeemable preference shares                                                           19               22             42    
           Long-term borrowings                                                                                22               31             74    
           Time value of money adjustments on rehabilitation                                                   32               24             48    
           and decommissioning provisions and put option liabilities                                                                                 
           Finance costs                                                                                      330              276            518    
           Fair value loss/(gains) on financial instruments                                                    20                1           (22)    
                                                                                                              350              277            496    
           South Africa                                                                                       239              273            474    
           Rest of Africa                                                                                     111                4             22    
                                                                                                                                                     
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm  
   3       Impairments and other exceptional adjustments                                                                                             
                                                                                                                                                     
           Impairment of goodwill                                                                               -             (22)           (22)    
           Reversal of impairment/(impairment) of financial asset                                               -                1            (1)    
           Impairment of loans advanced                                                                       (1)                -            (1)    
           Impairment of property, plant and equipment                                                        (4)             (22)           (57)    
           Profit on disposal of equity accounted investment                                                  117                -              -    
           and available-for-sale financial asset                                                                                                                       
                                                                                                              112             (43)           (81)    
         Impairment of goodwill                                                                                                                    
         In 2015, the recoverable amount of Pronto was calculated to be lower than its carrying amount, resulting in an impairment of R22 million. Pronto is 
         included under aggregates and readymix in the segmental analysis. 
 
         Impairment of property, plant and equipment                                                                                                 
         Following reviews of property, plant and equipment for the period ended March 2016, other minor impairments of R4 million were processed, while in
         the prior reporting period the following impairments occurred:                                                                             
         -  Post the group’s decision to no longer pursue the Algeria expansion project, it was deemed appropriate that the costs capitalised of R15 million 
            be impaired in March 2015.                                                        
         -  An impairment of R7 million relating to the old plant at CIMERWA that would not be used post-commissioning of the new plant was recorded in 
            March 2015, while a further R7 million was impaired during the second half of the 2015 financial year.
         -  Also in the second half of the 2015 financial year, R27 million relating to a limestone quarry in Zimbabwe was impaired due to uncertainty of 
            future prospects.
         -  Other minor impairments to property, plant and equipment of R1 million in September 2015 were processed.      
 
         Profit on disposal of equity accounted investment and available-for-sale financial asset                             
 
         Profit on disposal of equity accounted investment and financial asset relates to the sale of Afripack and Ciments de Bourbon, R34 million and 
         R83 million respectively. Refer to notes 10 and 11.                                                        
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                                %                %              %   
   4       Taxation                                                                                                                                  
           Taxation rate reconciliation                                                                                                              
           A reconciliation of the standard South African normal taxation rate is shown below:                                                      
           Profit before taxation (excluding earnings from equity accounted investments)                     30,8             36,4           36,6    
           Prior year taxation impact                                                                         2,8              6,1            2,7    
           Profit before taxation, excluding prior year taxation adjustments                                 33,6             42,5           39,3    
           Adjustment due to the inclusion of dividend income                                                   -                -            0,3    
           Effective rate of taxation                                                                        33,6             42,5           39,6    
           Income taxation effect of:                                                                       (5,6)           (14,5)         (11,6)    
           Disallowable charges, permanent differences and exceptional items                                (1,6)            (6,4)          (8,9)    
           Empowerment transactions and IFRS 2 charges not taxation deductible                              (1,0)            (2,1)          (1,1)    
           Finance costs on BBBEE transaction not taxation deductible                                       (1,8)            (4,0)          (2,1)    
           Foreign taxation rate differential                                                                 0,5                -            1,6    
           Capital gains differential on sale of non-core assets                                              2,4                -              -    
           Withholding taxation                                                                             (4,1)            (2,0)          (1,1)    
           South African normal taxation rate                                                                28,0             28,0           28,0    
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                            Cents            Cents          Cents      
   5       Earnings and headline earnings                                                                                                            
           Earnings per share                                                                                                                        
           Basic                                                                                               70               52            133    
           Diluted                                                                                             69               51            131    
           Basic (normalised)(a)                                                                               56               61            148    
           Diluted (normalised)(a)                                                                             55               60            147    
           Headline earnings per share                                                                                                               
           Basic                                                                                               53               60            145    
           Diluted                                                                                             52               59            143    
           Basic (normalised)(a)                                                                               56               61            149    
           Diluted (normalised)(a)                                                                             55               60            147    
           Determination of headline earnings per share                                                                                              
           Earnings per share                                                                                  70               52            133    
           Adjusted for:                                                                                                                             
           Other exceptional adjustments and impairments                                                     (21)                8             15    
           Taxation on other exceptional adjustments and impairments                                            4                -            (3)    
           Headline earnings per share                                                                         53               60            145    
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months        Six months        months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm
   5       Earnings and headline earnings continued                                                                                                  
           Headline earnings                                                                                                                         
           Net profit                                                                                         351              281            661    
           Other exceptional items and impairments                                                          (112)               44             81    
           Taxation on other exceptional items and impairments                                                 24              (2)           (15)    
           Headline earnings                                                                                  263              323            727    
           Attributable to:                                                                                                                          
           Shareholders of PPC Ltd                                                                            281              316            759    
           Non-controlling interests                                                                         (18)                7           (32)    
           Normalised earnings                                                                                                                       
           Net profit                                                                                         351              281            661    
           Normalisation adjustments(a)                                                                      (76)               46             82    
           Normalised net profit                                                                              275              327            743    
           Attributable to:                                                                                                                          
           Shareholders of PPC Ltd                                                                            293              320            775    
           Non-controlling interests                                                                         (18)                7           (32)    
           (a) Normalised earnings adjusts the reported earnings for the effects of empowerment transaction IFRS 2 charges, restructuring costs, 
               impairments and other exceptional adjustments net of taxation and prior year taxation adjustments.      
   
           The difference between earnings and diluted earnings per share relates to shares held under the forfeitable share incentive scheme that 
           have not vested, together with the dilution impact of the group’s various empowerment transactions.     
   
           For the weighted average number of shares used in the calculation, refer note 13.                                                         
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm
   6       Property, plant and equipment                                                                                                             
           Net carrying value at beginning of the period                                                   10 648            7 223          7 223    
           Additions                                                                                        1 122              996          3 269    
           Depreciation                                                                                     (348)            (293)          (612)    
           Other movements                                                                                      2              (2)           (22)    
           Impairments (refer note 3)                                                                         (4)             (22)           (57)    
           Reallocation to other intangible assets (refer note 8)                                               -            (115)          (115)    
           Transfer to non-current assets held for sale (refer note 11)                                         -                -           (40)    
           Translation differences                                                                            296              222          1 002    
           Balance at end of the period                                                                    11 716            8 009         10 648    
           Comprising:                                                                                                                               
           Freehold and leasehold land, buildings and mineral rights                                          800              585            778    
           Factory decommissioning and quarry rehabilitation assets                                            79               65             87    
           Plant, vehicles, furniture and equipment                                                        10 836            7 357          9 780    
           Capitalised leased plant                                                                             1                2              3    
                                                                                                           11 716            8 009         10 648   
   
         Change in accounting estimate                                                                                                             
         In the current period the useful life of certain assets was reviewed, as assets were being used for longer than their estimated useful life. 
         The remaining life of reserves was aligned with the useful life of the relevant assets and buildings and structural assets assumed a useful 
         life of 30 years from 1 October 2015. The change in accounting estimate was applied prospectively and resulted in an annual decrease in 
         depreciation for the current period of R37 million with deferred taxation of approximately R10 million.        
 
         Assets pledged as security                                                                                                                
         Property, plant and equipment with a net carrying value of R6 853 million (March 2015: R3 951 million; September 2015: R4 355 million) are  
         encumbered and used as security for borrowings in the DRC, Rwanda and Zimbabwe (refer note 14).
 
   7       Goodwill                                                                                                                         
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm   
           Balance at beginning of the period                                                                 254              268            268    
           Impairments (refer note 3)                                                                           -             (22)           (22)    
           Translation differences                                                                              1                3              8    
           Balance at end of the period                                                                       255              249            254    
           Goodwill, net of impairments, is allocated to the following cash generating units:                                                        
           CIMERWA Limited                                                                                     50               44             49    
           Safika Cement Holdings Pty Limited                                                                  78               78             78    
           Pronto Holdings Pty Limited                                                                        127              127            127    
                                                                                                              255              249            254 
  
         During the current reporting period no impairments were deemed necessary as the respective recoverable amounts were considered to be higher 
         than the carrying values, while in the prior reporting periods, the recoverable amount of Pronto of R758 million was calculated to be lower 
         than its carrying amount and resulted in an impairment of R22 million.                                                        
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm  
   8       Other intangible assets                                                                                                                   
           Balance at beginning of the period                                                                 772              681            681    
           Additions                                                                                           12               14             36    
           Amortisation                                                                                      (45)             (49)           (90)    
           Transfers and other movements(a)                                                                     -              115            118    
           Translation differences                                                                             27               13             27    
           Balance at end of the period                                                                       766              774            772    
           Comprising:                                                                                                                               
           Right of use of mineral assets                                                                     214              169            191    
           ERP development and other software                                                                 140              137            143    
           Brand and trademarks                                                                               339              345            332    
           Customer relationships - contractual and non-contractual                                            73              123            106    
                                                                                                              766              774            772  
           (a) The split between property, plant and equipment (PPE) and intangible assets on the contribution made by a then non-current shareholder 
               into PPC Barnet DRC Holdings was finalised in 2015 and R115 million was transferred from PPE and represents the value of the mineral 
               reserves and mining rights.                                                    
   
           The group does not have any indefinite life intangible assets, other than goodwill.   

                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm   
   9       Equity accounted investments                                                                                                              
           Investments at cost                                                                                201              133            126    
           Loans advanced                                                                                       -               45              -    
           Share of retained profit                                                                           (1)               41            (1)    
           Balance at end of the period                                                                       200              219            125    
           Comprising:                                                                                                                               
           Afripack Limited                                                                                     -               94              -    
           Habesha Cement Share Company                                                                       196              121            121    
           Other minor equity accounted investments                                                             4                4              4    
                                                                                                              200              219            125  
  
         During the period an additional investment of R75 million was made in Habesha as PPC took-up its share of a rights offer made by the 
         company. As not all shareholders followed their rights, PPC’s shareholding subsequently increased to 35% from the 32% recorded at both 
         March and September 2015.               
 
         During the second half of the 2015 financial year, the board approved the sale of the investment in Afripack, resulting in R36 million 
         being classified to non-current assets held for sale (refer note 11). During the current reporting period the sale became effective and 
         the group disposed its full shareholding in Afripack.                                                        
                                                                                                                                                     
                                                                                                                                           Twelve 
                                                                                                       Six months       Six months         months
                                                                                                            ended            ended          ended
                                                                                                         31 March         31 March        30 Sept
                                                                                                             2016             2015           2015
                                                                                                         Reviewed        Unaudited        Audited
                                                                                                               Rm               Rm             Rm
   10      Other non-current assets                                                                                                                  
           Advance payments for plant and equipment(a)                                                        142              325            148    
           Derivative asset                                                                                     2                -              -    
           Investment in government bonds(b)                                                                    8                -              7    
           Loans advanced                                                                                       -                -              1    
           Unlisted collective investment(c)                                                                  119              116            117    
           Unlisted investment at fair value(d)                                                                 -               95             82    
           VAT receivable(e)                                                                                  319                -              -    
                                                                                                              590              536            355    
         (a) In terms of the construction agreements with the suppliers of the new cement plants in Rwanda, DRC and Zimbabwe, a portion of the full 
             contract price is required to be paid in advance of the plant construction. The advance payments are secured by advance payment bonds, 
             and will be recycled to property, plant and equipment as the plants are constructed.                                                        
         (b) Represent government of Zimbabwe treasury bills carried at fair value. The treasury bills were issued in September 2015 in exchange for 
             funds previously expropriated by the government in 2007. The treasury bills have a face value of R10 million, repayable in three equal 
             annual instalments from June 2017 to June 2019. A discount rate of 12% was applied in determining the fair value on initial recognition. 
             Interest is paid biannually at a total rate of 5% per annum.                                                        
         (c) Comprises an investment by the PPC Environmental Trust in local unit trusts. These investments are held to fund PPC’s South African 
             environmental obligations.                                                        
         (d) PPC Ltd disposed its 6,75% (March 2015: 6,75%, September 2015: 6,75%) shareholding in Ciments du Bourbon, incorporated in Reunion, 
             during the current reporting period, with the resulting gain of R83 million recorded in other exceptional items (refer note 3). Ciments 
             du Bourbon was included under the cement segment in the segmental analysis.                                                        
         (e) The group has incurred VAT during the construction of the plant in the DRC and the amount receivable has been classified as non-current 
             in the current reporting period in contrast to the prior reporting period where the full amount was classified as current. 
             The change follows communication from the local revenue authorities around the delay in refund of VAT receivables. 

                                                                                                                                           Twelve 
                                                                                                      Six months       Six months          months
                                                                                                           ended            ended           ended
                                                                                                        31 March         31 March         30 Sept
                                                                                                            2016             2015            2015
                                                                                                        Reviewed        Unaudited         Audited
                                                                                                              Rm               Rm              Rm
   11      Non-current assets held for sale                                                                            
           Equity accounted investment (refer note 9) (a)                                                      -                -              36    
           Property, plant and equipment (refer note 6) (b)                                                   42                -              40    
                                                                                                              42                -              76    
         (a) During the current reporting period, the company finalised the sale of its 25% stake in Afripack for R70 million. The resultant profit 
             of R34 million has been included in other exceptional items. In 2015, the carrying amount immediately before classification as held for 
             sale was R36 million which was lower than its fair value less costs to sell of R70 million (which represented the estimated selling 
             price per the sales agreement less estimated transaction costs). Afripack was included under the cement segment in the segmental 
             analysis.                                                                              
         (b) In September 2015, the PPC Zimbabwe board approved the disposal of houses at its Colleen Bawn and Bulawayo factories which was 
             anticipated to be finalised in 12 months. The disposal is planned to be finalised by June 2016. No impairment loss was recognised on 
             the initial reclassification as management concluded that the fair value (estimated based on market prices of similar properties) less 
             costs to sell was higher than the carrying amount. The conclusion by management that no impairment loss should be recognised is still 
             appropriate during the current reporting period. PPC Zimbabwe is included under the cement segment in the segmental analysis.   
                                                                                                                                           Twelve 
                                                                                                      Six months       Six months          months
                                                                                                           ended            ended           ended
                                                                                                        31 March         31 March         30 Sept
                                                                                                            2016             2015            2015
                                                                                                        Reviewed        Unaudited         Audited
                                                                                                              Rm               Rm              Rm 
   12      Trade and other receivables                                                                            
           Trade receivables                                                                                 982            1 013             931    
           Impairment of trade receivables                                                                  (77)             (54)            (70)    
           Net trade receivables                                                                             905              959             861    
           Loan relating to non-current asset held for sale - Afripack (refer notes 9, 11)                     -                -              46    
           Mark to market cash flow hedge                                                                     48                -              38    
           Mark to market fair value hedge                                                                    28                -              13    
           Other financial receivables                                                                       111               65              50    
           Trade and other financial receivables                                                           1 092            1 024           1 008    
           Prepayments                                                                                        65               48              75    
           Taxation prepaid                                                                                   30                -               8    
           VAT receivable on plant and equipment imported into the DRC (refer note 10)                         -                -             141    
                                                                                                           1 187            1 072           1 232    
                                                                                                              
                                                                                                                                           Twelve 
                                                                                                      Six months       Six months          months
                                                                                                           ended            ended           ended
                                                                                                        31 March         31 March         30 Sept
                                                                                                            2016             2015            2015
                                                                                                        Reviewed        Unaudited         Audited
                                                                                                    Shares (000)     Shares (000)    Shares (000)
   13      Stated capital                                                                                     
           Number of shares and weighted average number of shares                                                                            
           Number of shares                                                                                   
           Total shares in issue at beginning of the period                                              605 380          605 380         605 380    
           Shares issued to non-controlling shareholders in Safika on exercise of put-option(a)            1 801                -               -    
           Total shares in issue at end of the period before adjustments for shares treated 
           as treasury shares                                                                            607 181          605 380         605 380    
           Adjustments for shares treated as treasury shares:                                                                            
           Shares held by consolidated participants of the second BBBEE transaction(b)                  (37 382)         (37 382)        (37 382)    
           Shares held by consolidated BBBEE trusts and trust funding SPVs(c)                           (34 477)         (34 477)        (34 477)    
           Shares held by consolidated Porthold Trust (Private) Limited(d)                               (1 285)          (1 285)         (1 285)    
           Shares purchased in terms of the FSP share incentive scheme(e)                                (5 563)          (5 328)         (6 343)    
           Total shares in issue at end of the period (net of shares treated as treasury shares)         528 474          526 908         525 893    
                                                                                                              
           Weighted average number of shares, used for:                                                                            
           Earnings and headline earnings per share                                                      526 076          527 189         526 022    
           Dilutive earnings and headline earnings per share                                             534 037          532 236         532 236    
           Cash earnings per share                                                                       527 877          527 189         526 022    
                                                                                                              
         Shares are weighted for the period in which they are entitled to participate in the profits of the group.
                                                                                                                                           Twelve 
                                                                                                      Six months       Six months          months
                                                                                                           ended            ended           ended
                                                                                                        31 March         31 March         30 Sept
                                                                                                            2016             2015            2015
                                                                                                        Reviewed        Unaudited         Audited
                                                                                                              Rm               Rm              Rm   
   13      Stated capital continued                                                                            
           Balance at beginning of the period                                                            (1 165)          (1 173)         (1 173)    
           Shares purchased in terms of the FSP share incentive scheme                                         -                -            (24)    
           Vesting of shares held by BBBEE 1 entities (c)                                                      -                9               9    
           Vesting of shares held in terms of the FSP share incentive scheme (e)                              26               23              23    
           Shares issued to non-controlling shareholders in Safika on exercise of put-option (a)              26                -               -    
           Balance at end of the period                                                                  (1 113)          (1 141)         (1 165)    
         (a) At the AGM held on 25 January 2016, shareholders approved the early settlement of the remaining put option held by management of Safika 
             Cement Holdings Pty Ltd for R44 million, to be settled via cash of R18 million and the issue of new PPC shares of R26 million. This 
             resulted in PPC acquiring a further 9,59% in Safika. The shares were issued on 31 March 2016.
         (b) Shares issued in terms of the second BBBEE transaction which was facilitated by means of a notional vendor funding (NVF) mechanism, with 
             the transaction period concluding on 30 September 2019. These shares participate in 20% of the dividends declared by PPC during the NVF 
             period. With the exception of the Bafati Investment Trust, entities participating in this transaction are consolidated into the PPC 
             group in terms of IFRS 10 Consolidated Financial Statements, during the transaction term.
         (c) In terms of IFRS 10, certain of the BBBEE trusts and trust funding SPVs from PPC’s first BBBEE transaction are consolidated, and as a 
             result, shares owned by these entities are carried as treasury shares on consolidation. During the period, no shares (March 2015: 287 361 
             shares; September 2015: 287 361 shares) vested to beneficiaries.
         (d)  Shares owned by a Zimbabwean employee trust company treated as treasury shares.
         (e) In terms of the forfeitable share incentive scheme, 5 563 488 (March 2015: 5 328 219; September 2015: 6 342 640) shares are held in 
             total for participants of this long-term incentive scheme. The shares are treated as treasury shares during the various vesting periods 
             of the awards. During the period, 779 152 (March 2015: 537 632; September 2015: 728 200) shares vested and are therefore no longer treated 
             as treasury shares.                                                                              

   14      Borrowings
                                                                                                                                                                 Six           Six      Twelve    
                                                                                                                                                              months        months      months    
                                                                                                                                                               ended         ended       ended    
                                                                                                                                                            31 March      31 March     30 Sept    
                                                                                                                                                                2016          2015        2015     
                                                                                                                                                            Reviewed     Unaudited     Audited     
                                             Terms                                     Security                           Interest rate                           Rm            Rm          Rm     
           Notes(a)                          Various, refer below                      Unsecured                          Various, refer below                 1 747         2 398       2 398
   
           Long-term loan                    Interest is payable biannually            Unsecured                          Fixed 10.86%                         1 417         1 520       1 520    
                                             with a bullet capital repayment 
                                             in December 2016                          
 
           Long-term loan(b)                 Interest is payable quarterly             Unsecured                          Variable rates at 400                  555             -           -    
                                             with a bullet capital repayment                                              basis points above JIBAR
                                             in September 2017
 
           Long-term loan                    Interest is payable monthly with          Unsecured                          Variable rates at 125 basis            900             -           -    
                                             a bullet capital repayable                                                   points above JIBAR                                             
                                             18 months after notice period                                                                                                                        
           Project funding                                                                                                                                     3 372           952       2 357   
   
           US dollar-denominated             US dollar denominated, repayable          Secured by CIMERWA’s               Variable at 725 basis points           806           560         641    
                                             in monthly instalments over a             property, plant and equipment      above six-month US dollar 
                                             10-year period, starting March 2016       (refer note 6)                     LIBOR

           Rwandan franc-denominated         Rwanda franc denominated, repayable       Secured by CIMERWA’s               Fixed rate of 16%                      474           255         357    
                                             in monthly instalments over a             property, plant and equipment
                                             10-year period, starting March 2016       (refer note 6) 
  
           US dollar-denominated             US dollar-denominated, interest           Secured by PPC Zimbabwe’s          Six-month US dollar                    550           137         421    
                                             payable biannually. First capital         property, plant and equipment      LIBOR plus 700 basis 
                                             repayment in December 2016; thereafter    (refer note 6)                     points  
                                             biannual repayments in equal 
                                             instalments over five years
 
           US dollar-denominated             US dollar-denominated, capital and       Secured by PPC Barnet DRC’s         Six-month US dollar LIBOR            1 542             -         938    
                                             interest payable bi-annually starting    property, plant and equipment       plus 725 basis points
                                             July 2017 ending January 2025            (refer note 6) 
                                                                                                                                                               7 991         4 870       6 725
                                                                                                                                                                                                  
           Long-term borrowings 
           before BBBEE 
           transaction
           BBBEE transaction                                                                                                                                     844         1 138       1 227   
   
           Preference shares                 Dividends are payable biannually,         Secured by guarantee               Variable rates at 81.4%                 33            31          64    
                                             with annual redemptions ending            from PPC Ltd                       of prime and fixed rates                          
                                             December 2016                                                                of 9,24% to 9,37%             
  
  
           Preference shares                 Dividends are payable biannually          Secured by PPC shares              Variable rates at 86.9%                 16            17          72    
                                             with capital redeemable from              held by the SPVs                   of prime                                                        
                                             surplus funds. Compulsory annual                                                                                                                     
                                             redemptions until December                                                                                                                           
                                             2016
  
           Preference shares                 Capital and dividends repayable           Secured by guarantee               Variable rates at 78%                  393           396         395    
                                             by December 2016, with capital            from PPC Ltd                       of prime                                                               
                                             capped at R400 million
  
           Long-term borrowings              Capital and interest repayable by         Secured by guarantee               Variable rates at 285                  402           694         696    
                                             December 2016, with capital               from PPC Ltd                       basis points above                                                     
                                             capped at R700 million                                                       JIBAR
           Long-term borrowings                                                                                                                                8 835         6 008       7 502  
   
           Less: Short-term portion                                                                                                                          (4 221)         (792)       (791)    
           of long-term borrowings
                                                                                                                                                               4 614         5 216       6 711    
           Add: Short-term borrowings                                                                                                                          4 557         1 556       1 510    
           and short-term portion of
           long-termborrowings   
           Total borrowings                                                                                                                                    9 171         6 772       8 221    
           Maturity analysis of long-term                                                                                                                                                  
           liabilities obligations:
           One year                                                                                                                                            4 221           792         791    
           Two years                                                                                                                                           1 777         2 925       2 877    
           Three years                                                                                                                                           394           142         303    
           Four years                                                                                                                                            393           892       1 056    
           Five and more years                                                                                                                                 2 050         1 257       2 475    
                                                                                                                                                               8 835         6 008       7 502    
                                                                                                                                                                                                    
           (a)  Comprise three unsecured notes at 31 March 2016, issued under the company’s R6 billion domestic medium-term note programme (DMTN), and are recognised net of
                capitalised transaction costs:                                                                         
                                                                                                                      Twelve 
                                                                                 Six months       Six months          months
                                                                                      ended            ended           ended
                                                                                   31 March         31 March         30 Sept
                                                                                       2016             2015            2015
                                                                                   Reviewed        Unaudited         Audited
                    Note number, term and interest rate                                  Rm               Rm              Rm 
                                                               Issue date                                                      
                    PPC 001: three years; three-month          March 2013                 -              650             650    
                    JIBAR plus 1,26%                                                                                            
                    PPC 002: five years; three-month        December 2013               750              750             750    
                    JIBAR plus 1,5%                                                                                             
                    PPC 003: five years; three-month            July 2014               750              750             750    
                    JIBAR plus 1,48%                                                                                            
                    PPC 004: seven years; 9,86%                 July 2014               250              250             250    
                                                                                      1 750            2 400           2 400    
                    Less: Transaction costs capitalised                                  (3)              (2)             (2)    
                                                                                      1 747            2 398           2 398    
                    Less: Short-term portion                                        (1 747)            (650)           (650)    
                                                                                          -            1 748           1 748    
                  On 30 May 2016, S&P Global Ratings (S&P) released a report on PPC which reflected a decline in ratings from zaA/zaA-2 to zaBB-/zaB
                  long and short-term South Africa national scale. Due to the long-term rating falling below zaBBB-, the company was obliged to offer 
                  an early redemption to noteholders in terms of the DMTN. The notes have therefore been reclassified from long-term to 
                  short-term borrowings.                                                                           
  
                  PPC is in the process of securing adequate bridging guarantee funding for the potential redemption from a consortium of local 
                  financial institutions subject to certain terms and conditions, which management are satisfied will be met.                                                          
                  
                  The bridging guarantee facility will bear interest at JIBAR plus 10% and repayment is due from the proceeds of a successful rights 
                  issue, or 1 November 2016 if earlier.                     
  
           (b)    During the period the company secured funding of R2 billion for an 18-month period. The funding was partly used to settle the first 
                  bond repayment while the balance of the facility will be used to repay the remaining portion of the BBBEE liability due in December 
                  2016 after which the company will receive proceeds from the compulsory subscription by the strategic black partners and community 
                  service groups in terms of the company’s first BBBEE transaction. Transaction costs of R35 million were capitalised against the 
                  facility and will be amortised over the period of the funding.                                   
  
                  The group is in compliance with its debt covenants for the March 2016 reporting period or has received waivers in respect thereof.

                                                                                                                                       Twelve 
                                                                                                  Six months       Six months          months
                                                                                                       ended            ended           ended
                                                                                                    31 March         31 March         30 Sept
                                                                                                        2016             2015            2015
                                                                                                    Reviewed        Unaudited         Audited
                                                                                                          Rm               Rm              Rm   
   15      Other non-current liabilities                                                                                                        
           Cash-settled share-based payment liability                                                      3               11               5    
           Liability to non-controlling shareholders in wholly owned subsidiary(a)                        17                -              17    
           Put option liabilities                                                                        415              151             464    
           Retentions held for plant and equipment(b)                                                     97                -             204    
                                                                                                         532              162             690    
           Less: Short-term portion of other non-current liabilities                                     (3)            (118)            (47)    
                                                                                                         529               44             643    
         (a) Relates to interest payable on the initial equity contributions into the DRC group of companies by a non-controlling shareholder. The 
             accruing of interest ceased in September 2015 and the amount payable will be repaid once the external funding has been settled.    
 
         (b) Retentions held for the construction of the cement plants. These retentions will be paid over to the contractors once the plant 
             achieves guaranteed performance targets.                                     
 
         Put option liabilities
         PPC Barnet DRC
         The International Finance Corporation (IFC) was issued a put option in 2015 in terms of which PPC is required to purchase all or part 
         of the class C shares held by the IFC in PPC Barnet DRC Holdings. The put option may be exercised after six years from when the IFC 
         subscribed for the shares but only for a five-year period. The put option value is based on the company’s forecast EBITDA applying a 
         forward multiple less net debt. Forecasted EBITDA is based on financial forecasts approved by management, with pricing and margins 
         similar to those currently being achieved by the business unit while selling prices and costs are forecast to increase at local inflation 
         projections and extrapolated using local GDP growth rates ranging between 5% and 9% taking cognisance of the plant production ramp-up and 
         adjusted for the impact of competitor activity. The forward multiple was determined using comparison of publically available information 
         of other cement businesses operating in the similar territories. The present value of the put option was calculated at R415 million 
         (March 2015: Rnil ; September 2015: R422 million).
 
         Safika Cement
         With the purchase of the initial 69,3% equity stake in Safika Cement, PPC granted non-controlling shareholders individual put options, with 
         different exercise dates, for the sale of their remaining shares in the company to PPC. One of the put options, representing 21,1% shareholding 
         in Safika Cement, was exercised during the 2015 financial year for R108 million. The other put option, representing 9.59% shareholding in Safika 
         Cement, was anticipated to be exercised on the fifth anniversary of the transaction, but in September 2015 this was classified as current as it 
         was the intention to early settle the remaining put option. In January 2016, shareholders approved the early settlement of the remaining put 
         option through the combination of a fresh share issue and cash payment. At March 2016, the put option liability (refer to note 16) was Rnil 
         (September 2015: R42 million). The put option liability was calculated using the company’s forecast EBITDA applying an earnings multiple 
         dependent on the level of EBITDA achieved less net debt.                                                        
                                                                                                                                            
                                                                                                                                       Twelve 
                                                                                                  Six months       Six months          months
                                                                                                       ended            ended           ended
                                                                                                    31 March         31 March         30 Sept
                                                                                                        2016             2015            2015
                                                                                                    Reviewed        Unaudited         Audited
                                                                                                          Rm               Rm              Rm 
   16      Trade and other payables and short-term provisions                                                                                    
           Cash-settled share-based payment liability (short-term portion) (refer note 15)                 3               10               5    
           Capital expenditure payables                                                                  229               58             147    
           Derivative financial instruments                                                                1                2               1    
           Other financial payables                                                                       89              297             113    
           Put option liability (refer note 15)                                                            -              108              42    
           Retentions held for plant and equipment                                                        67              136             116    
           Trade payables and accruals                                                                   994              525             924    
           Trade and other financial payables                                                          1 383            1 136           1 348    
           Payroll accruals                                                                              139              157             310    
           Taxation payable                                                                               18              125             112    
                                                                                                       1 540            1 418           1 770    
   17      Investment in property, plant and equipment and intangible assets                                                                     
           Cement                                                                                      1 125              984           2 777    
           Lime                                                                                           37               11              45    
           Aggregates and readymix                                                                        26               13              70    
           Investment in property, plant and equipment and intangible assets                           1 188            1 008           2 892    
           South Africa                                                                                  474              233             933    
           Rest of Africa                                                                                714              775           1 959    
                                                                                                                                                 
   18      Commitments                                                                                                                           
           Contracted capital commitments                                                              2 289            3 781           3 594    
           Approved capital commitments                                                                  994            2 364           1 049    
           Capital commitments                                                                         3 283            6 145           4 643    
           Operating lease commitments                                                                   124              148             171    
           Equity commitment(a)                                                                            -              158               -    
                                                                                                       3 407            6 451           4 814    
           Capital commitments                                                                                                                   
           South Africa                                                                                1 649            2 088           2 409    
           Rest of Africa                                                                              1 634            4 057           2 234    
                                                                                                       3 283            6 145           4 643    
           Capital commitments are anticipated to be incurred:                                                                                  
           - within one year                                                                           2 731            2 861          2 758    
           - between one and two years                                                                   543            2 592          1 518    
           - greater than two years                                                                        9              692            367    
                                                                                                       3 283            6 145          4 643    
         (a) During November 2014, PPC advised of the conclusion of discussions to acquire the Industrial Development Corporation’s (IDC) 20% 
             stake in Ethiopian based Habesha Cement Share Company for a purchase consideration of US$13 million. During the second half of 
             the 2015 financial year the company did not exercise its rights to purchase the IDC’s stake but rather support the upcoming rights 
             issue of Habesha (refer note 9).                                                        
                                                                                                                                                
         Project funding has been secured for the DRC and Zimbabwe projects, amounting to                                                         
         US$168 million and US$75 million respectively. In addition, the IFC subscribed for equity in the DRC project and now holds 10% equity 
         in the project. The one million tons per annum plant in the DRC is expected to be commissionedduring PPC's financial year, while the 
         700 000 tons per annum mill in Zimbabwe is also on track to be commissioned at the end of the 2016 calendar year. The one million tons 
         per annum kiln expansion at Slurry is planned to be commissioned during the 2018 financial year. A portion of the planned capital raise 
         will also be used to fund the expansion projects. 
                                                                                                                                                
         The transaction to acquire a 100% shareholding in 3Q Mahuma Concrete Pty Limited is nearing completion with the transaction close out 
         expected to be finalised by the end of June 2016. The estimated purchase consideration of R140 million will be settled via the issue of 
         new PPC shares.                                                        

                                                                                                                                                            
   19      Fair values of financial assets and liabilities                                                                                                  
           The financial assets and liabilities carried at fair value are classified into three categories as reflected below:
                                                                                                                                                  Twelve 
                                                                                                               Six months      Six months         months
                                                                                                                    ended           ended          ended
                                                                                                                 31 March        31 March        30 Sept
                                                                                                                     2016            2015           2015
                                                                                                                 Reviewed       Unaudited        Audited
                                                                                      Note       Level *               Rm              Rm             Rm 
           Financial assets                                                                                                                                 
           Available-for-sale                                                                                                                               
           Unlisted investments at fair value(a)                                        10             2                -              95             82    
           Loans and receivables                                                                                                                            
           Investment in government bonds                                               10             2                8               -              7    
           Loans advanced                                                               10             2                -               -              1    
           Loans relating to non-current assets held for sale                           12             2                -               -             46    
           Mark to market fair values                                                10/12             1               78               -             51    
           Amounts owing by equity accounted investment                                  9             2                -              45              -    
           Trade and other financial receivables                                        12             2            1 001           1 024            911    
           Cash and cash equivalents                                                                   1              460             464            718    
           At fair value through profit and loss                                                                                                            
           Unlisted collective investments at fair value (held for trading)             10             1              119             116            117    
           Non-current assets held for sale                                             11             2               42               -            110    
           Total financial assets                                                                                   1 708           1 744          2 043    
           Level 1                                                                                                    657             580            886    
           Level 2                                                                                                  1 051           1 069          1 157    
           Level 3                                                                                                      -              95              -    

           Financial liabilities                                                                                                                            
           At amortised cost                                                                                                                                
           Long-term borrowings                                                         14             2            4 614           5 388          6 727    
           Short-term borrowings                                                        14           1/2            4 556           1 556          1 510    
           Trade and other financial payables                                           16             2            1 476           1 016          1 504    
           At fair value through profit and loss                                                                                                            
           Cash-settled share-based payment liability                                   15             2                3              11              5    
           Put option liabilities                                                       15             3              415             151            464    
           Derivatives                                                                                                                                      
           Derivative instruments-current (cash flow hedge)                             16             2                1               2              1    
           Total financial liabilities                                                                             11 065           8 124         10 211    
           Level 1                                                                                                  2 083           1 556          1 510    
           Level 2                                                                                                  8 567           6 417          8 237    
           Level 3                                                                                                    415             151            464    
                                                                                                                                                            
         Methods and assumptions used by the group in determining fair values:                                                                                   
         * Level 1 - financial assets and liabilities that are valued accordingly to unadjusted market prices for similar assets and liabilities. 
           Market prices in this instance are readily available and the price represents regularly occurring transactions which have been 
           concluded on an arm’s-length transaction.                                                                                   
         * Level 2 - financial assets and liabilities are valued using observable inputs, other than the market prices noted in the level 1 
           methodology, and make reference to pricing of similar assets and liabilities in an active market or by utilising observable prices 
           and market-related data.                                                                                   
         * Level 3 - financial assets and liabilities that are valued using unobservable data, and requires management judgement in determining 
           the fair value. Refer note 15 for quantitative information and significant assumptions on the unobservable inputs used to determine 
           fair value liabilities.            
   
         The estimated fair value of financial instruments is determined, at discrete points in time, by reference to the mid price in an active 
         market wherever possible. Where no such active market exists for the particular asset or liability, the group uses valuation techniques 
         to arrive at fair value, including the use of prices obtained in recent arm’s-length transactions, discounted cash flow analysis and other 
         valuation techniques commonly used by market participants.                                                                    
 
         The fair value of the unlisted investment has been valued based on the purchase agreement following the decision to dispose of the 
         investment. Further details are disclosed in note 10.                 
 
         The fair value of loans receivable and payable is based on the market rates of the loan and the recoverability.                          
 
         The fair value of cash and cash equivalents, trade and other financial receivables and trade and other financial payables approximate 
         their respective carrying amounts of these financial instruments because of the short period to maturity.       
 
         Put option liabilities have been calculated using EBITDA forecasts prepared by management and discounted to present value. Further 
         details are disclosed in note 15.                                             
 
         The fair value of derivative financial instruments relating to cash-settled share appreciation rights is determined with reference to 
         valuation performed by third-party financial institutions at reporting date, using an actuarial binomial pricing model.
                                                                                                                                                            
           Level 3 sensitivity analysis                                                                                                                     
           Financial instrument                                                           Main         Carrying           
                                                                       Valuation       assump-            value        Decrease       Increase    
                                                                       technique         tions               Rm              Rm             Rm    
           Put option liabilities                                       Earnings        EBITDA       
                                                                        multiple       and net                                                    
                                                                                          debt              415              74             74 
         If the key unobservable inputs to the valuation model, being estimated EBITDA and net debt, were 1% higher/lower while all other variables 
         were held constant, carrying amount of the put option liabilities would decrease/increase by R74 million.     
 
         The sensitivities are only based on the DRC put option as any movement on the remainder of the Safika put options are not deemed material.
           Movements in level 3 financial instruments                                                                                             
           Financial assets                                                                                  Rm              Rm             Rm    
           Balance at beginning of the period                                                                 -              95             95    
           Remeasurements                                                                                     -               -           (13)    
           Transfer to level 2                                                                                -               -           (82)    
           Balance at end of the period                                                                       -              95              -    
           Financial liabilities                                                                                                                  
           Balance at beginning of the period                                                               464             145            145    
           Exercised during the period                                                                     (42)               -          (108)    
           Put options issued                                                                                 -               -            422    
           Remeasurements                                                                                  (16)               -           (14)    
           Time value of money adjustments                                                                    9               6             19    
           Balance at end of the period                                                                     415             151            464  
   
   20      Events after the reporting date                                                                                                        
         Post-period-end S&P downgraded PPC’s credit rating resulting in the long-term notes becoming payable in the short term and the notes have 
         been reclassified accordingly (refer note 14). With the acceleration of the repayment of the notes, the liquidity of the group has been 
         impacted. The group is in the final stages of securing bridging guarantee funding (refer note 14) which will assist with short-term 
         liquidity requirements. In order to strengthen the capital structure of the group, a capital rights issue has been announced whereby the 
         group anticipates to raise between R3 billion and R4 billion. This note should be read in conjunction with note 1 under the section 
         going concern.


Administration
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE code: PPC 
JSE ISIN: ZAE 00017049 
ZSE code: PPC

Directors            
Executive: DJ Castle (chief executive officer), MMT Ramano (chief financial officer)
Non-executive: PG Nelson (interim chairman), S Dakile-Hlongwane, N Goldin, TJ Leaf-Wright, T Mboweni, SK Mhlarhi, B Modise, T Moyo*, 
CH Naude, TDA Ross,
*Zimbabwean

Registered office            
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton 2146, South Africa)

Transfer secretaries
Computershare Investor Services (Pty) Ltd
Ground Floor, 70 Marshall Street, Marshalltown, South Africa
(PO Box 2209, Harare, Zimbabwe)

Transfer secretaries Zimbabwe
Corpserve (Private) Limited
4th Floor, Intermarket Centre, 
Corner 1st Street/Kwame Nkrumah Avenue, 
Harare Zimbabwe
(PO Box 2208, Harare, Zimbabwe)

Company secretary
JHDLR Snyman
148 Katherine Street, Sandton, South Africa
PO Box 787416, Sandton, 2146, South Africa

Sponsor
Merrill Lynch South Africa (Pty) Ltd
138 West Street, Sandton, South Africa 
(PO Box 651987, Benmore 2010, South Africa)


Disclaimer 
This document including, without limitation, those statements concerning 
the demand outlook, PPC’s expansion projects and its capital resources and 
expenditure, contain certain forward-looking views. By their nature, 
forward looking statements involve risk and uncertainty and although PPC 
believes that the expectations reflected in such forward looking statements 
are reasonable, no assurance can be given that such expectations will prove 
to have been correct. Accordingly, results could differ materially from 
those set out in the forward looking statements as a result of, among other 
factors, changes in economic and market conditions, success of business and 
operating initiatives, changes in the regulatory environment and other 
government action and business and operational risk management. While PPC 
takes reasonable care to ensure the accuracy of the information presented, 
PPC accepts no responsibility for any consequential, indirect, special or 
incidental damages, whether foreseeable or unforeseeable, based on claims 
arising out of misrepresentation or negligence arising in connection with 
a forward looking statement. This document is not intended to contain any 
profit forecasts or profit estimates.

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