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Preliminary reviewed condensed consolidated financial results for the year ended 30 June 2017
ALVIVA HOLDINGS LIMITED
(formerly Pinnacle Holdings Limited)
(incorporated in the Republic of South Africa)
Registration number: 1986/000334/06
ISIN: ZAE000227484
Share code: AVV
“Alviva” or “the Group” or “the Company”
PRELIMINARY REVIEWED CONDENSED CONSOLIDATED FINANCIAL
RESULTS for the year ended 30 June 2017
and final cash dividend declaration
AT A GLANCE
NET PROFIT UP 16% to R444 million
CORE EPS UP 25% to 256.3 cents
CASH GENERATED UP 70% to R1.3 billion
DIVIDEND UP 25% to 25 cents per share
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Full year
Full year 30 Jun
30 Jun 2016
2017 Restated
Reviewed Audited
R’000 R’000
Revenue 12 811 498 10 969 132
Cost of sales (10 538 710) (9 305 726)
Gross profit 2 272 788 1 663 406
Operating expenses (1 448 670) (984 244)
Selling expenses (103 738) (69 450)
Employee benefit expenses (1 156 831) (806 789)
Administration expenses (186 503) (141 322)
Gain on discounting of finance
lease agreements 3 702 1 619
(Loss)/gain on foreign exchange (5 300) 6 384
Fair value adjustment on
acquisition of former
equity-accounted investment – (17 654)
Profit on disposal of former subsidiary – 42 968
EBITDA * 824 118 679 162
Depreciation and amortisation (90 594) (63 284)
Operating profit before interest 733 524 615 878
Net finance costs (107 037) (108 694)
Investment income 39 453 17 617
Finance costs (146 490) (126 311)
Share of profit of equity-accounted
investee – 22 702
Profit before tax 626 487 529 886
Tax (182 494) (148 283)
Net profit for the year 443 993 381 603
– Owners of the company 405 277 341 652
– Non-controlling interests 38 716 39 951
Other comprehensive income
- Items that can be reclassified
to profit or loss net of tax: 3 028 7 811
Exchange differences from translating
foreign operations 758 2 126
Cash flow hedge 2 270 5 685
Total comprehensive income
for the year 447 021 389 414
- Owners of the company 408 305 349 463
- Non-controlling interests 38 716 39 951
* Earnings before interest, taxation, depreciation and
amortisation.
RECONCILIATION OF HEADLINE AND CORE EARNINGS
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Earnings attributable to ordinary
shareholders 405 277 341 652
Fair value adjustment on acquisition
of former associate net of tax – 13 700
Fair value adjustment on acquisition
of former associate – 17 654
Less: Tax thereon – (3 954)
Profit on sale of property, plant
and equipment net of tax (618) (1 492)
Profit on sale of property, plant
and equipment (858) (2 072)
Less: Tax thereon 240 580
Profit on sale of former subsidiary
net of tax – (27 565)
Profit on sale of former subsidiary – (42 968)
Less: Tax thereon – 15 403
Headline earnings 404 659 326 295
Acquisition costs net of tax 2 598 -
Amortisation of intangible assets
net of tax 17 997 12 052
Core earnings 425 254 338 347
Number of ordinary shares in
issue ('000)
– Total number of shares in
issue * 159 673 171 226
– Weighted average number of
shares in issue * 165 944 164 992
– Weighted average number of
shares in issue for purpose of
dilution* 166 417 164 992
* Adjusted for treasury shares.
SEGMENTAL ANALYSIS
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Revenue
ICT Distribution 9 537 040 9 408 761
Services and Solutions 3 539 563 1 608 180
Financial Services 172 237 148 840
Group Central Services – –
Less: Intra-segmental revenue (437 342) (196 649)
12 811 498 10 969 132
EBITDA *
ICT Distribution 422 636 384 652
Services and Solutions 271 979 152 710
Financial Services 116 831 100 664
Group Central Services 12 672 41 136
824 118 679 162
Reconciliation of profit
Segment EBITDA 824 118 679 162
Depreciation and amortisation (90 594) (63 284)
Net finance costs (107 037) (108 694)
Share of equity accounted
associate income – 22 702
Profit before tax 626 487 529 886
Net operating assets
ICT Distribution 1 019 142 1 100 752
Services and Solutions 499 213 746 490
Financial Services 197 254 151 205
Group Central Services 304 614 411 070
2 020 223 2 409 517
* Earnings before interest, taxation, depreciation and
amortisation.
The segments of the entity are based on the information reported
to the chief operating decision maker (Chief Executive Officer)
and have not changed from the prior reporting period.
FINANCIAL REVIEW
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
Performance per ordinary share (cents)
Basic earnings per ordinary share
- Basic earnings per ordinary share 244.2 207.1
- Diluted basic earnings per
ordinary share 243.5 207.1
Headline earnings per ordinary share
- Basic headline earnings per
ordinary share 243.9 197.8
- Diluted headline earnings per
ordinary share 243.2 197.8
Core earnings per ordinary share
- Basic core earnings per
ordinary share 256.3 205.1
- Diluted core earnings per
ordinary share 255.6 205.1
Dividend cover 12.2 –
Returns (%)
Gross profit 17.7 15.2
Operating expenses (11.3) (9.0)
EBITDA * 6.4 6.2
Operating profit before Interest and tax 5.7 5.6
Effective tax rate ** 29.1 29.2
Net profit 3.5 3.5
Return on equity 19.9 18.8
Capital management
Net asset value per share (cents) 1 251.2 1 218.4
Net tangible asset value per
share (cents) 961.4 922.5
Working capital management
Investment in working
capital (R'000) 932 761 1 359 088
Liquidity and solvency
Debt to equity (%) 25.8 18.8
Current ratio (excluding inventory
in transit and work in progress) 1.74 1.85
Acid test (excluding inventory in
transit and work in progress) 1.42 1.44
* Earnings before interest, taxation, depreciation and
amortisation.
** Based on profit before tax excluding share of profit of
equity-accounted investee.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
ASSETS
Non-current assets 1 079 064 1 100 391
Property plant and equipment 104 661 120 011
Intangible assets and goodwill 462 703 506 663
Finance lease receivables 434 581 408 020
Deferred tax 77 119 65 697
Current assets 3 670 358 3 912 260
Inventory (note 2) 751 702 957 725
Derivative financial asset 3 287 -
Trade and other receivables 2 304 629 2 524 373
Finance lease receivables 210 972 178 663
Income tax receivable 10 008 10 006
Cash and cash equivalents 389 760 241 493
Total assets 4 749 422 5 012 651
EQUITY AND LIABILITIES
Capital and reserves 2 020 223 2 409 517
Stated capital 43 359 193 646
Treasury shares (98 492) (72 856)
Non-distributable reserves 36 866 36 107
Cash flow hedge reserve 548 (1 722)
Retained earnings 2 015 491 1 931 000
Non-controlling interests 22 451 323 342
Non-current liabilities 585 642 432 612
Interest-bearing liabilities 510 145 353 416
Derivative financial liability - 3 444
Deferred revenue 39 320 29 213
Deferred tax 36 177 46 539
Current liabilities 2 143 557 2 170 522
Trade and other payables 1 974 752 2 026 899
Interest-bearing liabilities 5 572 154
Derivative financial liability - 16 154
Deferred revenue 148 818 96 111
Income tax payable 14 415 12 619
Bank overdrafts - 18 585
Total equity and liabilities 4 749 422 5 012 651
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Profit before tax 626 487 529 886
Adjusted for:
Finance income received (39 453) (17 617)
Finance expenses paid 146 490 126 311
Non-cash flow items 89 845 17 011
Changes in working capital 436 434 90 178
Cash generated by operating
activities 1 259 803 745 769
Net finance costs (107 037) (108 694)
Finance income received 39 453 17 617
Finance expenses paid (146 490) (126 311)
Tax paid (202 484) (180 411)
Dividends received from equity-
accounted investee – 8 170
950 282 464 834
Cash flows from investing activities
Property, plant and
equipment acquired (33 278) (18 222)
Proceeds on disposals of property,
plant and equipment 8 396 1 306
Proceeds on disposals of assets
classified as held-for-sale – 226 116
Assets classified as held-for-sale
acquired – (617)
Acquisition of intangible assets (5 542) (9 870)
Purchase consideration paid on
business combinations – (56 521)
Net investment in finance leases
receivable (58 870) (118 973)
Additional costs incurred on equity-
accounted investee – (3 678)
(89 294) 19 541
Cash flows from financing activities
Interest-bearing liabilities raised 150 000 350 050
Interest-bearing liabilities repaid (4 007) (655 439)
Shares repurchased (209 433) –
Non-controlling interest acquired (598 107) –
Decrease in short-term loans – 25 292
Dividends paid (33 347) –
(694 894) (280 097)
Increase in net cash, cash
equivalents and overdrafts 166 094 204 278
Net cash acquired from business
combinations – 89 769
Net cash, cash equivalents/(overdraft)
at beginning of reporting period 222 908 (73 265)
Effects of exchange rate changes on
the balance of cash held in
foreign currencies 758 2 126
Net cash, cash equivalents at end
of reporting period 389 760 222 908
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Opening balance 2 409 517 1 545 121
Ordinary shares (repurchased)/issued (209 432) 191 966
Profit for the period 443 993 381 603
Other comprehensive income 3 028 7 811
Net movements in non-controlling
interest (598 106) 283 016
Equity-accounted share-based payment
reserve movements 4 570 –
Dividend paid (33 347) –
Closing balance 2 020 223 2 409 517
Attributable to:
Owners of the company 1 997 772 2 086 175
Non-controlling interests 22 451 323 342
ANALYSIS OF GOODWILL
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Opening balance 347 846 108 166
Business combination acquisitions – 239 680
Datacentrix – 190 465
Solareff – 45 222
Intdev – 3 993
Closing balance 347 846 347 846
None of the transactions, as noted elsewhere in this report
related to the increased interest in investees, have resulted in
a change of control.
1. PRIOR PERIOD ERROR
The restatement presented below has been identified by the
Johannesburg Stock Exchange through its proactive monitoring
review process.
In the 2016 annual financial statements, the Group presented
the realisation of revaluation reserve to retained earnings
via other comprehensive income in the Statement of Profit or
Loss and Other Comprehensive Income. The impact hereof was
that total comprehensive income was understated by R23.8
million. The restatement had no impact on the profit for the
period, EBITDA, Statement of Financial Position, Statement of
Changes in Equity, Earnings per share or Headline earnings per
share.
The effect of the restatement on the Statement of Profit or
Loss and Other Comprehensive Income is illustrated below:
Previously
Restated reported
2016 2016 Variance
R’000 R’000 R’000
Profit before tax 529 886 529 886 –
Tax (148 283) (148 283) –
Net profit for the year 381 603 381 603 –
- Owners of the company 341 652 341 652 –
- Non-controlling
interests 39 951 39 951 –
Other comprehensive income
Items that will not be
reclassified into profit or
loss: – (23 825) 23 825
Profit on revaluation of
property – – –
Realisation of non-
distributable reserve on
disposal of properties – (23 825) 23 825
Tax relating to items that will
not be reclassified – – –
Items that can be
reclassified to profit
or loss net of tax: 7 811 7 811 –
Exchange differences from
translating foreign
operations 2 126 2 126 –
Cash flow hedge 5 685 5 685 –
Total comprehensive income
for the year 389 414 365 589 23 825
- Owners of the company 349 463 325 638 23 825
- Non-controlling
interests 39 951 39 951 –
2. INVENTORY ANALYSIS
30 Jun 30 Jun
2017 2016
Reviewed Audited
R’000 R’000
Inventory on hand 669 125 845 033
Inventory in transit 58 119 63 418
Work in progress 24 458 49 274
751 702 957 725
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
A summary of the financial instruments measured at fair value is
set out below.
Fair value hierarchy:
Level 1 - fair value is determined from quoted prices
(unadjusted) in active markets for identical assets or
liabilities.
Level 2 - fair value is determined through the use of valuation
techniques based on observable inputs, either directly
or indirectly.
Level 3 - fair value is determined through the unobservable
inputs for the asset or liability.
Full year Full year
30 Jun 30 Jun
2017 2016
Reviewed Audited
Level R’000 R’000
Financial assets
Derivative financial asset 2 3 287 –
Financial liabilities
Derivative financial liability 2 – 19 598
The Group has opted not to disclose the fair values of financial
instruments measured at amortised cost as their carrying amounts
closely approximate their fair value. There were no other
financial instruments measured at fair value that were
individually material at the end of the current reporting period.
COMMENTARY
INTRODUCTION
The Board of directors of Alviva (“The Board”) is pleased to
announce the reviewed condensed consolidated financial results
for the year ended 30 June 2017.
OVERVIEW
Alviva has delivered satisfactory results with all of its
operating divisions performing well despite the difficult market
conditions.
On 30 January 2017, it was announced on SENS that Alviva had
fulfilled all of the conditions precedent to acquire the balance
of the ordinary share capital of Datacentrix Holdings Limited
(“Datacentrix”). Consequently, Datacentrix has been accounted for
as a wholly-owned subsidiary with effect February 2017. This,
together with the consolidation in the second half of last year
of Datacentrix, and to a lesser extent of Solareff (Proprietary)
Limited (“Solareff”), has contributed positively to the Group in
the year ended 30 June 2017. The strategy to diversify the
Group’s business from that of predominantly distribution is
bearing fruit with the contribution from the Services and
Solutions cluster becoming more significant. In addition, the
focus on delivering profits into cash has transformed the gearing
of the Group and allowed us to make substantial investments
whilst maintaining dividend payments.
FINANCIAL RESULTS
The Group had a satisfactory financial year. Headline earnings
per share (“HEPS”) increased by 23.3% to 243.9 cents (2016: 197.8
cents) and Core earnings per share (“Core EPS”) increased by
24.9% to 256.3 cents (2016: 205.1 cents). Although Core EPS is a
non-IFRS measure, the directors believe that it is a meaningful
additional measure of evaluating the performance of the Group’s
operations, particularly when the Group is looking to acquire
additional companies into its operations. It is based on the HEPS
measure and adjusted to exclude the amortisation charges of
intangible assets, recognised on business combinations, and
related transaction costs.
Revenue increased by 16.8% to R12.8 billion and gross profit
increased 36.6% to R2.3 billion. The increase in expenses was
largely attributable to the inclusion of Datacentrix for the full
year. Interest paid remained static despite paying out R563
million on the acquisition of the balance of the shares in
Datacentrix that Alviva did not previously own.
Shareholders’ Equity reduced to R2.0 billion (2016: R2.1 billion)
following the buy-out of minorities in Datacentrix and various
share repurchase transactions and treasury shares processed
during the year. These transactions offset the addition to equity
from Profit for the period. The acquisition of Datacentrix only
resulted in R100 million of long-term debt being raised as the
balance of the acquisition was funded through internal resources
and great cash generation. This leaves the only other significant
debt being the funding of the Centrafin book which is ‘ring-
fenced’ with a securitisation structure.
DIVISIONAL PERFORMANCE
ICT DISTRIBUTION
Management is pleased to report that the Distribution division
delivered in line with expectations and contributed positively to
the Group. In 2016, revenue for the division included two large
deals of approximately R500 million that were not able to be
repeated in the current year. Despite this, the pleasing aspect
was that the division was able to make up almost all of this in
run rate business with its enterprise and software products.
Notwithstanding, EBITDA increased by 9.9% and the cash generated,
due to excellent working capital management, was such that we
were able to decrease finance costs by R10 million. Margins were
improved due to the improved management of inventory throughout
the period. During the period, the division contributed R317
million (2016: R185 million) in dividends to the Group
demonstrating that it remains a valuable supplier of capital for
the Group to utilise in its investing activities.
SERVICES AND SOLUTIONS
This division includes Datacentrix and Solareff. Datacentrix had
a great year and executed several big contracts during the
period. The roll out of the upgrade of the court rooms with the
Department of Justice, involving some 3,200 court rooms
throughout the country, has been taxing, both logistically and
administratively, but is now close to conclusion. In addition, it
has executed technology upgrades in several countries for
Barclays Africa. These projects demonstrate Datacentrix’s ability
to conduct large scale bespoke contracts in multinational
locations.
The acquisition of Solareff some 17 months ago has brought the
Group into the exciting renewable energy domain. With the
management of this entity as the driving force, we are now
looking to add further renewable energy entities into the cluster
and we remain optimistic about the possibilities that this young
energetic team can deliver within this segment in the future.
FINANCIAL SERVICES
Centrafin grew its revenue by 15.7% and EBITDA grew by 16.1%. It
should be noted that certain additional expenses have been
incurred since implementing the securitisation of the majority of
its book at the beginning of May 2016. This year has been a
tougher year for Centrafin and the book’s growth has been the
lowest for some time (now at R649 million from R607 million a
year ago). This has largely been due to economic factors as well
as limiting our pricing reaction to competitive activity. The
management of the book remains of the highest order with
delinquent debtors remaining well below industry norms. This can
be attributed to the application of strict credit control
policies, the specific selection of assets to fund and a well
experienced credit collection team.
INVESTMENT ACTIVITIES AND FINANCIAL POSITION
Cash generated by Operations came in at R1.3 billion following
another year of profit and exceptional working capital
improvements. Management in each segment in the business has
focused throughout the year on this area, albeit never at the
expense of revenue generation.
This has allowed us to invest in two of the best businesses we
know – Datacentrix and Alviva – without incurring significant
long-term debt. Datacentrix repurchased 6 461 472 shares for R35
million in the first half of the year, and then, in February
2017, Alviva purchased the balance of shares that it did not hold
for R563 million. The only long-term debt taken on from this
transaction was a R100 million preference share facility with
ABSA. In addition, and as detailed in the SENS announcements
dated 3 October 2016 and 29 June 2017, Alviva repurchased a total
of 8 333 492 of its shares during the year for a total
consideration of R150 million. A further 3 220 000 shares were
acquired for the Forfeitable Share Plan (“FSP”), that was
approved by shareholders at the AGM in November 2016, for a total
consideration of R59 million. These shares will be treated as
Treasury shares until they vest.
DIRECTORATE
Further to previously announced succession planning measures,
Arnold Fourie, the previous long standing Chief Executive Officer
and current non-executive Chairperson, has announced his
intention to step down from this role and from the Board. He will
remain as Chairperson until a suitable candidate to replace him
has been found. It is Arnold’s view that the succession planning
has been successfully implemented with a management team and
Board that is capable of taking the Alviva group to new heights.
Although we will greatly miss all of Arnold’s wisdom, experience
and counsel, the appointment of an independent non-executive
Chairperson will further strengthen the independence of the
Board.
EVENTS AFTER THE REPORTING PERIOD
SHARE BUY-BACK
At the last AGM held on 25 November 2016, shareholders gave the
Board a general approval in terms of section 46 and 48 of the
Companies Act, by way of special resolution, to acquire shares of
the Company. In June 2017, the Board exercised this authority and
mandated a buy-back of issued ordinary shares of the Company, to
a maximum of 3 840 000 shares. Since the mandate and subsequent
to the reporting period, 2 025 696 ordinary shares have been
bought back totaling 1.1% of the total issued share capital
(excluding treasury shares).
No other material events, except as specifically mentioned in
this report, occurred in the period between the reporting date
and the date of issue of this report.
DIVIDENDS
The Company’s policy is to declare a dividend of 10% of HEPS (and
since the introduction of dividend tax, a gross dividend of 10%
of HEPS before deducting dividend tax). To this end, the board
has declared a final dividend of 25 cents (2016: 20 cents) per
ordinary share for the financial year ended 30 June 2017.
Notice is hereby given that a final dividend of 25 cents per
ordinary share for the year ended 30 June 2017 has been declared
by the Board of Directors of the Company.
The salient dates applicable to the final dividend are as
follows:
Last day of trade “cum” dividend Tuesday, 14 November 2017
First day to trade “ex” dividend Wednesday, 15 November 2017
Record date Friday, 17 November 2017
Payment date Monday, 20 November 2017
No share certificates may be dematerialised or rematerialised
between Wednesday, 15 November 2017 and Friday, 17 November 2017,
both days inclusive.
Dividends are to be paid out of distributable reserves. Dividend
tax of 20% will be withheld in terms of the Income Tax Act for
those shareholders who are not exempted from dividend tax. In
accordance with paragraphs 11.17(1)(i) and (x) and 11.17(c) of
the JSE Listings Requirements, the following additional
information is disclosed:
– The gross local dividend amount is 25.00 cents per ordinary
share for shareholders exempt from dividend tax;
– The net local dividend amount is 20.00 cents per ordinary share
for shareholders liable to pay dividend tax;
– Alviva has 169 392 571 ordinary shares in issue (which includes
11 745 696 treasury shares); and
– Alviva’s income tax reference number is 9675/146/71/7.
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.
PROSPECTS
The overall economy faces challenging times ahead. It is evident
that, following the cabinet re-shuffle in March 2017, households
have been actively shoring up their balance sheets, reverting to
a culture of saving and living more within their means.
Businesses too have curtailed investment and are not as yet
utilising the low interest rate environment to leverage up their
balance sheets meaning that conservatism is dominating economic
behaviour at the moment. There is simply no confidence to
encourage investment. We believe this to be temporary in nature
but anticipate a tough six to nine months ahead. To some extent,
the IT sector will cushion this effect but much will depend on
the elective conference in December 2017.
After a year of strategic alignment, during which a lot of work
was performed to contribute to the sustainable financial well-
being of the Group, the Group is keen to rigorously pursue
commercial opportunities to take advantage of its efficient
infrastructure and broad offerings in the distribution and
services cluster.
With a rejuvenated balance sheet in place, the Group is keen to
expand its offering through acquisition opportunities of suitable
targets.
STATEMENT OF COMPLIANCE, BASIS OF PREPARATION AND ACCOUNTING
POLICIES
The reviewed condensed consolidated financial statements for the
year ended 30 June 2017 have been prepared in accordance with the
Group’s accounting policies under the supervision of the Chief
Financial Officer, RD Lyon CA, and complies with IAS 34: Interim
Financial Reporting, the framework concepts and the measurement
and recognition requirements of International Financial Reporting
Standards (“IFRS”), SAICA financial reporting guides as issued by
the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards
Council, the Listings Requirements of the JSE Limited and the
requirements of the Companies Act of South Africa (Act 71 of
2008), as amended. All new standards and interpretations that
came into effect during the year were assessed and adopted with
no material impact to the reviewed condensed consolidated
financial statements. The accounting policies, inclusive of
reasonable judgements and assessments, applied in the reviewed
condensed consolidated financial statements, are consistent with
those applied in the preparation of the audited consolidated
annual financial statements for the year ended 30 June 2016. The
accounting policies applied are consistent to the accounting
policies applied in the consolidated annual financial statements
for the Group and comply with IFRS.
The Board takes full responsibility for the preparation of this
preliminary report and that the financial information has been
correctly extracted from the reviewed underlying consolidated
annual financial statements.
The reviewed condensed consolidated financial statements comprise
the condensed Statement of Financial Position at 30 June 2017 and
the condensed Statements of Profit or Loss and Other
Comprehensive Income, Changes in Equity and Cash Flows for the
year then ended.
The reviewed condensed consolidated financial statements of the
Group are prepared as a going concern on a historical basis
except for certain financial instruments, which are stated at
fair value as applicable.
Core earnings per share is a non-IFRS measure and is based on
HEPS adjusted to exclude amortisation charges of intangible
assets recognised on business combinations, and related
transaction costs.
REVIEW OPINION
The condensed consolidated financial statements and this SENS
announcement have been reviewed by the Company’s auditors,
SizweNtsalubaGobodo Incorporated. The review has been conducted
in terms of International Standards on Review Engagements. A copy
of the unmodified review report is available for inspection at
the Company’s registered office. This auditor’s review report
does not necessarily report on all 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 this auditor’s
review report together with the accompanying financial
information from the Company’s registered office. Any reference
to future financial performance included in this announcement has
not been reviewed nor reported on by the Company’s auditors.
For and on behalf of the Board
AJ Fourie P Spies
Chairperson Chief Executive Officer
Midrand
6 September 2017
ALVIVA HOLDINGS LIMITED
(formerly Pinnacle Holdings Limited)
(incorporated in the Republic of South Africa)
Registration number: 1986/000334/06
ISIN: ZAE000227484
Share code: AVV
“Alviva” or “the Group” or “the Company”
DIRECTORS:
AJ Fourie * (Chairperson), A Tugendhaft * (Deputy Chairperson),
P Spies (Chief Executive Officer), RD Lyon (Chief Financial
Officer), SH Chaba*^, N Medupe *^, B Sibiya #
* Non-executive
^ Independent non-executive
# Lead independent
REGISTERED OFFICE:
The Summit, 269, 16th Road, Randjespark, Midrand, 1685
PREPARER OF RESULTS:
RD Lyon CA
COMPANY SECRETARY:
SL Grobler CA (SA)
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15
Biermann Avenue, Rosebank, 2196
AUDITORS:
SizweNtsalubaGobodo Inc., Registered Auditors, Summit Place
Office Park, Building 4, Garsfontein Road 221, Menlyn, 0081
SPONSOR:
Deloitte & Touche Sponsor Services (Pty) Ltd, Building 8,
Deloitte Place, The Woodlands, 20 Woodlands Drive, Woodmead,
2196
www.alvivaholdings.com
Date: 06/09/2017 01:35:00 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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