Wrap Text
Reviewed provisional condensed consolidated financial statements for the year ended 31 December 2017
Interwaste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2006/037223/06)
(JSE code: IWE ISIN: ZAE000097903)
(“Interwaste” or “the Company” or “the Group”)
REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
OVERVIEW
We are pleased to update you on the performance of the Group for the year ended 31 December
2017, and to inform you of the progress made by the Operations during the year under review.
Despite subdued growth and business confidence in South Africa, the year ended 31 December
2017 delivered overall revenue growth of 12% and for the first time revenue from continuing
operations exceeded R1 billion. Demand for services in the waste management industry
directly correlates with economic activity. Despite an environment with minimal growth in
Gross Domestic Product (GDP), revenue from continuing Operations increased on the back of
price increases in the Logistics and Facilities segments as well as growing volumes from new
Operations mainly in the Mining and Resources sector. Volumes with respect to waste streams
from other clients, especially from municipalities, remain under pressure.
The trading environment is competitive. Interwaste’s strategy of providing integrated waste
management solutions and controlling the entire value chain continues to afford us a
competitive advantage. Our internationally accredited operating standards and growing
service offerings enable Interwaste to be the supplier of choice for many local and
multinational companies.
STRATEGIC FOCUS AREAS
The Group remains committed to realising value for all our stakeholders through our
Strategic Focus Areas:
INNOVATIVE INTEGRATED WASTE MANAGEMENT SOLUTIONS
The Group continues to innovate and remain at the forefront of technology and solutions
within the Waste Management industry. The number of waste management solutions and client
needs continue to grow especially in light of more stringent environmental legislation and a
focus on zero waste to landfill strategies. Effective 30 June 2017, we exited the non-
performing Blending Plant business with Lafarge and replaced the capability at our operation
in Germiston which provides greater flexibility for the business. We continue to grow this
capability in-house with a wider ranging client base to accept offtake.
The Klinkerstene Landfill which was commissioned in July 2016 provides flexibility through
an additional Company owned disposal facility. Cell two at the landfill was completed during
the year providing additional airspace in order to meet the Group’s short to medium-term
demands.
Our Laboratory at our site in Germiston was awarded full SANAS accreditation with Interwaste
now having one of the most advanced and fully certified environmental laboratories in South
Africa.
PROFITABLE GROWTH AND FINANCIAL RETURNS
The Group remains focused on growing shareholder value through long-term sustainable cash
generation, improved operational efficiencies and prioritising capital investment expected
to generate the highest return. In line with the strategy of migrating from operating leases
to that of fleet ownership, our truck fleet replacement which commenced during 2013 was
completed during the third quarter of 2017. Interwaste now has ownership of a modern and
young fleet of vehicles.
The Group was highly cash generative with an inflow of R192.6 million (2016: R99.0 million)
of cash before financing driven by improved profitability, lower investment in working
capital and a reduction in cash utilised in investing activities. Cash and cash equivalents
held at 31 December 2017 were R116.1 million compared to R30.9 million at the end of the
prior year. With the improved cash flows, Debt to Equity reduced to 48.1% from 53.4% in the
prior year.
Operating profit from continuing operations for the year ended 31 December 2017 was R109.3
million, up 11% on the prior year. The Logistics segment performed well due to an increase
in volumes from new operations, a strong focus on asset utilisation and efficiencies and the
consolidation and relocation of non-performing depots. The Facilities segment underperformed
due to lower volumes arising from stagnant economic growth within South Africa and
uncertainty of the validity of the FG license impacting disposal volumes. With the
commissioning of the Klinkerstene Landfill effective 1 July 2016, the operating costs of the
Facilities segment was further impacted by operating costs of two landfills for an entire
year together with increased legal and compliance costs.
During 2017, Interwaste Holdings’ share price traded below the net asset value and the
Company used the opportunity to buy-back their own shares. 25.8 million shares at an average
price of 87c per share were acquired during the financial year. A total of 29.5 million
shares were held at 31 December 2017.
Our focus on returns delivered an improved position on return on net operating assets (RONA)
from 12.5% in 2016 to 14.0% this financial year due to improved profitability together with
a lower operating asset base. The impact of additional profits earned by minority
shareholders negatively impacted both Headline Earnings per share (HEPS) and Return on
Equity (ROE). HEPS for the year was 10.70c, up 16% compared to the prior year and was up 8%
on a continuing basis. ROE was 8.6% for the year, similar to last year. We remain committed
in the long-term to improving ROE to in excess of the Company’s weighted average cost of
capital.
CLIENT CENTRICITY
Interwaste has a proud history of building sustainable relationships with our clients
founded on mutual respect and trust. The Group remains focused on forming long-term
partnerships with key clients, growing market share and renewing profitable contracts at
their end date. Client retention, service levels and new client acquisition remain key. Our
service offering coupled with high operational standards enabled the Group to secure new
clients in a number of sectors during the year resulting in revenue increasing 12% year-on-
year, despite volume reductions within our existing client base.
Our Business Development team continues to focus on organic growth, diversifying our client
base and achieving greater market share in the regions and industries in which we operate.
Interwaste’s team of specialists and our integrated offering positions us well to service
new opportunities arising from increased waste regulations, our clients’ zero waste to
landfill strategies and a heightened awareness of the value sustainable waste management
solutions created for business.
OUR PEOPLE
Our people remain core to achieving our strategic objectives. We maintained sustainable
employment for over 1,900 people throughout the Group during the 2017 financial year. The
Group is focused on attracting, recruiting, developing and retaining appropriate skills and
talent. During the year under review, significant steps were undertaken in this area. The
organisation has employed a number of staff with deep experience from similar industries in
order to grow the business. The Group also implemented a new remuneration policy for 2018
including job grading, a short-term incentive scheme and is reviewing the long-term
incentive scheme to meet the objective of retaining appropriate skills and talent. This
policy will form the back bone of an integrated employee management system.
TRANSFORMATION, DIVERSITY AND INCLUSION
In alignment with our people focus, Transformation, Diversity and Inclusion remains key to
achieving our Group objectives. We are striving to create a more diverse and equitable
workforce to not only mirror the diversity of the countries in which we operate, but to
enhance our competitiveness. Interwaste is a B-BBEE Level 4 contributor and is currently
implementing its roadmap to further enhance the rating. We are committed to be involved in a
range of initiatives supporting gender diversity, entrepreneurship, localisation and
industrialisation in South Africa.
OPERATIONAL EXCELLENCE
In order to remain competitive and provide sustainable solutions, operational excellence is
a fundamental strategic driver for the business. We are building a culture and mindset of
continuous improvement and innovation to ensure we leverage our skills, capabilities,
investments and assets to extract maximum value for all. From Operations, Logistics and
Facilities to Administrative and Servicing teams, each has measures and programmes to
proactively track progress towards achieving our targets.
The Group evaluates ongoing investments to enhance operational efficiencies which will
deliver value in the short, medium and long-term. Proactive steps have been taken to right
size certain areas of our operations to ensure unproductive assets are re-allocated to areas
which are able to generate the required returns. During the year under review, the Group
embarked on the consolidation, relocation and disposal of various non-performing depots and
businesses to more effectively utilise the assets of the Group. In line with our strategy of
profitable growth, the non-performing Blending Plant’s assets, which are included in the
Facilities segment, were sold to Lafarge effective 30 June 2017 with losses having ceased
from that date. The overall activities of our cross-border investments continue to perform
well with healthy returns being generated.
SUSTAINABLE DEVELOPMENT
Sustainable development is the very essence of our business. We strive to operate and create
solutions which take into consideration economic, social and environmental factors. We aim
to reduce the environmental footprint of our own business, as well as the activities of our
clients. We care about our planet and aim to preserve it now and for future generations.
Many initiatives across the business support our sustainable development goals. Socially, we
support the communities surrounding us through education, employment, Enterprise Development
and other programmes. To ensure our operational processes are of the highest environmental
standards, we implemented and achieved the latest ISO 14 001 accreditation in December 2017.
The health and safety of our employees and those with whom we work is critical and supported
by a team of experienced SHEQ officers.
Given the extensive focus on the FG Landfill, the site’s license and compliance came under
scrutiny from both the National and Provincial Regulators. The Company was engaged in legal
proceedings with regards to the license for the site. The matter was heard in December 2017
and on the 13th of February 2018, the Court ruled in Interwaste’s favour confirming the
validity of the FG Landfill’s license. The Minister of Environmental Affairs is also
considering submissions regarding the landfill’s environmental impact.
2018 OUTLOOK
The economy in South Africa is projected to grow by 1.1% in 2018. The foreign exchange
markets were impacted positively by the results of the December 2017 ANC elective conference
and the subsequent political changes. Based on the forecasts of economic growth, it is
reasonable to presume relatively flat growth in the year that lies ahead, with some
optimism. It is hopeful that there will be an improvement of business confidence following
the political changes which will drive higher economic growth. The provision of integrated
waste solutions together with increasing levels of compliance should assist in retaining
clients as well as acquiring new clients providing opportunities for sustained growth. We
continue to drive returns by managing costs and improving efficiencies. Resources will be
applied to investments that generate the required returns.
While the road ahead remains challenging, we believe that our Group is well positioned in
meeting the Group’s objectives of maximising value for all our stakeholders.
DIVIDEND
With strong cash generation for the year ended 31 December 2017, the Board has approved the
payment of a maiden dividend of 2.0c per share amounting to R9.34 million, to be declared on
19 March 2018. We remain committed to future dividends by applying a policy of between 4.5
to 5.0 times cover of income attributable to Interwaste shareholders bearing in mind the
balance between capitalising on opportunities and delivering on short, medium and long-term
value for shareholders.
LEADERSHIP CHANGES
Leadership changes took place during the 2017 financial year as follows:
- Mr Funani Mojono was appointed as Independent Non-Executive Chairperson following the
resignation of Ms Andisiwe Kawa
- Mr Charles Boles and Mr David Rosevear were appointed as Independent Non-Executive
Directors following the resignation of Mr Gavin Tipper, as a Non-Executive Director
- Mr Robert Lumb was appointed the Group Financial Director following the resignation of Mr
Andre Broodryk
- Mr Allen De Villiers, the Company Secretary, resigned and was replaced by Ms Amanda
Fairley acting as Company Secretary in an outsourced capacity
- Following the appointment of Mr Jason McNeil to that of Chief Operating Officer, Ms Kate
Stubbs was appointed as Group Sales and Marketing Executive.
APPRECIATION
We would like to take this opportunity to thank our fellow Board members for their counsel,
direction, support and oversight of Interwaste. We welcome the new members who have joined
us in this financial year.
To the executive management teams, we would like to extend our appreciation for your
dedication and determination under challenging circumstances.
To our stakeholders, thank you for your ongoing support of Interwaste and we continue to
look forward to taking you with us along our journey.
BASIS OF PREPARATION
The condensed consolidated provisional financial statements are prepared in accordance with
the requirements of the JSE Limited Listing Requirements for provisional reports and the
requirements of the Companies Act of South Africa. The Listing Requirements require
provisional reports to be prepared in accordance with the framework concepts and the
measurement and recognition requirements of the International Financial Reporting Standards
(IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council and to also, as a minimum, contain the information required by IAS 34
Interim Financial Reporting. The accounting policies applied in the presentation of these
condensed consolidated provisional financial statements are in terms of International
Financial Reporting Standards and are consistent with those applied in previous financial
statements except for standards, interpretations and amendments that are newly effective for
the year ended 31 December 2017, and which have become applicable. These standards had no
significant impact on the results for the year under review.
RESTATEMENT OF 2016 STATEMENT OF CASH FLOWS
The 2016 Condensed Consolidated Statement of Cash Flows was restated to more accurately
reflect additions of property, plant and equipment through instalment sales agreements as a
non-cash flow item as required by IAS7: Cash flow statements and included in note 3 to the
condensed consolidated provisional financial statements.
BASIS OF MEASUREMENT
The condensed consolidated provisional financial statements are presented in thousands of
South African Rands (R’000s) on the historical cost basis.
GOING CONCERN
The condensed consolidated provisional financial statements have been prepared on the going
concern basis as the directors believe that the Group has adequate resources to continue in
operation for the foreseeable future.
REPORT OF THE INDEPENDENT AUDITORS
The condensed consolidated provisional financial statements have been reviewed by the
auditors, Deloitte & Touche. In their report, dated 16 March 2018, which is available for
inspection at the registered office, they have expressed an unmodified conclusion. The
auditor’s report does not necessarily report on all the information in this announcement or
financial statements.
Shareholders are therefore advised that in order to obtain a full understanding of the
nature of the auditor’s engagement, they should obtain a copy of the auditor’s report
together with the accompanying financial information from the issuer’s registered office.
Any reference to future financial performance or prospects included in this announcement has
not been reviewed or reported by the Group’s auditors.
PREPARATION OF PROVISIONAL RESULTS
The preparation of the Group’s condensed consolidated provisional financial statements was
supervised by the Group Financial Director, RA Lumb CA(SA).
On behalf of the Board
16 March 2018
RA Lumb WAH Willcocks
Group Financial Director Chief Executive Officer
CORPORATE INFORMATION
Non-executive directors: PF Mojono (Chairperson), LJ Mahlangu, BL Willcocks, C Boles, D
Rosevear
Executive directors: WAH Willcocks (Chief Executive Officer), LC Grobbelaar, RA Lumb (Group
Financial Director)
Registration number: 2006/037223/06
Registered address: P O Box 382, Germiston, 1400
Company secretary: A Fairley
Telephone: (011) 323 7300
Facsimile: 086 576 8152
Transfer secretaries: Computershare Investor Services (Pty) Limited
Sponsor: Grindrod Bank Limited
www.interwaste.co.za
Condensed Consolidated Statement of profit/loss and other comprehensive income for the year
ended 31 December 2017
Dec 2017 % Dec 2016
Reviewed Change Audited
R’000 R’000
Continuing operations
Revenue 1 033 085 12% 924 003
Cost of sales (495 449) (421 317)
Gross profit 537 636 7% 502 686
Operating expenses (325 541) (297 591)
Administrative expenses (296 717) (270 431)
Selling and distribution expenses (22 336) (17 964)
Research and development expenses (6 488) (9 196)
Earnings before interest, tax and depreciation 212 095 3% 205 095
Depreciation (102 783) (106 636)
Result from operating activities 109 312 11% 98 459
Net finance costs (30 506) (28 720)
Finance costs (33 480) (30 882)
Finance income 2 974 2 162
Profit before taxation 78 806 13% 69 739
Taxation expense (24 985) (21 999)
Profit for the year from continuing operations 53 821 13% 47 740
Discontinued operations
Loss from discontinued operations, net of taxation - (3 961)
Profit for the year 53 821 23% 43 779
Profit attributable to:
Non-controlling interests 6 165 14
Owners of the company 47 656 43 765
Other comprehensive income, net of tax
Items that may be reclassified subsequently to
profit or loss:
Foreign currency translation reserve movement on (3 632) (5 434)
foreign operations
Total comprehensive income for the year 50 189 31% 38 345
Total comprehensive income attributable to:
Non-controlling interests 6 165 14
Owners of the company 44 024 15% 38 331
Earnings per share
Continuing and discontinued operations
Basic earnings per share (cents) 10.40 11% 9.36
Diluted earnings per share (cents) 10.35 11% 9.29
Continuing operations
Basic earnings per share (cents) 10.40 5% 9.95
Diluted earnings per share (cents) 10.35 5% 9.88
Condensed Consolidated Statement of Financial Position as at 31 December 2017
Dec 2017 Dec 2016
Reviewed Audited
R’000 R’000
ASSETS
Non-current assets 753 241 778 914
Property, plant and equipment 687 919 713 290
Goodwill 64 008 64 008
Deferred taxation assets 1 314 1 616
Current assets 328 843 238 283
Inventories 9 213 8 143
Current taxation receivables 7 597 6 066
Trade and other receivables 195 938 193 223
Cash and cash equivalents 116 095 30 851
TOTAL ASSETS 1 082 084 1 017 197
EQUITY AND LIABILITIES
Equity 566 582 541 343
Equity attributable to the owners of the Company 559 310 537 906
Stated capital 292 974 315 558
Share based payment reserves 4 564 5 402
Foreign currency translation reserve (11 694) (8 061)
Retained earnings 273 466 225 007
Non-controlling interests 7 272 3 437
LIABILITIES
Non-current liabilities 264 265 274 046
Interest-bearing borrowings 162 079 183 579
Provision for site rehabilitation 37 808 34 347
Deferred taxation liabilities 64 378 56 120
Current liabilities 251 237 201 808
Current taxation payables 666 4 160
Interest-bearing borrowings 110 546 105 386
Trade and other payables 140 025 92 262
Total liabilities 515 502 475 854
TOTAL EQUITY AND LIABILITIES 1 082 084 1 017 197
Condensed Consolidated Statement of Changes in Equity for the year ended 31 December 2017
Dec 2017 Dec 2016
Reviewed Audited
R’000 R’000
Profit after tax 53 821 43 779
Dividends paid to non-controlling interest (428) (260)
Shares issued - 1 164
Treasury shares acquired (22 584) (3 226)
Foreign currency translation reserve movement (3 632) (5 434)
Share-based payment (credit)/charge (838) 1 156
Purchase of non-controlling interest in subsidiary (1 100) -
Equity at beginning of year 541 343 504 164
Total equity at end of year 566 582 541 343
Condensed Consolidated Statement of Cash Flows for the year ended 31 December 2017
Dec 2016
Dec 2017
Reviewed
Reviewed
Restated*
R’000
R’000
Cash flows from operating activities
Profit before taxation on total operations 78 806 69 739
Loss before taxation on discontinued operations - (4 833)
Profit before taxation on total operations 78 806 64 906
Adjustments for:
Depreciation 102 783 106 769
Finance costs 33 480 31 394
Finance income (2 974) (2 206)
Loss on disposal of property, plant and equipment 2 084 1 599
Profit on disposal of business - (2 448)
Profit on disposal of subsidiary (202) -
Share-based payment (credit)/charge (838) 1 156
Foreign currency translation differences (1 138) 3 904
Change in estimate – site rehabilitation cost 1 217 998
Changes in working capital:
Increase in trade and other receivables (3 751) (12 886)
Increase/(decrease) in trade and other payables 50 183 (18 989)
(Increase)/decrease in inventories (1 069) 3 329
Cash generated from operations 258 581 177 526
Finance costs paid (31 236) (29 525)
Finance income received 2 974 2 206
Taxation paid (21 259) (9 470)
Net cash inflow from operating activities 209 060 140 737
Cash flows from investing activities
Purchase of property, plant and equipment (33 286) (52 129)
Proceeds on disposal and scrapping of property,
18 074 4 725
plant and equipment
Disposal of subsidiary, net of cash disposed of (1 209) -
Disposal of business, net of cash disposed of - 8 560
Acquisition of business, net cash acquired - (2 926)
Net cash outflow on investing activities (16 421) (41 770)
Cash flows from financing activities
Proceeds on issue of share capital - 1 165
Treasury shares acquired (22 584) (3 226)
Net movement in interest-bearing borrowings (83 868) (112 783)
Interest-bearing borrowings raised 33 988 -
Interest-bearing borrowings repaid (117 856) (112 783)
Acquisition of non-controlling interests (1 100) -
Dividends paid to non-controlling interests (428) (260)
Net cash outflow on financing activities (107 980) (115 104)
Total cash movement for the year 84 659 (16 137)
Effect of exchange rate fluctuations on cash held 585 (6 166)
Cash and cash equivalents at beginning of year 30 851 53 154
Total cash and cash equivalents at end of year 116 095 30 851
*See note 3 for details of the restatement of the 2016 condensed consolidated statement of
cash flows.
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2017
1. Condensed Consolidated Segment Report
Dec 2017 Dec 2016
Reviewed Audited
R’000 R’000
Gross revenue from external customers
Logistics 924 539 803 887
Facilities 108 546 120 116
1 033 085 924 003
Results from operating activities
Logistics 93 751 64 619
Facilities 15 561 33 840
109 312 98 459
Depreciation
Logistics 82 224 84 578
Facilities 20 559 22 058
102 783 106 636
Segment assets
Logistics 914 418 865 655
Facilities 167 666 151 542
1 082 084 1 017 197
Segment liabilities
Logistics 471 854 431 358
Facilities 43 648 44 496
515 502 475 854
2. Reconciliation of headline earnings
Dec 2017 % Dec 2016
Reviewed Change Audited
R’000 R’000
Profit attributable to owners of the Company 47 656 43 765
Adjustments for:
Profit on disposal of business - (2 448)
Tax effect on profit on disposal of business - 685
Loss on disposal of property, plant and equipment 2 084 1 599
Tax effect of loss on disposal of property, plant
(583) (448)
and equipment
Profit on disposal of subsidiary (202) -
Tax effect on profit on disposal of subsidiary 57 -
Headline earnings attributable to ordinary
49 012 14% 43 153
shareholders
Weighted average number of shares in issue on which 458 111 275 467 818 670
earnings per share are based
Diluted weighted average number of shares in issue 460 251 501 471 135 689
on which diluted earnings per share are based
Continuing and discontinued operations
Headline earnings per share (cents) 10.70 16% 9.22
Diluted headline earnings per share (cents) 10.65 16% 9.16
Continuing operations
Headline earnings per share (cents) 10.70 8% 9.94
Diluted headline earnings per share (cents) 10.65 8% 9.87
3. Restatement of 2016 cash flows
The 2016 Condensed Statement of Cash Flows was restated in order to correct a
classification error reflecting additions of property, plant and equipment through
instalment sales agreements amounting to R105.4 million as non-cash flow items as
required by IAS7: Cash flow statements.
The impact of the changes are reflected below:
Figures in R’000s
December 2016 December 2016
condensed condensed
consolidated consolidated
statement of statement Impact of
cash cash restatement
flows as flows as
previously revised
reported
Net cash outflow on investing activities (147 180) (41 770) 105 410
Net cash outflow on financing activities (9 694) (115 104) (105 410)
This restatement had no impact on Earnings per share, nor Headline Earnings per share for
2016.
4. NET ASSET VALUE PER SHARE
The net asset value per share of 127.22 cents (2016: 115.56 cents) is based on equity
attributable to owners of the Company of R559.3 million (2016: R537.9 million) divided by
the number of shares in issue, excluding treasury shares, of 439 640 759 (2016: 465 482
658).
5. RELATED PARTIES
Trusts relating to directors The Wilco Family Trust
N2 Property Trust
Directors D Rosevear
BL Willcocks
C Boles
LJ Mahlangu
LC Grobbelaar
PF Mojono
WAH Willcocks
RA Lumb
Key Management R Pillay
DL Nkomo
JJ Mcneil
K Stubbs
Significant shareholders The Wilco Family Trust
There were no major transactions with related parties for the year ended 31 December 2017.
6. SUBSEQUENT EVENTS
The directors are not aware of any material matter or circumstance arising since the end of
31 December 2017 and up to the date of approval of the condensed consolidated financial
results, relevant to an assessment of the financial results at 31 December 2017.
7. IMPACT OF IFRS 15, IFRS 9 AND IFRS 16
The following new and revised standards have been issued, but is not yet effective at the
date of this report.
IFRS 15: Revenue from contracts with customers
The Group has performed a preliminary assessment of the potential impact of the adoption of
IFRS 15. For revenue from the sale of goods, management does not expect a significant impact
on the measurement or timing of revenue recognition as:
1) There is no material right of return; and
2) The date when control passes in terms of IFRS 15 is likely to be materially the same as
the date revenue is currently recognised.
For revenue from the rendering of services, management does not expect a significant impact
on the measurement or timing of revenue recognition due to the nature and short length of the
services rendered.
IFRS 9: Financial Instruments
Management has performed a preliminary assessment of the impact of IFRS 9. Given the nature
of the Group’s financial instruments, the Group does not believe that the new classification
requirements will significantly impact on the measurement of these instruments.
The impairment model for trade receivables will change from an “incurred loss” model to an
“expected loss” model.
IFRS 16: Leases
The Group has a number of operating leases for equipment and vehicles that may be recognised
on the statement of financial position as a result of the adoption of IFRS 16. Management has
identified specific contracts where an impact is expected and is in the process of determining:
1) Whether these contracts meet the definition of lease contracts per IFRS 16;
2) Whether any scope exemptions apply; and
3) The quantitative impact of recognising these leases on the statement of financial position,
where relevant.
At the end of the financial year the Group had lease commitments of R5.7 million (2016: R6.1
million) for premises and R0.3 million (2016: R5.8 million) for vehicles and equipment.
Date: 19/03/2018 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
