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PPC LIMITED - Reviewed Condensed Consolidated Financial Statements for the quarter ended 30 June 2016

Release Date: 24/08/2016 16:51
Code(s): PPC     PDF:  
Wrap Text
Reviewed Condensed Consolidated Financial Statements for the quarter ended 30 June 2016

PPC Limited                                                
(Incorporated in the Republic of South Africa)                                                
(Company registration number 1892/000667/06)                                                
JSE Code: PPC       
JSE ISIN: ZAE 000170049                                                
ZSE Code: PPC                                                      
   
REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
For the quarter ended 30 June 2016

•  GROUP CEMENT SALES VOLUMES IMPROVE BY 9%
•  RWANDA RAMP UP CONTINUES AS PLANNED
•  GROUP REVENUE OF R2,4 BILLION - UP 6%
•  GOOD COST CONTAINMENT, WITH OVERHEAD COSTS DECREASING 17% TO R251 MILLION
•  EBITDA OF R574 MILLION - DOWN 1% 
•  EARNINGS PER SHARE DOWN 55% TO 17 CENTS 

Darryll Castle, CEO, said: “PPC’s group revenue has improved by 6% supported by strong cement sales volume growth in
South Africa and Rwanda. Cement sales volumes grew in excess of 30% in the Coastal regions in South Africa. The 
downward pricing trend in the South African cement market seems to be slowing however on a year-on-year basis, single 
digit declines were recorded. The materials business also contributed positively to group revenue. Good cost control 
has led to further impressive declines in group overheads while variable delivered cost of sales per tonne in the 
South African cement business were well below inflation. The steady ramp up in Rwanda continues at a measured pace, 
with over 60 000 tonnes of cement sold in this quarter at market related pricing. The Harare mill is at an advanced 
stage with first product sales expected during the last calendar quarter of 2016. We continue to expect product sales 
in the DRC and Ethiopia in calendar 2017.” 

COMMENTARY 

PPC group performance
Group revenue increased by 6%, from R2 278 million for the three months ended 30 June 2015 to 
R2 425 million for the three months ended 30 June 2016. Cement sales revenue in South Africa rose by 2% with volumes
rising 9%; reflective of a weaker year-on-year pricing environment. The strong volume growth is largely as a result 
of reduced import activity in the coastal regions. Revenues from outside South Africa rose by 19% on the back of 
significant volume growth at our newly commissioned plant in Rwanda as well as gains from currency translations in 
Zimbabwe and Botswana. The materials division recorded a 1% increase in revenues despite some weakness in lime 
volumes. 
  
The group’s cost of sales increased by 14% to R1 795 million (2015: R1 569 million). This increase was mainly due to
higher volumes in the South African cement business and logistics costs increasing by 3% as a result of increased 
lead distances while on variable cost per tonne, the South African cement business once again reflected good cost 
management as costs ended in line with those achieved last year. On consolidation of foreign currency denominated 
subsidiaries, the weakness of the rand contributed to rising cost of sales. 

Gross profit decreased by 11%, from R709 million for the quarter ended June 2015 to R630 million for the current
quarter. This decrease was mainly ascribed to the impact of selling prices pressures felt in our key cement operating 
markets together with the lower sales volumes in Zimbabwe and Botswana.

Administration and other operating expenditure of R251 million decreased by 17% from the R301 million recorded in
2015 following continued benefits from the Profit Improvement Programme, combined with savings from lower marketing 
costs and IFRS 2 charges on the group’s long-term incentive schemes.

Group EBITDA declined 1% to R574 million (2015: R580 million), with an EBITDA margin of 23,7% (2015: 25,5%) mainly 
due to weakness in the selling pricing environment.

Finance costs, including fair value adjustments on financial instruments, increased by 79% from R131 million to R235
million. The year-on-year increase was mainly due CIMERWA’s finance costs of R53 million being expensed to the income
statement during the current reporting period in comparison to the prior reporting period where they were capitalised 
in terms of pre-commissioning costs. Raising and arrangement costs of R39 million were also incurred on the liquidity
and guarantee facility that was secured in June 2016 to redeem noteholders. 

The group’s taxation charge decreased by 43% from R102 million to R58 million, while the effective taxation rate
increased four percentage points to 41.7%. The decrease in the taxation charge is as a result of the lower 
profitability achieved partly offset by increased foreign withholding taxes of R19 million on dividends declared from 
subsidiary companies.

Profit for the period of R81 million decreased by 52% from the R169 million recorded in 2015 on reduced gross profits,
higher finance costs and increased withholding taxation partially offset by savings in administration and other
operating expenditure.

Cash generated from operations of R470 million (2015: R666 million) was significantly lower on the back of increasing
working capital. Similarly, the group cash-conversion ratio at 0,8 was below the 1,1, which was achieved in the 
previous period. 

Capital investments in property, plant and equipment amounted to R542 million (2015: R1 013 million), with R481 million 
used for the Slurry kiln 9 project in South Africa and expansions in the DRC and Zimbabwe. Group debt has increased to
R9 609 million (March 2016: R9 171 million) as the company made use of the project funding facilities.

CEMENT
PPC group cement revenue rose 9% to R1 959 million (2015: R1 795 million) on volume growth despite increased
competition, while EBITDA fell 2,5% to R467 million (2015: R479 million). The EBITDA margin fell to 24% from 27% due 
to selling pricing pressures. 

South Africa 
PPC’s cement sales volumes improved by 9% reflecting strong volume growth in the coastal regions. Sales volumes in the
Western and Eastern Cape provinces rose by over 30% benefitting from lower import activity. No volume growth was
recorded in the Inland and Gauteng regions reflecting the intense competitor pressure in these regions. Average selling 
prices declined by 7% across the country against the same period last year.  

Variable delivered cost of sales per tonne ended in line with the amount achieved in the prior reporting period while
fixed costs decreased by 1%. Cost savings were realised from maintenance, depreciation and power, partly offset by
higher fuel costs. 

International 
Cement revenue in the International business division rose 19% to R687 million (2015: R577 million) largely due to the
ramping up of the 600 000 tonne per annum plant in Rwanda. In line with this, EBITDA increased 26% to R195 million
(2015: R150 million), bringing the EBITDA margin in this segment to 29%. Weakness in the Zimbabwean economy as well as 
the effect of some import activity has led to EBITDA margins in this unit declining 7 percentage points. Similarly, 
the Botswana division also recorded declines in EBITDA as volumes and selling prices declined. Volumes in excess of 
60 000 tons were sold in Rwanda during the quarter leading to increased contributions to revenues and EBITDA.

MATERIALS BUSINESS
Revenue in the lime business decreased 2% while it rose 4% in the aggregates and readymix divisions. Good product mix
and cost control in the lime business led to EBITDA remaining flat at R56 million while rising 13% in the aggregates 
and readymix divisions to end at R51 million (2015: R45 million).

PROJECTS UPDATE 
Democratic Republic of the Congo 
As at 30 June 2016, overall total factory construction was 85% complete. The group expects hot commissioning and first
clinker production to take place at the end of the 2016 calendar year, with first cement production and sales to start
in early 2017. Performance testing will be performed over the two months ending 30 April 2017, with an expected project
completion date and handover of operations by the end of June 2017. Production ramp-up will coincide with first cement
production.

Zimbabwe 
The Harare Mill was 84% complete at 30 June 2016, and commissioning and ramp-up is expected during the last calendar
quarter of 2016. Operational readiness activities are under way with staffing, skills transfer, material and equipment
plans being implemented against a ramp-up plan. Once the Harare Mill is commissioned, two smaller cement mills will be
retired resulting in a combined national capacity of 1.4mtpa benefitting from improved technology and scale 
efficiencies.

Ethiopia 
As at 30 June 2016, the Habesha plant was 74% complete. It is expected to be commissioned in the second calendar
quarter of 2017. 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 approximately R1.7 billion, 1mtpa clinker production line (SK9) at PPC Slurry is on schedule. Tower
crane erection and load tests are completed, preheater civil works are completed and on site manufacturing is about 
31% complete. While issuing work permits to the EPC contractor’s workforce has been delayed for 3 months, 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 2018. 

CONCLUSION OF ACQUISITION
In line with the materials business strategy, PPC concluded the acquisition of 3Q Mahuma Concrete (Pty) Ltd (3Q) 
on an asset-for-share agreement for a consideration of R135 million in July 2016. 3Q was one of the largest 
independently owned readymix concrete supplier in South Africa and has been in business for the past 9 years. The 
company has branches in Limpopo, Northwest, Northern Cape, Mpumalanga and Mozambique. This acquisition will extend 
PPC’s readymix footprint.

RIGHTS ISSUE
Following the finalisation of the liquidity and guarantee facility with the banks in June 2016, the company repaid
noteholders who elected to early redeem their notes following the downgrading of the company’s corporate credit 
rating in May 2016.

In terms of the proposed rights issue, shareholders approved all resolutions at the general meeting held on 
1 August 2016, thereby allowing the company to progress with its planned rights issue. In addition, on 
24 August 2016 the R4 billion capital raise was successfully underwritten. The timing of the rights issue remains 
on track for completion during September 2016.

Following the completion of the liquidity and guarantee facility and underwrite of the rights issue, the initial
disclaimer raised by the auditors on the group’s reviewed results to March 2016 is no longer applicable as the 
auditors have provided the company with an unmodified audit opinion on the results for the six months ended March 
2016. The company believes that once the proceeds of the rights issue are received, it will be able to meet its 
obligations as they fall due and be a going concern for the foreseeable future.

On behalf of the board

PG Nelson                               DJ Castle                                       MMT Ramano
Interim chairman                        Chief executive officer                         Chief financial officer
24 August 2016
                                          
                                                                                             
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                                                                         Six month
                                                                      Quarter ended     Quarter ended                 period ended    
                                                                            30 June           30 June                     31 March    
                                                                               2016              2015                         2016    
                                                                           Reviewed         Unaudited             %        Audited    
                                                               Notes             Rm                Rm        Change             Rm    
   Revenue                                                                    2 425             2 278             6          4 501    
   Cost of sales                                                              1 795             1 569            14          3 261    
   Gross profit                                                                 630               709          (11)          1 240    
   Administration and other operating expenditure                               251               301          (17)            489    
   Operating profit before item listed below:                                   379               408           (7)            751    
   Empowerment transactions IFRS 2 charges                                        8                 9                           18    
   Operating profit                                                             371               399           (7)            733    
   Finance costs (including fair value adjustments on 
   financial instruments)                                      2                235               131            79            350    
   Investment income                                                              3                 6                           12    
   Profit before exceptional items                                              139               274          (49)            395    
   Impairments                                                                    -               (3)                          (5)    
   Profit on sale of non-core assets                                              -                 -                          117    
   Profit before taxation                                                       139               271          (49)            507    
   Taxation                                                    3                 58               102          (43)            156    
   Profit for the period                                                         81               169          (52)            351    
   Attributable to:                                                                                                                   
   Shareholders of PPC Ltd                                                       87               198          (56)            369    
   Non-controlling interests                                                    (6)              (29)                         (18)    
   Other comprehensive income, net of taxation                            
   Items that will be reclassified to profit or loss                           (26)              (57)                          177    
   Cash flow hedges                                                            (19)                 -                           10    
   Taxation on cash flow hedges                                                   5                 -                          (3)    
   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    
   Translation of foreign operations                                           (12)              (57)                          237    
   Total comprehensive income                                                    55               112                          528    
   Attributable to:                                                                                                                   
   Shareholders of PPC Ltd                                                       70               174                          520    
   Non-controlling interests                                                   (15)              (62)                            8    
   EARNINGS PER SHARE (CENTS)                                  4                                                                      
   Basic                                                                         17                38          (55)             70    
   Diluted                                                                       16                38          (58)             69    


CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                            30 June           30 June      31 March    
                                                                               2016              2015          2016    
                                                                           Reviewed         Unaudited       Audited    
                                                            Notes                Rm                Rm            Rm    
   ASSETS                                                                                                              
   Non-current assets                                                        13 955            10 609        13 579    
   Property, plant and equipment                                5            12 082             8 854        11 716    
   Goodwill                                                     6               258               248           255    
   Other intangible assets                                      7               738               752           766    
   Equity accounted investments                                 8               200               219           200    
   Other non-current assets                                     9               621               516           590    
   Deferred taxation assets                                                      56                20            52    
                                                                                                                       
   Non-current assets held for sale                            10                42                 -            42    
                                                                                                                       
   Current assets                                                             2 879             2 627         2 768    
   Inventories                                                                1 070             1 045         1 121    
   Trade and other receivables                                 11             1 197             1 096         1 187    
   Cash and cash equivalents                                                    612               486           460    
                                                                                                                       
   Total assets                                                              16 876            13 236        1 ,389    
                                                                                                                       
   EQUITY AND LIABILITIES                                                                                              
   Capital and reserves                                                                                                
   Stated capital                                              12           (1 113)           (1 165)       ( ,113)    
   Other reserves                                                             1 555               942         1,558    
   Retained profit                                                            2 667             2 189         2 583    
                                                                                                                       
   Equity attributable to shareholders of PPC Ltd                             3 109             1,966         3,028    
   Non-controlling interests                                                    520               695           535    
   Total equity                                                               3 629             2 661         3 563    
                                                                                                                       
   Non-current liabilities                                                    7 495             7 380         6 729    
                                                                                                                       
   Provisions                                                                   414               401           408    
   Deferred taxation liabilities                               13             1 165               938         1 178    
   Long-term borrowings                                        14             5 373             5 897         4 614    
   Other non-current liabilities                               15               543               144           529    
                                                                                                                       
   Current liabilities                                                        5 752             3 195         6 097    
   Short-term borrowings                                       16             4 236             1 557         4 557    
   Trade and other payables and short-term provisions          17             1 516             1 638         1 540    
   Total equity and liabilities                                              16 876            13 236        16 389    
                                                                                                                       
   Net asset book value per share (cents)                                       588               373           573    


CONSENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                                                              Six month
                                                                                        Quarter ended    Quarter ended     period ended
                                                                                              30 June          30 June         31 March    
                                                                                                 2016             2015             2016    
                                                                                             Reviewed        Unaudited          Audited    
                                                                             Notes                 Rm               Rm               Rm    
   Cash flow from operating activities                                                                                                     
   Operating cash flows                                                                           575              565            1 137    
   Working capital movements                                                                    (105)              101            (324)    
   Cash generated from operations                                                                 470              666              813    
   Finance costs paid                                                         2/14              (324)             (90)            (292)    
   Investment income received                                                                       2                6                8    
   Taxation paid                                                                                  (5)             (43)            (195)    
   Cash available from operations                                                                 143              539              334    
   Dividends paid                                                                                   -            (126)            (185)    
   Net cash inflow from operating activities                                                      143              413              149    
   Cash flow from investing activities                                                                                                     
   Acquisition of additional shares in equity accounted 
   investment                                                                                       -                -             (75)    
   Investments in property, plant and equipment and intangible assets                           (542)          (1 013)          (1 188)    
   Movement in other non-current assets                                                             -                -            (181)    
   Proceeds on sale of equity accounted investment and available-for-sale
   financial asset                                                                                  -                -              153    
   Other investing movements                                                                     (13)                -                8    
   Net cash outflow from investing activities                                                   (555)          (1 013)          (1 283)    
   Cash flow from financing activities                                                                                                     
   Net borrowings raised before repayment of notes                              14                571              684            1 499    
   Purchase of shares in terms of the FSP share incentive scheme                12                  -             (24)                -    
   Repayment of notes                                                           14                  -                -            (650)    
   Net cash inflow from financing activities                                                      571              660              849    
                                                                                                                                           
   Net movement in cash and cash equivalents                                                      159               60            (285)    
   Cash and cash equivalents at beginning of the period                                           460              464              718    
   Exchange rate movements on opening cash and cash equivalents                                   (7)             (38)               27    
   Cash and cash equivalents at end of the period                                                 612              486              460    
   
   Cash earnings per share (cents) (a)                                                             27              103               63    
   Cash conversion ratio (b)                                                                      0.8              1.1              0.7    
   (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 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                          Other reserves
                                                     Foreign                                                          Equity       Non-
                                                    currency    Available-                 Equity                    attri-       cont-               
                                                      trans-      for-sale                compen-                 butable to    rolling                
                                          Stated      lation     financial    Hedging      sation    Retained   shareholders     inter-      Total     
                                         capital     reserve         asset    reserve     reserve      profit     of PPC Ltd       ests     equity     
                                              Rm          Rm            Rm         Rm          Rm          Rm             Rm         Rm         Rm     
   Balance at March 2015 (unaudited)     (1 141)         625            84          -         232       2 123          1 923        757      2 680     
   Dividends declared                          -           -             -          -           -       (129)          (129)          -      (129)     
   IFRS 2 charges                              -           -             -          -          22           -             22          -         22     
   Shares purchased in terms of FSP                                                                 
   incentive scheme treated as                                                                      
   treasury shares (refer note 12)          (24)           -             -          -           -           -           (24)          -       (24)     
   Total comprehensive income/(loss)           -        (24)             -          -           -         198            174       (62)        112     
   Transfer to retained profit                 -           -             -          -           3         (3)              -          -          -     
   Balance at June 2015 (unaudited)      (1 165)         601            84          -         257       2 189          1 966        695      2 661     
   Dividends declared                          -           -             -          -           -       (185)          (185)        (7)      (192)     
   IFRS 2 charges                              -           -             -          -          32           -             32          -         32     
   Investment by non-controlling                                                                    
   shareholder in PPC Barnet DRC                                                                    
   Holdings (refer note 15)                    -           -             -          -           -           -              -        134        134     
   Issuance of shares to fund an                                                                    
   additional investment in Safika                                                                  
   Cement (refer note 12 and 15)              26           -             -          -           -           -             26          -         26     
   Put option recognised on                                                                         
   non-controlling shareholder                                                                      
   investment in subsidiary                                                                         
   (refer note 15)                             -           -             -          -           -           -              -      (422)      (422)     
   Total comprehensive income/(loss)           -         644          (70)         34           -         595          1 203        122      1 325     
   Transactions with                                                                                
   non-controlling shareholders                                                                     
   recognised directly in equity               -           -             -          -           -        (14)           (14)         13        (1)     
   Transfer to retained profit                 -           -             -          -           2         (2)              -          -          -     
   Vesting of FSP share incentive                                                                   
   scheme awards                              26           -             -          -        (26)           -              -          -          -     
   Balance at March 2016 (audited)       (1 113)       1 245            14         34         265       2 583          3 028        535      3 563     
   IFRS 2 charges                              -           -             -          -          11           -             11          -         11     
   Total comprehensive income/(loss)           -         (3)             -       (14)           -          87             70       (15)         55     
   Transfer to retained profit                 -           -             -          -           3         (3)              -          -          -     
   Balance at June 2016 (reviewed)       (1 113)       1 242            14         20         279       2 667          3 109        520      3 629     


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 quarter under review.

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)              
                                                           30 June        30 June      31 March         30 June        30 June      31 March  
                                                              2016           2015          2016            2016           2015          2016  
                                                          Reviewed      Unaudited       Audited        Reviewed      Unaudited       Audited  
                                                                kt             kt            kt              kt             kt            kt  
   Volumes                                                                                                                                    

                                                                                                          1 415          1 298         2 614  
   Readymix volumes (000m3)                              
                                                                Rm             Rm            Rm              Rm             Rm            Rm  
   Revenue                                                                                                                                    
   South Africa                                              1 757          1 699         3 219           1 272          1 218         2 386  
   Rest of Africa                                              718            605         1 367             687            577         1 314  
                                                             2 475          2 304         4 586           1 959          1 795         3 700  
   Inter-segment revenue(d)                                   (50)           (26)          (85)                                               
   Total revenue                                             2 425          2 278         4 501                                               
   Operating profit before item listed below                   379            408           764             299            330           645  
   Empowerment transactions IFRS 2 charges                       8              9            18               8              9            18  
   Restructuring costs                                           -              -            13               -              -            13  
   Operating profit                                            371            399           733             291            321           614  
   South Africa                                                241            284           522             162            204           404  
   Rest of Africa                                              130            115           211             129            117           210  
   Fair value (losses)/gains on financial instruments         (15)              3          (20)            (16)              3          (20)  
   Finance costs                                               220            134           330             199            108           282  
   Investment income                                             3              6            12               -              3             8  
   Profit before exceptional items                             139            274           395              76            219           320  
   Impairments and other exceptional items                       -            (3)           112               -            (3)           113  
   Profit before taxation                                      139            271           507              76            216           433  
   Taxation                                                     58            102           156              36             83           129  
   Profit for the period                                        81            169           351              40            132           304  
                                                                                                                                              
   Depreciation and amortisation                               195            172           393             168            149           340  
   EBITDA                                                      574            580         1 144             467            479           972  
   South Africa                                                377            430           793             272            329           624  
   Rest of Africa                                              197            150           351             195            150           348  
   EBITDA margin (%)                                           24%            25%           25%             24%            27%           26%  
   Assets                                                                                                                                     
   Non-current assets                                       13 955         10 609        13 579          12 993          9 672        12 613  
    South Africa                                             5 318          5 279         5 205           4 397          4 392         4 280  
    Rest of Africa                                           8 637          5 330         8 374           8 596          5 280         8 333  
                                                                                                                                              
   Current assets                                            2 879          2 627         2 768           2 446          2 149         2 343  
   Non-current assets held for sale                             42              -            42              42              -            42  
   Total assets                                             16 876         13 236        16 389          15 481         11 821        14 998  
   South Africa                                              6 877          6 593         6 753           5 564          5 284         5 441  
   Rest of Africa                                            9 999          6 643         9 636           9 917          6 537         9 557  
   Liabilities                                                                                                                                
   Non-current liabilities                                   7 495          7 380         6 729           7 304          6 061         6 536  
   Current liabilities                                       5 752          3 195         6 097           4 676          2 872         5 038  
   Total liabilities                                        13 247         10 575        12 826          11 980          8 933        11 574  
   South Africa                                              8 128          7 989         8 148           6 889          6 370         6 921  
   Rest of Africa                                            5 119          2 586         4 678           5 091          2 563         4 653  
                                                                                                                                              
   Capital commitments (refer note 18)                       2 869          3 509         3 283           2 841          3 472         3 219  


SEGMENTAL INFORMATION continued

                                                                                              Materials business
                                                                             Lime                                   Aggregates and Readymix (b)                   
                                                            30 June        30 June      31 March        30 June        30 June      31 March       
                                                               2016           2015          2016           2016           2015          2016       
                                                           Reviewed      Unaudited       Audited       Reviewed      Unaudited       Audited       
                                                                 kt             kt            kt             kt             kt            kt       
   Volumes                                                                                                                                         
                                                                239            250           413            799            758         1 405       
   Readymix volumes (000m3)                                                                                 141            132           239              
                                                                 Rm             Rm            Rm             Rm             Rm            Rm       
   Revenue                                                                                                                                         
   South Africa                                                 215            220           378            270            261           455       
   Rest of Africa                                                 5              4             5             26             24            48       
                                                                220            224           383            296            285           503       
   Inter-segment revenue(d)                                                                                                                        
   Total revenue                                                                                                                                   
   Operating profit before item listed below                     44             44            75             36             34            44       
   Empowerment transactions IFRS 2 charges                        -              -             -              -              -             -       
   Restructuring costs                                            -              -             -              -              -             -       
   Operating profit                                              44             44            75             36             34            44       
   South Africa                                                  44             44            75             35             36            43       
   Rest of Africa                                                 -              -             -              1            (2)             1       
   Fair value (losses)/gains on financial instruments             1              -             -              -              1             -       
   Finance costs                                                (1)              1             2              3              -             4       
   Investment income                                              1              1             1              2              2             3       
   Profit before exceptional items                               47             44            74             35             37            43       
   Impairments and other exceptional items                        -              -             -              -              -           (1)       
   Profit before taxation                                        47             44            74             35             37            42       
   Taxation                                                      13             10            21              9              9             6       
   Profit for the period                                         34             34            53             26             28            36       
                                                                                                                                                   
   Depreciation and amortisation                                 12             12            21             15             11            32       
   EBITDA                                                        56             56            96             51             45            76       
   South Africa                                                  56             56            96             49             45            73       
   Rest of Africa                                                 -              -             -              2              -             3       
   EBITDA margin (%)                                            25%            25%           25%            17%            16%           15%       
   Assets                                                                                                                                          
   Non-current assets                                           322            292           325            640            645           641       
    South Africa                                                322            292           325            599            595           600       
    Rest of Africa                                                -              -             -             41             50            41       
                                                                                                                                                   
   Current assets                                               168            190           187            264            279           237       
   Non-current assets held for sale                               -              -             -              -              -             -       
   Total assets                                                 490            482           512            904            924           878       
   South Africa                                                 490            482           512            822            818           799       
   Rest of Africa                                                 -              -             -             82            106            79       
   Liabilities                                                                                                                                     
   Non-current liabilities                                      103             92           103             88             89            90       
   Current liabilities                                           78             91            90            144            139           125       
   Total liabilities                                            181            183           193            232            228           215       
   South Africa                                                 181            183           193            204            205           190       
   Rest of Africa                                                 -              -             -             28             23            25       
                                                                                                                                                   
   Capital commitments (refer note 18)                            4             12             5             24             25            59

   
   SEGMENTAL INFORMATION continued
                                                                                  Other (c)                                 
                                                                 30 June        30 June      31 March    
                                                                    2016           2015          2016    
                                                                Reviewed      Unaudited       Audited    
                                                                      kt             kt            kt    
   Volumes                                                                                               
                                                                       -              -             -    
   Readymix volumes (000m3)                                                                              
                                                                      Rm             Rm            Rm    
   Revenue                                                                                               
   South Africa                                                        -              -             -    
   Rest of Africa                                                      -              -             -    
                                                                       -              -             -    
   Inter-segment revenue(d)                                                                              
   Total revenue                                                                                         
   Operating profit before item listed below                           -              -             -    
   Empowerment transactions IFRS 2 charges                             -              -             -    
   Restructuring costs                                                 -              -             -    
   Operating profit                                                    -              -             -    
   South Africa                                                        -              -             -    
   Rest of Africa                                                      -              -             -    
   Fair value (losses)/gains on financial instruments                  -              -             -    
   Finance costs                                                      19             25            42    
   Investment income                                                   -              -             -    
   Profit before exceptional items                                  (19)           (25)          (42)    
   Impairments and other exceptional items                             -              -             -    
   Profit before taxation                                           (19)           (25)          (42)    
   Taxation                                                            -              -             -    
   Profit for the period                                            (19)           (25)          (42)    
                                                                                                         
   Depreciation and amortisation                                       -              -             -    
   EBITDA                                                              -              -             -    
   South Africa                                                        -              -             -    
   Rest of Africa                                                      -              -             -    
   EBITDA margin (%)                                                   -              -             -    
   Assets                                                                                                
   Non-current assets                                                  -              -             -    
    South Africa                                                       -              -             -    
    Rest of Africa                                                     -              -             -    
                                                                                                         
   Current assets                                                      1              9             1    
   Non-current assets held for sale                                    -              -             -    
   Total assets                                                        1              9             1    
   South Africa                                                        1              9             1    
   Rest of Africa                                                      -              -             -    
   Liabilities                                                                                           
   Non-current liabilities                                             -          1 138             -    
   Current liabilities                                               854             93           844    
   Total liabilities                                                 854          1 231           844    
   South Africa                                                      854          1 231           844    
   Rest of Africa                                                      -              -             -    
                                                                                                         
   Capital commitments (refer note 18)                                 -              -             -    

   (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
   (d) All inter-segmental transactions are done at arm’s length 


NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1  Basis of preparation                        
   The condensed consolidated interim financial statements are prepared in accordance with International Financial 
   Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the 
   Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council 
   and the requirements of the Companies Act of South Africa. The accounting policies applied in the preparation of 
   these interim financial statements are in terms of International Financial Reporting Standards and are consistent 
   with those applied in the previous consolidated annual financial statements. 
     
   These condensed 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 24 August 2016.
                                                                                
   The accounting policies and methods of computation used are consistent with those used in the preparation of the financial 
   statements for the period ended 31 March 2016, the group’s new financial year end, except for the following revised accounting 
   standards and interpretations that became effective during the period, and which did not have a material impact on the reported 
   results:  
   IAS 1 Presentation of financial statements (amendment) Disclosure initiative
   IFRS 14 Regulatory Deferral Accounts   
   IAS 16 Property, plant and equipment and 41 Agriculture (amendments) Agriculture: Bearer Plants            
   IFRS 11 Joint arrangements (amendment) Accounting for Acquisition of Interests in Joint Operations        
   IAS 16 Property, plant and equipment and IAS 38 Intangible assets (amendment) Clarification of Acceptable Methods of
   Depreciation and Amortisation  
   IAS 28 Investment in Associates and Joint Ventures, IFRS 10 Consolidated financial statements  and IFRS 12 Disclosure
   of Interests in Other Entities (amendments) Investment Entities: Applying the Consolidation Exception
   IAS 27 Separate financial statements (amendment) Equity Method 
   IASB improvements to IFRS 2012 - 2014
   
   These financial statements have been prepared on the going concern assumption. Details thereof can be found in 
   note 21.
                                                                                   
   Auditor’s conclusion
   These condensed consolidated financial statements for the quarter ended 30 June 2016 have been reviewed by Deloitte & Touche, 
   who expressed an unmodified review conclusion thereon. The auditors have however included an emphasis of matter in their report,
   which makes reference to the going concern note. A copy of the auditor’s review report on the condensed consolidated financial 
   statements is available for inspection at the company’s registered office. The auditor’s report does not necessarily report on 
   all of the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full 
   understanding of the nature of the auditor’s engagement, they should obtain a copy of that report.


                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   2      Finance costs (including fair value 
          adjustments on financial instruments)                                                       
          Bank and other short-term borrowings                                   12                   18                            49    
          Notes                                                                  39                   47                            98    
          Long-term loans                                                       241                  131                           229    
                                                                                292                  196                           376    
          Capitalised to plant and equipment 
          and intangible assets                                               (102)                 (98)                         (119)    
          Finance costs before BBBEE transaction  
          and time value of money adjustments                                   190                   98                           257    
          BBBEE transaction                                                      19                   25                            41    
          Dividends on redeemable preference shares                               9                   10                            19    
          Long-term borrowings                                                   10                   15                            22    
          Time value of money adjustments on rehabilitation 
          and decommissioning provisions and put option liabilities              11                   11                            32    
          Finance costs                                                         220                  134                           330    
          Fair value loss/(gains) on financial instruments                       15                  (3)                            20    
                                                                                235                  131                           350    
          South Africa                                                          176                  130                           239    
          Rest of Africa                                                         59                    1                           111    
                                                                                                                                          
          Included in finance costs, as part of notes, long-term loans and BBBEE transactions, are transaction costs of R50 million 
          (March 2016: R10 million, June 2015: Rnil million) that were incurred in raising borrowings and are being amortised over the 
          respective periods of the borrowings.                                                                            


                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   3      Taxation                                                                 
          The taxation charge comprises:                                                                                   
          Current taxation                                                       50                  144                            74       
          Current period                                                         44                  146                            67       
          Prior periods                                                          6                   (2)                          (14)     
          Capital gains taxation                                                 -                    -                             21       
          Deferred taxation                                                    (12)                 (43)                            61       
          Current period                                                       (12)                 (43)                            61       
          Withholding taxation                                                   20                    1                            21       
                                                                                 58                  102                           156      
          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)                                        41.7                 37.6                          30.8     
          Prior year's taxation impact                                          5.7                  0.7                           2.8      
          Effective rate of taxation                                           47.4                 38.3                          33.6     
          Income taxation effect of:                                         (19.4)               (10.3)                         (5.6)    
          Disallowable charges, permanent                                                                                    
          differences and exceptional items                                   (0.7)                (6.2)                         (1.6)    
          Empowerment transactions and IFRS 2                                                                                
          charges not taxation deductible                                     (1.4)                (0.5)                         (1.0)    
          Finance costs on BBBEE transaction                                                                                 
          not taxation deductible                                             (4.3)                (3.0)                         (1.8)    
          Foreign taxation rate differential                                    1.4                  0.1                           0.5      
          Capital gains differential on sale                                                                                 
          of non-core assets                                                      -                    -                           2.4      
          Withholding taxation                                               (14.4)                (0.7)                         (4.1)    
          South African normal taxation rate                                   28.0                 28.0                          28.0     


   4      Earnings and headline earnings                                                                         
          Earnings per share                                                  cents                cents                        cents    
          Basic                                                                  17                   38                           70    
          Diluted                                                                16                   38                           69    
          Headline earnings per share                                                                                                    
          Basic                                                                  17                   38                           53    
          Diluted                                                                16                   38                           52    
                                                                                                                                         
          Headline earnings                                                      Rm                   Rm                           Rm    
          Profit for the period                                                  81                  169                          351    
          Other exceptional items and impairments                                 -                    3                        (112)    
          Taxation on other exceptional items and impairments                     -                  (1)                           24    
          Headline earnings                                                      81                  171                          263    
          Attributable to:                                                                                                               
          Shareholders of PPC Ltd                                                87                  201                          281    
          Non-controlling interests                                             (6)                 (29)                         (18)    
                                                                                    
          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.
                                    
          Normalised earnings per share has not been included as the normalisation adjustments were not material during the
          current period.

          For the weighted average number of shares used in the calculation, refer note 12.


                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   5      Property, plant and equipment                                                                            
          Net carrying value at the beginning of the period                  11 716                8 009                        10 648     
          Additions                                                             555                1 001                         1 122      
          Depreciation                                                        (173)                (146)                         (348)      
          Other movements                                                       (4)                    1                           (6)        
          Translation differences                                              (12)                 (11)                           300        
          Balance at the end of the period                                   12 082                8 854                        11 716     



   The growth in property, plant and equipment from June 2015 is as a result of the group’s expansion strategy, which has seen substantial 
   investments made into the DRC, Rwanda and Zimbabwe. Further investments have also been made into the expansion of the Slurry operation 
   in South Africa.
   Included in property, plant and equipment is capital work in progress of R4 527 million (June 2015: R4 200 million; March 2016: 
   R4 317 million), relating to the DRC, Zimbabwe, Rwanda and Slurry SK9 expansion projects.
   For details on capital commitments, refer note 18.
   
   Assets pledged as security
   Property, plant and equipment with a net carrying value of R7 293 million (March 2016: R6 853 million, June 2015: R4 977 million) are 
   encumbered and used as security for the borrowings in the DRC, Rwanda and Zimbabwe (refer note 14).


                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   6      Goodwill                                                                                           
          Balance at the beginning of the period                                255                  249                           254    
          Translation differences                                                 3                  (1)                             1    
          Balance at the end of the period                                      258                  248                           255    
                                                                                                             
          Goodwill, net of impairments, is allocated to the following cash generating units:                                     
          CIMERWA Limited                                                        53                   43                            50    
          Safika Cement Holdings Pty Limited                                     78                   78                            78    
          Pronto Holdings Pty Limited                                           127                  127                           127    
                                                                                258                  248                           255    

   During the current reporting period a review of impairment indicators was done and no impairments were necessary.

                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   7      Other intangible assets                                                                            
          Balance at beginning of the period                                    766                  774                           772    
          Additions                                                               2                   10                            12    
          Amortisation                                                         (22)                 (26)                          (45)    
          Transfers and other movements                                         (3)                    -                             -    
          Translation differences                                               (5)                  (6)                            27    
          Balance at end of the period                                          738                  752                           766    
          Comprising:                                                                                                                     
          Right of use of mineral assets                                        195                  220                           214    
          ERP development and other software                                    141                  147                           140    
          Brand and trademarks                                                  333                  311                           339    
          Customer relationships - contractual and non-contractual               69                   74                            73    
                                                                                738                  752                           766    


   The group does not have any indefinite life intangible assets, other than goodwill.

                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   8      Equity accounted investments                                                 
                                                                                                                                          
          Investments at cost                                                   201                  133                           201    
          Loans advanced                                                          -                   45                             -    
          Share of retained profit                                              (1)                   41                           (1)    
          Balance at end of the period                                          200                  219                           200    
          Comprising:                                                                                                                     
          Afripack Limited (Afripack)                                             -                   94                             -    
          Habesha Cement Share Company (Habesha)                                196                  121                           196    
          Other minor equity accounted investments                                4                    4                             4    
                                                                                200                  219                           200    


   During the period ended March 2016 an additional investment of R75 million was made towards 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% (March 2016: 35%, June 2015: 32%).       
   
   During the second half of the 2015 financial year, the board approved the sale of the investment in Afripack. During the first quarter 
   of the 2016 calendar year the sale became effective and the group disposed its full shareholding in Afripack.

                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   9      Other non-current assets                                                                           
          Advance payments for plant and equipment (a)                          164                  304                           142    
          Derivative asset                                                        2                    -                             2    
          Investment in government bonds (b)                                      8                    -                             8    
          Loans advanced                                                          -                    1                             -    
          Unlisted collective investment (c)                                    121                  116                           119    
          Unlisted investment at fair value (d)                                   -                   95                             -    
          VAT receivable (e)                                                    326                    -                           319    
                                                                                621                  516                           590    


   (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 will be re-cycled to 
        property, plant and equipment as the plants are constructed, and are secured by advance payment bonds.
   (b)  Represents 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 USD706 831, 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 bi-annually at a 
        rate of 5% per annum.
        These have all been classified as non-current due to liquidity constraints in Zimbabwe.
   (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)  During the six month period ended 31 March 2016, PPC disposed of its 6.75% shareholding in Ciments de Bourbon, with the resulting 
        gain of R83 million recorded in other exceptional items.
   (e)  The group has incurred VAT during the construction of its plant in the DRC and the amount receivable has been classified as 
        non-current as the group only expects to receive refunds or utilise the asset post June 2017.


                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   10      Non-current assets held for sale                                
           Property, plant and equipment                                         42                    -                            42    


   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, initially planned for June 2016, is now planned to be finalised by November 
   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.

                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   11      Trade and other receivables                                                                           
           Trade receivables                                                  1 079                1 046                           982    
           Impairment of trade receivables                                     (87)                 (82)                          (77)    
           Net trade receivables                                                992                  964                           905    
           Mark to market cash flow hedge                                        29                    -                            48    
           Mark to market fair value hedge                                       12                    3                            28    
           Other financial receivables                                          102                   94                           111    
           Trade and other financial receivables                              1 135                1 061                         1 092    
           Prepayments                                                           41                   20                            65    
           Taxation prepaid                                                       1                    1                            30    
           VAT receivable                                                        20                   14                             -    
                                                                              1 197                1 096                         1 187
    

                                                                       Shares (000)         Shares (000)                  Shares (000)    
   12      Stated capital                                                                                                      
           Number of shares and weighted average number of shares                                                              
           Number of shares                                                                                                    
           Total shares in issue at the beginning of the period             607 181              605 380                       605 380        
           Shares issued to non-controlling shareholders in                                                                 
           Safika Cement on exercise of put option                                -                    -                         1 801          
           Total shares in issue at the end of the period before                                                            
           adjustments for shares treated as treasury shares                607 181              605 380                       607 181        
           Adjustments for shares treated as treasury shares:                                                                                 
           Shares held by consolidated participants of the                                                                  
           second BBBEE transaction (a)                                    (37 382)             (37 382)                      (37 382)       
           Shares held by consolidated BBBEE trusts and trust                                                               
           funding SPVs (b)                                                (34 477)             (34 477)                      (34 477)       
           Shares held by consolidated Porthold Trust (Private)                                                             
           Limited (c)                                                      (1 285)              (1 285)                       (1 285)        
           Shares purchased in terms of the FSP incentive                                                             
           scheme (d)                                                       (5 563)              (5 328)                       (5 563)        
           Total shares in issue at the end of the period (net                                                              
           of shares treated as treasury shares)                            528 474              526 908                       528 474        
                                                                                                                                              
           Weighted average number of shares, used for:                                                                                       
           Earnings and headline earnings per share                         528 474              527 189                       526 076        
           Dilutive earnings and headline earnings per share                534 037              532 236                       534 037        
           Cash earnings per share                                          528 474              527 189                       527 877        
           Shares are weighted for the period in which they are entitled to participate in the profits of the group.


                                                                                 Rm                   Rm                           Rm
           Stated capital                                                                                                 
           Balance at the beginning of the period                           (1 113)              (1 141)                      (1 165)
           Shares issued to non-controlling shareholders in                                                               
           Safika on exercise of put option                                       -                    -                           26
           Shares purchased in terms of the FSP share incentive                                                           
           scheme treated as treasury shares (d)                                  -                 (24)                            -
           Vesting of shares held in terms of the FSP share                                                               
           incentive scheme                                                       -                    -                           26
           Balance at the end of the period                                 (1 113)              (1 165)                      (1 113)
   (a)  Shares issued in terms of the second Broad Based Black Economic Empowerment (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.
   (b)  In terms of IFRS 10, certain of the BBBEE trusts and trust funding (Special Purpose Vehicle) 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.
   (c)  Shares owned by a Zimbabwean employee trust company treated as treasury shares.
   (d)  In terms of the forfeitable share incentive scheme, 5 563 488 (March 2016: 5 563 488, June 2015: 5 328 219) shares are held in 
        total for participants of this long-term incentive scheme. During the period no shares vested (March 2016: 779 152, June 2015: 
        nil). The shares are treated as treasury shares during the various vesting periods of the awards.
                                                
                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   13      Deferred taxation                                                        
           Net liability at end of the period                                 1 460                  918                         1 126    
           Deferred taxation asset                                               56                   20                            52    
           Deferred taxation liability                                        1 516                  938                         1 178    
           Analysis of deferred taxation                                                                                                  
           Property, plant and equipment                                      1 777                  948                         1 490    
           Other non-current assets                                             143                   14                           164    
           Current assets                                                        14                    -                           (2)    
           Non-current liabilities                                             (97)                 (22)                          (89)    
           Current liabilities                                                 (22)                 (30)                          (38)    
           Reserves                                                            (19)                    8                          (37)    
           Taxation losses                                                    (336)                    -                         (362)    
                                                                              1 460                  918                         1 126    


   Included in the deferred taxation balance are taxation losses of R336 million (March 2016: R362 million, relating to CIMERWA unused 
   tax loss carry-forwards and deductible temporary differences. At period end and based on the approved business plans, the company 
   considered it probable that these taxation losses will be offset against future taxable profits. The utilisation of the taxation 
   loss is highly dependent on economic growth in the region and performance of the business. If the economic growth or level of 
   profitability is not achieved as anticipated, the company may need to write down the taxation losses in future reporting periods. 
   Monitoring thereof will be done at each reporting period.
   
   
   14      Borrowings
                                                                                                                                                                         Six    
                                                                                                                                           Quarter       Quarter      months    
                                                                                                                                             ended         ended       ended    
                                                                                                                                           30 June       30 June    31 March    
                                                                                                                                              2016          2015        2016     
                                                                                                                                          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%                      1 036         1 520       1 417   
                                 with a bullet capital repayment 
                                 in December 2016      
   
        Long-term loan(b)        Interest is payable quarterly                                
                                 with a bullet capital repayment           Unsecured                       Variable rates at 400               927             -         555 
                                 in September 2017                                                         basis points above JIBAR 
   
        Long-term loan           Interest is payable monthly with          Unsecured                       Variable rates at 125 basis                                 
                                 a bullet capital repayable                                                points above JIBAR                  900             -         900  
                                 18 months after notice period                                               
        Project funding                                                                                                                      3 695         1 564       3 372   
   
        US dollar-denominated    US dollar denominated, repayable          Secured by CIMERWA’s            Variable at 725 basis points        735           545         806    
                                 in monthly instalments over a             property, plant and equipment   above six-month US dollar 
                                 10-year period, starting March 2016       (refer note 5)                  LIBOR          
   
        Rwandan franc-           Rwanda franc denominated, repayable       Secured by CIMERWA’s            Fixed rate of 16%                   510           320         474   
        denominated              in monthly instalments over a             property, plant and equipment
                                 10-year period, starting March 2016       (refer note 5)                
   
        US dollar-denominated    US dollar-denominated, interest           Secured by PPC Zimbabwe’s       Six-month US dollar                 635           232         550    
                                 payable biannually. First capital         property, plant and equipment   LIBOR plus 700 basis                    
                                 repayment in December 2016; thereafter    (refer note 5)                  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         1 815           467       1 542
                                 interest payable bi-annually starting    property, plant and equipment    plus 725 basis points   
                                 July 2017 ending January 2025            (refer note 5)                 
        Long-term borrowings 
        before BBBEE 
        transaction                                                                                                                          8 305         5 480       7 991  
        BBBEE transaction                                                                                                                      855         1 231         844
   
        Preference shares        Dividends are payable biannually,         Secured by guarantee           Variable rates at 81.4%               34            66          33      
                                 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%              17            75          16    
                                 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%               392           395         393   
                                 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               412           695         402       
                                 December 2016, with capital               from PPC Ltd                    basis points above                                                  
                                 capped at R700 million                                                    JIBAR                
        Long-term borrowings                                                                                                                 9 160         6 711       8 835  
        Less: Short-term 
        portion of long-term 
        borrowings                                                                                                                          (3 787)         (814)     (4 221)  
                                                                                                                                             5 373         5 897       4 614    
        Maturity analysis 
        of long-term                                                                                                                                   
        liabilities 
        obligations:
        One year                                                                                                                             3 787           814       4 221    
        Two years                                                                                                                            2 441         1 335       1 777    
        Three years                                                                                                                            725           206         394    
        Four years                                                                                                                             602         1 011         393    
        Five and  more years                                                                                                                 1 635         3 345       2 050    
                                                                                                                                             9 160         6 711       8 835    
                                                                                                                                                              
        (a)  Comprise three unsecured notes at 31 March 2016, issued under the company’s R6 billion domestic medium-term note programme, 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 JIBAR plus 1,26%                                            March 2013                        -           650           -    
                 PPC 002: five years; three-month JIBAR plus 1,5%                                           December 2013                      750           750         750    
                 PPC 003: five years; three-month JIBAR plus 1,48%                                              July 2014                      750           750         750    
                 PPC 004: seven years; 9,86%                                                                    July 2014                      250           250         250    
                                                                                                                                             1 750         2 400       1 750    
                 Less: Transaction costs capitalised                                                                                           (3)           (2)         (3)    
                                                                                                                                             1 747         2 398       2 398    
                 Less: Short-term portion                                                                                                  (1 614)         (650)     (1 747)    
                                                                                                                                               133         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 early redemption to noteholders in terms of the bond programme 
         memorandum.

         During the period the company has secured funding up to a maximum of R2 billion from Nedbank, Standard Bank, Rand Merchant Bank and Absa (the liquidity and guarantee 
         facility agreement) which can only be used to reimburse the noteholders for the outstanding notes and related accrued finance costs.

         The liquidity and guarantee facility will bear interest at JIBAR plus 10% and repayment is due from the proceeds of the proposed capital raise or 1 November 2016 
         if earlier. Post-reporting date, the company utilised this facility to repay noteholders. The facility incurred fees of R171 million which will be amortised to 
         the income statements over the five-month period of the facility. Further details are included in note 20.
         
         (b) In March 2016 the company secured funding of R2 billion repayable September 2017. The funding was partly used to settle the first note 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.
         
         The loan is reflected net of transaction costs of R30 million (March 2016: R35 million, June 2015: Rnil) which are being amortised over the period of the funding. 
         During the current period, R367 million was drawn against the facility in order to partly reduce the long-term loan in order to achieve minimum asset cover ratios 
         following the recent decline in the share price
   
         Refer to the going concern basis of preparation in note 21.
   
   
                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   15      Other non-current liabilities                                                                     
           Cash-settled share-based payment liability                             2                   15                             3    
           Liability to non-controlling shareholder                                                                           
           in subsidiary company (a)                                             17                    -                            17    
           Put option liabilities                                               420                   45                           415    
           Retentions held for plant and equipment (b)                          106                   98                            97    
                                                                                545                  158                           532    
           Less: Short-term portion of other non-current                                                                       
           liabilities                                                          (2)                 (14)                           (3)    
                                                                                543                  144                           529    


   (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 various cement plants. These retentions will be paid over to the contractors once 
        the plant achieves guaranteed performance targets and timing of the repayments is expected over the next 24 months.
                                                                           
   Put option liabilities                                                                        
   PPC Barnet DRC Holdings                                
   The International Finance Corporation (IFC) was issued a put option in September 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. 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 R420 million (March 2016: R415 million, 
   June 2015: Rnil).
   
   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. As at June 2016 all the put options had been 
   exercised and no liability is therefore reflected. Following the exercise of the put options, PPC now holds 95% of the equity in Safika 
   Cement. 
   
   At June 2015, the first of the put options was anticipated to be exercised in the short term at an anticipated value of R111 million. The 
   second put option, was anticipated to only be exercised on the fifth anniversary of the transaction in line with the agreements and the 
   estimated liability of R45 million was therefore classified as non-current. The put option liabilities were calculated using the company’s 
   forecast EBITDA applying an earnings multiple dependent on the level of EBITDA achieved less net debt.          
   
                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   16      Short-term borrowings                                                                                         
           Short-term loans and bank overdrafts                                 449                  743                           336    
           Short-term portion of long-term borrowings (a)                     3 787                  814                         4 221    
                                                                              4 236                1 557                         4 557    

   (a) Includes the transaction costs of R171 million that have been incurred in securing the liquidity and guarantee facility as 
       discussed in note 14. The transaction costs are being amortised over the facility term of five months ending on 1 November 
       2016. For the period to June 2016 R39 million of transaction costs have been expensed to finance costs.
  
                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   17      Trade and other payables and short-term provisions                                                                        
           Cash-settled share-based payment liability 
           (short-term portion) (refer note 15)                                   2                   14                            3    
           Capital expenditure payables                                         123                    5                          229    
           Derivative financial instruments                                       1                    -                            1    
           Other financial payables                                             134                   88                           89    
           Put option liability (refer note 15)                                   -                  111                            -    
           Retentions held for plant and equipment                              286                  196                           67    
           Trade payables and accruals                                          747                  898                          994    
           Trade and other financial payables                                 1 293                1 312                        1 383    
           Payroll accruals                                                     195                  128                          139    
           Taxation payable                                                      28                  198                           18    
                                                                              1 516                1 638                        1 540    

  
                                                                      Quarter ended        Quarter ended        Six month period ended    
                                                                            30 June              30 June                      31 March    
                                                                               2016                 2015                          2016    
                                                                           Reviewed            Unaudited                       Audited    
                                                                                 Rm                   Rm                            Rm    
   18      Commitments                                                                                   
           Contracted capital commitments                                     2 013                2 430                         2 289    
           Approved capital commitments                                         856                1 079                           994    
           Capital commitments                                                2 869                3 509                         3 283    
           Operating lease commitments                                          111                  119                           124    
                                                                              2 980                3 628                         3 407    
           Capital commitments                                                                                                            
           South Africa                                                       1 298                1 253                         1 649    
           Rest of Africa                                                     1 571                2 256                         1 634    
                                                                              2 869                3 509                         3 283    
                                                                                                                                          
           Capital commitments are anticipated to be incurred:                                                                            
           - within one year                                                  2 312                1 984                         2 731    
           - between one and two years                                          547                1 517                           543    
           - greater than two years                                              10                    8                             9    
                                                                              2 869                3 509                         3 283    


   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 in September 2015 and now holds 10% equity. The one million tonnes per annum 
   plant in the DRC is expected to be commissioned at during PPC’s 2017 financial year, while the 700 000 tonnes per annum mill in 
   Zimbabwe is on track to be commissioned at the end of the 2016 calendar year. The one million tonnes per annum kiln expansion at 
   Slurry is planned to be commissioned during the 2018 financial year.


   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:
                                                                          Note       Level *            Rm           Rm            Rm    
           Financial assets                                                                                                              
           Available-for-sale                                                                                                            
           Unlisted investments at fair value                                9             3             -           95             -    
           Loans and receivables                                                                                                         
           Investment in government bonds                                    9             2             8            -             8    
           Loans advanced                                                    9             2             -            1             -    
           Mark to market hedges                                          9/11             1            43            3            78    
           Amounts owing by equity accounted investment                      8             2             -           45             -    
           Trade and other financial receivables                            11             2         1 094        1 058         1 001    
           Cash and cash equivalents                                                       1           612          486           460    
           At fair value through profit and loss                                                                                         
           Unlisted collective investments at fair value              
          (held for trading)                                                 9             1           121          116           119    
           Non-current assets held for sale                                 10             2            42            -            42    
           Total financial assets                                                                    1 920        1 804         1 708    
           Level 1                                                                                     776          605           657    
           Level 2                                                                                   1 144        1 104         1 051    
           Level 3                                                                                       -           95             -    
                                                                                                                                         
           Financial liabilities                                                                                                         
           At amortised cost                                                                                                             
           Long-term borrowings                                             14             2         5 373        5 897         4 614    
           Short-term borrowings                                            14           1/2         4 236        1 557         4 556    
           Trade and other financial payables                               17             2         1 004          991         1 476    
           At fair value through profit and loss                                                                                         
           Cash-settled share-based payment liability                       17             2             2           14             3    
           Put option liabilities                                        15/17             3           420          156           415    
           Derivatives                                                                                                                   
           Derivative instruments-current (cash flow hedge)                 17             2             1            -             1    
           Total financial liabilities                                                              11 036        8 615        11 065    
           Level 1                                                                                       -            -         2 086    
           Level 2                                                                                  10 616        8 459         8 564    
           Level 3                                                                                     420          156           415    


   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 16 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 16.
   
   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          Valuation technique        Main assumptions           Carrying value       Increase / Decrease (Rm)    
      Put option liabilities        Earnings multiple          EBITDA and net debt                   420                             74    
   

   If the EBITDA multiple applied in the valuation was 1 multiple 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 the Safika put options have been settled during the period.            
                                                               
   Movements in level 3 financial instruments                                              
                                                                                           
      Financial assets                                                                                 Rm         Rm         Rm    
      Balance at beginning and end of the period                                                        -         95          -    
      Following the sale of the group’s investment in Ciments du Bourbon in January 2016, 
      the group does not have any level 3 financial assets.                                          
      Financial liabilities                                                                                                        
      Balance at beginning of the period                                                              415        151        464    
      Exercised during the period                                                                       -          -       (42)    
      Remeasurements (included under fair value                                            
      adjustments on financial instruments)                                                             -          -       (16)    
      Time value of money adjustments                                                                   5          5          9    
      Balance at end of the period                                                                    420        156        415       
   
   In the current period, the level 3 financial liability relates to the put option granted on the DRC project, while in the prior period 
   the level 3 financial liability related to the Safika put options.
   
   20 Events after the reporting date
      “Liquidity position
      Following the finalisation of the liquidity and guarantee facility, the company early redeemed R1 614 million of the outstanding notes 
      on 15 July 2016, with the balance of the outstanding notes of R136 million (excluding transaction costs) following the original terms 
      of the respective notes.“
      “On the 1 August 2016, the shareholders approved the following resolutions at a general meeting of shareholders:
      • The increase of the authorised stated capital from 700 000 000 shares to 10 000 000 000 shares
      • The amendment to the MOI reflecting the increase in the authorized stated capital
      • The authorization to issue additional shares that will exceed 30% of the existing voting power of the shares that were in issue
      • The granting of a general authority to directors to issue the required number of shares for purposes of implementing the proposed rights 
        offer.“
                                                                                        
    On 24 August 2016, the proposed R4 billion rights offer was fully underwritten by the banks. The company believes that once the proceeds 
    from the rights issue is received, the group will be able to comply with its financial covenants and be able to meet its obligations as 
    they fall due.    

   Financial statements for the period ending 31 March 2016
   The results for the six months to March 2016, initially published on 14 June 2016, have been finalised with no changes being made to the 
   initial results published. In the reviewed results, the auditors had noted a disclaimer on the review opinion based on the going concern 
   assumption. The company is now pleased to advise that the audited financial statements, which supersede the reviewed results, includes an 
   unmodified opinion thereon.
   
   Business combination
   On 1 July 2016, all terms and conditions on the transaction to acquire 100% of 3Q Mahuma Concrete (Pty) Ltd (3Q) were achieved and the 
   3Q became a wholly owned group subsidiary. The acquisition was settled via the issuance of 17 565 872 new PPC shares. The fair value of 
   the shares for asset acquisition, using the ruling share price of R7.68 on the effective date of the transaction, amounted to 
   R135 million. 
   
   The commercial rationale for the transaction is to progress the company’s channel management strategy that serves as a complementary 
   platform for cement growth in South Africa. PPC’s strategic intention is to be a provider of materials and solutions into the basic 
   services sector. Cementitious distribution channels including readymix is increasingly being utilized as conduit to grow and sustain 
   cement sales volumes. At the time of acquisition, 3Q was one of the largest independent readymix concrete provider in South Africa and 
   provides PPC with a further complementary platform to grow our service offering in this market segment. The South African market is 
   evolving towards a concrete delivery model, which requires complementary building materials including cement, aggregates and readymix. 
   Controlling cement distribution channels is vital, with customers and end users requiring integrated solutions. 3Q will assist PPC in 
   achieving its vision. 
   
   The company is in the process of finalising the fair value of the assets and liabilities as on the acquisition date.
   Provisional fair values of assets and liabilities is reflected below:
   
            Non-current assets                                     113    
            Current assets                                         108    
            Non-current liabilities                                (9)    
            Current liabilities                                   (77)    
            Total consideration                                    135    

   
   21 Going concern                                                                        
      In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the group 
      can continue in operational existence for the foreseeable future.

      The financial performance of the group is dependent upon the wider economic environment in which it operates. Factors exist which are outside 
      the control of the group which can have a significant impact on the business, specifically, volatility in the rand / US dollar exchange rate, 
      energy prices and prices of commodity prices, which impact on the business’s input costs. Despite the operational and cost containment 
      achievements of the group over the last 12 months, the weaker cement price environment due to competitive pressures has put the group’s cash 
      flows and profitability under pressure. The directors have determined that the group needs to take further decisive measures to improve its 
      ability to operate in the current competitive pricing environment and enable it to benefit from any recovery in cement prices in the medium to 
      long term.
    
      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 12 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 
      tonnes 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 cashflow.
      
      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 commodity prices which culminated in downward pressures on selling prices in the regions in which the group operates. In 
      addition, South Africa which is major contributor to earnings, has seen intensified competition in terms of new entrants and also imports into 
      the country despite the economic slowdown. That has resulted in overcapacity in the South African market. The board and executive management 
      have reviewed the group’s business and capital structure and developed a business plan in order to be able to deal effectively with the effects 
      of a continuation of the current low selling price environment and limited economic growth. Key elements of the business plan are the reduction 
      of costs and improvements in efficiencies, through the Profit Improvement Program (PIP) implemented in 2015; from which R390 million of savings 
      have been achieved; 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. In prior years, the group had also completed the right-sizing of the various 
      operations throughout the group.
      
      As at 29 March 2016, the board had initiated a review of the group’s capital structure and potential rights issue.
      
      This capital raise investigation was at an advanced stage at the date of the S&P Global ratings review.
      
      During May 2016, S&P Global Ratings conducted an event driven ratings review which was unexpected given that their annual review was supposed 
      to be in June 2016. Given the unexpected event driven ratings review, the outcome was the downgrade to sub-investment grade to ZaBB-/ZaB 
      from ZaA/ZaA-2 long and short-term South African national scale. Due to long-term rating falling below ZaBBB-, the company was required to 
      offer early redemption in terms of its
      
      Domestic Medium Term Note (“DMTN”) programme memorandum. The principal value of the notes issued in terms of DMTN programme amounted to
      R1 750 million as at 31 March 2016 and their maturity date was from the company’s 2019  financial year onwards. At the reporting date, the company 
      reclassified the outstanding notes’ value from long-term borrowings to short-term borrowings, thereby creating a technical insolvency where 
      its current liabilities exceeded current assets.
      
      In addition to this early redemption requirement, the company negotiated and finalised the liquidity and guarantee facility to a maximum of 
      R2 billion, from Standard Bank of South Africa Limited, Rand Merchant Bank, Absa/Barclays Bank Limited and Nedbank Limited, that will bear interest 
      at JIBAR plus 10% and guarantee fees of 7.5% post the reporting date. This facility was utilised to redeem the outstanding notes of R1 614 million 
      on 15 July 2016 where noteholders opted to accept the company’s offer (refer long-term borrowings, note 14, and events after reporting date, 
      note 20). The balance of the outstanding notes of R136 million will continue following the original terms of the respective notes, as no response 
      was received from noteholders. 
    
      Should there be a subsequent response from noteholders, the company may consider the request of noteholders but is not legally bond in terms of the 
      DMTN programme. The raising and guarantee fees, incurred post the reporting date, of R171 million will be capitalised to borrowings and amortised to the 
      income statement over the five month period of the facility.
      
      The repayment of the liquidity and guarantee facility will be funded from the proceeds of the proposed rights issue, or 1 November 2016 if earlier. An 
      additional R1 billion will also be utilised to repay other existing debt facilities out of the rights issue proceeds.
      
      The board’s review of the group’s capital structure has resulted in significant steps being taken to strengthen the group’s financial position. As 
      released on the JSE SENS on 31 May 2016, the board is undertaking a R4 billion rights issue. A significant step to the rights issue was taken on the 
      1 August 2016, where shareholders approved the following resolutions at a general meeting of shareholders:
      - The increase of the authorised stated capital from 700 000 000 shares to 10 000 000 000 shares
      - The amendment to the memorandum of incorporation reflecting the increase in the authorised stated capital
      - The authorisation to issue additional shares that will exceed 30% of the existing voting power of the shares that were in issue
      - The granting of a general authority to directors to issue the required number of shares for purposes of implementing the proposed rights offer.
                                                                                         
      Following these approvals, the company is proceeding with the R4 billion proposed rights offer which is subject to standard material adverse change clauses.
                                                                                         
      Management have prepared cash flow forecasts for a period in excess of 12 months. Various scenarios have been considered to test the group’s resilience 
      against business risks including:
      - Significant adverse movements in the rand / US dollar exchange rate, from current forex levels, and cement selling prices or a combination thereof; 
         and
      - Failure to meet forecast demand targets.
                                                                                         
      The directors have concluded that the group’s new capital structure, after a successful rights issue and debt facilities amendments, provides sufficient 
      headroom to cushion against downside operational risks and reduces the risk of breaching new debt covenants.
                                                                                         
      If the rights issue is unsuccessful for whatever reason, the group would have to consider other alternatives which may reduce the risk that the group 
      would be able to meet obligations as they fall due. These options may include:
      - renegotiating or refinancing existing facilities;
      - full or partial curtailment of capital projects, which may result in significant financial penalties;
      - exploring the disposal of assets; or                                                                        
      - merger or acquisition transaction involving the company, although there is no certainty that such sales or transactions could be realised in the 
        available timeframe on acceptable terms, or at all.
                                                                                         
      These actions require the participation and agreement of external parties, the directors  are therefore not confident that any such alternative 
      courses of action could be achieved in the limited time available, or that they would ultimately be successful or be in the best interest of 
      shareholders over the long term. As a result, in the event that the proposed rights issue is not completed and the amended facilities agreements do 
      not come into effect, the group would be unable to meet its obligations as they fall due.
      
      The need for shareholder approval of the planned rights issue therefore represented a material uncertainty that could have cast significant doubt 
      about the group’s and company’s ability to continue as a going concern such that it may be unable to realise its assets and discharge its 
      liabilities in the normal course of business. Following approval from the shareholders at the general meeting on 1 August 2016, the directors 
      believe that this uncertainty has been significantly eliminated.
    
      The directors have concluded that the group’s new capital structure, after fulfilling the successful rights issue, will provide the necessary 
      headroom to cushion against increased business risks and depreciation in the currency, and reduces the risk of breaching new debt covenants. 
      Accordingly, the directors believe that the successful completion of the planned rights issue is the best option available to the company.
      
      Based on the group’s expectation that the conditions of the planned rights issue will be met, in addition to the group’s current trading position 
      and forecasts and facilities 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 the financial statements on a 
      going concern basis. These 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 the financial statements.
    
    
Administration
PPC Limited                                                
(Incorporated in the Republic of South Africa)                                                
(Company registration number 1892/000667/06)                                                
JSE Code: PPC       
JSE ISIN: ZAE 000170049                                                
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
The Place, 1 Sandton Drive, 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.
Date: 24/08/2016 04:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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