Wrap Text
Unaudited Condensed Interim Group Results For The Six Months Ended 28 February 2018
Premier Fishing and Brands Limited
(previously Premier Food and Fishing Limited)
(Incorporated in the Republic of South Africa)
Registration number 1998/018598/06
Share code: PFB and ISIN: ZAE000247516
("Premier" or "the Group" or "the Company")
Unaudited Condensed Interim Group results for the six months ended 28 February 2018
Highlights compared to the prior year:
- Gross profit increased by 7% to R76 million from R71 million
- Operating profit increased by 14% to R20 million from R18 million
- Profit after tax increased by 59% to R29 million from R18 million
- Maiden gross dividend of 15 cents per share paid to shareholders on 5 February 2018
- The Acquisition of Talhado Fishing Enterprises (Pty) Ltd has been finalised
Condensed Group Statement of Profit and Loss and Other Comprehensive Income
Unaudited Unaudited Audited
Group Group Group
28 February 28 February 31 August
2018 2017 2017
6 months 6 months 12 months
R'000 R'000 R'000
Revenue 184 580 182 667 410 733
Cost of sales (108 763) (111 800) (230 586)
Gross profit 75 817 70 867 180 147
Other income 672 1 997 1 249
Other expenses (56 220) (55 072) (116 245)
Operating profit 20 269 17 792 65 151
Investment revenue 22 325 7 326 33 015
Finance cost (1 343) (1 199) (3 323)
Profit before tax 41 251 23 919 94 843
Tax (12 401) (5 793) (26 743)
Profit for the year 28 850 18 126 68 100
Other comprehensive income - - -
Total comprehensive income 28 850 18 126 68 100
Basic and diluted earnings per share
(cents) 11.10 12.68 33.77
Headline and diluted headline earnings
per share (cents) 11.10 12.70 34.59
Weighted average number of shares used
in the calculation of earnings per 260 000 143 000 201 660
share (OOOs)
Condensed Group Statement of Financial Position
Unaudited Unaudited Audited
Group Group Group
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Assets
Non-current assets
Property, plant and equipment 173 969 126 136 130 107
Goodwill 18 165 18 165 18 165
Intangible assets 66 65 62
Loans to group companies 97 821 73 345 81 758
Deferred tax 12 52 65
290 033 217 763 230 157
Current assets
Inventory 48 861 39 127 43 083
Other financial assets 10 665 7 392 1 707
Current tax receivable 154 154 154
Trade and other receivables 104 825 59 762 89 620
Construction deposits 8 951 - -
Biological assets 55 872 48 359 54 323
Cash and cash equivalents 425 442 30 872 541 919
654 770 185 666 730 806
Total assets 944 803 403 429 960 963
Equity and liabilities
Equity
Share capital 507 517 - 507 517
Reserves 8 014 8 014 8 014
Retained income 245 416 205 592 255 566
Total equity 760 947 213 606 771 097
Non-current liabilities
Other financial liabilities 6 564 10 162 7 651
Operating lease liability 788 1 653 1 243
Post-employment medical costs 1 111 1 007 1 075
Deferred tax 78 599 74 468 72 341
87 062 87 290 82 310
Current liabilities
Other financial liabilities 3 178 3 245 3 419
Current tax payable 23 201 7 217 21 752
Trade and other payables 42 151 56 915 55 455
Provisions 4 492 8 953 8 944
Bank overdraft 23 772 26 203 17 986
96 794 102 533 107 556
Total liabilities 183 856 189 823 189 866
Total equity and liabilities 944 803 403 429 960 963
Net asset value per share (cents) 292.67 149.38 296.58
Number of shares in
issue 260 000 000 143 000 000 260 000 000
Condensed Statement of Changes in Shareholder's Equity
Unaudited Unaudited Audited
Group Group Group
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Opening balance 771 097 225 480 225 480
Net proceeds from share issue - - 507 517
Profit for the period 28 850 18 126 68 100
Dividends paid (39 000) (30 000) (30 000)
Closing balance 760 947 213 606 771 097
On 2 March 2017, an additional 117 000 000 ordinary shares were issued to
the public in a private placement as part of a capital raising exercise and
the listing of the Company on the main board of the Johannesburg Stock
Exchange ("JSE"). The Company successfully raised R526.5 million on listing.
Reconciliation of number of shares issued
Unaudited Unaudited Unaudited
Group Group Group
28 February 2018 28 February 2017 31 August 2017
Opening balance 260 000 000 100 100
Share split - 142 999 900 142 999 900
Issue of shares - - 117 000 000
Closing balance 260 000 000 143 000 000 260 000 000
Premier was listed on the main board of the JSE on 2 March 2017. In
preparation for the listing, on 1 February 2017, there was a subdivision of
the authorised and issued shares of Premier in which one share was
subdivided into 1 430 000 shares. The issued share capital of Premier
increased from 100 ordinary shares to 143 000 000 shares on that date.
On 2 March 2017, an additional 117 000 000 ordinary shares were issued to
invited investors in a private placement as part of a capital raising
exercise and the listing of the Company on the main board of the JSE.
Condensed Group Statement of Cash Flows
Unaudited Unaudited Audited
Group Group Group
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Cash (used in)/generated from operations (21 731) 21 043 40 094
Interest income 15 537 825 17 446
Finance cost (1 343) (1 199) (3 323)
Tax paid (4 644) (4 105) (12 659)
Net cash flows from operating activities (12 181) 16 564 41 558
Cash flows from investing activities
Purchases of property, plant and equipment
to sustain operations (26 488) (8 495) (14 066)
Purchases of property, plant and equipment
to expand operation (25 026) - (7 995)
Purchases of intangible assets (7) (27) (27)
Loans advanced to group companies (20 794) (18 446) (21 485)
Loans repaid by group companies 11 520 - -
Repayment of loans from group companies - (1 478) (1 478)
Net movement in other financial assets (8 959) (5 152) (641)
Net cash flows to investing activities (69 754) (33 598) (45 692)
Cash flows from financing activities
Proceeds on share issue - - 526 500
Share issue costs - - (18 983)
Repayment of other financial liabilities (1 328) (1 813) (2 966)
Dividends paid (39 000) - -
Net cash flows to financial activities (40 328) (1 813) 504 551
Total cash movement for the year (122 263) (18 847) 500 417
Cash at the beginning of the year 523 933 23 516 23 516
Total cash at the end of the year 401 670 4 669 523 933
Segment Revenue Segment Profit before tax
Unaudited Unaudited Audited Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017 28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months 6 months 6 months 12 months
R'000 R'000 R'000 R'000 R'000 R'000
Lobster 89 170 85 997 190 589 18 173 17 891 52 106
Pelagics 20 101 27 808 80 778 4 212 6 012 23 636
Hake 15 644 15 143 31 210 5 046 5 036 12 013
Squid 30 627 18 048 34 428 8 338 4 602 10 916
Abalone 15 337 18 765 36 186 4 615 6 136 13 241
Horse mackerel 569 - - 569 - -
Cold storage 5 378 4 552 9 555 387 371 332
Seagro 2 885 1 667 5 174 712 397 1 013
Processing and
6 963 12 778 26 909 1 045 2 215 6 996
marketing
186 674 184 758 414 829 43 097 42 660 120 253
Less: inter
(2 094) (2 091) (4 096)
segmental sales
Administration
and support - - - (24 378) (25 058) (61 255)
services
Fair value gains - - - 1 550 190 6 153
Interest income - - - 22 325 7 326 33 015
Finance costs - - - (1 343) (1 199) (3 323)
Total 184 580 182 667 410 733 41 251 23 919 94 843
The inter-segmental sales are in respect of cold storage charges to the
lobster segment.
Segment profit represents the profit before tax earned by each segment
without the allocation of central administration costs, fair value
adjustments, interest income and finance costs. This is the measure that is
reported to the chief operating decision-maker for the purposes of
assessing the segment performance and resource allocation. The accounting
policies of the reportable segments are the same as the Group's accounting policies.
Segment assets
Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Lobster 85 245 72 902 75 140
Pelagics 100 478 79 158 94 743
Hake 5 214 8 224 15 935
Squid 26 140 17 103 10 701
Abalone 115 508 72 303 84 216
Cold storage 619 1 074 628
Seagro 2 954 2 579 6 181
Processing and marketing 35 648 29 593 35 358
Administration and support
services 572 985 120 441 637 996
Total segment assets 944 791 403 377 960 898
Unallocated 12 52 65
Consolidated total assets 944 803 403 429 960 963
Segment liabilities
Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Lobster 15 340 11 698 12 820
Pelagics 8 852 9 280 11 258
Hake 3 698 5 257 4 757
Squid 8 635 6 547 7 124
Abalone 1 950 2 782 6 478
Processing and marketing 6 677 15 820 14 158
Administration and support
services 60 105 63 971 60 929
Total segment liabilities 105 257 115 355 117 525
Unallocated 78 599 74 468 72 341
Consolidated total liabilities 183 856 189 823 189 866
For the purposes of monitoring segment performances and resource
allocations between segments all assets and liabilities are allocated to
reportable segments other than deferred tax assets and liabilities.
Included in the segmental results are:
Depreciation and Additions to property, plant
amortisation and equipment
Unaudited Unaudited Audited Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017 28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months 6 months 6 months 12 months
R'000 R'000 R'000 R'000 R'000 R'000
Lobster 2 684 2 781 5 669 12 772 2 783 3 238
Pelagics 3 739 3 100 6 307 12 414 4 606 10 505
Squid 390 280 623 785 735 1 270
Abalone 565 536 1 148 25 890 271 6 671
Cold storage 40 40 46 - - -
Seagro 108 - 237 - - -
Processing and
marketing - 1 1 - - -
Administration
and support 127 131 230 49 100 377
services
Total 7 653 6 869 14 261 51 514 8 495 22 061
Revenue per region
Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
United States of America 63 277 64 576 118 801
Far East 41 546 45 508 110 029
Europe 43 230 31 509 60 232
South Africa 36 527 41 074 121 671
Total 184 580 182 667 410 733
Determination of headline earnings
Unaudited Unaudited Audited
28 February 2018 28 February 2017 31 August 2017
6 months 6 months 12 months
R'000 R'000 R'000
Earnings attributable to ordinary equity
holders of parent entity 28 850 18 126 68 100
Adjusted for:
- Effect of loss on disposal of property,
plant and equipment - 56 2 295
- Taxation effect - (16) (643)
Headline earnings 28 850 18 166 69 752
Weighted average number of shares on which
earnings and headline earnings per share 260 000 000 143 000 000 201 660 00
is based
Headline earnings per share (cents) 11.10 12.70 34.59
Earnings per share was calculated after taking into account the share split
which occurred on 1 February 2017 and the share issue which occurred on
2 March 2017. The number of shares in issue compared to the prior year's
comparative period only includes the share split as the issue of shares
occurred after the reporting period. As a result thereof, headline earnings
of 11.10 cents per share is lower than that of the comparative period of
12.70 cents even though the profit after tax is higher than that of the
comparative period.
Group Profile
Premier operates a vertically integrated fishing business which specialises
in the harvesting, processing and marketing of fish and fish-related
products. The Group is one of the largest black-owned and managed fishing
business in South Africa and one of the most transformed in terms of its
management and employees. The Group holds medium to long-term fishing
rights in west coast rock lobster, south coast rock lobster, small
pelagics, hake deep-sea trawl, hake longline, horse mackerel, swordfish and
tuna and squid. The Group also owns an abalone farm and invests in organic
fertilisers through the "Seagro" range of products.
Group Financial Performance Overview
The Group delivered an operating profit of R20 million for the six months
ended 28 February 2018, an increase of 14% compared to the prior period
operating profit of R18 million. The increase in operating profit is
attributable to the strong performance of the squid and lobster division.
The Rand strengthened against the US dollar from an average of 13,86 in the
prior comparative period, to an average of 12,69 in the current period
under review. The strengthening of the Rand impacted revenue . However, this
was offset by increased sales volumes in the squid and lobster division as
well as increased market prices for all the divisions resulting in revenue
increasing by 1% to R185 million from R183 million in the prior period.
The Group experienced improved catch rates in the squid and lobster
divisions as compared to the prior period which resulted in a reduction in
catch cost. This had a positive effect on the gross margin, increasing to
R76 million from R71 million in the prior period.
Interest income of R15 million was generated from the cash raised on
listing. The results of the prior comparative period do not include the
effects of the listing. The cash raised will be utilised to fund acquisitions
and growth initiatives.
The Group's profit after tax increased by 59% to R29 million from
R18 million in the prior period mainly as a result of the strong operating
performance of the squid and lobster divisions as well as the interest
income generated from the cash raised on listing.
The weighted average number of shares ("WANOS") used in the calculation of
earnings per share ("EPS") and headline earnings per share ("HEPS") is 260
million for the current period which takes into account the 117 million new
shares issued on listing date. The WANOS used in the calculation of EPS and
HEPS for the prior comparative period is 143 million as the listing
occurred after the reporting period. Group headline earnings increased by
59% to R29 million from R18 million. HEPS decreased to 11.10 cents per
share from 12.70 cents per share and EPS decreased to 11.10 cents per share
from 12.68 cents per share even though the profit after tax increased by
59% due to the increase in the number of issued shares.
Cash generated from operations before working capital changes increased by 8%
to R26 million from R24 million in the prior period due to the strong operational
performance in the current period. There were significant catches during the month
of February 2018 which resulted in an increase in the net working capital investment
of R48 million as compared to R3 million in the prior period. This resulted in an
outflow of R22 million of cash generated from operations compared to the cash generated
from operations of R21 million in the prior period.
Acquisition of business
On 30 November 2017, the Group announced the acquisition of a 50.31% stake
in Talhado Fishing Enterprises (Pty) Ltd ("Talhado") for a consideration of
R85 million, subject to the fulfilment of certain conditions precedent. The
conditions precedent have now been fulfilled and the transaction
implemented. The Group acquired Talhado for its squid fishing rights, brand
and processing facilities. This will enhance the Group's footprint in the
squid sector. Talhado is the largest squid company in South Africa.
The conditions precedent, which consisted mainly of the approval of the
Competition Authorities in terms of the Competition Act No 89 of 1998 and
the approval by the Ministry of Agriculture, Forestry and Fisheries or his
delegated authority in terms of section 21 of the Marine Living Resources
Act 18 of 1998. These approvals were obtained on the 9th May and 11th May
2018, respectively. As the conditions precedent were met after the interim
period, the results of Talhado were not consolidated into Premier's current
reporting period.
Talhado's revenue for the first 3-month period 1 September 2017 to 30
November 2017 was R47 million and its net profit was R17 million.
Talhado's revenue for the 3-month period 1 December 2017 to 28 February
2018 was R51 million and its net profit for the period was R29 million.
Pro Forma financial information
The effective date of the Talhado acquisition transaction is 30 November
2017. However, in terms of IFRS 3, Business Combinations, the results of
Talhado can only be consolidated from the date when all conditions
precedent were met. As a result, the interim financial statements do not
include the results of Talhado for the 3 months from 1 December 2017 to 28
February 2018.
Pro forma results have been prepared for illustrative purposes only, in
order to provide information about the impact of the Talhado acquisition on
revenue, operating profit, profit before tax and profit after tax for the
6-month period ended 28 February 2018, in order to show the growth in Premier
in relation to the acquisition of Talhado. Because of its nature, the pro forma
financial information may not fairly present Premier's financial position, changes
in equity, results of operations and cash flows.
The pro forma financial effects are presented in accordance with the JSE
Listings Requirements, the Guide on Pro Forma Financial Information issued
by SAICA and the measurement and recognition requirements of IFRS.
The accounting policies applied in quantifying pro forma adjustments are
consistent with Premier's accounting policies at 28 February 2018.
The pro forma results are the responsibility of the board and were not
reviewed or reported on by Premier's auditors.
Pro forma 6-month results for the 6 month period ended 28 February 2018
Pro forma Unaudited
6 months ended 6 months ended
28 February 2018 28 February 2017 Growth
Rm Rm %
Revenue 234 649 182 667 28.5%
Operating profit 60 130 17 792 238.0%
Profit before tax 80 734 23 919 237.5%
Profit after tax 58 087 18 126 220.5%
Pro forma for the period ended 28 February 2018
Premier
Talhado pro forma
Premier after
Inclusion of
Unaudited for the Unaudited for the Talhado for the
6 months ended 3 months ended 6 months ended
28 February 28 February 28 February
2018(1) 2018(2) 2018(3)
Revenue 184 580 50 069 234 649
Operating profit 20 269 39 861 60 130
Profit before tax 41 251 39 483 80 734
Profit after tax 28 850 29 237 58 087
1 The column titled 'Premier unaudited for the 6 months ended 28 February 2018'
represents the unaudited results for Premier for the 6 months ended
28 February 2018.
2 The column titled 'Talhado unaudited for the 3 months ended 28 February 2018'
was extracted, without adjustment, from the management accounts of Talhado for
the 3 months ended 28 February 2018. Premier is satisfied with the quality of
the management accounts.
3 The column titled 'Premier pro forma after inclusion of Talhado for the 6 months
ended 28 February 2018' represents the Premier pro forma results if Talhado had
been consolidated as from 1 December 2017 to 28 February 2018.
All pro forma adjustments will have a continuing effect of the financial
results of Premier.
Review of operations
Lobster
The 2018 total allowable catch ("TAC") for South Coast Rock Lobster
("SCRL") is 335 tons up by 1% from the prior year TAC of 331 tons. The
quota which is available to Premier is 135 tons (2017: 133 tons).
The 2018 TAC for West Coast Rock Lobster ("WCRL") remained unchanged from
the prior year at 1 924 tons. However, the offshore allocation decreased
from 1 204 tons to 995 tons. The quota which is available to Premier is
64 tons (2017: 87 tons). The total WCRL contracted quota acquired for 2018 is
101 tons (2017: 96 tons). The WCRL's contribution to revenue and profits of
the Group is less than 15%.
The Group experienced increased landings due to good catch rates for the
lobster division as well as a favourable size mix for SCRL. The favourable
size mix resulted in the Group achieving an increase of 3% in US dollar
pricing for SCRL as compared to the prior period. The increased landings
also resulted in increased sales volumes for the division as compared to
the prior period. The good catch rates, increased market prices and volumes
resulted in the division maintaining its margins despite the strengthening
of the Rand against the Dollar in the current period.
Small Pelagics
The Group's 2018 quota allocation for pilchards is 4 396 tons (2017: 3 383
tons). The catch rates for pilchards have improved slightly compared to the
prior period and if the trend continues, the Group expects improved
performance for this division in the current financial year. Industrial
fish catch rates were the same as those experienced in the prior year. The
Group had less fishing days for the current period as compared to the prior
period which resulted in lower volumes landed and lower revenues and profit
for the division in the current period. However, the Group expects the
landings at year end to improve, which will contribute positively to the
divisional performance by year end.
Squid
The fishing rights and the number of fishing vessels utilised for Squid
remained unchanged in the current period. The squid industry experienced
exceptional catch rates in the current period. The landed and sales volumes
for the division were more than double those of the prior period. The
market for South African squid remained stable despite the significant
increase in landed volumes and the Euro sales prices achieved by the Group
were the same as that of the prior period. The exceptional catch rates and
increased sales volumes resulted in improved margins and in an increase of
81% in operating profits for this division.
Hake
The 2018 TAC for hake is 133 119 tons. The quota which is available to
Premier is 700 tons. The Group's hake quota is caught, processed and
marketed through a joint operation with Blue Continent Products (Pty) Ltd.
The catch rates for this division are similar to those of the prior period
and the division also experienced a favourable size mix for its catches.
There was a marginal improvement in the market prices for hake which
resulted in the division maintaining its margins despite the strengthening
of the Rand in the current period.
Abalone
The Group commenced with the expansion construction of its abalone farm.
30 tons of additional animal rearing capacity has been added to date and
construction is anticipated to be completed by the end of Quarter 1 in
2019. The division remains focused on increasing its spat ("Baby Abalone")
production and stock holding in preparation for the farm's expansion. Sales
volumes for the period were less than that of the prior period as the Group
continues to grow out the animals to a bigger size for the market. Sales
volumes are expected to increase once construction at the farm has been
completed.
Horse Mackerel
The Group was awarded a horse mackerel quota of 800 tons during the Fishing
Rights Application Process 2015/2016. The Group's horse mackerel quota is
caught, processed and marketed by Dessert Diamond Fishing (Pty) Ltd. 30% of
the quota was caught during the current period and the Group anticipates
the full quota to be caught by year end.
Seagro
Seagro is an organic fertiliser produced from fish oil which is a by-
product of the fishmeal making process. There was an increased availability
of fish oil in the current period which resulted in production of seagro
and increased sales volumes as compared to the prior period. The increased
sales volumes in the current period resulted in increased profitability
compared to the prior period.
Processing and marketing
The total WCRL contracted quota acquired for 2018 is 101 tons (2017: 96
tons). The total wild abalone contracted quota acquired for 2018 is 31 tons
(2017: 30 tons). Landed volumes for the current period were lower than
those of the prior year due to the reduced number of fishing days. The
lower landed volumes resulted in lower sales volumes and revenue and
profits for the current period. Landed volumes increased significantly
after the reporting period and the Group anticipates the full quotas to be
caught by year end.
Subsequent events
During May 2018, the acquisition of Talhado Fishing Enterprises (Pty) Ltd was completed.
The Group acquired a 50.31% stake in Talhado Fishing Enterprises (Pty) Ltd ("Talhado")
for a consideration of R85 million. The conditions precedent were only met after the
end of the interim reporting period. Refer above to the note "acquisition of business"
for more information.
Future Prospects
The Group continues to focus on the expansion of its abalone farm,
additional acquisitions and increasing the diversification of its product
basket. Talhado generated a significant increase in revenue and profit due
to the exceptional catch rates being experienced in the squid industry. The
Group expects Talhado to contribute significantly to the operational
performance of the Group. The Group also expects to realise synergies with
Talhado once the acquisition is finalised.
Dividends
No interim dividend have been declared for the six months ended 28 February 2018.
Reporting entity
Premier is a Company domiciled in South Africa. These condensed unaudited
consolidated interim financial statements ("interim financial statements")
as at and for the six months ended 28 February 2018, comprises of Premier
the Company, its subsidiaries and interests in joint ventures operations.
Basis of preparation
The unaudited condensed consolidated interim financial statements have been
prepared and presented in accordance with International Accounting Standard
34 ("IAS34"), the Listings Requirements of the JSE Limited ("JSE") ("the
Listings Requirements"), the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee and the Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council and
the requirements of the Companies Act of South Africa (No. 71 of 2008), as
amended, applicable to summarised financial statements.
The accounting policies applied in the preparation of the interim financial
statements, which are based on reasonable judgement and estimates, are in
accordance with International Financial Reporting Standards ("IFRS") and
are consistent with those applied in the audited annual financial
statements for the year ended 31 August 2017. The condensed consolidated
interim financial statement have been prepared by Brent Robertson CA(SA),
Head of Finance under the supervision of Isaiah Tatenda Bundo CA(SA), the
Financial Director and were not reviewed or audited by the Group's external
auditors, BDO Cape Inc.
These interim financial statements were authorised for issue by the
Company's Board of Directors on 17 May 2018.
Use of judgements and estimates
In preparing these interim financial statements, management made judgments,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those that were applied to the audited consolidated financial
statements for the year ended 31 August 2017.
Measurement of fair values
The Group has an established control framework with respect to the
measurement of fair values. The fair-valuation calculations are performed
by the Group's finance department and operational team on an annual basis.
The finance department reports to the Group's Financial Director. The
valuation reports are approved by the investment committee in accordance
with the Group's reporting policies.
Appreciation
We wish to thank our employees, Group executives, management, our Board of
directors, as well as our strategic partners, stakeholders and business
partners for their loyalty and dedication in contributing to the success of
the Group.
Reverend Dr Vukile Mehana Mr Mogamat Samir Saban
Independent Non-executive chairman Chief executive officer
Cape Town
17 May 2018
Directors
***Reverend Dr Vukile Mehana (Independent Non-executive chairman); **Khalid
Abdulla (Deputy chairman); Mogamat Samir Saban (Chief executive officer);
Isaiah Tatenda Bundo; Rushaan Isaacs; ***Salim Young; ***Rosemary Phindile
Mosia; **Aziza Begum Amod; **Cherie Felicity Hendricks; ***Clifford Leonard
van der Venter;*** Advocate Ngoako Ramatlhodi (appointed on 7 March 2018),
***Sebenzile Patrick Mngconkola (appointed on 7 March 2018)
*** Independent Non-executive
** Non-executive
Company secretary: Nobulungisa Mbaliseli
Registered address: Quay 7, East Pier, Victoria & Alfred Waterfront,
Cape Town 8001
Email: nobulungisa@aeei.co.za
Transfer secretaries: Link Market Services South Africa (Pty) Ltd,
Rennie House, 13th Floor, 19 Ameshoff Street, Braamfontein, 2001
Auditors: BDO Cape Incorporated
Sponsor: PSG Capital
Date: 17/05/2018 02:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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