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PPC LIMITED - Unaudited Condensed Consolidated Financial Statements for six Months Ended 30 September 2017

Release Date: 23/11/2017 07:05
Code(s): PPC     PDF:  
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Unaudited Condensed Consolidated Financial Statements for six Months Ended 30 September 2017

PPC Limited
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE code: PPC 
JSE ISIN: ZAE 000170049 
ZSE code: PPC 
Unaudited condensed consolidated financial statements 
for the six months ended 30 September 2017

- Group revenue increased by 1% to R5,2 billion

- Group EBITDA grew by 4% to R1,2 billion

- Strong performance from rest of Africa cement reflected 25% EBITDA growth

- Maintained southern Africa cement EBITDA margin in a tough environment 

- Attributable net profit up 188% to R294 million
  
- Earnings per share up 54% to 20 cents  
  
- Net debt declined from R4,7 billion in March 2017 to R4,4 billion  
  
- Improved balance sheet with finance costs reduced by 44% post the rights issue
  
- Net cash flow from operating activities up 49%  
  
  
COMMENTARY
Johan Claassen, CEO, said: "The half-year results are a testimony of PPC’s operational focus and market leadership 
positioning. The period under review has been transformational for the group with our new investments in Zimbabwe 
and Rwanda contributing positively to our growth. Domestically, the group has managed its cost of sales, overheads 
and capex well to compensate for marginally declining revenues in a competitive and subdued market. We remained 
disciplined in our approach to market prices across our businesses. The group has also made considerable progress 
in negotiating its debt obligations in South Africa and the DRC which will result in an extended debt profile and 
should be capable of being serviced from internal cash generation. The new investments in the DRC and Ethiopia 
will be fully commissioned during the second half of the current financial year. Considerable focus has been 
directed towards strategic and operational initiatives to ensure greater competitiveness and improved efficiencies 
in a market exhibiting lower growth. Management’s focus is firmly on delivering improved profitability and liquidity 
in the short term. We remain committed to unlocking long-term sustainable shareholder value." 
Johan Claassen – Chief executive officer  
  
GROUP PERFORMANCE
Group revenue rose by 1% to R5 188 million (2016: R5 156 million). Total cement volumes increased by 2% to 
approximately 3 million tonnes. Cost of sales was well controlled and increased by 1% to R3 859 million 
(2016: R3 838 million) compared with the previous year. Administration and other operating expenditure 
contracted by 5% to R549 million (2016: R577 million). The reduction in operational costs is further evidence of 
the group’s ability to achieve cost savings. 

Group EBITDA grew by 4% to R1 193 million (2016: R1 146 million) while the EBITDA margin achieved was 23% (2016: 22%). 
Corporate action and other non-recurring expenses amounted to R53 million, while the impact of a stronger exchange rate 
reduced EBITDA by R43 million on a comparable basis. Excluding these impacts, EBITDA would have risen by 12%.

Finance costs reduced by 44% to R285 million, over last year’s R509 million. The decrease was due to the benefits 
of the rights issue and the liquidity and guarantee facility agreement fees incurred in the previous reporting period.

Taxation was materially higher at R193 million in the period, however the effective taxation rate reduced from 53% to 
39%. The lower effective taxation rate was attributable to non-recurring withholding taxation on dividends declared 
from Zimbabwe in the prior period. Furthermore, the effective rate was positively impacted by lower non-deductible
finance costs and non-recurring IFRS 2 charges also incurred in the prior period. The current period’s effective 
taxation rate was negatively impacted by a reassessment of the prior year’s taxation resulting in additional taxes in 
Zimbabwe.

Net profit attributable to PPC shareholders increased by 188% to R294 million (2016: R102 million). Earnings per share 
was 54% higher at 20 cents (2016: 13 cents) and headline earnings per share rose by 36% to 19 cents (2016: 14 cents). 
Weighted average shares in issue increased from 758 million to 1 510 million shares for the period.

Net cash flow from operating activities increased by 49% to R870 million. Positive working capital movements amounted to 
R59 million, while lower finance costs and taxation paid also contributed to improved cash generation. The group’s cash
conversion ratio was maintained at 1,1 times. Capital investments in property, plant and equipment decreased significantly 
to R518 million (2016: R1 035 million). Group net debt has reduced from R4 746 million in March 2017 to R4 429 million.
Net debt to EBITDA improved from 2,3 times to 2,1 times.

UPDATE ON GROUP LIQUIDITY
The group has made significant progress in improving liquidity and smoothing the maturity profile of the business. This is 
through the pending restructuring of southern Africa debt maturing in June 2018 to a more smoother payment profile of between 
three to five years. Regarding the DRC funding agreements, significant progress has been made with the term sheet received 
from the funders highlighting a two-year capital holiday, which will reduce the required deficiency funding from PPC group.

SOUTHERN AFRICA CEMENT
Revenue in southern Africa cement, which includes Botswana, was marginally down, with higher realised average selling prices 
of 2,0%. PPC increased prices in February and August 2017. Volumes reduced by 1% to 4% for this segment, noting that the current
reporting period had two less trading days. The lower volumes in the inland region were offset by marginal growth in the coastal 
region. The volume contraction was in line with estimated growth in overall cementitious demand in South Africa reducing by 1%
to 4% for the reporting period. Imports are at similar levels compared with the same period last year. This segment continues 
to deliver sustainable cost savings, with variable delivered cost per tonne at similar levels to the previous period. Overheads 
were also well controlled experiencing a low double-digit decline. EBITDA was maintained, with a slight improvement in the 
corresponding margins to 25,6%.

REST OF AFRICA CEMENT
Revenue increased by 9%, supported by robust volume growth in Rwanda and Zimbabwe. Selling prices have remained fairly stable. 
EBITDA grew by a robust 25% to R422 million, with EBITDA margins expanding from 30% to 34%. The rise in EBITDA is attributable 
to our route to market strategies gaining momentum and cost containment.

Rwanda
Rwanda continued to deliver robust volume growth, with annualised capacity utilisation above 65%. Sales volumes grew by more 
than 30% for the period. Realised cement prices increased marginally. Rwanda launched its bulk solution in August 2017 to 
service the construction and construction product markets resulting in the improving market penetration.

Zimbabwe
PPC Zimbabwe grew volumes by more than 25% compared with last year, achieving new sales records in the process. The commissioning 
of the Harare mill supported volume growth in the north of the country. Demand is being driven by housing and asset investments. 
Average selling prices grew by 4% in US dollar terms compared with the previous period. The country continues to experience liquidity
constraints, which we are monitoring closely. The sales team continues to search for export opportunities.

DRC
Our new plant in the DRC has been completed and is in the process of being tested and commissioned, which process will likely be 
fully completed by the end of the current financial year. During the period the limited production was sold into the market and all
revenue and expenses have been included in capital work in progress in compliance with IAS 16 and 23.

Ethiopia
Our new plant in Ethiopia has also been completed and is in the process of being tested and commissioned, which process will likely 
be fully completed by the end of the current financial year. During the period the limited production was sold into the market and 
all revenue and expenses have been included in capital work in progress in compliance with IAS 16 and 23. Accordingly, we have not 
equity accounted for any profits in the period.

MATERIALS BUSINESS
Lime
The lime division recorded marginal revenue growth, with volumes and selling prices at similar levels to last year. Volumes 
were constrained by key steel customer shutdowns and non-extension of the milk of lime contract. Lime’s EBITDA was impacted 
by higher variable costs in relation to increased maintenance and raw material inputs.

Aggregates and readymix
Volumes and pricing were under pressure due to a significant contraction in construction industry activity as well as intense 
competition in the Gauteng market. Aggregates’ volumes suffered due to the supply into the readymix market which contracted
during the period under review.

SLURRY KILN 9 (SK9)
The SK9 project is progressing well, on time and on budget and is approximately 80% complete. Commissioning remains on schedule 
for the first calendar half of 2018. The new kiln will enhance our competitive position in the inland region through cost, 
technical and environmental efficiencies.

UPDATE ON BROAD-BASED BLACK ECONOMIC EMPOWERMENT TRANSACTION
We continue to engage with the Department of Mineral Resources (DMR) on aspects of our proposed BEE III transaction. It is envisaged 
that BEE III will be implemented in the first quarter of 2018.

GOVERNANCE
Board of directors and subcommittee changes
Following the company’s annual general meeting on the 16 October 2017, Mr T Moyo was reappointed as a member of the audit committee. 
Ms N Gobodo was appointed as a member of the nominations committee and as a member and chairperson of the social, ethics and 
transformation committee. Mr S Mhlarhi was elected as a member of the nominations committee.

PROSPECTS
PPC group has reviewed its priorities over the last five months and will continue to focus on these key priorities in the next 
12 months. These key priorities are in optimising the financial, operational and human capital elements of the business. In executing
these priorities, PPC will ensure that the restructuring of the South African and DRC debt are finalised and implemented. Regarding the 
operations, PPC will ensure implementation of the profit optimisation of R50 per tonne of cement in southern Africa cement, continue to 
optimise its route to market strategies and plant operating efficiencies in the rest of Africa cement operations, while continuing to 
grow and develop globally competent teams. In addition, PPC is in the process of introducing a value-based management system, that ensures 
that business operations are aligned to the performance of the company in growing shareholder value.

RESULTS PRESENTATION
PPC will be hosting an analysts’ results presentation in Johannesburg at the JSE Auditorium, 1 Exchange Square, 2 Gwen Lane, Sandown. 
The results presentation and a copy of this announcement will be available on the company’s website www.ppc.co.za.

On behalf of the board

PG Nelson
Chairman

JT Claassen 
Chief executive officer

MMT Ramano
Chief financial officer

Sandton
22 November 2017


Unaudited condensed consolidated statement of comprehensive income
for the six months ended 30 September 2017
                                                                   Six months        Six months                Twelve months     
                                                                        ended             ended                        ended     
                                                                 30 September      30 September                     31 March     
                                                                         2017              2016                         2017    
                                                                    Unaudited          Reviewed            %         Audited     
                                                        Notes              Rm                Rm       change              Rm    
Revenue                                                                 5 188             5 156            1           9 641    
Cost of sales                                                           3 859             3 838            1           7 359    
Gross profit                                                            1 329             1 318            1           2 282    
Administrative and other operating expenditure                            549               577           (5)          1 049    
Operating profit before item listed below:                                780               741            5           1 233    
Empowerment transactions IFRS 2 charges(a)                                 17                17                          206    
Operating profit                                                          763               724            5           1 027    
Foreign exchange loss on foreign currency monetary items    2               1                87                          124    
Finance costs                                               3             285               509                          741    
Investment income                                                          20                 6                           27    
Profit before equity-accounted earnings                                   497               134          271             189    
Earnings from equity accounted investments                                  -                 -                            1    
Impairments                                                 4               -               (10)                         (10)    
Profit before taxation                                                    497               124          301             180    
Taxation                                                    5             193                66          192             153    
Profit for the period                                                     304                58          424              27    
Attributable to:                                                                                                                
Shareholders of PPC Ltd                                                   294               102                           93    
Non-controlling interests                                                  10               (44)                         (66)    
Other comprehensive income/(loss), net of taxation                                                                              
Items that will be reclassified to profit or loss                          41              (310)                        (523)    
Cash flow hedges                                                            -                45                          (47)    
Taxation on cash flow hedges                                                -               (13)                          13    
Translation of foreign operations                                          41              (342)                        (489)    
Total comprehensive income/(loss)                                         345              (252)                        (496)    
Attributable to:                                                                                                                
Shareholders of PPC Ltd                                                   335              (157)                        (295)    
Non-controlling interests                                                  10               (95)                        (201)    
EARNINGS PER SHARE (CENTS)                                  6                                                                   
Basic                                                                      20                13           54               8    
Diluted                                                                    19                13           46               8    
(a) Comprises BEE IFRS 2 charges.


Unaudited condensed consolidated statement of financial position
at 30 September 2017
                                                                 30 September      30 September     31 March    
                                                                         2017              2016         2017    
                                                                    Unaudited          Reviewed      Audited    
                                                        Notes              Rm                Rm           Rm    
ASSETS                                                                                                          
Non-current assets                                                     14 357            14 052       14 192    
Property, plant and equipment                               7          12 714            12 343       12 531    
Goodwill                                                    8             236               244          237    
Other intangible assets                                     9             638               725          677    
Equity accounted investments                                              271               197          225    
Other non-current assets                                   10             312               480          380    
Deferred taxation assets                                   16             186                63          142    
Non-current assets held for sale                           11              39                40           38    
Current assets                                                          3 662             3 094        3 805    
Inventories                                                             1 174               956        1 163    
Trade and other receivables                                12           1 485             1 490        1 652    
Cash and cash equivalents                                  13           1 003               648          990    
Total assets                                                           18 058            17 186       18 035    
EQUITY AND LIABILITIES                                                                                          
Capital and reserves                                                                                            
Stated capital                                             14           3 919             2 739        3 919    
Other reserves                                                          1 541             1 466        1 464    
Retained profit                                                         2 962             2 678        2 668    
Equity attributable to shareholders of PPC Ltd                          8 422             6 883        8 051    
Non-controlling interests                                                 344               440          334    
Total equity                                                            8 766             7 323        8 385    
Non-current liabilities                                                 5 277             5 462        5 626    
Provisions                                                 15             554               440          545    
Deferred taxation liabilities                              16           1 114             1 128        1 073    
Long-term borrowings                                       17           3 165             3 449        3 555    
Other non-current liabilities                              18             444               445          453    
Current liabilities                                                     4 015             4 401        4 024    
Short-term borrowings                                      17           2 267             2 465        2 181    
Trade and other payables                                   19           1 748             1 936        1 843    
Total equity and liabilities                                           18 058            17 186       18 035    


Unaudited condensed consolidated statement of cash flows 
for the six months ended 30 September 2017
                                                                                     Six months      Six months     Twelve months     
                                                                                          ended           ended             ended     
                                                                                   30 September    30 September          31 March     
                                                                                           2017            2016              2017    
                                                                                      Unaudited        Reviewed           Audited     
                                                                        Notes                Rm              Rm                Rm    
Cash flow from operating activities                                                                                                  
Operating cash flows before movements                                                                              
in working capital                                                                        1 211           1 145             2 101    
Working capital movements                                                                    59             141              (230)    
Cash generated from operations                                                            1 270           1 286             1 871    
Finance costs paid                                                                         (248)           (513)             (743)    
Investment income received                                                                   20               6                21    
Taxation paid                                                                              (172)           (196)             (296)    
Cash available from operations                                                              870             583               853    
Dividends paid                                                                                -               -                (8)    
Net cash inflow from operating activities                                                   870             583               845    
Cash flow from investing activities                                                                                                  
Acquisition of additional shares in equity                                                                         
accounted investment                                                                        (40)              -                 -    
Acquisition of additional shares in subsidiary                                                -             (18)              (18)    
Investments in intangible assets                                                             (4)            (10)              (19)    
Investments in property, plant and equipment                                               (518)         (1 035)           (2 058)    
Movements in other investing activities                                                      13              (4)                -    
Proceeds from the disposal of property, plant                                                                      
and equipment                                                                                 -               -                 4    
Net cash outflow from investing activities                                                 (549)         (1 067)           (2 091)    
Cash flow from financing activities(a)                                                                                                  
Net borrowings repaid before repayment of the notes                                        (323)         (1 453)           (1 370)    
Proceeds from the issuance of shares following rights                                                              
issue (net of transaction costs)                                                              -           3 706             3 722    
Proceeds from the issuance of shares issued to strategic                                                           
black partners following the maturity of the company's                                                             
first BEE transaction                                                      14                 -               -             1 041    
Proceeds from the sale of nil paid letters by consolidated                                                         
BEE entities                                                                                  -             137               137    
Purchase of PPC Ltd shares in terms of the FSP share                                                               
incentive scheme                                                           14                 -             (74)              (74)    
Repayment of notes                                                                            -          (1 614)           (1 614)    
Net cash (outflow)/inflow from financing activities                                        (323)            702             1 842    
Net movement in cash and cash equivalents                                                    (2)            218               596    
Cash and cash equivalents at the beginning of the period                                    990             460               460    
Cash and cash equivalents acquired on acquisition of 3Q                                                            
Mahuma Concrete                                                            20                 -               4                 4    
Exchange rate movements on opening foreign                                                                         
currency-denominated cash and cash equivalents                                               15             (34)              (70)   
Cash and cash equivalents at the end of the period                                        1 003             648               990    
(a) During the period, the non-cash changes on borrowings amounted to R17 million arising from unfavourable, unrealised foreign 
  exchange differences.


Unaudited condensed statement of changes in equity
for the six months ended 30 September 2017 
                                                                                             Other reserves
                                                                                  Foreign       Available-                                  
                                                                                 currency         for-sale                         Equity   
                                                                  Stated      translation        financial      Hedging      compensation     
                                                                 capital          reserve            asset      reserve           reserve          
                                                                      Rm               Rm               Rm           Rm                Rm
Balance at 31 March 2016 (audited)                                (1 113)           1 245               14           34               265     
Acquisition of 3Q, settled via the issue 
of shares (refer note 20)                                            135                -                -            -                 -     
IFRS 2 charges                                                         -                -                -            -                30     
Increase in stated capital from the issuance 
of shares following the rights issue 
(net of transaction costs)                                         3 791                -                -            -                 -     
Proceeds from the sale of nil paid letters 
by consolidated BEE entities                                           -                -                -            -               137     
Shares purchased in terms of FSP incentive 
scheme treated as treasury shares                                    (74)               -                -            -                 -      
Total comprehensive (loss)/income                                      -             (291)               -           32                 -      
Transactions with non-controlling shareholders 
recognised directly in equity                                          -                -                -            -                 -      
Balance at 30 September 2016 (reviewed)                            2 739              954               14           66               432     
Dividends declared                                                     -                -                -            -                 -      
IFRS 2 charges                                                         -                -                -            -               215     
Increase in stated capital from the issuance of 
shares following rights issue (net of transaction costs)              14                -                -            -                 -     
Sale of shares, treated as treasury shares, by consolidated 
BEE entity                                                            37                -                -            -                 -     
Shares issued to strategic black partners following the 
maturity of the company's first BEE transaction(a)                 1 041                -                -            -                 -     
Total comprehensive loss                                               -              (63)               -          (66)                -      
Transactions with non-controlling shareholders recognised 
directly in equity                                                     -                -                -            -                 -     
Vesting of shares held by certain BEE 1 entities                      88                -                -            -               (88)    
Balance at 31 March 2017 (audited)                                 3 919              891               14            -               559     
IFRS 2 charges                                                         -                -                -            -                36     
Total comprehensive income                                             -               41                -            -                 -     
Balance at 30 September 2017 (unaudited)                           3 919              932               14            -               595     

Unaudited condensed statement of changes in equity continued
for the six months ended 30 September 2017 
                                                                                           Equity                              
                                                                                  attributable to              Non-            
                                                                   Retained          shareholders       controlling        Total    
                                                                     profit            of PPC Ltd         interests       equity    
                                                                         Rm                    Rm                Rm           Rm    
Balance at 31 March 2016 (audited)                                    2 583                 3 028               535        3 563    
Acquisition of 3Q, settled via the issue 
of shares (refer note 20)                                                 -                   135                 -          135    
IFRS 2 charges                                                            -                    30                 -           30    
Increase in stated capital from the issuance 
of shares following the rights issue 
(net of transaction costs)                                                -                 3 791                 -        3 791    
Proceeds from the sale of nil paid letters 
by consolidated BEE entities                                              -                   137                 -          137    
Shares purchased in terms of FSP incentive 
scheme treated as treasury shares                                         -                   (74)                -          (74)   
Total comprehensive (loss)/income                                       102                  (157)              (95)        (252)   
Transactions with non-controlling shareholders 
recognised directly in equity                                           (7)                    (7)                -           (7)   
Balance at 30 September 2016 (reviewed)                               2 678                 6 883               440        7 323    
Dividends declared                                                      (8)                    (8)                -           (8)   
IFRS 2 charges                                                            -                   215                 -          215    
Increase in stated capital from the issuance of 
shares following rights issue (net of transaction costs)                  -                    14                 -           14    
Sale of shares, treated as treasury shares, by consolidated 
BEE entity                                                                -                    37                 -           37    
Shares issued to strategic black partners following the 
maturity of the company's first BEE transaction(a)                        -                 1 041                 -        1 041    
Total comprehensive loss                                                (9)                  (138)             (106)        (244)   
Transactions with non-controlling shareholders recognised 
directly in equity                                                        7                     7                 -            7    
Vesting of shares held by certain BEE 1 entities                           -                    -                 -            -    
Balance at 31 March 2017 (audited)                                    2 668                 8 051               334        8 385    
IFRS 2 charges                                                            -                    36                 -           36    
Total comprehensive income                                              294                   335                10          345    
Balance at 30 September 2017 (unaudited)                              2 962                 8 422               344        8 766    
(a) In 2008, PPC announced its first broad-based black economic transaction for a period of eight years, 
    which resulted in an effective BEE ownership of 15,29%. In terms of the transaction agreements, the 
    48 557 982 PPC shares held by the strategic black partners (including community service groups) 
    (SBPs and CSGs) were repurchased by PPC at R0,10 per share and the SBPs and CSGs were required to 
    subscribe for new PPC shares at R66,84 per share, subject to their funding position. The SBPs and 
    CSGs subscribed for 15 571 174 new PPC ordinary shares in December 2016.


Segmental information
for the six months ended 30 September 2017

The group discloses its operating segments according to the business units which are reviewed by the group 
executive committee. The key segments are southern Africa cement, rest of Africa cement, lime, aggregates 
and readymix and group services and other. The reporting segments were reconsidered during March 2017 and 
the results to September 2016 have been restated from that reported in the prior period following the 
internal restructuring process that took place during April 2016.
                                                                                                                                     Cement                                      
                                                             Consolidated                               Southern Africa(a)                          Rest of Africa(b)            
                                             30 September    30 September    31 March     30 September    30 September    31 March     30 September    30 September    31 March  
                                                     2017            2016        2017             2017           2016*        2017             2017           2016*        2017  
                                                Unaudited        Reviewed     Audited        Unaudited        Reviewed     Audited        Unaudited        Reviewed     Audited  
                                                       Rm              Rm          Rm               Rm              Rm          Rm               Rm              Rm          Rm  
Revenue                                                                                                                                                                          
Gross revenue                                       5 319           5 279       9 878            3 004           3 056       5 712            1 259           1 152       2 119  
Inter-segment revenue(d)                             (131)           (123)       (237)            (111)           (110)       (205)               -               -           -  
Total revenue                                       5 188           5 156       9 641            2 893           2 946       5 507            1 259           1 152       2 119  
Operating profit before item listed below             780             741       1 233              549             557         861              278             195         347  
Empowerment transactions IFRS 2 charges                17              17         206                -               -          16                1               1           2  
Operating profit/(loss)(e)                            763             724       1 027              549             557         845              277             194         345  
Fair value loss/(gain) on foreign currency                                                                                                                                       
monetary items                                          1              87         124              (4)             (1)           5               29              88         153  
Finance costs                                         285             509         741              123              99         214              101              78         168  
Investment income                                      20               6          27                6               8          11                5               5           6  
Profit before equity accounted earnings               497             134         189              436             467         637              152              33          30  
Earnings from equity accounted investments              -               -           1                -               -           -                -               -           -  
Impairment                                              -             (10)        (10)               -               -           -                -             (10)        (10) 
Profit/(loss) before taxation                         497             124         180              436             467         637              152              23          20  
Taxation                                              193              66         153              119             131         192               69              14          21  
Profit/(loss) for the period                          304              58          27              317             336         445               83               9         (1)  
Depreciation and amortisation                         413             405         832              191             185         374              144             144         298  
EBITDA(f)                                           1 193           1 146       2 065              740             742       1 235              422             339         645  
EBITDA margin (%)                                    23,0            22,2        21,4             25,6            25,2        22,4             33,5            29,5        30,4  
Assets                                                                                                                                                                           
Non-current assets                                 14 357          14 052      14 192            4 227           4 287       4 184            8 294           8 572       8 113  
Non-current assets held for sale                       39              40          38                -               -           -               39              40          38  
Current assets                                      3 662           3 094       3 805            1 468           1 468       1 468            1 642           1 190       1 334  
Total assets                                       18 058          17 186      18 035            5 695           5 755       5 652            9 975           9 802       9 485  
Investments in property, plant and equipment          523           1 305       2 234              233             584         939              232             640       1 181  
Liabilities                                                                                                                                                                      
Non-current liabilities                             5 277           5 462       5 626              830             554       2 007            5 973           6 034       5 619  
Current liabilities                                 4 015           4 401       4 024            2 293           2 227         792            1 685           1 360       1 382  
Total liabilities                                   9 292           9 863       9 650            3 123           2 781       2 799            7 658           7 394       7 001  
Capital commitments (refer note 21)                   795           2 712       1 071              697           1 117         716               59           1 557         310  

Segmental information continued
for the six months ended 30 September 2017
                                                                                         Materials business
                                                                            Lime                                        Aggregates and readymix         
                                                       30 September    30 September     31 March            30 September    30 September      31 March  
                                                               2017           2016*         2017                    2017           2016*          2017  
                                                          Unaudited        Reviewed      Audited               Unaudited        Reviewed       Audited  
                                                                 Rm              Rm           Rm                      Rm              Rm            Rm  
Revenue                                                                                                                                                 
Gross revenue                                                   410             406          818                     646             665         1 229  
Inter-segment revenue(d)                                        (20)            (13)         (32)                      -               -             -  
Total revenue                                                   390             393          786                     646             665         1 229  
Operating profit before item listed below                        42              74          119                       5              67            74  
Empowerment transactions IFRS 2 charges                           -               -            2                       -               -             1  
Operating profit/(loss)(e)                                       42              74          117                       5              67            73  
Fair value loss/(gain) on foreign currency                                             
monetary items                                                    -               -            -                       -               -             1  
Finance costs                                                     2               2            4                       2               5             3  
Investment income                                                 8               4            1                       7               3             1  
Profit before equity accounted earnings                          48              76          114                      10              65            70  
Earnings from equity accounted investments                        -               -            -                       -               -             -  
Impairment                                                        -               -            -                       -               -             -  
Profit/(loss) before taxation                                    48              76          114                      10              65            70  
Taxation                                                         11              21           29                       2              18             6  
Profit/(loss) for the period                                     37              55           85                       8              47            64  
Depreciation and amortisation                                    21              22           46                      40              36            77  
EBITDA(f)                                                        63              96          165                      45             103           151  
EBITDA margin (%)                                              16,2            24,4         21,0                     7,0            15,5          12,3  
Assets                                                                                                                                                  
Non-current assets                                              318              423         319                     724             751           726  
Non-current assets held for sale                                  -               -            -                       -               -             -  
Current assets                                                  173             160          210                     349             331           315  
Total assets                                                    491             583          529                   1 073           1 082         1 041  
Investments in property, plant and equipment                     24              12           26                      34              32            57  
Liabilities                                                                                                                                             
Non-current liabilities                                          36              99         117                     270             180           215  
Current liabilities                                              50              72           86                     179             222           176  
Total liabilities                                                86             171          203                     449             402           391  
Capital commitments (refer note 21)                               5               2            9                       5               8             9  

Segmental information continued
for the six months ended 30 September 2017
                                                                         Group services and other(c)
                                                               30 September    30 September      31 March   
                                                                       2017           2016*          2017   
                                                                  Unaudited        Reviewed       Audited   
                                                                         Rm              Rm            Rm   
Revenue                                                                                                     
Gross revenue                                                             -               -             -   
Inter-segment revenue(d)                                                  -               -             -   
Total revenue                                                             -               -             -   
Operating profit before item listed below                               (94)           (152)         (168)  
Empowerment transactions IFRS 2 charges                                  16              16           185   
Operating profit/(loss)(e)                                             (110)           (168)         (353)  
Fair value loss/(gain) on foreign currency            
monetary items                                                          (24)              -           (35)  
Finance costs                                                            57             325           352   
Investment income                                                        (6)            (14)            8   
Profit before equity accounted earnings                                (149)           (507)         (662)  
Earnings from equity accounted investments                                -               -             1   
Impairment                                                                -               -             -   
Profit/(loss) before taxation                                          (149)           (507)         (661)  
Taxation                                                                 (8)           (118)          (96)  
Profit/(loss) for the period                                           (141)           (389)         (565)  
Depreciation and amortisation                                            17              18            37   
EBITDA(f)                                                               (77)           (134)         (131)  
EBITDA margin (%)                                                                                           
Assets                                                                                                      
Non-current assets                                                      794              19           850   
Non-current assets held for sale                                          -               -             -   
Current assets                                                           30             (55)          478   
Total assets                                                            824             (36)         1 328   
Investments in property, plant and equipment                              -              37            31   
Liabilities                                                                                                 
Non-current liabilities                                              (1 832)         (1 405)       (2 332)  
Current liabilities                                                    (192)            520         1 588   
Total liabilities                                                    (2 024)           (885)         (744)  
Capital commitments (refer note 21)                                      29              28            27   
* The reporting segments were reconsidered during March 2017 and the results to September 2016 have been restated from that reported in 
  the prior period (refer note 25).
(a) Southern Africa comprises South Africa and Botswana.
(b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross border sales from southern Africa.
(c) Group services and other comprises PPC Ltd, shared services, BEE and group eliminations.
(d) All sales are concluded at an arm's length.
(e) As noted in the company's year-end results announcement, the group was looking to refine inter-company operating charges. This has 
    now been finalised and the impact thereof is incorporated in the results for the six months to September 2017. No comparatives have 
    been restated following the refinements to inter-company charges
(f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges and depreciation and amortisation.

No individual customer comprises more than 10% of group revenue.


Notes to the unaudited Condensed consolidated financial statements


1.  BASIS OF PREPARATION
    The unaudited condensed consolidated financial statements are prepared in accordance with the provisions of 
    the JSE Limited Listings Requirements for reports, and the requirements of the Companies Act applicable to 
    financial statements. The Listings Requirements require the condensed 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 must also, 
    as a minimum contain the information required by IAS 34 Interim Financial Reporting, and a statement 
    confirming that it has been so prepared must be included in the report. The accounting policies applied in 
    the preparation of the condensed consolidated financial statements were derived in terms of IFRS. The group's 
    external auditors have not reviewed or reported on these results. 

    The accounting policies and methods of computation used are consistent with those used in the preparation of 
    the consolidated financial statements for year ended 31 March 2017, except for the revised accounting standards 
    and interpretations that became effective during the current period. The group adopted the following two 
    standards during the period:                                                                 
    - IAS 7 Statement of Cash Flows: amendment as a result of the disclosure initiative. Additional disclosure as 
      required by this amendment has been included in the statement of cash flows.
    - IAS 12 Income Taxes: amendment regarding the recognition of deferred tax assets for unrealised losses. This 
      amendment did not have any impact on the reported results.
    
    These unaudited condensed consolidated financial statements have been prepared under the supervision of MMT 
    Ramano CA(SA), chief financial officer, and were approved by the board of directors on 22 November 2017.
    
    Restatement of segmental information
    Following the internal restructure of the group effective 1 April 2016, the group's segments were amended to 
    align to the new reporting structures and information presented to the group executive committee. As the change 
    in segmental reporting only became effective from March 2017, the previously reported segmental analysis for 
    the period ended September 2016 has been restated. Further details can be found in note 25.

                                                                    Six months         Six months       Twelve months     
                                                                         ended              ended               ended     
                                                                  30 September       30 September            31 March     
                                                                          2017               2016                2017     
                                                                     Unaudited           Reviewed             Audited     
                                                                            Rm                 Rm                  Rm    
2.  FOREIGN EXCHANGE LOSS ON FOREIGN CURRENCY MONETARY ITEMS                                                             
    Loss on ineffective portion of cash flow hedge                           -                  -                   9    
    Loss/(gain) on unlisted collective investments                           1                  -                 (1)    
    Net loss on translation of foreign currency monetary items               -                 87                 116    
                                                                             1                 87                 124    
    
    Included in loss on translation of foreign currency monetary items, is a loss of R26 million 
    (September 2016: R48 million; March 2017: R112 million) relating to the remeasurement of the 
    non-current VAT receivable in the DRC following the devaluation of the Congolese franc against 
    the US dollar. Furthermore, a remeasurement loss of R4 million (September 2016: R12 million; 
    March 2017: R53 million) has been recorded against the US dollar denominated project funding 
    in Rwanda. During the period R33 million (September 2016: Rnil; March 2017: Rnil) marked to 
    market adjustments were recorded on the put option liability (refer note 18).

    Details on foreign exchange rates can be found in note 24.

                                                                    Six months         Six months       Twelve months 
                                                                         ended              ended               ended 
                                                                  30 September       30 September            31 March 
                                                                          2017               2016                2017 
                                                                     Unaudited           Reviewed             Audited 
                                                                            Rm                 Rm                  Rm 
3.  FINANCE COSTS                                                                                                     
    Bank and other short-term borrowings(a)                                113                277                 474 
    Notes                                                                    5                 49                  80 
    Long-term loans                                                        211                288                 345 
                                                                           329                614                 899 
    Capitalised to plant and equipment                                     (82)              (159)               (241)
    Finance costs before BEE transaction and time                        
    value of money adjustments                                             247                455                 658 
    BEE transaction                                                          -                 36                  37 
    Time value of money adjustments on rehabilitation                    
    and decommissioning provisions and put option liabilities               38                 18                  46 
                                                                           285                509                 741 
    Southern Africa                                                        184                427                 573 
    Rest of Africa                                                         101                 82                 168
    (a) Includes liquidity and guarantee facility raising fees of Rnil million (September 2016: R128 million, 
        March 2017: R128 million) which were amortised to finance costs.

    The total finance costs excluding time value of money adjustments, relate to borrowings held at amortised 
    cost. For details of borrowings refer note 17.

4.  IMPAIRMENTS
    Impairment of property, plant and equipment                              -                (10)                (10)    
    Gross impairments                                                        -                (10)                (10)    
    Taxation impact                                                          -                  3                   3    
    Net impairments                                                          -                 (7)                 (7)    

                                                                    Six months         Six months       Twelve months     
                                                                         ended              ended               ended     
                                                                  30 September       30 September            31 March     
                                                                          2017               2016                2017     
                                                                     Unaudited           Reviewed             Audited     
                                                                            Rm                 Rm                  Rm    
5.  TAXATION                                                                                                              
    The taxation charge comprises:                                                                                       
    Current taxation                                                       196                 74                 284    
    Current period                                                         166                 74                 271    
    Prior years                                                             30                  -                  13    
    Deferred taxation                                                       (4)               (29)               (154)    
    Current period                                                          (4)               (29)               (177)    
    Prior years                                                              -                  -                  23    
    Withholding taxation on dividends                                        1                 21                  23    
                                                                           193                 66                 153    
    Taxation rate reconciliation                                             %                  %                   %    

    A reconciliation of the standard South African 
    normal taxation rate is shown below:
    Profit before taxation (excluding earnings from 
    equity accounted investments)                                           39                 53                  85    
    Prior years' taxation impact                                            (6)                 -                 (20)    
    Profit before taxation, including prior years'                
    taxation adjustments                                                    33                 53                  65    
    Adjustment due to the inclusion of dividend income                       -                  1                   -    
    Effective rate of taxation                                              33                 54                  65    
    Income taxation effect of:                                              (5)               (26)                (37)    
    Disallowable charges, forex revaluations, permanent                                                          
    differences and impairments                                             (5)                (3)                (10)    
    Empowerment transactions and IFRS 2 charges not                                                              
    taxation deductible                                                     (1)                (4)                (32)    
    Finance costs on BEE transaction not taxation deductible                 -                 (9)                 (9)    
    Foreign taxation rate differential                                       1                  3                  12    
    Profit on sale of BEE rights offer shares                                -                  4                   -    
    Recognition of deferred taxation on assessed losses not                                                      
    previously recorded                                                      -                  -                  15    
    Withholding taxation                                                     -                (17)                (13)    
    South African normal taxation rate                                      28                 28                  28    

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                         Cents              Cents                Cents    
6.  EARNINGS AND HEADLINE EARNINGS
    Earnings per share
    Basic                                                                   20                 13                    8    
    Diluted                                                                 19                 13                    8    
    Headline earnings per share                                                                                           
    Basic                                                                   19                 14                    7    
    Diluted                                                                 19                 14                    7    
    Determination of headline earnings per share                                                                          
    Earnings per share                                                      20                 13                    8    
    Adjusted for:                                                                                                         
    Proceeds from insurance claims                                          (1)                 -                   (1)    
    Impairments                                                              -                  1                    -    
    Headline earnings per share                                             19                 14                    7    

    Headline earnings                                                       Rm                 Rm                   Rm    
    Profit for the period                                                  304                 58                   27    
    Impairments                                                              -                 10                   10    
    Taxation on impairments                                                  -                 (3)                  (3)    
    Loss on sale of property, plant and equipment                            -                  -                   10    
    Taxation on loss sale of property, plant and equipment                   -                  -                   (3)    
    Proceeds from insurance claims                                          (4)                 -                  (27)    
    Taxation on proceeds from insurance claims                               1                  -                    8    
    Headline earnings                                                      301                 65                   22    
    Attributable to:
    Shareholders of PPC Ltd                                                291                 94                   85    
    Non-controlling interests                                               10                (29)                 (63)    

                                                                         Cents              Cents                Cents    
    Net asset book value per share                                         580                485                  533    
    Cash earnings per share(a)                                              58                 77                   75    
    Cash conversion ratio(b)                                               1,1                1,1                  0,9    
    (a) Cash earnings per share is calculated using cash available from operations divided by the total weighted
        average number of shares in issue for the period.
    (b) Cash conversion ratio is calculated using cash generated from operations divided by EBITDA as defined in 
        segmental information.
    
    The difference between earnings and diluted earnings per share relates to shares held under the forfeitable 
    share incentive scheme that have not vested.

    For the weighted average number of shares used in the calculation, refer note 14.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
7.  PROPERTY, PLANT AND EQUIPMENT                                                                                         
    Net carrying value at the beginning of the period                   12 531             11 716               11 716    
    Acquisition of subsidiary company (refer note 20)                        -                 83                   98    
    Additions                                                              523              1 305                2 236    
    Depreciation                                                          (369)              (361)                (740)    
    Impairments (refer note 4)                                               -                (10)                 (10)    
    Other movements                                                        (24)                34                   84    
    Translation differences                                                 53               (424)                (853)    
    Net carrying value at the end of the period                         12 714             12 343               12 531    
    Comprising:                                                                                                           
    Freehold and leasehold land, buildings and mineral rights              978                737                  742    
    Decommissioning assets                                                 260                150                  164    
    Plant, vehicles, furniture and equipment                            11 475             11 455               11 624    
    Capitalised leased plant                                                 1                  1                    1    
                                                                        12 714             12 343               12 531    
    Assets pledged as security:                                                                                           
    DRC                                                                  3 409              1 812                3 269    
    Rwanda                                                               1 627              1 965                2 072    
    Zimbabwe                                                             1 977              1 996                1 963    
                                                                         7 013              5 773                7 304    
    Capital work in progress included in plant, vehicles, 
    furniture and equipment:                                        
    DRC                                                                  3 669              3 042                3 322    
    Rwanda                                                                   -                  -                   12    
    Zimbabwe                                                               123                921                   13    
    Slurry                                                               1 195                833                1 111    
    Other                                                                  207                151                   26    
                                                                         5 194              4 947                4 484    
    For details on capital commitments, refer note 21. 


    Impairment assessments
    DRC
    In the year-end results to March 2017, PPC noted that the DRC market was facing uncertainty driven by political instability,
    imports from Angola which were impacting on cement demand and subdued selling prices. Furthermore, the competitive landscape 
    had become challenging due to imports and new capacity in the market. As a result of these factors, management undertook an 
    impairment assessment based on the fair value less cost to sell methodology and post this review, it was believed that there 
    were no impairments required at 31 March 2017. Management however noted that if impairment indicators were evident at the next 
    reporting period, being September 2017, that a further impairment exercise would be performed.

    The plant in the DRC has been completed and is in the process of being tested and commissioned, which process will likely
    be fully completed by the end of the current financial year. During the period, limited production was sold into the market
    and all revenue and expenses have been included in capital work in progress in compliance with IAS 16 and 23.

    During the current reporting period there has been increase in political uncertainty in the DRC. The country was supposed
    to hold general elections in December 2017, but these have subsequently been postponed to December 2018. The pending
    elections have created uncertainty in the economy and most of the infrastructural projects have been put on hold. Given
    that IAS 36.33 (a) require "projections to be based on reasonable and supportable assumptions", the economic and political
    uncertainty makes it difficult to make reliable long-term forecasts.

    IAS 36 provides two options for assessing recoverable amounts and states that the recoverable amount is the higher of
    fair value less costs to sell or value in use. IAS 36 further, states that impairment has to be permanent. The assessment by
    management has taken these issues into account and past practices demonstrate that short-term cyclical environments
    cannot be a determinant of future sustainable performance.

    Replacement cost of the plant is deemed to approximate fair value and the recoverable amount and as a result, management
    does not believe that an impairment of the DRC property, plant and equipment is required for the period ended September
    2017 as the determined fair value is higher than the carrying amount of the work in progress account.

    Ongoing impairment assessment will continue during the current financial year and will be reported on as part of
    March 2018 results.

    Rwanda
    Given that the CIMERWA plant has an estimated useful life of 20 years while its deposits (limestone reserves) are estimated
    at 13 years, there is concern that the CIMERWA plant may have suffered an impairment, when viewed in relation to some
    of the factors identified by IAS 36.

    In performing the impairment assessment, a value-in-use methodology was applied. Cash flow projections were based on
    financial forecasts approved by management.

    Following the impairment assessment, the recoverable amount of CIMERWA was calculated to be higher than its carrying
    amount resulting in no impairment. The valuation achieved reflects headroom of 29% (March 2017: 3%) against the
    current net asset value of CIMERWA with the increase in headroom as a result of improved profitability of the business.
    
    Zimbabwe
    As a result of the current economic environment and liquidity challenges being experienced in Zimbabwe, an impairment
    assessment was undertaken, in line with the assessment performed for the year ended March 2017.

    In performing the impairment assessment, a value in use methodology was applied. Cash flow projections were based on
    financial forecasts approved by management applying a 13% (March 2017: 13%) US dollar discount rate. The cash flow
    projections during the forecast period are based on similar pricing and margins to those currently being achieved by the
    business. The values used reflect past experiences, while the economic growth rates of approximately 1% (March 2017: 1%) 
    per annum, are management’s best estimates that have been prepared using leading financial institutions’ forecasts.

    Following the impairment assessment, the recoverable amount of PPC Zimbabwe was calculated to be higher than its
    carrying amount resulting in no impairment. The valuation achieved reflects a 25% (March 2017: 10%) headroom against
    the current net asset value of PPC Zimbabwe. The ongoing implications of foreign currency shortages will be continually
    monitored and the potential implications on the business forecasts reviewed.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
8.     GOODWILL                                                                                                           
       Net carrying value at the beginning of the period                   237                255                  255    
       Translation differences                                              (1)               (11)                 (18)    
       Net carrying value at the end of the period                         236                244                  237    
       Goodwill, net of impairments, is allocated to the 
       following cash-generating units:
       CIMERWA Limited                (rest of Africa cement segment)       31                 39                   32    
       Safika Cement Holdings 
       Proprietary Limited            (southern Africa cement segment)      78                 78                   78    
       Pronto Holdings 
       Proprietary Limited            (aggregates and readymix segment)    127                127                  127    
                                                                           236                244                  237    

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
9.  OTHER INTANGIBLE ASSETS                                                                                               
    Balance at the beginning of the period                                 677                766                  766    
    Acquisition of subsidiary company (refer note 20)                        -                  -                   10    
    Additions                                                                4                 10                   19    
    Amortisation                                                           (44)               (44)                 (92)    
    Translation differences                                                  1                 (7)                 (26)    
    Balance at the end of the period                                       638                725                  677    
    Comprising:                                                                                                           
    Right of use of mineral assets                                         202                194                  203    
    ERP development and other software                                      97                108                  126    
    Brand and trademarks and customer relationships                        339                423                  348    
                                                                           638                725                  677    
10. OTHER NON-CURRENT ASSETS                                                                                              
    Unlisted collective investment(a)                                      129                122                  124    
    VAT receivable(b)                                                      178                279                  210    
                                                                           307                401                  334    
    Advance payments for plant and equipment(c)                              -                 71                   38    
    Investment in government bonds(d)                                        5                  8                    8    
                                                                           312                480                  380    
    (a) Comprises an investment by the PPC Environmental Trust in local unit trusts. These investments are 
        held to fund PPC's South African environmental obligations.
    (b) During the year ended March 2017, a letter was received from the DRC Finance Ministry which indicated 
        that the VAT due to PPC Barnet DRC needed to be refunded to the company on condition that the refunds 
        are utilised for local suppliers and local salaries. The letter did not however state when the full 
        receivable will be settled. As a result of the uncertainty of timing of the refunds, the receivable 
        has been classified as non-current. To date US$1 million has been received.
    (c) In terms of the construction agreements with the suppliers of the new cement plant in DRC, a portion 
        of the full contract price was required to be paid in advance of the plant construction. The advance 
        payments will be recycled to property, plant and equipment as the plant is constructed, and are secured 
        by advance payment bonds.
    (d) Represents government of Zimbabwe treasury bills carried at fair value.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
11. NON-CURRENT ASSETS HELD FOR SALE
    Property, plant and equipment                                           39                 40                   38    
    
    In September 2015, the PPC Zimbabwe board approved the disposal of houses at its Colleen Bawn and 
    Bulawayo factories which was anticipated to be finalised in 12 months. The disposal was delayed due 
    to regulatory approval but it is now anticipated to be completed before the end of the 2018 financial 
    year. No impairment loss was recognised on the initial reclassification as management concluded that 
    the fair value (estimated based on market prices of similar properties) less costs to sell was higher 
    than the current carrying amount. PPC Zimbabwe is included under the rest of Africa cement segment in 
    the segmental analysis. The underlying assets are US dollar denominated and the year on year movement 
    follows the fluctuation of the rand against the US dollar. 

12. TRADE AND OTHER RECEIVABLES
    Trade receivables                                                    1 079              1 083                1 041    
    Allowance for doubtful debts                                           (70)               (77)                 (46)    
    Net trade receivables                                                1 009              1 006                  995    
    Mark to market cash flow hedge                                           -                  3                    -    
    Mark to market fair value hedge                                         24                 14                   27    
    Proceeds due from the rights issue shares listed                   
    on the Zimbabwe stock exchange(a)                                       80                 85                   86    
    Proceeds from the sale of shares                                         -                  -                   37    
    Other financial receivables                                            115                 82                  179    
    Trade and other financial receivables                                1 228              1 190                1 324    
    Prepayments                                                            137                134                  105    
    VAT receivable                                                          62                  1                   99    
    Taxation receivable                                                     58                165                  124    
                                                                         1 485              1 490                1 652    
    (a) Due to the liquidity constraints in Zimbabwe, the proceeds from the rights issue on the Zimbabwe 
        Stock Exchange have not been remitted to PPC.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
13. CASH AND CASH EQUIVALENTS                                                                                             
    Balance at the end of the period                                     1 003                648                  990    
    Currency analysis:                                                                                                    
    Botswana pula                                                           62                 31                   32    
    Mozambican metical                                                       5                  5                   10    
    Rwandan franc                                                           96                230                   54    
    South African rand                                                     106                 86                  422    
    United States dollar                                                   734                297                  472    
                                                                         1 003                648                  990    
    Amounts denominated in foreign currencies have been translated 
    at ruling exchange rates at period end (refer note 24).
    Cash restricted for use relating to:                                                                                  
    PPC Environmental Trust                                                  8                  7                    8    
    Consolidated BEE entities                                                1                  1                    -    
    Zimbabwe(a)                                                            564                247                  289    
                                                                           573                255                  297    
    (a) Due to the current liquidity constraints in Zimbabwe, the ability to remit funds beyond the 
        country has become more difficult and as a result the full amount of cash within Zimbabwe 
        has been reflected as restricted cash. Also included in the PPC Zimbabwe cash and cash 
        equivalents are bond notes. Bond notes are debt instruments which have been disclosed under 
        cash and cash equivalents since it meets the definition of cash and cash equivalents and are 
        pegged at 1:1 with the US dollar.
    
    Cash and cash equivalents include cash on hand and cash on deposit, net of outstanding bank 
    overdrafts, where there is a right of set-off.              

                                                                    Six months         Six months        Twelve months  
                                                                         ended              ended                ended  
                                                                  30 September       30 September             31 March  
                                                                          2017               2016                 2017  
                                                                     Unaudited           Reviewed              Audited  
                                                                   Shares (000)       Shares (000)         Shares (000) 
14. STATED CAPITAL                                                                                                      
    Authorised shares                                                                                                   
    Ordinary shares                                                 10 000 000         10 000 000           10 000 000  
    Preference shares                                                   20 000             20 000               20 000  
    Number of ordinary shares and weighted average                 
    number of shares                                                       
    Total shares in issue at the beginning of the period             1 591 760            607 181              607 181  
    Shares issued for the acquisition of 3Q (refer note 20)                  -             17 566               17 566  
    Shares issued in terms of the rights issue                               -          1 000 000            1 000 000  
    Shares bought back from the SBPs and CSGs and cancelled        
    in terms of the BEE agreements                                           -                  -              (48 558) 
    Shares issued to the SBPs and CSGs following the maturity      
    of the company's first BEE transaction                                   -                  -               15 571  
    Total shares in issue before adjustments for shares            
    deemed to be treasury shares                                     1 591 760          1 624 747            1 591 760  
    Shares issued in terms of the second BEE transaction           
    treated as treasury shares                                         (37 382)           (37 382)             (37 382) 
    Shares held by consolidated BEE trusts and trust funding       
    SPVs treated as treasury shares                                    (28 929)           (34 477)             (28 929) 
    Shares held by consolidated Porthold Trust (Private)           
    Limited treated as treasury shares                                  (1 285)            (1 285)              (1 285) 
    Shares purchased in terms of the FSP share incentive scheme    
    treated as treasury shares                                         (14 013)           (14 013)             (14 013) 
    Total shares in issue (net of shares deemed to be treasury    
    shares)                                                          1 510 151          1 537 590            1 510 151  
    Weighted average number of shares, used for:                                                                        
    Earnings and headline earnings per share                         1 510 151            757 943            1 137 338  
    Dilutive earnings and headline earnings per share                1 524 165            764 565            1 148 753  
    Cash earnings per share                                          1 510 151            757 943            1 137 338  
    
    Shares are weighted for the period in which they are entitled to participate in the profits of the group.

    Shares held by consolidated participants of the second BEE transaction
    These are shares issued in terms of the second BEE transaction, which was facilitated by means of a 
    notional vendor funding (NVF) mechanism, with the transaction concluding in September 2019. These shares 
    participate in 20% of the dividends declared by PPC during the NVF period. With the exception of the 
    Bafati Investment Trust, entities participating in this transaction are consolidated into the PPC group 
    in terms of IFRS 10 Consolidated Financial Statements during the transaction term.

    Shares held by consolidated BEE trusts and trust funding SPVs
    In terms of IFRS 10 Consolidated Financial Statements, certain of the BEE trusts and trust funding 
    SPVs from PPC's first BEE transaction are consolidated, and as a result, shares owned by these 
    entities are carried as treasury shares on consolidation.
    
    Shares held by consolidated Porthold Trust (Private) Limited
    Shares owned by a Zimbabwe employee trust company.
       
    FSP incentive scheme
    In terms of the forfeitable share plan (FSP) incentive scheme, 14 013 429 (September 2016: 14 013 429, 
    March 2017: 14 013 429) shares are held in total for participants of this long-term incentive scheme. 
    These shares are treated as treasury shares during the vesting periods of the awards. During the period, 
    no shares (September 2016: no shares; March 2017: no shares) vested.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
    Stated capital
    Balance at the beginning of the period                               3 919             (1 113)              (1 113)    
    Acquisition of 3Q Mahuma Concrete, settled via the issue 
    of shares (refer note 20)                                                -                135                  135    
    Increase in stated capital from the issuance of shares following 
    the rights issue (net of transaction costs)                              -              3 791                3 805    
    Sale of shares, treated as treasury shares, by consolidated 
    BEE entity                                                               -                  -                   37    
    Shares issued to strategic black partners following the maturity 
    of the company's first BEE transaction                                   -                  -                1 041    
    Shares purchased in terms of FSP incentive scheme treated as 
    treasury shares                                                          -                (74)                 (74)    
    Vesting of shares held by certain BEE 1 entities                         -                  -                   88    
    Balance at the end of the period                                     3 919              2 739                3 919    

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
15. PROVISIONS                                                                                                             
    Decommissioning and rehabilitation                                     524                409                  509    
    Post-retirement healthcare benefits                                     30                 31                   36    
                                                                           554                440                  545    
    
    Decommissioning and rehabilitation
    Group companies are required to restore mining and processing sites at the end of their productive 
    lives to an acceptable condition consistent with local regulations, and in line with group policy. 
    PPC has set up an environmental trust in South Africa to administer the local funding requirements 
    of its decommissioning and rehabilitation obligations. Currently, there are no such regulations in
    other jurisdictions in which the group operates for the creation of a rehabilitation trust fund; 
    however, in the DRC bank guarantees are required. The investments in the trust fund are carried at 
    fair value through profit or loss and amount to R129 million (September 2016: R122 million; 
    March 2017: R124 million) (refer note 10).

    Post-retirement healthcare benefits
    Historically, qualifying employees were granted certain post-retirement healthcare benefits. The 
    obligation for the employer to pay medical aid contributions after retirement is no longer part of 
    the conditions of employment for new employees. A number of pensioners remain entitled to this 
    benefit, the cost of which has been fully provided.

                                                                    Six months         Six months        Twelve months     
                                                                         ended              ended                ended     
                                                                  30 September       30 September             31 March     
                                                                          2017               2016                 2017     
                                                                     Unaudited           Reviewed              Audited     
                                                                            Rm                 Rm                   Rm    
16. DEFERRED TAXATION                                                                                                      
    Net liability at the end of the period comprises:                      928              1 065                  931    
    Deferred taxation asset                                                186                 63                  142    
    Deferred taxation liability                                          1 114              1 128                1 073    
    Analysis of deferred taxation                                                                                         
    Property, plant and equipment                                        1 305              1 309                1 416    
    Other non-current assets                                               124                182                  120    
    Current assets                                                           3                 (6)                  14    
    Non-current liabilities                                               (100)               (70)                (113)    
    Current liabilities                                                    (78)               (48)                 (66)    
    Reserves                                                                14                 53                  (83)    
    Taxation losses                                                       (340)              (355)                (357)    
                                                                           928              1 065                  931

    Included in the net deferred taxation balance is a deferred taxation asset of R230 million 
    (September 2016: R355 million; March 2017: R262 million) relating to CIMERWA's taxation losses. 
    In terms of local legislation, taxation losses need to be utilised within five years from the 
    initial year of assessment. This assessment involves significant judgement as it requires 
    management to project available taxable profits over a five year period. Management have relied 
    on the same projections used in assessing impairment of property, plant and equipment. These 
    projections indicate that the CIMERWA will be in a position to generate sufficient taxable profits 
    to fully utilise the taxation losses.

                                                                                                                     Six months         Six months        Twelve months     
                                                                                                                          ended              ended                ended     
                                                                                                                   30 September       30 September             31 March     
                                                                                                                           2017               2016                 2017     
                                                                                                                      Unaudited           Reviewed              Audited     
                                                                                                                             Rm                 Rm                   Rm    
17. LONG-TERM BORROWINGS                                                                   
                              Terms                                Security                    Interest rate       
                                                                                                                    
    Notes(a)                  Various, refer below                 Unsecured                   Various, refer below         131                136                  131  
                                                                                           
    Long-term loan            Interest was payable                 Unsecured                   Fixed 10.86%                   -              1 041                    - 
                              biannually with a bullet                                     
                              capital repayment in                                         
                              December 2016                                                
                                                                                           
    Long-term loan(b)         Interest is payable                  Unsecured                   Variable rates at          1 586                511                1 565 
                              quarterly with a bullet                                          585 basis points 
                              capital repayment in                                             above JIBAR
                              June 2018                                                        
                                                                                           
    Long-term loan            Interest was payable                 Unsecured                   Variable rates at              -                 50                    - 
                              monthly with a bullet                                            125 basis points 
                              capital repayable 18                                             above JIBAR
                              months after notice                                              
                              period                                                           
                                                                                           
    Project funding                                                                                                       3 597              3 660                3 685 

    Long-term loan            US dollar-denominated,               Secured by CIMERWA's        Variable at 725 basis        525                698                  569   
                              repayable in monthly                 property, plant and         points above one-month     
                              instalments over a                   equipment                   US dollar LIBOR     
                              10-year period,
                              starting March 2016

    Long-term loan            Rwanda franc-denominated,            Secured by CIMERWA's        Fixed rate of 16%            413                490                  435    
                              repayable in monthly                 property, plant and 
                              instalments over a 10-year           equipment
                              period, starting March 2016

    Long-term loan            US dollar-denominated,               Secured by PPC              Six-month US dollar          598                599                  638 
                              interest payable                     Zimbabwe's property,        LIBOR plus 700 basis 
                              biannually. Biannual                 plant and equipment         points
                              repayments in equal                  
                              instalments over five                
                              years starting December              
                              2016

    Long-term loan(c)         US dollar-denominated,               Secured by PPC Barnet       Six-month US dollar        2 061              1 873                2 043 
                              capital and interest                 DRC's property, plant       LIBOR plus 725 basis 
                              payable biannually                   and equipment               points
                              starting July 2017 
                              ending January 2025

    Long-term borrowings                                                                                                  5 314              5 398                5 381 
    Less: short-term portion of long-term borrowings                                                                     (2 149)            (1 949)              (1 826)
                                                                                                                          3 165              3 449                3 555 
    Add: Short-term borrowings, bank overdrafts and short-term portion of long-term borrowings                            2 267              2 465                2 181 
    Total borrowings                                                                                                      5 432              5 914                5 736  

    Notes (a), (b) and (c) continued on following page.

                                                                     Six months         Six months        Twelve months     
                                                                          ended              ended                ended     
                                                                   30 September       30 September             31 March     
                                                                           2017               2016                 2017     
                                                                      Unaudited           Reviewed              Audited     
                                                                             Rm                 Rm                   Rm    
    LONG-TERM BORROWINGS continued
    Maturity analysis of total borrowings:                                                                                 
    One year                                                              2 267              2 465                2 181    
    Two years                                                               584                355                  570    
    Three years                                                             684                392                  669    
    Four years                                                              583                497                  568    
    Five and more years                                                   1 314              2 205                1 748    
                                                                          5 432              5 914                5 736    
    Assets encumbered are as follows:                                                                                      
    Property, plant and equipment (refer note 7)                          7 013              5 773                7 304    
    (a)Notes
    Comprise unsecured notes, issued under the company's 
    R6 billion domestic medium-term note programme, and 
    are recognised net of capitalised transaction costs:
    Note number, term and interest rate                    Issue date
    PPC 002: five years; three-month JIBAR plus 1,5%       December 2013     20                 20                   20    
    PPC 003: five years; three-month JIBAR plus 1,48%      July 2014        111                116                  111    
                                                                            131                136                  131    
    (b)Long-term loan
    The loan is reflected net of transaction costs of Rnil (September 2016: R23 million, 
    March 2017: R12 million) which are being amortised over the 18-month period of the loan. 
    During the period, the company refinanced the facility with a maturity date of June 2018. 
    The company is working with two leading South African banks to optimally restructure the 
    capital structure of the business and is far progressed. 

    (c)Long-term loan
    At the date of this report, the company is in the process of renegotiating its debt in the 
    DRC business in order to defer capital repayments for a further 24 months.

                                                                     Six months         Six months        Twelve months 
                                                                          ended              ended                ended 
                                                                   30 September       30 September             31 March 
                                                                           2017               2016                 2017 
                                                                      Unaudited           Reviewed              Audited 
                                                                             Rm                 Rm                   Rm 
18. OTHER NON-CURRENT LIABILITIES                                                                                       
    Cash-settled share-based payment liability                                1                  3                    1 
    Finance lease liabilities(a)                                              3                  8                    5 
    Liability to non-controlling shareholder in subsidiary company(b)        17                 17                   16 
    DRC put option liability(c)                                             424                424                  434 
                                                                            445                452                  456 
    Less: Short-term portion of other non-current liabilities                (1)                (7)                  (3)
                                                                            444                445                  453 
    (a) Finance lease obligations acquired via the acquisition of 3Q Mahuma Concrete and are 
        secured by vehicles (refer note 20).
    (b) Relates to US dollar-denominated interest payable on initial equity contribution into 
        the DRC group of companies by a non-controlling shareholder. The accruing of interest 
        ceased in September 2015 and the amount payable will be repaid once the external funding 
        of the DRC has been settled.                                                                 
    (c) The International Finance Corporation (IFC) was issued a put option in September 2015 in 
        terms of which PPC is required to purchase all or part of the shares held by the IFC in 
        PPC Barnet DRC Holdings. The put option may be exercised after six years from when the IFC 
        subscribed for the shares but only for a five-year period. The value of the put option is 
        determined on a defined formula that comprises EBITDA and net debt of the DRC business during 
        the option period. This formula has been utilised in determining the value of the potential 
        value of the put option liability applying the closing US dollar exchange rate and applying 
        an EBITDA multiple using publically available information of comparable cement businesses. 
        Forecast EBITDA is based on financial forecasts approved by management. The present value of 
        the put option was calculated at R424 million (September 2016: R424 million ; March 2017: 
        R434 million). Movement on the liability is included in note 22, while further details on the 
        DRC are contained in note 7. 

19. TRADE AND OTHER PAYABLES
    Accrued finance charges                                                   5                 31                    -    
    Cash-settled share-based payment liability (short-term portion)           1                  3                    1    
    Capital expenditure payables                                             15                262                  171    
    Finance lease liabilities (short-term portion) (refer note 18)            1                  4                    2    
    Other financial payables                                                  9                 11                   49    
    Retentions held for plant and equipment                                 302                330                  297    
    Trade payables and accruals                                           1 197                987                  944    
    Trade and other financial payables                                    1 530              1 628                1 464    
    Payroll accruals                                                        115                273                  227    
    VAT payable                                                              37                  -                   46    
    Taxation payable                                                         66                 35                  106    
                                                                          1 748              1 936                1 843    
    Trade and other payables, payroll accruals and regulatory obligations are payable within a 30 
    to 60-day period.

                                                                                        Six months        Twelve months
                                                                                             ended                ended
                                                                                      30 September             31 March
                                                                                              2016                 2017
                                                                                          Reviewed              Audited
                                                                                                Rm                   Rm
20. ACQUISITION OF SUBSIDIARY COMPANY
    Fair value of assets and liabilities acquired at date of acquisition:
    Property, plant and equipment, intangible assets and other non-current assets              113                  111 
    Cash and cash equivalents                                                                    4                    4 
    Other current assets                                                                       104                  102 
    Other non-current liabilities                                                               (9)                  (6)
    Current liabilities                                                                        (77)                 (76)
    Net fair value of assets and liabilities acquired                                          135                  135 
    
    3Q Mahuma Concrete
    The fair values presented in September 2016 were provisional and were finalised by March 2017, 
    with no material changes identified between reporting periods.

    The acquisition was settled via the issuance of 17 565 872 new PPC shares. The fair value of the 
    shares for asset acquisition, using the ruling share price of R7,68 on the effective date of the 
    transaction, amounted to R135 million.    

    The commercial rationale for the transaction was to progress the company's channel management strategy 
    that serves as a complementary platform for cement growth in South Africa. PPC's strategic intention is 
    to be a provider of materials and solutions into the basic services sector. Cementitious distribution 
    channels, including readymix, is increasingly being utilised as conduit to grow and sustain cement sales 
    volumes. The acquisition provides PPC with a further complementary platform to grow its service offering 
    in this market segment. The South African market is evolving towards a concrete delivery model, which 
    requires complementary building materials including cement, aggregates and readymix. Controlling cement 
    distribution channels is vital, with customers and end users requiring integrated solutions.   

    3Q contributed R162 million (September 2016: R80 million, March 2017: R248 million) to revenue.

    Fair value of intangible assets was valued by an independent specialist and amounted to R10 million in 
    the prior period, the significant portion thereof relating to the 3Q brand. These intangible assets will 
    be amortised over a five-year period. The fair value adjustments to property, plant and equipment amounted 
    to R10 million and relates to vehicles and these were valued using insurable replacement values.

                                                                     Six months         Six months        Twelve months     
                                                                          ended              ended                ended     
                                                                   30 September       30 September             31 March     
                                                                           2017               2016                 2017     
                                                                      Unaudited           Reviewed              Audited     
                                                                             Rm                 Rm                   Rm    
21. COMMITMENTS
    Contracted capital commitments                                          378              1 411                  549    
    Approved capital commitments                                            417              1 301                  522    
    Capital commitments                                                     795              2 712                1 071    
    Operating lease commitments                                              80                115                  115    
                                                                            875              2 827                1 186    
    Capital commitments                                                                                                    
    Southern Africa                                                         736              1 155                  760    
    Rest of Africa                                                           59              1 557                  311    
                                                                            795              2 712                1 071    
    Capital commitments are anticipated to be incurred:                                                                    
    - Within one year                                                       318              1 871                1 046    
    - Between one and two years                                             477                841                    8    
    - Beyond two years                                                        -                  -                   17    
                                                                            795              2 712                1 071    
    
    Capital expenditure commitments are stated in current values which, together with expected price 
    escalations, will be financed from surplus cash generated and borrowing facilities available to the 
    group.

22. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
    The financial assets and liabilities carried at fair value are classified into three categories as reflected below:
                                                                     Six months         Six months        Twelve months 
                                                                          ended              ended                ended 
                                                                   30 September       30 September             31 March 
                                                                           2017               2016                 2017 
                                                                      Unaudited           Reviewed              Audited 
                                              Note      Level *              Rm                 Rm                   Rm 
    Financial assets                                                                                                    
    Loans and receivables                                                                                               
    Mark to market hedges                       12            1              24                 17                   27 
    At fair value through profit and loss                                                                               
    Unlisted collective investments at fair 
    value (held for trading)                    10            2             129                122                  124 
    Total financial assets                                                  153                139                  151 
    Level 1                                                                  24                 17                   27 
    Level 2                                                                 129                122                  124 
    Financial liabilities                                                                                               
    At fair value through profit and loss                                                                               
    Cash-settled share-based liability          18            2               1                  3                    1 
    Put option liabilities                      18            3             424                424                  434 
    Derivatives                                                                                                         
    Derivative financial instruments            19            2               -                  -                    1 
    Total financial liabilities                                             425                427                  436 
    Level 2                                                                   1                  3                    2 
    Level 3                                                                 424                424                  434 

    Methods and assumptions used by the group in determining fair values:
    *Level 1 - financial assets and liabilities that are valued accordingly to unadjusted market prices 
               for similar assets and liabilities. Market prices in this instance are readily available 
               and the price represents regularly occurring transactions which have been concluded on an 
               arm's length transaction.
    *Level 2 - financial assets and liabilities are valued using observable inputs, other than the market 
               prices noted in the level 1 methodology, and make reference to pricing of similar assets 
               and liabilities in an active market or by utilising observable prices and market-related 
               data.
    *Level 3 - financial assets and liabilities that are valued using unobservable data, and requires 
               management judgement in determining the fair value.

    This note has been refined from that reported in September 2016 to only include financial instruments 
    held at fair value.
    
    The estimated fair value of financial instruments is determined, at discrete points in time, by 
    reference to the mid-price in an active market wherever possible. Where no such active market exists 
    for the particular asset or liability, the group uses valuation techniques to arrive at fair value, 
    including the use of prices obtained in recent arm's length transactions, discounted cash flow analysis 
    and other valuation techniques commonly used by market participants.
    
    The value of the put option is determined on a defined formula that comprises EBITDA and net debt of the 
    DRC business during the option period. This formula has been utilised in determining the value of the 
    potential value of the put option liability applying the closing US dollar exchange rate and applying an 
    EBITDA multiple using publically available information of comparable cement businesses. Forecasted EBITDA 
    is based on financial forecasts approved by management. 

    The fair value of derivative financial instruments relating to cash-settled share appreciation rights 
    is determined with reference to valuation performed by third-party financial institutions at reporting 
    date, using an actuarial binomial pricing model.

    Level 3 sensitivity analysis
    Financial instrument                                                                 Increase/
                                                  Valuation                     Main      decrease
                                                  technique              assumptions           (Rm)   
    Put option liabilities                Earnings multiple      EBITDA and net debt            74    

    If the EBITDA multiple applied in the valuation was one multiple higher/lower while all 
    other variables were held constant, carrying amount of the DRC put option liabilities 
    would decrease/increase by R74 million.                             
                                                                       Six months         Six months        Twelve months 
                                                                            ended              ended                ended 
                                                                     30 September       30 September             31 March 
                                                                             2017               2016                 2017 
                                                                        Unaudited           Reviewed              Audited 
                                                                               Rm                 Rm                   Rm 
    Movements in level 3 financial instruments                                                                            
    Financial liabilities                                                                                                 
    Balance at the beginning of the period                                    434                415                  415 
    Remeasurements (included under foreign exchange movements 
    on foreign currency monetary items)                                       (33)                 -                    - 
    Time value of money adjustments                                            23                  9                   19 
    Balance at the end of the period                                          424                424                  434 

23. EVENTS AFTER THE REPORTING DATE
    There are no events that occurred after the reporting date that may have a material impact 
    on the consolidated financial position at 30 September 2017.

24. CURRENCY CONVERSION GUIDE
    Approximate value of key foreign currencies to the rand:
                                             Average                                               Closing
                         Six months       Six months    Twelve months             Six months      Six months    Twelve months 
                              ended            ended            ended                  ended           ended            ended 
                       30 September     30 September         31 March           30 September    30 September         31 March 
                               2017             2016             2017                   2017            2016             2017 
                          Unaudited         Reviewed          Audited              Unaudited        Reviewed          Audited 
    Botswana pula              1,28             1,35             1,32                   1,30            1,28             1,26 
    US dollar                 13,17            14,50            14,08                  13,56           13,90            13,43 
    Rwandan franc              0,02             0,02             0,02                   0,02            0,02             0,02 
    Mozambican metical         0,22             0,27             0,28                   0,22            0,18             0,19 

25. RESTATEMENT
    As disclosed in the basis of preparation note, following the internal restructure effective 
    1 April 2016, the group's segments have been amended to align to the current reporting structures 
    and information presented to the group executive committee. The segments were updated for the year 
    ended March 2017 and have been restated in these condensed consolidated financial statements for 
    the period ended September 2016.
    
    The restatement had no impact on the group's financial position or results and there is therefore 
    no requirement to present additional statement of financial positions.
                                                                                                             Profit before 
                                                                               Revenue         EBITDA             taxation 
                                                                                    Rm             Rm                   Rm 
    Cement                                                                                                                 
    Cement southern Africa                                                       2 946            742                  467 
    Cement rest of Africa                                                        1 152            339                   23 
    Group services and other reclassified to lime, aggregates and readymix         (61)             -                    1 
    Group services and other reclassified to other segments                          -           (134)                (471)
    Inter-segment revenue elimination                                               94              -                    - 
    Total as originally reported in September 2016                               4 131            947                   20 
    Group services and other                                                                                               
    Group services and other reclassified from other segments                        -           (134)                (471)
    As originally reported in September 2016                                         -              -                  (36)
    Total as reported now for group services and other                               -           (134)                (507)

                                                                                         Total assets    Total liabilities 
                                                                                                   Rm                   Rm 
25. RESTATEMENT
    Cement                                                                                                                 
    Cement southern Africa                                                                       5 755               2 781 
    Cement rest of Africa                                                                        9 802               7 394 
    Group services and other reclassified to other segments                                        (37)               (886) 
    Group services and other reclassified from lime, aggregates and readymix                        76                  83
    Total as originally reported in September 2016                                              15 596               9 372 
    Group services and other                                                                                               
    Group services and other reclassified from other segments                                      (37)               (886)
    As originally reported in September 2016                                                         1                   1 
    Total as reported now for group services and other                                             (36)               (885)


Administration 

Directors
Executive: JT Claassen (interim chief executive officer)
MMT Ramano (chief financial officer)

Non-executive: PG Nelson (chairman) 
S Dakile-Hlongwane, N Gobodo, N Goldin, 
TJ Leaf-Wright, SK Mhlarhi, T Moyo*, CH Naude, TDA Ross
*Zimbabwean

Registered office
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton 2146, South Africa)

Transfer secretaries
Computershare Investor Services Pty Limited
Rosebank Towers
15 Biermann Avenue, Rosebank, 2196, South Africa 
(PO Box 61051, Marshalltown, 2107, South Africa)

Transfer secretaries Zimbabwe
Corpserve Registrars Private Limited
2nd Floor, ZB Centre, Kwame Nkrumah Avenue, Harare Zimbabwe
(PO Box 2208, Harare, Zimbabwe)

Company secretary
JHDLR Snyman
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton 2146, South Africa)

Sponsor
Merrill Lynch South Africa Pty Limited
The Place, 1 Sandton Drive, Sandton, South Africa
(PO Box 651987, Benmore 2010, South Africa)

External auditors
Deloitte & Touche
Deloitte Place, Building 1, The Woodlands
20 Woodlands Drive, Woodmead, 2052
South Africa
(Private Bag X6, Gallo Manor 2052, South Africa)

Disclaimer 
This document including, without limitation, those statements concerning the demand outlook, PPC's expansion projects
and its capital resources and expenditure, contain certain forward-looking views. By their nature, forward-looking
statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government action and business and operational risk management. While PPC takes reasonable care to
ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special
or incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or
negligence arising in connection with a forward-looking statement. This document is not intended to contain any profit forecasts
or profit estimates. The historical information published in this report has been audited.

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