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Audited provisional consolidated financial results for the year ended 30 June 2016
MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06) Share code: MST
ISIN: ZAE000012373 (“Mustek” or “the Group”)
Audited provisional consolidated financial results for the year ended 30 June 2016
Net cash generated from operations
R175.05 million
2015: R374.02 million
Revenue from continuing operations
4.8%
2016: R5.29 billion
2015: R5.04 billion
Net asset value per share
5.1%
2016: 1 008.08 cents
2015: 959.00 cents
COMMENTARY
Corporate information
Mustek is a public company incorporated and domiciled in South Africa. The main business of Mustek, its subsidiaries,
joint ventures and associates is the assembling, marketing and distribution of information communication technology
(ICT) products and services.
Basis of preparation
The audited summarised consolidated financial information for the year ended 30 June 2016 has been prepared in
accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the SAICA Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the information at a minimum required by IAS 34
Interim Financial Reporting, the Listings Requirements of the JSE Limited and the requirements of the Companies Act of
South Africa. The audited consolidated financial statements and this set of provisional financial information, which are
based on reasonable judgements and estimates, have been prepared using accounting policies that comply with IFRS. These
are consistent with those applied in the consolidated financial statements for the year ended 30 June 2015.
Auditor’s opinion
Mustek’s independent auditors, Deloitte & Touche, have issued their unmodified opinion on the Group’s annual consolidated
financial statements and this set of summarised consolidated financial statements for the year ended 30 June 2016. The
audit was conducted in accordance with International Standards on Auditing. The directors take full responsibility for
the preparation of this provisional report and the financial information has been derived from the Group financial
statements and are consistent in all material aspects with the Group financial statements. Their unmodified audit reports
for this set of summarised consolidated financial statements and the Group annual financial statements are available for
inspection at the company’s registered office. The auditor’s report does not necessarily report on 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 full copy of the auditor’s report, together with the accompanying
financial information from the issuer’s registered office. Any reference to future financial performance included in this
announcement has not been reviewed or reported on by the company’s auditors.
Fair value measurement of financial instruments
Fair value measurements of financial assets and liabilities are analysed as follows:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
Audited Audited
year-end year-end
30 June 30 June
2016 2015
Financial assets and liabilities Level R000 R000
Held-for-trading: Foreign currency assets
These financial assets consist of foreign currency forward
contracts and options, and are measured using discounted cash
flows. Future cash flows are estimated based on the observable
yield curves of forward interest rates at the end of the
reporting period, as well as contract interest rates.
The revaluation of these assets are included in foreign
currency losses. 2 3 059 8 179
Held-for-trading: Foreign currency liabilities
These financial liabilities consist of foreign currency
forward contracts and options, and are measured using
discounted cash flows. Future cash flows are estimated
based on the observable yield curves of forward interest
rates at the end of the reporting period, as well as contract
interest rates. The revaluation of these assets are included
in foreign currency losses. 2 10 031 1 373
Available-for-sale: Other investments and loans
This financial asset consists of shares held in Zinox Technologies
Limited. The inputs used to measure the fair value of this investment
are the Group’s share of the net asset value of Zinox Technologies
Limited. As the fair value approximates the carrying value of this
asset, no revaluation was done during the reporting periods presented. 3 18 741 18 741
Discontinued operations and re-presentation of comparative numbers
On 11 February 2016, Rectron Holdings Limited, a wholly owned subsidiary of Mustek, has disposed of its
100% stake in Rectron Electronics Proprietary Limited (Rectron Australia). As a result, the comparative
statement of comprehensive income has been re-presented to include the results of Rectron Australia BV
as part of discontinued operations.
The loss for the period from discontinued operations is as follows:
Audited Audited
30 June 30 June
2016 2015
R000 R000
Revenue 146 233 267 983
Cost of sales (131 558) (247 490)
Gross profit 14 675 20 493
Other income 556 2 365
Foreign currency (losses) profits (503) 1 133
Distribution, administrative and other operating expenses (18 937) (27 346)
Loss from operations (4 209) (3 355)
Investment revenue 3 44
Finance cost (843) (1 402)
Loss on disposal of discounted operation (2 278) -
Loss before tax (7 327) (4 713)
Income tax benefit 1 516 -
Loss for the year (5 811) (4 713)
Plus loss attributable to outside shareholders 316 2 000
Group’s share of loss for the year from discontinued operations (5 495) (2 713)
Operating results
The Group’s Revenue from continuing operations increased by 4,8% to R5,29 billion (2015: R5,04 billion). The
major reason for the slowdown in growth was the reduction in the spend from the Government sector. The balance
of the market showed signs of severe strain but both Mustek and Rectron were able to maintain if not gain
market share.
The gross profit percentage from continuing operations reduced from 13,2% to 12,9% predominantly as a result of
product mix, the drive to reduce inventory levels, an increase in inventory provisions and an increase in inventory
written off. Although the gross profit percentages achieved by products such as Huawei Enterprise Solutions and
Microsoft Volume Licensing are lower, their contributions to profit are expected to continue growing.
Other income in the comparative period included an amount of R26,8 million that arose from certain disputes that
were settled between Mustek and various parties.
The Group’s more conservative forex hedging policy proved effective, considering the sharp depreciation of the Rand
from 30 June 2015 to 30 June 2016. Forex losses from continuing operations, which includes the cost of forward
points, was R11,8 million compared to R1,7 million in the comparative period.
Distribution, administrative and other operating expenses from continuing operations were well controlled,
increasing by 4,8%.
The Group has been negatively affected by an increase in net finance charges from continuing operations from
R58,7 million to R90,7 million after average working capital levels were well above that of the previous financial
year. Working capital levels have since normalised and for the year ended 30 June 2016, both inventory and
accounts receivable are at lower levels when compared to the previous financial year.
The Group applies hedge accounting where the requirements of IAS 39 have been met to separate the interest and
spot elements from the forward contracts, and R14,3 million (2015: R9,6 million) was classified as finance costs,
as opposed to forex losses.
The contribution from our associates increased mainly as a result of the earnings growth of Sizwe Africa IT Group
Proprietary Limited.
Discontinued operations (Rectron Australia BV) also negatively impacted earnings by R5,5m.
As a result, Mustek’s headline earnings per share is 38,5% lower at 76,88 cents (2015: 125,05 cents) and basic
earnings per share is 40,7% lower at 74,13 cents (2015: 124,94 cents).
Cash flow
The improvement in working capital levels contributed to cash generated from operations of R175,0 million
(2015: R374,0 million) and is an improvement of R593,7 million compared to the cash used in operations of
R418,7 million reported at 31 December 2015. Inventory on hand reduced by 1,6% and trade and other receivables
reduced by 13,7% compared to the previous financial year. Compared to 31 December 2015, inventories on hand has
reduced by R208,9 million. Management continues to focus on optimal working capital management as it remains a
driver of profitability in our industry.
Transformation
Following an audit by an accredited verification agency, Mustek retained its level 2 BBBEE rating, using the ICT
sector codes.
Management has continued to meaningfully extend its initiatives in employment equity, skills development and
corporate social investment during the period. The Group is committed to a process of further transformation and
economic empowerment of its stakeholders, such that an acceptable balance between the operatives and commercial
benefits of such a process can be achieved, thereby ensuring the sustainability and prosperity of the Group in a
competitive market sector.
Board of directors
Rev Dr Vukile Mehana was appointed as non-executive chairman on 2 February 2016 in place of Dr Len Konar who
resigned with effect from 4 December 2015. Ms Lindani Dhlamini was also appointed as independent non-executive
director on 4 December 2015 following the resignation of Ms Thembisa Dingaan with effect from 13 October 2015.
The Board would like to thank Dr Len Konar and Ms Thembisa Dingaan for their contributions to the Board and
wishes them success with their future endeavours.
Mr. Spencer Chen has been appointed to the Social and Ethics Committee effective 31 August 2016 in place of
Ms. Lindi Shortt who resigned with effect from 31 August 2016.
Corporate activities
Rectron Holdings Limited, a wholly owned subsidiary of Mustek, increased its investment in Rectron Australia
on 30 September 2015 from 50% to 100% for an amount of AU$739 062 before disposing of its entire stake on
11 February 2016 for a total cash consideration of AU$1 059 476.
On 8 March 2016, the Group acquired a 25.1% stake in Yangtze Optics Africa Holdings Proprietary Limited (YOA)
for a total consideration of the Rand equivalent of US$2 510 000. 50% of this amount has already been paid and
the remaining 50% will be paid during the 2017 financial year. The other shareholders are Yangtze Optical Fibre
and Cable Joint Stock Limited Company and Yangtze Optical Fibre and Cable Company (Hong Kong) Limited, the
world’s largest manufacturers of optical fibre cables. YOA will be located at the Dube Trade Port in Durban
and is expected to be fully operational by January 2017.
On 24 April 2016, the Group acquired land in Bloemfontein which is being developed for a total consideration of
R8.2 million.
On 29 June 2016, the Group acquired an additional 35% stake in Zatophase Proprietary Limited, the company that
owns 40% of Sizwe Africa IT Group Proprietary Limited (Sizwe). The Group’s effective shareholding in Sizwe has
increased from 26% to 40% as a result.
Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they
fall due. The majority of the Group’s employees belong to this fund. The Group does not provide additional
post-retirement benefits.
Environmental, social and governance aspects
The Group subscribes to and complies in all material aspects with the Code on Corporate Governance Practices
and Conduct as contained in the third King Report on Corporate Governance (King III).
Mustek is committed to transparent and integrated reporting in the spirit of King III and the Global Reporting
Initiative (GRI). We are accordingly continuously reviewing our corporate governance practices and are
enhancing our internal information gathering systems to provide the quality and type of information required
for authentically integrated annual reports.
Initiatives include the reduction in energy consumption after a target to reduce energy consumption by 20% was
set in 2011. This target was reached through ongoing staff awareness programmes, the replacement of ICT equipment
with energy-efficient units, installing rooftop solar panels and LED lights. These installations will pay for
themselves in a relatively short time and significantly reduce our overall electricity demand and usage in
addition to also demonstrating the viability of renewable energy for powering corporate infrastructure.
An Energy Management System (EnMS) based on the ISO 50001 international standard has been implemented at the
Midrand facility to continually improve energy performance and management.
Mustek has successfully maintained its ISO 14001 certification since 2004 and has not been sanctioned or fined
for non-compliance with environmental laws and regulations.
Mustek has a consistent record in community support and corporate social investment (CSI). The Group focuses
its CSI efforts on children’s needs - in particular, their education - but also supports charities, sporting
events and community facilities.
For more than a decade, we have conducted a comprehensive HIV/Aids strategy and programme that also provides
antiretroviral drugs to HIV-positive staff.
Industry outlook
ICT spending will be driven by investments in software, IT services and mobile devices. In South Africa,
overall hardware infrastructure will also be a big driver as a result of current market expansion.
The transition to cloud-based services has led to the Group diversifying away from just being a distributor of
traditional IT hardware. With our appointment as a Microsoft Volume Licence distributor, we now have the ability
to market and distribute a full range of cloud services to our resellers. This new division is driven by both
Mustek and Rectron sales teams and with strong indications of cloud computing growth in the South African market
we are confident of being able to provide the market with profitable and innovative products.
There is a move towards standardisation, consolidation and server virtualisation as enterprises begin to
understand the need to simplify infrastructures. It is evident that enterprises are moving to an automated
management phase within their infrastructure, introducing automation and orchestration within their
environments.
Company outlook
Net finance costs should reduce in line with lower inventory levels at both Mustek and Rectron. Lower inventory
levels should also have a positive effect on gross profit margins.
The Group will be focusing on further disposing of non-profitable and under-performing assets in order to
increase profitability. The disposal of Rectron Australia BV will have an immediate effect on the Group’s
profitability as the loss of R5,5 million incurred in 2016 will not be repeated.
Mustek will continue to refine its broad-based ICT distributor status, where we expect to see growing
contributions to both revenue and profit going forward in our Microsoft Volume Licence offering, Huawei
Enterprise Solutions division, sustainable energy division, CCTV surveillance division and cabling products
and services.
Our suite of products provides Mustek with the flexibility to switch focus to more profitable market segments.
Recognising that desktop unit sales are in decline, we can push our strong variety of entry-level, mid-level
and aspirational tablets.
Big Data will be a focus area for Mustek going forward. We have seen significant growth and experienced great
success in this sector with our NEC Server, NEC Storage and Fujitsu Scanner ranges.
South Africa has one of the highest rates of public investment in education in the world and the government
spends more on education than on any other sector. Technology and e-learning as a teaching and learning tool
and enabler has been widely accepted as a way to expedite the educational progress within our country. Mustek
has over the last few years been investing substantially in this particular market vertical and we believe
that we are well positioned to grow our market share over the next three to five years. The amount of interest
shown by various provinces during the last few months is encouraging.
In conjunction with strategic partners from across the ICT industry, Mustek is well positioned for the
forthcoming years.
Share repurchase programme
Mustek acquired 5 623 471 ordinary shares of its issued share capital on the open market for a purchase
consideration in aggregate of R42 822 936. The general repurchase commenced on 4 September 2015 and continued
on a day-to-day basis as market conditions allowed and in accordance with the JSE Limited (JSE) Listings
Requirements until 7 June 2016.
The repurchase of shares will continue to be considered by the Board in conjunction with an evaluation of
current and future funding requirements in the period to 30 June 2017, subject to obtaining shareholder
approval at the next annual general meeting. This programme will be effected in accordance with the terms of
the authority granted by shareholders at the annual general meeting held on 11 December 2015. It is currently
intended that any shares purchased will be cancelled and delisted. The market will be notified in accordance
with applicable listing rules and regulations if and when purchases are made.
Dividend
The declaration of cash dividends will continue to be considered by the board in conjunction with an evaluation
of current and future funding requirements and opportunities to repurchase shares. It will be adjusted to
levels considered appropriate at the time of declaration.
Mustek’s continued commitment to optimal cash utilisation will mean that cash generated by the operations will
be used to fund growth and reduce debt. To this end, the board has declared a final dividend of 15 cents (2015:
35 cents) per ordinary share for the financial year ended 30 June 2016.
Notice is hereby given that a final dividend of 15 cents per ordinary share for the year ended 30 June 2016 is
declared, payable to shareholders recorded in the books of the company at the close of business on the record
date appearing below. This dividend is declared out of income reserves. The company’s income tax reference
number is 9550081716 and the company has 98 000 000 ordinary shares in issue and ranking for dividend at the
date of this declaration. The South African dividend tax rate is 15% and no Secondary Tax on Companies credits
have been utilised, resulting in a net dividend of 12,75 cents per share to shareholders who are not tax
exempt.
The salient dates applicable to the final dividend are as follows:
Last day of trade cum dividend Tuesday, 27 September 2015
First day to trade ex dividend Wednesday, 28 September 2015
Record date Friday, 30 September 2015
Payment date Monday, 3 October 2015
No share certificates may be dematerialised or rematerialised between Wednesday, 28 September 2015 and Friday,
30 September 2015, both days inclusive.
Where applicable, payment in respect of certificated shareholders will be transferred electronically to
shareholders’ bank accounts on the payment date. In the absence of specific mandates, payment cheques will
be posted to certificated shareholders at their risk on the payment date. Shareholders who have dematerialised
their shares will have their accounts at their Central Securities Depository Participant or broker credited on
the payment date.
Annual general meeting
The notice of the annual general meeting will be included in the integrated report that will be posted to
shareholders in due course.
Post-balance sheet events
There have been no significant events subsequent to year-end up until the date of this report that require
adjustment to or disclosure in these annual financial statements.
On behalf of the Board of directors Neels Coetzee Financial Director 31 August 2016
David Kan Chief Executive Officer (preparer of provisional Group results) Midrand
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30 June 30 June
2016 2015
R000 R000
(Re-presented)
Continuing operations
Revenue 5 286 384 5 042 119
Cost of sales (4 605 634) (4 376 692)
Gross profit 680 750 665 427
Other income 3 465 35 461
Foreign currency losses (11 784) (1 680)
Distribution, administrative and other operating expenses (483 603) (462 351)
Profit from operations 188 828 236 857
Investment revenues 19 278 17 319
Finance costs (109 950) (76 014)
Share of profit of associates 15 352 10 813
Profit before tax 113 508 188 975
Income tax expense (28 753) (50 155)
Profit for the year from continuing operations 84 755 138 820
Discontinued operations
Loss for the year from discontinued operations (5 811) (4 713)
Profit for the year 78 944 134 107
Other comprehensive income
Exchange profits on translation of foreign operations 4 262 540
Other comprehensive income for the year, net of tax 4 262 540
Total comprehensive income for the year 83 206 134 647
Profit attributable to:
Owners of the parent 74 630 132 720
Non-controlling interest 4 314 1 387
78 944 134 107
Total comprehensive income attributable to:
Owners of the parent 78 590 133 840
Non-controlling interest 4 616 807
83 206 134 647
Earnings and dividend per share (cents)
Weighted number of ordinary shares in issue 100 674 409 106 228 765
Ordinary shares in issue 98 000 000 103 623 471
Dividend per ordinary share - paid 35.00 28.00
Dividend per ordinary share - proposed 15.00 35.00
From continuing and discontinued operations
Headline earnings per ordinary share 76.88 125.05
Basic earnings per ordinary share 74.13 124.94
From continuing operations
Headline earnings per ordinary share 80.07 127.60
Basic earnings per ordinary share 79.59 127.49
From discontinued operations
Headline loss per ordinary share (3.20) (2.55)
Basic loss per ordinary share (5.46) (2.55)
Reconciliation between basic and headline earnings
Basic earnings attributable to owners of the parent 74 630 132 720
Group’s share of loss on disposal of property, plant and equipment 488 118
Group’s share of loss from disposal of shares in subsidiary 2 278 -
Headline earnings from continuing and discontinued operations 77 396 132 838
Plus Group’s share of loss for the year from discontinued operations 3 217 2 713
Headline earnings from continuing operations 80 613 135 551
Basic earnings attributable to owners of the parent 74 630 132 720
Plus Group’s share of loss for the year from discontinued operations 5 495 2 713
Basic earnings from continuing operations 80 125 135 433
Net asset value per share (cents) 1 008.08 959.00
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June
2016 2015
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 152 458 174 709
Intangible assets 67 059 62 843
Investments in associates 84 848 61 478
Other investments and loans 67 809 77 653
Deferred tax asset 17 312 29 593
389 486 406 276
Current assets
Inventories 1 111 929 1 129 663
Inventories in transit 95 753 206 035
Trade and other receivables 1 074 823 1 246 139
Foreign currency assets 3 059 8 179
Tax assets 14 219 2 059
Bank balances and cash 383 613 459 832
Short-term loans 12 676 -
2 696 072 3 051 907
TOTAL ASSETS 3 085 558 3 458 183
EQUITY AND LIABILITIES
Capital and reserves
Ordinary stated capital 50 531 93 354
Retained earnings 927 669 894 636
Non-distributable reserve 809 809
Foreign currency translation reserve 8 909 4 949
Equity attributable to owners of the parent 987 918 993 748
Non-controlling interest (581) 19 268
Total equity 987 337 1 013 016
Non-current liabilities
Long-term borrowings 499 23 127
Deferred tax liabilities 4 504 4 576
Deferred income 12 632 15 627
17 635 43 330
Current liabilities
Short-term borrowings 555 2 687
Trade and other payables 1 670 595 2 011 195
Foreign currency liabilities 10 031 1 373
Deferred income 19 284 22 238
Tax liabilities 2 408 2 595
Bank overdrafts 377 713 361 749
2 080 586 2 401 837
Total liabilities 2 098 221 2 445 167
TOTAL EQUITY AND LIABILITIES 3 085 558 3 458 183
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
30 June 30 June
2016 2015
R000 R000
OPERATING ACTIVITIES
Cash receipts from customers 5 563 726 4 902 999
Cash paid to suppliers and employees (5 388 858) (4 528 976)
Net cash from operations 175 047 374 023
Investment revenues received 19 281 17 364
Finance costs paid (110 793) (77 416)
Dividends paid (35 605) (29 871)
Income taxes paid (34 697) (29 329)
Net cash from operating activities 13 233 254 771
Net cash used in investing activities (56 949) (46 726)
Net cash (used in) from financing activities (32 503) 48 624
Net (decrease) increase in cash and cash equivalents (76 219) 256 669
Cash and cash equivalents at the beginning of the year 459 832 203 163
Cash and cash equivalents at the end of the year 383 613 459 832
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Non- Foreign currency Attributable Non-
stated Retained distributable translation to owners of controlling
capital earnings reserve reserve the parent interest Total
R000 R000 R000 R000 R000 R000 R000
Balance at 30 June 2014 119 627 791 787 809 3 829 916 052 18 461 934 513
Net profit for the year - 132 720 - - 132 720 1 387 134 107
Other comprehensive income - - - 1 120 1 120 (580) 540
Dividends paid - (29 871) - - (29 871) - (29 871)
Buy back of shares (42 491) - - - (42 491) - (42 491)
Share capital issued 16 218 - - - 16 218 - 16 218
Balance at 30 June 2015 93 354 894 636 809 4 949 993 748 19 268 1 013 016
Net profit for the year - 74 630 - - 74 630 4 314 78 944
Other comprehensive income - - - 3 960 3 960 302 4 262
Dividends paid - (35 605) - - (35 605) - (35 605)
Buy back of shares (42 823) - - - (42 823) - (42 823)
Acquisition of additional
shareholding in a controlled entity - - - - - (24 465) (24 465)
Premium on acquisition of additional
shareholding in a controlled entity - (5 992) - (5 992) - (5 992)
Balance at 30 June 2016 50 531 933 661 809 8 909 987 918 (581) 987 337
SUMMARISED SEGMENT ANALYSIS
Total Mustek Rectron Group Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
R000 R000 R000 R000 R000 R000 R000 R000 R000 R000
Business segments (Re- (Re-
presented) presented)
Revenue 5 286 384 5 042 119 3 274 542 3 246 918 2 341 781 2 132 376 - - (329 939) (337 175)
EBITDA* 217 645 259 003 128 690 181 057 97 092 71 220 (8 137) 6 726 - -
Depreciation and
amortisation (28 817) (22 146) (20 867) (17 608) (7 950) (4 538) - - - -
Profit (loss)
from operations 188 828 236 857 107 823 163 449 89 142 66 682 (8 137) 6 726 - -
Investment revenues 19 278 17 319 10 395 9 102 6 187 8 629 9 268 6 160 (6 572) (6 572)
Finance costs (109 950) (76 014) (66 591) (45 383) (43 359) (30 992) (6 572) (6 211) 6 572 6 572
Share of profit of
associates 15 352 10 813 - - - - 15 352 10 813 - -
Profit before tax 113 508 188 975 51 627 127 168 51 970 44 319 9 911 17 488 - -
Income tax expense (28 753) (50 155) (13 680) (33 895) (14 756) (12 652) (317) (3 608) - -
Profit for the year
from continuing operations 84 755 138 820 37 947 93 273 37 214 31 667 9 594 13 880 - -
Discontinued operations
Loss for the year from
discontinued operations (5 811) (4 713) - - (5 811) (4 713) -
Profit for the year 78 944 134 107 37 947 93 273 31 403 26 954 9 594 13 880 - -
Attributable to:
Owners of the parent 74 630 132 720 37 947 93 273 31 719 28 954 4 964 10 493 - -
Non-controlling interest 4 314 1 387 - - (316) (2 000) 4 630 3 387 - -
78 944 134 107 37 947 93 273 31 403 26 954 9 594 13 880 - -
* Earnings before interest, taxation, depreciation and amortisation.
Mustek Technology
Total South Africa Mustek East Africa (Taiwan) Rectron Australia
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
Geographical segments 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
R000 R000 R000 R000 R000 R000 R000 R000 R000 R000
(Re- (Re- (Re-
presented) presented) presented)
Revenue 5 286 384 5 042 119 5 214 394 4 992 500 51 761 49 481 20 229 138 - -
Profit (loss) before tax 113 508 188 975 108 758 186 027 (4 528) (1 668) 9 278 4 616 - -
Income tax (expense) benefit (28 753) (50 155) (28 418) (50 110) 1 473 740 (1 808) (785) - -
Profit (loss) for the year
from continuing operations 84 755 138 820 80 340 135 917 (3 055) (928) 7 470 3 831 - -
Discontinued operations
Loss for the year from
discontinued operations (5 811) (4 713) - - - - - - (5 811) (4 713
Profit (loss) for the year 78 944 134 107 80 340 135 917 (3 055) (928) 7 470 3 831 (5 811) (4 713)
Attributable to:
Owners of the parent 74 630 132 720 75 710 131 817 (3 055) (928) 7 470 3 831 (5 495) (2 000)
Non-controlling interest 4 314 1 387 4 630 5 349 - - - - (316) (3 962)
78 944 134 107 80 340 135 917 (3 055) (928) 7 470 3 831 (5 811) (4 713)
CORPORATE INFORMATION:
Company Secretary:
Sirkien van Schalkwyk,
1 Carlsberg, 430 Nieuwenhuyzen Street,
Erasmuskloof Extension 2, 0181.
PO Box 4896,
Rietvalleirand,
0174.
Telephone: +27 (0) 12 751 6000.
Transfer secretaries:
Computershare Investor Services Proprietary Limited,
70 Marshall Street, Johannesburg, 2001. PO Box 61051,
Marshalltown, 2107,
South Africa.
Telephone: (011) 370-5000.
Registered office:
322 15th Road, Randjespark, Midrand, 1685.
Postal address:
PO Box 1638, Parklands, 2121.
Contact numbers:
Telephone: +27 (0) 11 237-1000
Facsimile: +27 (0) 11 314-5039
Email: ltd@mustek.co.za.
Sponsor:
Deloitte & Touche Sponsor Services Proprietary Limited.
www.mustek.co.za
Date: 31/08/2016 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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