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CONSOLIDATED INFRASTRUCTURE GROUP LIMITED - Change statement notice of annual general meeting and avaliability of B-BBEE annual compliance certificate

Release Date: 01/03/2018 07:05
Code(s): CIL     PDF:  
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Change statement notice of annual general meeting and avaliability of B-BBEE annual compliance certificate

CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
(“CIG” or “the Company” or “the Group”)

CHANGE STATEMENT NOTICE OF ANNUAL GENERAL MEETING AND AVALIABILITY OF B-BBEE
ANNUAL COMPLIANCE CERTIFICATE

Shareholders are advised that the Company’s integrated annual report, incorporating the audited annual financial
statements for the year ended 31 August 2017, was distributed to shareholders on 28 February 2018. The integrated
annual report is available on the Company’s website (www.ciglimited.com).

The audited annual financial statements contains reclassifications to the “statement of financial position” and “statement
of cash flows” of R16.3 million as a result of a reallocation between assets and liabilities from the reviewed provisional
condensed consolidated results for the year ended 31 August 2017, released on SENS on 30 November 2017 (“the
SENS announcement”). It should be noted that net asset value, the total cash and cash equivalents balance, loss for
the year, earnings per share and headline earnings per share remain the same as the SENS announcement. The
“statement of statement of comprehensive income” did not change from the SENS announcement.

Shareholders are advised that an unqualified audit opinion was issued on the audited annual financial statements.

The following is an extract of the “statement of financial position” from the SENS announcement:


  STATEMENTS OF FINANCIAL POSITION
                                                                       Reviewed
                                                                      year ended
                                                                  31 August 2017
                                                                           R'000
  ASSETS

  Non-current assets                                                    2,715,276
  Property, plant and equipment                                           513,660
  Goodwill                                                              1,151,969
  Intangible assets                                                       163,373
  Deferred tax                                                            140,293
  Investment in joint arrangement                                         724,783
  Financial assets                                                         21,198

  Current assets                                                        4,312,699
  Inventories                                                             232,208
  Trade and other receivables                                             539,306
  Amounts due from contract customers                                   3,107,633
  Taxation receivable                                                      73,334
  Cash and cash equivalents                                               360,218

  Total assets                                                          7,027,975

  EQUITY AND LIABILITIES

  Equity                                                                3,839,348

  Stated Capital                                                        2,328,926
  Share based payment reserve                                              49,410
  Foreign currency translation reserve                                     44,282
  Accumulated profits                                                   1,418,640
  Non-controlling interest                                                 (1,910)

  Non-current liabilities                                                 223,339
  Other financial liabilities – interest bearing                              111
  Other financial liabilities – non-interest bearing                       87,144
  Provisions                                                               23,092
  Instalment sale liabilities                                              25,480
  Deferred tax                                                             87,512


  Current liabilities                                                   2,965,288
  Other financial liabilities                                             948,737
  Trade and other payables                                              1,466,352
  Amounts received in advance                                              79,325
  Amounts due to contract customers                                        68,276
  Instalment sale liabilities                                              25,784
  Bank overdraft                                                          370,774
  Taxation payable                                                          6,040

  Total equity and liabilities                                          7,027,975


The updated “statement of financial position” from the audited annual financial
statements is as follows:
                          
  STATEMENT OF FINANCIAL POSITION
                                                                      Audited
                                                                    year ended
                                                                31 August 2017
  ASSETS                                                                 R'000

  Non-current assets                                                  2,708 085
  Property, plant and equipment                                         513,660
  Goodwill                                                            1,151,969
  Intangible assets                                                     163,373
  Deferred tax                                                          140,293
  Investment in joint arrangement                                       724,783
  Financial assets                                                       14,007

  Current assets                                                      4,303,542
  Inventories                                                           232,208
  Trade and other receivables                                           522,958
  Amounts due from contract customers                                 3,107,633
  Financial assets                                                        7,191
  Taxation receivable                                                    73,334
  Cash and cash equivalents                                             360,218

  Total assets                                                        7,011,627

  EQUITY AND LIABILITIES

  Equity                                                              3,839,348

  Stated Capital                                                      2,328,926
  Share based payment reserve                                            49,410
  Foreign currency translation reserve                                   44,282
  Accumulated profits                                                 1,418,640
  Non-controlling interest                                               (1,910)

  Non-current liabilities                                               229,319
  Financial liabilities                                                  87,255
  Instalment sale liabilities                                            25,480
  Operating lease liability                                               6,569
  Retirement benefit obligation                                          15,598
  Deferred tax                                                           87,512
  Provisions                                                              6,905

  Current liabilities                                                 2,942,960
  Other financial liabilities                                           932,389
  Trade and other payables                                            1,466,352
  Amounts received in advance                                            79,325
  Amounts due to contract customers                                      68,276
  Operating lease liability                                               3,377
  Instalment sale liabilities                                            15,838
  Bank overdraft                                                        370,774

  Total equity and liabilities                                        7,011,627

The following was the “statement of cash flow” from the SENS
announcement:

STATEMENTS OF CASHFLOW
                                                                       Reviewed
                                                                     year ended
                                                                 31 August 2017
                                                                          R'000
Cash flows from operating activities

Cash used in operations                                                 (59,489)
Interest income                                                          34,520
Finance costs                                                          (137,180)
Tax paid                                                               (121,812)
Net cash flows from operating activities                               (283,961)

Cash flows from investing activities

Acquisition of property, plant and equipment                            (83,309)
Proceeds on sale of property, plant and equipment                         3,506
Purchase of other intangible assets                                     (39,563)
Business combinations                                                  (824,623)
Acquisition of financial assets                                          (4,305)
Net cash flows from investing activities                               (948,294)

Cash flows from financing activities

Proceeds on share issue                                                  720,947
Increase in financial liabilities                                             -
Repayment of financial liabilities                                      (38,822)
Repayment of instalment sales liabilities                               (25,197)
Net cash flows from financing activities                                656,928


Total cash and cash equivalents movements for the  
year                                                                   (575,327)
Cash and cash equivalents at the beginning of year                       557,926
Effect of foreign currency translation reserve
movement on cash balances                                                  6,845

Total cash and cash equivalents at end of the year                       (10,556)


The updated “statement of cashflow” from the audited annual financial
statements is as follows:



STATEMENT OF CASHFLOW                                                    Audited
                                                                      year ended
                                                                  31 August 2017
                                                                           R'000

Cash flows from operating activities

Cash used in operations                                                 (43,142)
Interest income                                                          34,520
Finance costs                                                          (137,180)
Tax paid                                                               (121,812)
Net cash flows from operating activities                               (267,614)

Cash flows from investing activities

Acquisition of property, plant and equipment                            (83,309)
Proceeds on sale of property, plant and equipment                         3,506
Purchase of other intangible assets                                     (39,563)
Business combinations                                                  (824,623)
Acquisition of financial assets                                          (4,305)
Net cash flows from investing activities                               (948,294)

Cash flows from financing activities

Proceeds on share issue                                                  720,947
Increase in financial liabilities                                             -
Repayment of financial liabilities                                      (55,169)
Repayment of instalment sales liabilities                               (25,197)
Net cash flows from financing activities                                 640,581


Total cash and cash equivalents movements for the
year                                                                    (575,327)
Cash and cash equivalents at the beginning of year                       557,926
Effect of foreign currency translation reserve
movement on cash balances                                                  6,845
Total cash and cash equivalents at end of the year                       (10,556)
Notice of annual general meeting

Notice is hereby given that the annual general meeting of shareholders will be held at First Floor, 30 Melrose Boulevard,
Melrose Arch, 2196 at 10:00 on Thursday, 3 May 2018.

Salient dates in respect of the annual general meeting:

Record date to receive the notice of annual general          Friday, 23 February 2018
meeting
Last day to trade in order to be eligible to participate     Monday, 23 April 2018
and vote at the annual general meeting
Record date for voting purposes                              Thursday, 26 April 2018
Annual general meeting held at 10:00 on                      Thursday, 3 May 2018
Results of annual general meeting released on SENS           Thursday, 3 May 2018

B-BBEE annual compliance report

Shareholders are advised that the Company’s B-BBEE annual compliance report for the year ended 31 August 2017 in
terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based
Black Economic Empowerment Amendment Act 46 of 2013 has been included in the integrated report and is also
available on the Company’s website.

28 February 2018

Sponsor
Java Capital

Date: 01/03/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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