Wrap Text
EOH Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1998/014669/06
JSE share code: EOH
ISIN code: ZAE000071072
2016
REVIEWED CONDENSED CONSOLIDATED RESULTS
for the year ended 31 July 2016
Revenue Up 31% to R12 762 million
Operating profit Up 37% to R1 437 million
Profit for the period Up 34% to R930 million
EPS Up 25% to 704 cents
HEPS Up 25% to 719 cents
Cash Up 17% to R1 949 million
Dividends Up 23% to 185 cents
About EOH
EOH is the largest technology services provider in South Africa.
EOH has been listed on the Johannesburg Stock Exchange ('JSE') since 1998 and has consistently delivered strong financial results. EOH is committed to
transformation and has the highest BBBEE rating of its peers.
EOH has a wide range of IT services, software, IT infrastructure, Industrial Technologies and Outsourcing ('BPO') solutions. EOH's 11 500 staff members
deliver these services to over 5 000 large enterprise customers across all major industries. EOH has over 134 points of presence nationally and has a
growing international footprint, with operations in over 50 countries outside of South Africa. EOH remains entrepreneurial despite its size, has a strong
brand and continues to develop new products and services and expand into new territories.
EOH's purpose
To provide the technology, knowledge, skills and organisational ability critical to the development and growth of the markets it serves.
EOH's philosophy
Best People
To attract, develop and retain the best people led by great leaders
Partner for Life
To nurture lifelong partnerships with our customers and business partners
Right 1st Time
To ensure professional planning and execution in all that we do
Sustainable Transformation
To transform and celebrate diversity
Lead and Grow
Strive to be number one in every domain that we operate in whilst remaining entrepreneurial
Operating model
EOH's operating model is two dimensional, focused on key business areas (lines of business) and industry verticals. EOH offers solutions across the
spectrum through a simple 'Design, Build and Operate' approach and is able to offer its customers tailored, flexible and robust solutions through its
industry specialisation.
EOH's consulting capability extends beyond the traditional consulting services and focuses on industry specific solutions. With its insight into future
business trends and business drivers, together with the enabling technology and know-how needed to support them, EOH has the skills and the ability to
deliver end-to-end knowledge services.
By providing technology agnostic business advice, EOH's consultants are able to deliver practical, actionable and tangible business solutions from concept
and design, through to the implementation and management of these solutions.
Commentary
Business performance
During the year ended 31 July 2016, revenue increased by 31% to R12 762 million and profit before tax increased by 39% to R1 324 million, when compared
with the comparative period. The growth is attributable to a combination of strong organic growth and recent acquisitions. Organic growth contributed 59%
of revenue growth. Headline earnings per share ('HEPS') and earnings per share ('EPS') increased by 25% with cash and cash equivalents increasing to R1 949
million at 31 July 2016.
All divisions contributed to EOH's growth. Revenue from services totals R9 815 million and accounts for 77% of EOH's total revenue.
EOH remains a strong and proudly South African company with sales in South Africa accounting for 86% of its total revenue. Revenue from outside of South
Africa - Sub-Saharan Africa, North Africa, and the Middle East accounts for about 10% of total revenue with the remaining derived from other countries.
Businesses joining EOH
During the period under review, EOH continued its strategy to consolidate and complement its existing services with strategic acquisitions. EOH focused on
growing its local business offerings and expanding into the rest of Africa and the Middle East.
EOH's international expansion continues through a 'partnering and joint venture' model by acquiring an initial interest of 50% in the companies that it
acquires. This de-risks EOH's entry into these regions, whilst it establishes a footprint and gains a better understanding of doing business in these
regions.
During the year, two significant businesses joined the EOH family. The GCT group of companies, which focuses on utility management via smart metering
solutions and analytical, forensic and investigative software solutions for the security sector and Mehleketo, which focuses on rail technology. Details of
these transactions were included in the results for the six months ended 31 January 2016.
EOH acquired several smaller strategic businesses to enhance its industrial technologies capability, augment its BPO businesses and bolster its IT services
and infrastructure businesses.
Transformation and social responsibility
Transformation is part of EOH's business strategy and is a key philosophy and business objective of EOH. EOH is certified as a Large Enterprise Level 2
Contributor and has the highest rating of its peers with BBBEE Procurement Recognition of 156% (as a Value Adding Vendor). 55% of EOH's staff and 64% of
its board members are black. EOH's current black shareholding is 48%.
Enterprise development
EOH has several enterprise development ('ED') initiatives aimed at developing black-owned companies by providing both financial and non-financial support.
Corporate Social Investment
EOH understands that youth development is paramount to a prosperous South Africa. To this end, EOH's Corporate Social Investment ('CSI') programme
includes:
- Financial support for the Maths Centre which focuses on teaching mathematics, science, technology and entrepreneurship. The centre's primary objective is
to equip teachers, learners and parents with learning materials and programmes to improve their competency in these subjects.
- EOH provides support to the child and youth development programmes of Afrika Tikkun with the objective of providing a future for children living in
townships.
In the health field, EOH and the South African Business Coalition on Health and AIDS (SABCOHA) partnered to make a difference in the lives of thousands of
South Africans through comprehensive health screening and intervention programmes.
The EOH Youth Job Creation Initiative
EOH believes that business has the responsibility to help solve the problem of unemployment. In 2012, EOH launched its 'EOH Youth Job Creation Initiative'
with the aim of working with business partners, customers and the Government to stimulate job creation. So far, more than 10 000 jobs have been created
country wide and together with its partners.
As part of this programme, EOH launched its Internal Learnership Programme. To date more than 2 000 interns have participated in these programmes and more
than 70% of these learners have been permanently employed by EOH. Another 700 learners are participating in the 2016 programme and we expect the number of
participants to increase in the future.
In partnership with the radio station, 702, EOH is challenging all CEO's and government organisations to take at least 3% of their current staff complement
as interns and learners each year. Through this and other initiatives, we are aiming to create 100 000 jobs by 2020.
Future plans
EOH is able to provide end-to-end solutions across industry verticals and has the widest offerings in the industry. Driven by our design, build and operate
approach, EOH will continue to develop new solutions, new lines of business, enhance its industry-specific businesses and expand its service offerings into
new territories.
EOH is a Pan-African company and will continue to expand in Sub-Saharan Africa, North Africa and the Middle East.
EOH sees its involvement in the public sector as both a business opportunity and as a responsibility. EOH intends to further increase its involvement in
all tiers of government to improve public sector service delivery.
EOH continues to develop and acquire strategic industry specific niche IP/software solutions. EOH intends to intensify its efforts to distribute its
products internationally.
EOH is committed to further advancing its transformation efforts through increased black ownership, enterprise development and increasing its spend on
skills development.
EOH has exciting opportunities in South Africa and internationally and is recognised for the quality of its people and its strong delivery capability. By
continually driving its philosophy of recruiting and retaining the best people and its 'Right 1st Time' quality initiatives, EOH expects to maintain and in
time, to increase its operating margins. EOH has the people, the scale, the offerings, the financial resources, the agility and the know-how to continue to
grow aggressively.
Stated capital
During the period under review, 4 938 996 shares were issued as a result of businesses joining the group (initial payments and profit warrant payments) and
1 282 097 shares were issued in terms of the Groups' share incentive schemes.
Subsequent events and capital commitments
There have been no significant events and no significant capital expenditure authorised since 31 July 2016.
Directorate
At the AGM held on 19 February 2016, the directors who were eligible for re-election, being Sandile Zungu, Tshilidzi Marwala and Danny Mackay were re-
elected. Rob Sporen, Tshilidzi Marwala and Lucky Khumalo were elected to the Audit Committee until the next AGM. Tebogo Skwambane resigned as a director
with effect from 19 February 2016 and Audrey Mothupi was appointed on 27 July 2016. Thoko Mnyango resigned on 27 July 2016 to pursue her own personal
interests. There have been no other changes to the Board.
Dividend declaration
Notice is hereby given that a gross dividend of 185 cents (2015: 150 cents) per ordinary share ('the dividend') has been declared in respect of the year
ended 31 July 2016 and is payable to shareholders recorded in the books at the close of business on Friday, 4 November 2016. Shareholders are advised that
the last day to trade cum-dividend will be Tuesday, 1 November 2016. The shares will trade ex-dividend as from Wednesday, 2 November 2016. Payment will be
made on Monday, 7 November 2016. Share certificates may not be dematerialised or rematerialised during the period Wednesday, 2 November 2016 to Friday, 4
November 2016, both days inclusive.
- The dividend should be treated as an income payment and is being paid out of income reserves.
- The local dividend tax rate is 15%.
- The gross local dividend is 185 cents per share for shareholders exempt from paying Dividend Tax.
- The net local dividend amount is 157.25 cents per share for shareholders liable to pay Dividend Tax.
- EOH's tax reference number is 9248321847.
- There are 140 751 613 ordinary shares in issue.
Appreciation
We are very proud of our achievements over many years and would like to thank our people and their families, our customers, partners, vendors and the
investment community for their support and significant contribution to EOH's success.
Asher Bohbot
Chief executive officer
12 September 2016
Condensed consolidated statement of financial position
as at 31 July 2016
Figures in Rand thousand Reviewed Audited
at 31 July 2016 at 31 July 2015
Assets
Non-current assets 6 790 469 4 009 826
Property, plant and equipment 492 221 412 159
Goodwill and intangible assets 5 144 242 2 989 582
Equity-accounted investments 626 085 351 852
Other financial assets 162 038 18 437
Deferred taxation 162 110 107 337
Finance lease receivables 203 773 130 459
Current assets 6 398 152 4 362 881
Inventory 468 392 195 665
Other financial assets 207 212 61 467
Current taxation receivable 21 694 47 955
Finance lease receivables 87 122 86 955
Trade and other receivables 3 664 333 2 307 021
Cash and cash equivalents 1 949 399 1 663 818
Total assets 13 188 621 8 372 707
Equity and liabilities
Equity 6 585 845 4 508 624
Equity attributable to the owners of EOH Holdings Limited 6 576 167 4 499 952
Non-controlling interest 9 678 8 672
Non-current liabilities 2 819 198 1 227 417
Other financial liabilities 2 451 968 1 068 477
Finance lease payables 26 366 21 010
Deferred taxation 340 864 137 930
Current liabilities 3 783 578 2 636 666
Other financial liabilities 1 163 713 869 485
Current taxation payable 119 210 57 344
Finance lease payables 25 406 20 915
Trade and other payables 1 876 472 1 424 414
Deferred income 598 777 264 508
Total liabilities 6 602 776 3 864 083
Total equity and liabilities 13 188 621 8 372 707
Condensed consolidated statement of profit or loss and other comprehensive income
for the year ended 31 July 2016
Figures in Rand thousand Reviewed % Audited
for the year change for the year
ended ended
31 July 2016 31 July 2015
Revenue 12 761 810 31 9 733 992
Cost of sales (8 656 183) (6 532 019)
Gross profit 4 105 627 3 201 973
Operating expenses (2 343 285) (1 925 957)
Depreciation (106 539) (114 685)
Amortisation of intangible assets (218 790) (114 726)
Operating profit before interest and impairments 1 437 013 1 046 605
Investment income 49 379 37 785
Impairment of goodwill and intangible assets (20 514) (25 000)
Share of profits of equity-accounted investments 72 510 10 736
Finance costs (214 467) (118 799)
Profit before taxation 1 323 921 39 951 327
Taxation (393 554) (259 533)
Profit for the period 930 367 34 691 794
Other comprehensive income:
Item that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations 35 955 27 144
Total comprehensive income for the year 966 322 718 938
Profit attributable to:
Owners of EOH Holdings Limited 927 354 690 692
Non-controlling interest 3 013 1 102
930 367 691 794
Total comprehensive income attributable to:
Owners of EOH Holdings Limited 963 877 717 342
Non-controlling interest 2 445 1 596
966 322 718 938
Earnings per share
Earnings per share (cents) 704 25 561
Diluted earnings per share (cents) 668 25 534
Condensed consolidated statement of changes in equity
for the year ended 31 July 2016
Figures in Rand thousand Stated Shares to Reserves Retained Non- Total
capital be issued earnings controlling equity
to vendors interest
Audited balance at 1 August 2014 627 006 371 066 349 106 1 270 985 10 647 2 628 810
Total comprehensive income for the year 26 650 690 692 1 596 718 938
Issue of shares 964 689 964 689
Non-controlling interest arising on business combination 865 865
Non-controlling interest acquired (7 684) (4 436) (12 120)
Movement in treasury shares (58 532) 71 701 13 169
Remaining shares to be issued 292 395 292 395
Share-based payments 42 848 42 848
Dividends (140 970) (140 970)
Audited balance at 31 July 2015 1 533 163 663 461 490 305 1 813 023 8 672 4 508 624
Total comprehensive income for the year 36 523 927 354 2 445 966 322
Issue of shares 894 015 894 015
Non-controlling interest acquired (1 062) (1 439) (2 501)
Movement in treasury shares (163 871) 20 290 (143 581)
Shares issued to vendors (554 537) (554 537)
Remaining shares to be issued to vendors 1 055 946 1 055 946
Share-based payments 55 897 55 897
Dividends (194 340) (194 340)
Reviewed balance at 31 July 2016 2 263 307 1 164 870 603 015 2 544 975 9 678 6 585 845
Condensed consolidated statement of cash flows
FOR THE YEAR ENDED 31 JULY 2016
Figures in Rand thousand Reviewed Audited
for the year for the year
ended ended
31 July 2016 31 July 2015
Cash flows from operating activities
Cash generated from operations 961 275 908 567
Investment income 49 269 37 571
Finance costs (210 776) (117 549)
Taxation paid (401 465) (301 143)
Net cash inflow from operating activities 398 303 527 446
Net cash (outflow) from investing activities (462 192) (326 865)
Net cash inflow from financing activities 361 310 398 093
Net increase in cash and cash equivalents 297 421 598 674
Foreign currency translation (11 840) 622
Cash and cash equivalents at the beginning of the year 1 663 818 1 064 522
Cash and cash equivalents at the end of the year 1 949 399 1 663 818
Performance of segments
for the year ended 31 July 2016
The reportable segments of the Group have been identified based on the nature of the business activities. The reportable segments have been modified from
previous years to reflect the major solution clusters in the Group. In previous years the segments were Services, Software and Infrastructure products.
Segment results that are reported to the Group CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable
basis. Segmental operating profit before taxation includes revenue and expenses directly relating to a business segment.
Figures in Rand thousand Reviewed % Audited
for the year change for the year
ended ended
31 July 2016 31 July 2015
Revenue
IT services 4 309 821 26 3 425 159
Software 2 023 100 39 1 451 899
IT infrastructure 923 620 7 866 495
Industrial technologies 2 845 302 37 2 077 384
BPO/Outsourcing 2 659 967 39 1 913 055
Total 12 761 810 31 9 733 992
Profit before taxation
IT services 452 190 32 343 521
Software 341 433 51 226 302
IT infrastructure 36 692 5 34 984
Industrial technologies 305 869 36 225 545
BPO/Outsourcing 187 737 55 120 975
Total 1 323 921 39 951 327
Notes to the condensed consolidated financial statements
for the year ended 31 July 2016
Reporting entity
EOH Holdings Limited ('the company') is a holding company domiciled in South Africa, that is listed on the JSE Limited under the category Technology:
Software and Computer Services. The condensed consolidated financial statements of the company comprise the company and its subsidiaries (together referred
to as 'the Group' or 'EOH') and the Group's investments in associates and joint ventures.
Statement of compliance
These condensed consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial
Reporting Standards ('IFRS') and the presentation and disclosure requirements of IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, the JSE Listings
Requirements and the Companies Act of South Africa.
Basis of preparation
The accounting policies applied in the presentation of the condensed consolidated financial statements are consistent with those applied for the year ended
31 July 2015, except for new standards that became effective for the Group's financial period beginning 1 August 2015.
The condensed consolidated financial statements have been prepared on the historical cost basis under the supervision of John King CA(SA), Group Financial
Director.
Changes in accounting policies
The Group has adopted all the new, revised and amended accounting standards which were effective for the Group from 1 August 2015, none of which had a
material impact on the Group results.
Review opinion
The condensed consolidated financial results for the year ended 31 July 2016 have been reviewed by the Group auditors, Mazars (Gauteng) Inc., and their
unmodified review report is available for inspection at the registered office of EOH.
The auditor's report does not necessarily report on all of the information contained in these financial results. Shareholders may obtain further
information regarding the nature of the auditor's engagement as per inspection of the report available at the registered office of EOH.
Earnings per share and headline earnings per share
for the year ended 31 July 2016
Reviewed % Audited
for the year change for the year
ended ended
31 July 2016 31 July 2015
Earnings per share (cents)
Earnings per share 704 25 561
Diluted earnings per share 668 25 534
Headline earnings per share 719 25 575
Diluted headline earnings per share 682 24 548
Headline earnings reconciliation (R'000)
Profit attributable to owners of EOH Holdings Limited 927 354 690 692
Adjusted for:
After tax loss on disposal of property, plant and equipment 663 1 557
After tax loss on deregistration of foreign operation 897 -
After tax impairment of intangible assets 18 321 25 000
After tax gain on bargain purchase - (9 474)
Headline earnings 947 235 707 775
Ordinary shares (000's)
Total number of shares in issue 140 752 132 039
Weighted average number of shares in issue 131 754 123 031
Weighted average diluted number of shares in issue 138 850 129 271
Other ratios
Profit before taxation (excluding share of profits from equity-accounted investments) margin 9,8% 9,7%
Operating profit margin 11,3% 10,8%
Gross profit margin 32,2% 32,9%
Return on equity 17,1 % 19,9%
Financial instruments
as at 31 July 2016
The following table summarises the carrying amount of financial instruments recorded at 31 July 2016:
Figures in Rand thousand Reviewed Audited
at 31 July 2016 at 31 July 2015
Financial assets
Loans and receivables
Other financial assets 203 721 79 904
Finance lease receivables 290 895 217 414
Trade and other receivables 3 421 103 2 200 077
Cash and cash equivalents 1 949 399 1 663 818
Fair value through profit or loss
Other financial assets 165 529 -
6 030 647 4 161 213
Financial liabilities
Measured at amortised cost
Other financial liabilities 2 330 918 1 166 953
Finance lease payables 51 773 41 925
Trade and other payables 1 312 538 993 398
Fair value through profit or loss
Vendors for acquisition 1 284 763 771 009
4 979 992 2 973 285
The Group does not have any financial instruments that are subject to offsetting.
Fair value through profit or loss
Financial assets measured at fair value through profit or loss, are classified as level 1 (in terms of the hierarchy) as the valuation techniques used are
based on observable market data.
Financial liabilities measured at fair value through profit or loss, are classified as level 3 (in terms of the hierarchy) as the valuation techniques used
are not based on observable market data.
There have been no transfers between levels during the period under review.
Other financial assets
Figures in Rand thousand Reviewed Audited
at 31 July 2016 at 31 July 2015
Other financial assets
Reconciliation of movement:
Balance at the beginning of the year - -
Raised through business combinations 152 030 -
Addition 6 000 -
Net changes in fair value 7 499 -
Balance at the end of the year 165 529 -
Other financial assets relate to investments acquired as part of a business combination. The fair value of the investments is determined by reference to
the performance of indices in the active market.
Vendors for acquisition
The vendors for acquisition figure relates to the contingent consideration in respect of business combinations where profit warranties are applicable. The
profit warranties allow for a defined agreed adjusted value to the consideration payable in the event that the warranted profit after tax is not achieved,
or in the event that it is exceeded. The fair value of the contingent arrangement is initially estimated by applying the income approach assuming that the
relevant profit warrant will be achieved. Subsequent measurement uses the income approach to calculate the present value of the expected settlement payment
using the latest approved budgeted results and reasonable growth rates for the remainder of the relevant warranty periods taking into account any specific
circumstances. Profit warrant periods normally extend over a 24 month period.
Upwardly revised performance expectations would result in an increase in the related liability limited to the terms of the applicable warranty agreement.
Unobservable inputs include budgeted results based on historical margins and revenue growth rates achieved by the various segments. Changing such inputs to
reflect reasonably possible alternative assumptions does not significantly change the fair value of the vendors for acquisition liability.
EOH has an established control framework with respect to the measurement of fair values. This includes a valuation team that reports directly to the Group
Financial Director who oversees all significant fair value measurements.
Figures in Rand thousand Reviewed Audited
at 31 July 2016 at 31 July 2015
Vendors for acquisition
Reconciliation of movement
Balance at the beginning of the period 771 009 440 568
Raised through business combinations 805 676 403 923
Raised as investments in joint ventures and associates 143 239 119 160
Foreign exchange effects 27 640 11 234
Net changes in fair value 35 619 13 670
Cash paid to vendors (498 420) (217 546)
Balance at the end of the year 1 284 763 771 009
Acquisition of businesses
during the year to 31 July 2016
Figures in Rand thousand 2016
Fair value of assets and liabilities acquired
Property, plant and equipment 64 693
Intangible assets 675 553
Other financial assets 204 322
Inventory 164 113
Trade and other receivables* 349 323
Cash and cash equivalents 253 825
Other financial liabilities (245 915)
Finance lease payables (9 315)
Net deferred taxation liabilities (185 305)
Net current taxation payables (45 789)
Trade and other payables (286 584)
Deferred income (258 420)
Net assets acquired 680 501
Amount capitalised 680 501
Goodwill 1 488 899
Purchase price 2 169 400
Cash consideration paid (325 047)
Less cash and cash equivalents acquired 253 825
Net cash (outflow) on acquisition (71 222)
Consideration payable
Cash paid (325 047)
Shares issued (272 830)
Cash to be paid (761 356)
Shares to be issued (810 167)
Total consideration (2 169 400)
* The gross contractual value of trade and other receivables for all acquisitions was R351 million.
Figures in Rand thousand 2016
Contribution to trading results for the year
Revenue 1 241 404
Profit before taxation 152 948*
Adjusted as if acquired with effect from 1 August 2015
Revenue 2 261 441
Profit before taxation 266 361*
Acquisition related costs 22 000
(included in operating expenses in the statement of profit or loss and other comprehensive income)
* Shown after the effect of amortisation on identifiable assets of R85 million.
The results of operations for all acquisitions have been accounted from the effective date of the business combination. In determining the purchase
consideration paid, the profit history of the relevant business and its growth prospects in the EOH group are considered. The fair value of shares issued
as part of the purchase price was determined based on the share price at the effective date. The accounting of these subsidiaries and businesses is based
on best estimates and provisional fair values. The Group has not yet completed its assessment of the fair value of all identifiable assets, liabilities
and/or contingent liabilities. The fair values will be accurately determined within twelve months from the date of acquisition. Goodwill relates mainly to
future profits of these businesses and the anticipated synergies to be derived as a result of joining EOH. Additional funds have been obtained to finance
acquisitions.
During the year under review, the Group acquired 100% of the share capital of Grid Control Technologies Proprietary Limited, Forensic Data Analysts
Proprietary Limited and Investigative Software Solutions Proprietary Limited ('GCT') and Mehleketo Resourcing Proprietary Limited ('Mehleketo'). The
revenue for these two companies was R298 million and R197 million respectively (R400 million and R207 million if acquired with effect from 1 August
2015). Their profit before taxation after considering amortisation of identifiable intangibles and other related group expenses was R34 million and R43
million respectively (R46 million and R45 million if acquired with effect 1 August 2015). Further details in respect of GCT and Mehleketo were disclosed in
the published interim results for the six months ended 31 January 2016.
In line with its strategy, EOH continued complementing its existing branches with strategic acquisitions and joint ventures in South Africa, Sub-Saharan
Africa, North Africa and the Middle East.
CORPORATE INFORMATION
Directorate
Non-executive
Sandile Zungu (Chairman)
Rob Sporen* (Lead Non-executive Director)
Lucky Khumalo
Danny Mackay
Tshilidzi Marwala
Thoko Mnyango (Resigned 27 July 2016)
Audrey Mothupi (Appointed 27 July 2016)
Tebogo Skwambane (Resigned 19 February 2016)
* (Dutch)
Executive
Asher Bohbot (Group Chief Executive Officer)
John King (Group Financial Director)
Pumeza Bam
Dion Ramoo
Jane Thomson
Group Company Secretary
Adri Els
Registered address
Block D, EOH Business Park
Osborne Lane, Bedfordview, 2007
PO Box 59, Bruma, 2026
Telephone: +27 (0) 11 607 8100
E-mail: info@eoh.co.za
Website: www.eoh.co.za
Transfer secretaries
Computershare Investor Services Proprietary Limited
Registration number: 2004/003647/07
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Auditors
Mazars (Gauteng) Inc.
Registration number: 2000/026635/21
Erasmus Forum A, 434 Rigel Avenue South,
Erasmusrand, Pretoria 0181
Sponsor
Merchantec Capital
Registration number: 2008/027362/07
2nd Floor, North Block, Hyde Park Corner Office Towers
Corner 6th Road and Jan Smuts Avenue, Hyde Park, 2196
PO Box 41480, Craighall, 2024
Date: 14/09/2016 07:05:00 Supplied by www.sharenet.co.za
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