Wrap Text
Reviewed Condensed Consolidated Results for the Six Months Ended 31 January 2017
EOH Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1998/014669/06
JSE share code: EOH
ISIN code: ZAE000071072
2017
Reviewed condensed consolidated results
FOR THE SIX MONTHS ENDED 31 JANUARY 2017
About EOH
EOH is the largest technology services provider in South Africa. EOH has been listed on the Johannesburg Stock Exchange
Limited ('JSE') since 1998, and has consistently delivered strong financial results. EOH is committed to transformation
and is a Level 2 contributor.
EOH is the largest technology services company in Africa, and has a wide range of Industry Consulting, IT Services,
Software, IT Infrastructure, Industrial Technologies and BPO solutions. EOH's 12 500 staff members deliver these services
to over 5 000 large enterprise customers across all major industries throughout South Africa, Africa and the Middle East.
EOH is present in 134 locations in South Africa, and has a growing international footprint with over 50 points of
presence in the rest of Africa and internationally.
EOH's purpose
- To provide the technology, knowledge, skills and organisational ability critical to the development and growth of the
markets we serve
- To be an ethical and relevant force for good and to play a positive role in society, beyond normal business practice
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 First 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 in which we operate whilst remaining entrepreneurial
Operating model
EOH's operating model is two dimensional, focused on key business areas 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.
The business segments of the Group have been identified based on the nature of the business activities of the major
divisions of EOH.
IT Services - IT consulting services; systems integration; IT managed services; application support; IT management; software
development, implementation and integration services; information services; network solutions; IT security solutions;
cloud solutions and digital solutions.
Software - Software sales and maintenance revenue for vendor owned software and EOH's niche software sales and maintenance
revenue.
IT Infrastructure - Sale of IT hardware, network, telecommunication, office automation and storage products.
Industrial Technologies - Sale of services, products, software and technology solutions relating to industrial automation,
data centre and connectivity solutions, energy services and water, transport and environmental solutions.
BPO - Sale of services and technology solutions relating to Human Capital Solutions, claims and payment processes, finance,
admin and outsourced marketing services.
Corporate citizenship
Transformation is one of EOH's key business philosophies. Our transformation initiatives are wide-ranging and include:
employment equity initiatives; skills training and development; gender diversity; enterprise and supplier development and
black ownership.
EOH understands that youth development is paramount to a prosperous South Africa. To this end, EOH's corporate social
investment ('CSI') activities include programmes and initiatives focused on the youth. These programmes include financial
support for the Maths Centre which focuses on teaching mathematics, science, technology and entrepreneurship; support to
the child and youth development programmes of Afrika Tikkun; health screening and intervention programmes; and support for
the South African Police Service Education Trust ('SAPSET').
EOH is certified as a Large Enterprise Level 2 Contributor with BBBEE Procurement Recognition of 156% as a value adding
vendor. 55% of EOH's staff and 67% of its Board members are black.
The EOH Youth Job Creation Initiative
In 2012, EOH launched its 'EOH Youth Job Creation Initiative'. The aim of the programme is to work with business partners,
customers and the government to stimulate job creation.
Last year, in partnership with the radio station, 702, EOH challenged CEOs in both the private sector and government
organisations to take on, as new interns and learners each year, at least 3% of their current staff complement. Through
this and other initiatives, we are aiming to create, together with our partners, 100 000 jobs by 2020.
To date, more than 2 400 EOH interns and learners have participated in these programmes, with over 70% of such
participants having been permanently employed by EOH. A further 700 EOH learners are participating in the programme this
year. So far, the EOH Youth Job Creation Initiative has created more than 10 000 jobs.
Sustainability
EOH believes that the inter-dependence of people, business and the community is inseparable if a company is to be
sustainable. Our approach is underpinned by our strong appreciation that South Africa's development and growth is not
solely the responsibility of government.
Our sustainability strategy is founded on our five guiding philosophies.
These philosophies demonstrate our commitment to sustainability by being a responsible employer, delivering an excellent
service to our clients, being ethical and fair in all our business relationships and by maintaining a low environmental
footprint.
Our 'Best People' philosophy is built on the premise that 'technology makes it possible - people make it happen'. We value
the contribution made by every employee and empower each employee to develop their own career path.
EOH's 'Partner for Life' philosophy is about trust, loyalty and long-term mutually beneficial relationships. EOH's
strategy is to build confidence through good governance, strong delivery and mutual respect.
EOH's 'Right First Time' philosophy is to reduce business risk and ensure successful implementations by having the
appropriate skills, processes and structures. We have programmes and training courses to ensure success in this area.
Sustainable transformation is centred around embracing and valuing diversity which leads to a better understanding of, and
engagement with, the people we work with, the customers we serve and the communities in which we operate.
EOH responds to the needs and requirements of the economy and all its customers. We collaborate with both the public and
private sector and use our technology, skills and know-how to make South Africa a better place.
Our service offerings have helped, and continue to help, public sector organisations deliver basic social services more
efficiently and effectively.
Corporate governance is integral to EOH's business philosophy of ethical leadership. There is no doubt that good corporate
governance is a key element in ensuring sustainability, constant growth, ongoing economic efficiency and enhancing
investor confidence.
Future plans
We will continue to develop new services, products and solutions; meet our clients' ever-increasing technology needs;
partner with new vendors both locally and abroad; build stronger partnerships with our existing customers and provide more
of their technology needs through our strategic account model.
We will continue to find suitable businesses to join the Group to complement, and supplement our existing solution
clusters.
EOH is increasingly becoming a multi-national company and we will continue to expand in Africa and the Middle East.
We will continue to develop, distribute and implement EOH's niche software and own IP solutions across our existing
footprint and into new territories.
EOH intends to continue its involvement in all tiers of government and state owned entities to improve service delivery.
EOH sees its involvement in the public sector as both a business opportunity and as a responsibility.
EOH is committed to continue its transformation efforts through its Youth Job Creation Initiative, increased black
ownership, enterprise development and increasing its spend on skills development. EOH has several initiatives in this
regard and is making good progress on all fronts.
By continually driving our philosophy of recruiting and retaining the best people, driving through our 'Right First Time'
quality initiatives, EOH expects to continue to grow strongly for many years to come. EOH has the people, the scale, the
offerings, the financial resources, the agility and the know-how to continue to make a significant contribution to all its
stakeholders.
Business performance
During the six months ended 31 January 2017, revenue from South Africa increased by 21% to R7 239 million (excluding
EOH's share of revenue relating to equity-accounted investments). Organic growth accounted for 80%.
All divisions contributed to EOH's growth. Services and software continue to be the dominant revenue driver accounting
for 83% of revenue. EOH remains a strong and proudly South African company with sales in South Africa accounting for 87%
of total revenue with the balance from the rest of Africa and the Middle East.
Profit before tax increased by 26% to R845 million. The growth is attributable to a combination of strong organic growth
and recent acquisitions. Headline earnings per share ('HEPS') and earnings per share ('EPS') increased by 22% and 23%
respectively, with cash increasing to R2 053 million.
The overall operating margins have increased to 12,6%.
The main growth drivers remain the development of new and additional solutions, services and products delivered to our
existing customers and our expansion into new territories to meet clients' needs with a particular focus on EOH's own
niche software and IP solutions.
During the period under review, EOH continued its strategy to consolidate and complement its existing services with
strategic acquisitions. The businesses that join EOH are quickly integrated into EOH's management structures to complement
and enhance its solution offerings to existing and future customers.
During the six months ended 31 January 2017, a number of businesses joined the EOH family. These included the Cornastone
group of companies and several small businesses in Africa and the Middle East.
Figures in Rand thousand Reviewed % Reviewed Audited
six months to growth six months to twelve months to
31 January 2017 31 January 2016 31 July 2016
Revenue*
IT Services 2 529 487 20 2 108 579 4 309 821
Software 1 251 322 33 937 543 2 023 100
IT Infrastructure 678 179 26 537 875 923 620
Industrial Technologies 1 441 990 15 1 258 040 2 845 302
BPO 1 338 505 15 1 159 804 2 659 967
7 239 483 21 6 001 841 12 761 810
Figures in Rand thousand Reviewed % Reviewed % Audited %
six months to margin six months to margin twelve months to margin
31 January 2017 31 January 2016 31 July 2016
Profit before taxation*
IT Services 297 063 11,7 233 691 11,1 379 680 8,8
Software 236 280 18,9 153 861 16,4 341 433 16,9
IT Infrastructure 38 121 5,6 25 209 4,7 36 692 4,0
Industrial Technologies 154 343 10,7 149 547 11,9 305 869 10,7
BPO 83 927 6,3 51 979 4,5 187 737 7,1
809 734 11,2 614 287 10,2 1 251 411 9,8
* Excluding equity-accounted investments.
Condensed consolidated statement of financial position
as at 31 January 2017
Figures in Rand thousand Reviewed at Reviewed at Audited at
31 January 2017 31 January 2016 31 July 2016
Assets
Non-current assets
Property, plant and equipment 582 543 468 454 492 221
Goodwill and intangible assets 5 703 334 4 872 786 5 144 242
Equity-accounted investments 754 687 517 094 626 085
Other financial assets 284 771 94 363 162 038
Deferred taxation 187 647 99 620 162 110
Finance lease receivables 182 837 154 422 203 773
7 695 819 6 206 739 6 790 469
Current assets
Inventory 532 605 329 204 468 392
Other financial assets 103 233 213 415 207 212
Current taxation receivable 34 477 49 445 21 694
Finance lease receivables 85 479 95 276 87 122
Trade and other receivables 4 276 190 3 226 300 3 664 333
Cash and cash equivalents 2 052 790 1 560 544 1 949 399
7 084 774 5 474 184 6 398 152
Total assets 14 780 593 11 680 923 13 188 621
Equity and liabilities
Equity
Equity attributable to the owners of EOH Holdings Limited 7 860 469 5 774 578 6 576 167
Non-controlling interest 20 558 9 878 9 678
7 881 027 5 784 456 6 585 845
Liabilities
Non-current liabilities
Other financial liabilities 2 222 378 1 313 722 2 451 968
Finance lease payables 57 479 28 413 26 366
Deferred taxation 356 212 337 918 340 864
2 636 069 1 680 053 2 819 198
Current liabilities
Other financial liabilities 1 610 711 1 842 735 1 163 713
Current taxation payable 208 507 116 649 119 210
Finance lease payables 41 603 28 632 25 406
Trade and other payables 1 853 094 1 674 603 1 876 472
Deferred income 549 582 553 795 598 777
4 263 497 4 216 414 3 783 578
Total liabilities 6 899 566 5 896 467 6 602 776
Total equity and liabilities 14 780 593 11 680 923 13 188 621
Condensed consolidated statement of profit
or loss and other comprehensive income
for the six months ended 31 January 2017
Figures in Rand thousand Reviewed % Reviewed Audited
six months to change six months to twelve months to
31 January 2017 31 January 2016 31 July 2016
Revenue 7 239 483 21 6 001 841 12 761 810
Cost of sales (4 753 704) (3 958 424) (8 656 183)
Gross profit 2 485 779 2 043 417 4 105 627
Operating expenses (1 417 083) (1 204 891) (2 343 285)
Depreciation (38 650) (50 470) (106 539)
Amortisation of intangible assets (118 302) (106 153) (218 790)
Operating profit before interest and impairments 911 744 34 681 903 1 437 013
Investment income 29 982 23 830 49 379
Impairment of assets - - (20 514)
Share of equity-accounted profits 35 179 55 847 72 510
Finance costs (131 992) (91 446) (214 467)
Profit before taxation 844 913 26 670 134 1 323 921
Taxation (247 432) (206 254) (393 554)
Profit for the period 597 481 29 463 880 930 367
Profit attributable to:
Owners of the EOH Holdings Limited 596 610 462 480 927 354
Non-controlling interest 871 1 400 3 013
597 481 463 880 930 367
Other comprehensive income:
Item that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (49 772) 149 113 35 955
Total comprehensive income for the period 547 709 612 993 966 322
Total comprehensive income attributable to:
Owners of the EOH Holdings Limited 546 838 610 347 963 877
Non-controlling interest 871 2 646 2 445
547 709 612 993 966 322
Earnings per share
Earnings per share (cents) 439 23 358 704
Diluted earnings per share (cents) 415 22 340 668
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 January 2017
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 2015 1 533 163 663 461 490 305 1 813 023 8 672 4 508 624
Profit for the six months 462 480 1 400 463 880
Other comprehensive income for the six months 147 867 1 246 149 113
Issue of shares 509 243 (498 798) 10 445
Non-controlling interest acquired (1 062) (1 440) (2 502)
Movement in treasury shares (93 760) 30 617 (63 143)
Remaining shares to be issued to vendors 882 013 882 013
Share-based payments 30 366 30 366
Dividends (194 340) (194 340)
Reviewed balance at 31 January 2016 1 948 646 1 046 676 699 155 2 080 101 9 878 5 784 456
Profit for the six months 464 874 1 613 466 487
Other comprehensive income for the six months (111 344) (1 813) (113 157)
Issue of shares 384 772 (55 739) 329 033
Movement in treasury shares (70 111) (10 327) (80 438)
Remaining shares to be issued to vendors 173 933 173 933
Share-based payments 25 531 25 531
Audited balance at 31 July 2016 2 263 307 1 164 870 603 015 2 544 975 9 678 6 585 845
Profit for the six months 596 610 871 597 481
Other comprehensive income for the six months (48 211) (1 561) (49 772)
Issue of shares 922 863 (314 973) 607 890
Non-controlling interest acquired (570) 11 570 11 000
Movement in treasury shares (65 439) 5 677 (59 762)
Remaining shares to be issued to vendors 398 581 398 581
Share-based payments 42 800 42 800
Dividends (253 036) (253 036)
Reviewed balance at 31 January 2017 3 120 731 1 248 478 603 281 2 887 979 20 558 7 881 027
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 31 January 2017
Figures in Rand thousand Reviewed Reviewed Audited
six months to six months to twelve months to
31 January 2017 31 January 2016 31 July 2016
Cash flows from operating activities
Cash generated before working capital changes 1 117 654 874 221 1 853 821
Working capital changes (624 585) (559 852) (892 546)
Cash generated from operations 493 069 314 369 961 275
Investment income 29 969 23 761 49 269
Finance costs (93 383) (88 473) (210 776)
Taxation paid (218 055) (163 912) (401 465)
Net cash inflow from operating activities 211 600 85 745 398 303
Net cash (outflow) from investing activities (214 159) (270 621) (462 192)
Net cash inflow from financing activities 122 806 60 796 361 310
Net increase/(decrease) in cash and cash equivalents 120 247 (124 080) 297 421
Foreign currency translation (16 856) 20 806 (11 840)
Cash and cash equivalents at the beginning of the period 1 949 399 1 663 818 1 663 818
Cash and cash equivalents at the end of the period 2 052 790 1 560 544 1 949 399
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 31 January 2017
1 Reporting entity
EOH Holdings Limited ('the Company') is a South African registered company that is listed on the JSE Limited under the
category Technology: Software and Computer Services. The condensed consolidated interim financial statements comprise the
company and its subsidiaries (together referred to as 'the Group') and the Group's interest in associates and joint
ventures.
2 Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial
Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by Financial Reporting Standards Council, the JSE Listings Requirements and the Companies Act
of South Africa.
3 Basis of preparation
The accounting policies applied in the presentation of the condensed consolidated interim financial statements are
consistent with those applied for the year ended 31 July 2016, except for the new standards that became effective for the
Group's financial period beginning 1 August 2016.
The condensed consolidated interim financial statements have been prepared, under the supervision of John King CA(SA),
Group Financial Director.
4 Changes in accounting policies
The Group has adopted the following new standards and amendments to standards, including any consequential amendments to
other standards, with a date of initial application of 1 August 2016:
- IAS 1 - Presentation of Financial Statements;
- IAS 16 - Property, Plant and Equipment and IAS 38 Intangible Assets
The adoption of the new standards and amendments to the standards listed above did not have a significant impact on the
Group's condensed consolidated interim financial statements.
5 Review opinion
The condensed consolidated interim financial results for the six months ended 31 January 2017, 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.
6 Earnings per share and headline earnings per share
Reviewed % Reviewed Audited
six months to change six months to twelve months to
31 January 2017 31 January 2016 31 July 2016
Earnings per share (cents)
Earnings per share 439 23 358 704
Diluted earnings per share 415 22 340 668
Headline earnings per share 438 22 359 719
Diluted headline earnings per share 415 22 341 682
Headline earnings reconciliation (R'000)
Profit attributable to owners of EOH Holdings Limited 596 610 462 480 927 354
Adjusted for:
(Gain)/loss on disposal of property, plant and equipment and other
financial assets (1 489) 1 397 921
Loss on deregistration of foreign operation - - 897
Impairment of assets - - 18 321
Total tax effects of adjustments 417 (391) (258)
Headline earnings 595 538 463 486 947 235
Ordinary shares (000)
Total number of shares in issue 148 060 136 919 140 752
Weighted average number of shares in issue 135 869 129 200 131 754
Weighted average diluted number of shares in issue 143 606 135 973 138 850
7 Goodwill and intangibles
Figures in Rand thousand Reviewed at Reviewed at Audited at
31 January 2017 31 January 2016 31 July 2016
Goodwill 4 328 894 3 628 111 3 894 720
Other intangible assets 1 374 440 1 244 675 1 249 522
Goodwill and intangible assets 5 703 334 4 872 786 5 144 242
8 Financial instruments
The following table summarises the carrying amount of financial instruments as well as the classification of each class of
financial assets and liabilities:
Figures in Rand thousand Reviewed at Reviewed at Audited at
31 January 2017 31 January 2016 31 July 2016
Financial assets
Loans and receivables:
Other financial assets 224 265 156 438 203 721
Finance lease receivables 268 316 249 698 290 895
Trade and other receivables 4 077 590 3 014 634 3 421 103
Cash and cash equivalents 2 052 790 1 560 544 1 949 399
Fair value through profit or loss:
Other financial assets 163 739 151 339 165 529
6 786 700 5 132 653 6 030 647
Financial liabilities
Measured at amortised cost:
Other financial liabilities 2 663 872 2 070 144 2 330 918
Finance lease payables 99 082 57 045 51 772
Trade and other payables 1 322 748 1 290 710 1 312 538
Fair value through profit or loss:
Vendors for acquisition 1 169 217 1 086 313 1 284 763
5 254 919 4 504 212 4 979 991
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, in terms of the hierarchy, are classified as level 1.
Financial liabilities measured at fair value through profit or loss, in terms of the hierarchy, are classified as level 3.
There have been no transfers between levels during the period under review.
Other financial assets
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.
Figures in Rand thousand Reviewed at Reviewed at Audited at
31 January 2017 31 January 2016 31 July 2016
Other financial assets
Reconciliation of movement:
Balance at the beginning of the period 165 529 - -
Business combinations - 152 030 152 030
Additions - - 6 000
Disposals (6 239) - -
Net changes in fair value 4 449 (691) 7 499
Balance at the end of the year 163 739 151 339 165 529
Vendors for acquisition
Vendors for acquisition relates to the contingent consideration where business combinations and other acquisitions are
subject to profit warranties. The profit warranties allow for a defined 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, an agreed sharing in the
surplus. 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 warranty 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 purchase agreement.
Unobservable inputs include budgeted results based on margins and revenue growth rates historically achieved by the
various segments. Changing such inputs to reflect reasonably possible alternative assumptions does not significantly
change the fair value of vendors for acquisition. 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 at Reviewed at Audited at
31 January 2017 31 January 2016 31 July 2016
Vendors for acquisition
Reconciliation of movement:
Balance at the beginning of the period 1 284 763 771 009 771 009
Business combinations 288 173 580 668 805 676
Investment in joint ventures and associates 33 800 29 964 143 239
Foreign exchange effects (16 356) 40 774 27 640
Net changes in fair value 8 391 24 704 35 619
Paid to vendors (429 554) (360 806) (498 420)
Balance at the end of the year 1 169 217 1 086 313 1 284 763
9 Acquisition of businesses
Figures in Rand thousand Total
Fair value of assets and liabilities acquired
Property, plant and equipment 74 275
Intangible assets 126 815
Other financial assets 10 718
Finance lease receivables 614
Inventory 30 163
Trade and other receivables* 222 706
Cash and cash equivalents 118 848
Other financial liabilities (7 873)
Finance lease payables (45 544)
Net deferred taxation liabilities (24 560)
Net current taxation payables (12 362)
Trade and other payables (142 190)
Deferred income (32 266)
Net assets acquired 319 344
Non-controlling interests measured at their share
of the fair value of net assets (11 570)
Amount capitalised 307 774
Transfer to retained earnings 570
Goodwill 436 036
Purchase price 744 380
Consideration payable
Cash paid (104 649)
Shares issued# (42 531)
Cash to be paid (288 173)
Shares to be issued (309 027)
Total consideration (744 380)
* The gross contractual value of trade and other receivables for all acquisitions was R227 million.
# Shares issued at the fair value at the effective date.
Figures in Rand thousand Total
Contribution to trading results for the six months
Revenue 244 839
Profit before taxation* 35 194
* Shown after the effects of amortisation on identifiable assets of R2,6 million.
Acquisition-related costs of R12 million are included in operating expenses in the statement of profit or loss and other
comprehensive income.
Businesses acquired
During the six months under review, EOH continued its strategy to consolidate and complement its existing services with
strategic acquisitions. EOH acquired a number of businesses in order to bolster the Group's technology applications,
software and consulting solutions capabilities, augment its BPO service offerings and enhance its industrial technology
capabilities. The total purchase consideration for these acquisitions is R744 million, consisting of R393 million payable
in cash and the issue of 2 211 835 EOH shares. In most instances 100% of the shares were acquired.
For details of the acquisitions made in the prior year, refer to the 2016 Annual Integrated Report.
The contribution made by all acquisitions, to the trading results of the Group, has 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 within 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 funding was obtained to finance some
acquisitions. Had the effective dates of the acquisitions been from 1 August 2016, the contribution to revenue and profit
before tax would have been R508 million and R73 million respectively.
10 Related-party transactions
The Group entered into various sale and purchase transactions with related parties, in the ordinary course of business,
on an arm's length basis. The nature of related-party transactions is consistent with those reported previously, none of
which were significant.
11 Subsequent events
There have been no significant events and no significant capital expenditure authorised since 31 January 2017.
12 Directorships
During the period since 1 August 2016, Grathel Motau was appointed as a non-executive director and member of the audit
committee with effect from 1 March 2017. Pumeza Bam resigned as an executive director and was appointed as a non-executive
director with effect from 1 March 2017.
EOH Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1998/014669/06
JSE share code: EOH
ISIN code: ZAE000071072
Directorate
Non-executive
Sandile Zungu (Chairman)
Rob Sporen* (Lead Non-executive Director)
Pumeza Bam (Appointed 1 March 2017)
Lucky Khumalo
Danny Mackay
Tshilidzi Marwala
Grathel Motau (Appointed 1 March 2017)
Audrey Mothupi
* (Dutch)
Executive
Asher Bohbot (Group Chief Executive Officer)
John King (Group Financial Director)
Pumeza Bam (Resigned 1 March 2017)
Dion Ramoo
Jane Retief (nee 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
Website: www.eoh.co.za
Investor e-mail: eohir@kris.co.za
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
Transfer secretaries
Computershare Investor Services Proprietary Limited
Registration number: 2004/003647/07
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051. Marshalltown, 2107
Date: 15/03/2017 07:05:00 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.
Sharenet Sites 
