ANDULELA INVESTMENT HOLDINGS LIMITED - Unaudited consolidated interim financial statements for the six months ended 30 June 2017

Release Date: 06/10/2017 15:30
Code(s): AND
 
Wrap Text
Unaudited consolidated interim financial statements for the six months ended 30 June 2017

Andulela Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
JSE share code: AND ISIN: ZAE000172870
(“Andulela” or “the Company” or “the Group”)

Unaudited consolidated interim financial statements for the six
months ended 30 June 2017

Consolidated statements of financial position
                                                 UNAUDITED
                                  UNAUDITED       RESTATED     AUDITED
                                   6 months      6 months         Year
                                      ended         ended        ended
                                    30 June       30 June       31 Dec
                                       2017          2016         2016
                         Notes        R’000         R’000        R’000
ASSETS
Non-current assets                  362 372       732 461      666 930
-Plant and equipment         1      292 117       295 500      297 964
-Goodwill                    2       56 679       418 679      356 679
-Deferred tax asset                  13 576        18 282       12 287
Current assets                      385 795       295 733      315 506
-Inventory                          126 622       112 555      102 399
-Trade and other
receivables                         248 038       168 292      191 509
-Taxation                             4 208          4 013       4 207
-Cash and cash
equivalents                           6 927        10 873       17 391

Total assets                        748 167      1 028 194     982 436
EQUITY AND LIABILITIES
Capital and reserves                 89 145       444 819      397 217
-Stated capital                     976 114       976 114      976 114
-Cash flow hedge
reserve                      3      (9 939)       (33 242)     (12 561)
-Accumulated loss                 (883 372)      (561 933)    (622 502)
-Non controlling
interest                              6 342        63 880       56 166
Non-current
liabilities                          86 009       135 133      112 868
-Redeemable preference
share capital                        30 040        28 377       29 182
-Derivative financial        3        3 346        32 893       10 488
liabilities
-Borrowings                  4            -        19 938       19 743
-Operating lease
liabilities                          16 657        17 390       16 343
-Deferred tax
liability                            35 966         36 535      37 112
Current liabilities                 573 013        448 242     472 351
-Taxation                                 -            294           -
-Trade and other
payables                            163 799        126 826     125 558
-Operating lease
liabilities                             889          1 250       2 047
-Derivative financial
liabilities                  3       13 169         22 340      10 383
-Borrowings                  4      395 156        297 532     334 363
Total liabilities                   659 022        583 375     585 219

Total equity and
liabilities                         748 167       1 028 194    982 436
Net asset value per
share (cents)                         94,47         434,64       389,13
Net tangible asset
value per share (cents)               40,42          35,33        48,95

Consolidated statements of comprehensive income
                                                   UNAUDITED
                                    UNAUDITED       RESTATED        AUDITED
                                     6 months       6 months           Year
                                        ended          ended          ended
                                      30 June        30 June         31 Dec
                                         2017           2016           2016
                           Notes        R’000          R’000          R’000
Revenue                               723 458        619 514      1 278 433
Cost of sales                        (626 058)      (499 983)    (1 063 190)
Gross profit                           97 400        119 531        215 243
Profit from operations                  4 116         22 037         24 968
Investment income                         524            335          1 460
Profit on sale of plant
and equipment                                 -            -             33
Exchange rate profits on
foreign exchange                              -            -            723
Impairment of goodwill              (300 000)              -        (62 000)
Finance costs                        (19 502)         (15 606)      (34 065)
(Loss)/Profit before
taxation                            (314 862)           6 766       (68 881)
Taxation                               3 654           (2 455)          848
Net (loss)/profit after
tax                                 (311 208)           4 311       (68 033)
Other comprehensive
income/(loss)
 Items that may be
reclassified subsequently
to profit or loss:                     3 136          (3 150)         21 591
Movement in cash flow
hedge                        3         4 356          (4 374)         29 988
 Deferred tax charge         3        (1 220)          1 224          (8 397)

Total comprehensive
(loss)/income                       (308 072)          1 161         (46 442)
Net (loss)/profit
attributable to:                    (311 208)          4 311         (68 033)
– Equity holders of
Andulela                            (260 869)          5 245         (55 325)
– Non-controlling
interest                             (50 339)          (934)         (12 708)
Total comprehensive
(loss)/income attributable
to:                                 (308 072)          1 161         (46 442)
– Equity holders of
Andulela                            (258 248)          2 612         (37 277)
– Non-controlling
interest                             (49 824)         (1 451)         (9 165)

Ordinary shares in issue
(millions)*                            87,64            87,64          87,64
Weighted average number
of ordinary shares in
issue (millions)*                      87,64            87,64          87,64
Attributable net
(loss)/profit                       (260 869)           5 245        (55 325)
– Profit on sale of plant
and equipment                            –                –              (33)
- Tax effect of the above                -                -                9
- Impairment of goodwill              300 000             -            62 000
- Non-controlling
  interest in goodwill
  impairment                         (49 230)             -          (10 174)
Headline (loss)/profit               (10 099)           5 245         (3 523)
Basic and diluted
(loss)/profit per
ordinary share (cents)*               (297,64)           5,98         (63,12)
Headline and diluted
headline (loss)/profit
per ordinary share
(cents)*                                (11,52)          5,98          (4,02)
Dividends per ordinary
share (cents)                                 -             -              -


* The basic and diluted (loss)/profit per ordinary share and
the headline and diluted headline (loss)/profit per ordinary
share are calculated by dividing the basic and diluted
(loss)/profit, and the headline and diluted headline
(loss)/profit by the weighted average number of ordinary shares
in issue during the year.

Consolidated statements of cash flows
                                                    UNAUDITED
                                  UNAUDITED          RESTATED       AUDITED
                                   6 months          6 months          Year
                                      ended             ended         ended
                                    30 June           30 June        31 Dec
                                       2017              2016          2016
                                      R’000             R’000         R’000
Operating activities
Operating (loss)/profit            (295 884)          22 037        (36 276)
Depreciation                         10 447            9 839         19 734
Impairment of goodwill              300 000                -         62 000
Profit on disposal of plant
and equipment                             -                -            (33)
(Increase)/decrease in
inventories                        (24 224)          (32 809)       (22 654)
(Increase)/decrease in trade
receivables                        (56 529)            9 474        (13 742)
Increase/(decrease) in trade
payables                             38 244            11 550         10 287
(Decrease)/increase in
operating lease liabilities           (845)                48          (201)
Cash (utilised)/generated by
operating activities               (28 791)            20 139         19 115
Finance income                         524                335          1 460
Finance costs                      (18 644)           (14 758)      (32 344)
Income tax paid – prior years             -              (252)         (487)
Net cash from operating
activities                         (46 911)             5 464        (12 256)
Investing activities
Plant and equipment acquired        (5 088)           (19 476)       (32 961)
Proceeds on disposal of plant
and equipment                           488               246           1 403
Net cash utilised in investing
activities                          (4 600)            (19 230)       (31 558)
Financing activities
Borrowings raised                    73 950              19 962        92 544
Borrowings repaid                  (32 903)              (8 942)      (44 889)
Preference dividend paid                  -                   -           (69)
Net cash generated by
financing activities                 41 047              11 020        47 586
Change in cash and equivalents     (10 464)              (2 746)        3 772
Opening cash and equivalents         17 391               13 619       13 619
Closing cash and equivalents          6 927               10 873       17 391

Consolidated statements of changes in equity
                                               UNAUDITED
                                 UNAUDITED      RESTATED    AUDITED
                                  6 months     6 months        Year
                                     ended        ended       ended
                                   30 June      30 June      31 Dec
                                      2017         2016        2016
                                     R’000        R’000       R’000
Opening balances                   397 217      443 658     443 658
Movements for the period:
– Net (loss)/profit
attributable to equity
holders of Andulela              (260 869)        5 245    (55 325)
– Cash flow hedge reserve net
of deferred tax                      2 621      (2 633)      18 049
– Non-controlling interest        (49 824)      (1 451)     (9 165)
Closing balances                    89 145      444 819     397 217

Notes to the consolidated interim financial statements

Basis of preparation
The unaudited consolidated interim financial statements for the six
months ended 30 June 2017 are prepared in accordance with the JSE
Listings Requirements for provisional reports and the requirements
of the Companies Act of South Africa. The JSE Listings Requirements
require reports to be prepared in accordance with the framework
concepts and the measurement and recognition requirements of
International Financial Reporting Standards (“IFRS”) and the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by Financial
Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting.

The accounting policies applied in the preparation of the
consolidated interim financial statements for the six months ended
30 June 2017 are in terms of IFRS and consistent with those of the
annual financial statements for the year ended 31 December 2016,
except for the adoption of statements and amendments which became
effective during the period. These standards and amendments had no
material impact on the results reported on for the six months ended
30 June 2017. The directors are not aware of any matters or
circumstances arising subsequent to 30 June 2017 that require
additional disclosure or adjustments to the financial statements.
The directors take responsibility for the preparation of the
consolidated interim financial statements based on the underlying
financial information. These results were prepared under the
supervision of Henk Engelbrecht CA(SA), the Group Chief Financial
Officer. The interim financial statements have not been reviewed or
reported on by the Group’s auditors.

1. Plant and equipment
                                             UNAUDITED
                                 UNAUDITED    RESTATED     AUDITED
                                  6 months   6 months         Year
                                     ended      ended        ended
                                   30 June    30 June       31 Dec
                                      2017       2016         2016
                                     R’000      R’000        R’000
Opening balance                    297 964    286 107      286 107
Additions                            5 088     19 476       32 961
Disposals of plant and
equipment                            (488)      (244)      (1 370)
Depreciation                      (10 447)    (9 839)     (19 734)
Plant and equipment at
carrying value                     292 117    295 500      297 964

Pro Roof Steel Merchants (“PRSM”)invested R5,1 million in plant and
equipment during the past six months as part of its strategy to
replace ageing equipment and to expand its business.

As set out in the annual financial statements of the Group for
the year ended 31 December 2016, the Group changed its basis of
accounting for plant and equipment from the revaluation model to
the historical cost basis with effect from 1 January 2016.

This change in accounting policy did not have a material
quantitative nor qualitative effect on the financial statements
of the Group, but to enable users of the financial statements to
understand the amounts disclosed in the current period and to
follow it from the prior comparable period, the effects are set
out below for information purposes:

Adjustment of financial results – 30 June 2016
Statements of financial position     Before      After  Change
- Plant and equipment               299 474    295 500  (3 974)
- Revaluation reserve                (4 638)        -    4 638
- Deferred tax asset                  17 168    18 282   1 114
- Accumulated loss                   563 417 561 933    (1 484)
- Non-controlling interest          (63 589) (63 880)     (291)
Statements of comprehensive income
- Depreciation for the period        10 044     9 839     (205)
- Deferred tax expense                2 397     2 455       58
- Net profit for the period          4 164      4 311      147
- Profit and diluted profit per
  share (cents)                        5,84       5,98     0.14
- Headline and diluted headline
  profit per share (cents)             5,84       5,98     0.14

2. Goodwill
The goodwill arose from the acquisition of the remaining interests
in Abalengani Mining Investments Proprietary Limited (“AMI”) and JB
Platinum Holdings Proprietary Limited (“JBPH”) by the Company in
2010. AMI and JBPH respectively hold 49,63% and 33,96% in Kilken
Platinum Proprietary Limited (“Kilken”) as their only investments.

A discounted cash flow (“DCF”) model was constructed by management
based on the value in use to determine the recoverable amount for
the cash-generating operations of the Kilken Imbani Joint Venture,in
which Kilken is a 70% partner, using a pre-tax real discount rate of
11,99% (2016: 11,3%), based on the risk-free rate adjusted for
market, sector and project-specific risks and an annual Platinum
Group Metals (“PGM”) production rate of 11 574 ounces (2016: 14 660
ounces) (extrapolated from historic production volumes). Forecast
PGM metals prices and the USD/ZAR exchange rates were derived from a
consensus forecast from reputable external market analysts. The DCF
valuation model takes into account attributable net cash flows from
the operation for 35 years, which is consistent with the industry
standard for this type of valuation and is also consistent with the
extended life-of-mine agreement in place with Rustenburg Platinum
Mines (“RPM”). The tailings head feed is based on the average
monthly feed received from the mine.

Production levels at the Kilken plant decreased over the last six
months as the quality of the ore received from the mine resulted in
lower head grades due to less reef and higher waste tons. It is not
certain for how long the low production levels could persist.

The profitability of the Kilken operations was furthermore
negatively affected by the increased chrome content penalties
following the commissioning of a chrome plant by RPM in the latter
part of 2016.

While the Kilken operations at the Joint Venture level are still
profitable at these lower production levels, the above factors did
have a negative effect on the carrying value of the underlying
investment of the Group in this operation, and consequently the
goodwill had to be re-assessed at 30 June 2017 and impaired further.
An impairment of R300 million was therefore recorded against
goodwill at 30 June 2017.

3. Cash flow hedge
In June 2012, Kilken entered into a hedge agreement for 30% of its
cash flow from the production revenue of platinum, palladium and
gold at that date, in favour of a financier in line with its funding
requirements. The hedge, in terms of which specific monthly
quantities and pricing of the three commodities mentioned above have
been agreed on for the period to September 2018, was intended to
mitigate the cash flow risk related to commodity price fluctuations
and movements in the ZAR/USD exchange rate in order to repay the
funding facility to the financier.

In accordance with IAS39, the cash flow hedge was recognised as a
hedging instrument at fair value for the first time in the statement
of financial position at 31 December 2012, without taking account of
any collateral held or other credit enhancements over the remainder
of the hedge contract term, which started on 1 September 2012 and
will end on 30 September 2018.

For the six months ended 30 June 2017, a gain of R3,1 million (June
2016: R3,1 million loss) after deferred tax has been recognised in
other comprehensive income and a decrease in the cash flow hedge
reserve from December 2016 to June 2017 of R2,6 million, net of non-
controlling interests, in the statement of financial position. The
loss realised and netted off against the revenue was R5,8 million
for the six months ended 30 June 2017 (June 2016: R7,8 million).

The fair value of the cash flow hedge is apportioned between current
and non-current liabilities depending on the remaining maturity
period of the derivative contract and its contractual cash flows.
The cash flow hedge cost will be accounted for as either a profit or
a loss as it becomes effective and the cash settlements are actually
made over the duration of the term of the hedge contract.

4. Borrowings
Total borrowings of the Group amounted to R395,2 million at 30 June
2017 compared to R317,5 million at 30 June 2016, and can be
summarised as follows:
                                    UNAUDITED   UNAUDITED   AUDITED
                                    6 months    6 months       Year
                                       ended       ended      ended
                                     30 June     30 June     31 Dec
                                        2017        2016       2016
                                       R’000       R’000      R’000
Absa Bank Limited                     61 959     119 813     94 861
Reichmans Capital
Proprietary Limited                  303 092     167 552    229 140
Thunder Rate Investments
Proprietary Limited                   29 397      29 397     29 397
The Rafik Mohamed Family
Trust                                     708        708        708
Total borrowings                     395 156     317 470    354 106
Current liabilities                  395 156     297 532    334 363
Non-current liabilities                     -     19 938     19 743


The Reichmans facilities to PRSM are working capital and asset
finance facilities which have been structured as short-term
facilities. In the current year PRSM invested R5,1 million in plant
and equipment, which was funded from the short-term facilities.
Over the past six years approximately R79 million was incurred on
capital expenditure utilising the Reichmans facility. PRSM is in
the process of restructuring its facilities with Reichmans.

The Absa Bank facilities will be settled by 30 June 2018.


5. Financial instruments
The following table shows the carrying amounts and fair values of
financial assets and financial liabilities, including their levels
in the fair value hierarchy for financial instruments measured at
fair value. It does not include fair value information for financial
assets and liabilities which are not measured at fair value if the
carrying amount approximates the fair value.

                                Carrying Value June 2017 – Unaudited

                        Loans and   Amortised        Fair
                      receivables        cost       value      Total
                            R’000       R’000       R’000      R’000
Financial assets
not measured at
fair value
Cash and cash
equivalents                 6 927                              6 927
Trade and other
receivables                244 934                           244 934
Financial
liabilities
measured at
fair value
Derivative
financial
instrument – cash
flow hedge*                                       (16 515)    (16 515)
Financial
liabilities not
measured at
fair value
Preference shares                      (30 040)               (30 040)
Borrowings                            (395 156)              (395 156)
Trade and other
payables                              (162 527)              (162 527)
Total                   251 861       (587 723)   (16 515)   (352 377)


                        Carrying Value June 2016 – Unaudited

                      Loans and   Amortised
                    receivables        cost Fair value         Total
                          R’000       R’000      R’000         R’000
Financial assets
not measured at
fair value
Cash and cash
equivalents              10 873                               10 873
Trade and other
receivables             161 989                              161 989
Financial
liabilities
measured at fair
value
Derivative
financial
instrument – cash
flow hedge*                                     (55 233)     (55 233)
Financial
liabilities not
measured at
fair value
Preference shares                               (28 377)     (28 377)
Borrowings                           (317 470)              (317 470)
Trade and other
payables                            (123 162)                (123 162)
Total                   172 862     (469 009)    (55 233)    (351 380)

                         Carrying value December 2016 - Audited

                         Loans
                          and
                        receiv-    Amortised        Fair
                         ables          cost       value       Total
                         R’000         R’000       R’000       R’000

Financial assets not
measured at fair
value

Cash and cash
equivalents               17 391                              17 391

Trade and other
receivables              188 186                             188 186
                                                                   
Financial liabilities
measured at fair
value

Derivative financial
instrument – cash
flow hedge*                                     (20 871)    (20 871)

Financial liabilities
not measured at fair
value

Preference shares                  (29 182)                (29 182)

Borrowings                         (354 106)               (354 106)

Trade and other
payables                           (122 338)               (122 338)

Total                   205 577    (505 626)   (20 871)    (320 920)

Derivative financial instrument – Cash flow hedge: The fair value of
the cash flow hedge is a level 2 recurring fair value measurement.
The fair value of the cash flow hedge is obtained directly from the
service provider and is calculated as the present value of the
estimated future cash flows based on the observable commodity prices
and current exchange rates.

6. Material related party transactions and balances
                               UNAUDITED     UNAUDITED     AUDITED
                                6 months      6 months        Year
                                   ended         ended       ended
                                 30 June       30 June      31 Dec
                                    2017          2016        2016
                                   R’000         R’000       R’000
Sales                           (34 112)      (81 046)   (139 168)
Purchases                         19 681        14 607      67 252
Preference dividend
expense                              859           848       1 721
Rent expense                      10 792         9 244      16 798
Trade receivables                 30 744        31 158      28 900
Trade payables                     5 085         2 871       4 482
Loan accounts – owing to
related parties                 (30 114)      (30 105)    (30 114)
Cumulative redeemable
preference shares               (30 040)      (28 377)    (29 182)

7. Segment reporting
The Group Chief Executive Officer is the Group’s chief operating
decision-maker. Management has determined the operating segments
allocating resources and assessing performance. The Group has two
sources of income, namely the production of platinum group metals 
at the Kilken tailings treatment facility and the processing and
distribution of steel products by PRSM.

                                            UNAUDITED
                                UNAUDITED    RESTATED      AUDITED
                                 6 months   6 months          Year
                                    ended      ended         ended
                                  30 June    30 June        31 Dec
                                     2017       2016          2016
                                    R’000      R’000         R’000
Revenue
Tailings treatment facility        22 942     20 886        38 662
Steel processing                  700 516    598 628     1 239 771
Total revenue                     723 458    619 514     1 278 433
There are no sales between
segments.
                                            UNAUDITED
                                UNAUDITED    RESTATED     AUDITED
                                 6 months   6 months         Year
                                    ended      ended        ended
                                  30 June    30 June       31 Dec
                                     2017       2016         2016
                                    R’000      R’000        R’000
(Loss)/profit after tax
Tailings treatment facility       (6 772)    (5 694)     (15 441)
Steel processing                  (2 283)     11 585       13 349
Goodwill impairment –
tailings treatment facility     (300 000)          -     (62 000)
Other unallocated                 (2 153)    (1 580)      (3 941)
Total (loss)/profit after
tax                             (311 208)      4 311     (68 033)
Assets
Tailings treatment facility        64 289    149 462      107 437
Steel processing                  644 845    547 204      571 747
Inter-group eliminations         (17 646)   (87 151)     (53 427)
Reportable segment assets         691 488    609 515      579 117
Goodwill – tailings
treatment facility                 56 679    418 679      356 679
Total assets                      748 167   1 028 194     982 436
Liabilities
Tailings treatment facility        87 589    184 149      127 119
Steel processing                  552 899    455 664      478 442
Inter-group eliminations         (15 591)   (86 537)     (52 424)
Reportable segment
liabilities                       624 897    553 276      553 137
Redeemable preference shares       30 040     28 377       29 182
Other unallocated
liabilities of parent               4 085      1 722        2 900
Total liabilities                 659 022    583 375      585 219

8. Events subsequent to the period end

The directors are not aware of any events that occurred subsequent
to the period-end and until the date of this announcement which
could have a material effect on the results of the Group or its
subsidiaries.

9. Commitments
The Group had outstanding capital commitments of R 7,7 million at 
30 June 2017 in respect of plant and equipment for PRSM (June 2016:
Rnil).

10. Going concern
The interim financial statements have been prepared on the basis of
accounting policies applicable to a going concern. The basis
presumes that funds will be available to finance future operations
and that the realisation of assets and settlement of liabilities,
contingent obligations and commitments will occur in the ordinary
course of business.

The Group reported a net loss of R11,2 million for the six
months ended 30 June 2017, before the impairment of goodwill,
and as at that date its current liabilities exceeded its
current assets due to, amongst others, the short-term nature of
some of its debt.

The cash flow hedge, which will be settled by 30 September
2018, continued to have a negative effect on the results of
Kilken. After settlement, Kilken is expected to produce
improved results again.

Market conditions are expected to remain tough for the
industries in which the Group operates, with continued
volatility in commodity prices and the local currency against
major foreign currencies.

The Group companies continue with their focus on improving
efficiencies and increasing production levels, especially at Kilken
where production challenges continued to impact on the results for
the past six months.

The Group has access to sufficient funding facilities from its
financiers and shareholders to enable it to meet its commitments and
obligations as and when they become due within the next twelve
months.

The directors have therefore applied the going concern principle as
they are satisfied that the Group is a going concern and will be
able to settle its debts as they become due and payable in the next
twelve months.

Nature of the business
The Company is an investment holding company.

Financial review
References to 2016 and 2017 relate to the six month periods to 30
June 2016 and 2017 respectively, unless indicated otherwise in the
contents.

Revenue increased by 16.8% from 2016 to 2017 but profitability
declined from a headline profit of R5,2 million for 2016 to a
headline loss of R10,1 million for 2017, with PRSM being the main
contributor to this loss as a result of the negative market
conditions in the steel industry persisting since the second half
of 2016. Kilken also was not able to increase production and revenue
to expected levels during the period under review.

Borrowings increased from R317 million in 2016 to R395 million in
2017 to fund the increased working capital requirements of the
Group.

Kilken
Production at the plant was satisfactory for the first four months
of the current period, but has been disappointing since then due to,
inter alia, the lower quality tailings feed from the mine which
resulted in lower PGM grades being available for recovery, as well
as the higher chrome content penalties which impacted both revenue
and profits significantly. The commodity market and the local
currency continued to be volatile during the period under review and
the negative movements impacted the sales prices per kilogram of
PGMs. The above factors, as well as the negative impact of the cash
flow hedge, contributed to the poor results of this company during
the period under review.

Revenue   showed a slight increase from R20,9 million in 2016 to 
R22,9 million in 2017 with the cash flow hedge reducing revenue by 
R5,8 million (2016:R7,8 million). The loss after tax increased from 
R5,7 million in 2016 to R6,8 million in 2017. The cash flow hedge will
finally be settled by September 2018.

Management’s attention remains on resolving the production
challenges at the plant in order to improve production and
efficiency levels, increase revenues and lower costs.

PRSM
PRSM continued to improve top line revenue from R598,6 million in
2016 to R700,5 million in 2017, but the tough market conditions
reduced margins and the PRSM group reported a net loss after tax of
R2,3 million in 2017, compared to a net profit after tax of 
R11,6 million to June 2016.

Working capital levels increased by R54 million during 2017 compared
to the same period in 2016, and total interest bearing debt levels
increased by R60 million in 2017 compared to 2016.

Capital expenditure of R5,1 million was incurred during the period
under review to acquire assets as part of the PRSM group’s medium-
term strategy to modernise its plants.

Overall the domestic steel industry remains challenging due to the
continued uncertainty in the world economy and an oversupply of
steel, and management does not expect PRSM to report improved
results for the remainder of this financial year.
Directorate
There were no changes to the board for the six months under review.

For and on behalf of the board

Mohamed Husain
Independent non-executive chairman

Ashruf Kaka
Chief executive officer

Sandton
6 October 2017

Andulela Investment Holdings Limited
Registered Office: 108 4th Street, Parkmore, Sandton 2196
Website: www.andulelaholdings.com

Directors: Mohamed Husain# (Chairman); Ashruf Kaka (CEO); Henk
Engelbrecht (CFO); Brian Smith#; Pieter du Preez#; Naeem Hadjee#
 #Independent non-executive

Company Secretary: Gillian Miller

Auditors: BDO South Africa Incorporated, Summit Place Office Park,
221 Garsfontein Road, Menlyn, Pretoria, 0181

Transfer Secretaries: Terbium Financial Services Proprietary
Limited, Beacon House, 31 Beacon Road, Florida North, 1709

Sponsor: Java Capital, 2nd Floor, 6A Sandown Valley Crescent,
Sandton, 2196

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