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ADCORP HOLDINGS LIMITED - Audited summarised consolidated provisional results for the year ended 28 February 2018

Release Date: 18/05/2018 14:04
Code(s): ADR     PDF:  
Wrap Text
Audited summarised consolidated provisional results 
for the year ended 28 February 2018

Adcorp Holdings Limited
(Incorporated in the Republic of South Africa) 
(Registration number 1974/001804/06)
Share code: ADR 
ISIN: ZAE000000139
(Adcorp or Adcorp Group or the Group)

Audited summarised consolidated provisional results 
for the year ended 28 February 2018

Salient features
*  Revenue for the year decreased by 3% to R15.3 billion
*  Cash generated by operations up 51% to R390 million (2017: 
   R258 million)
*  Underlying EBITDA* for the year increased by 4% to R387 million
*  Underlying EBITDA* for Professional Services increased by 15% to 
   R265 million
*  Underlying EBITDA* for Industrial Services Australia increased by 67% 
   to R58 million
*  Underlying EBITDA* for Financial Services increased by 11% to 
   R58 million
*  R1 billion refinance and disposal of Nihilent
*  Central costs reduced by R101 million from prior year excluding once 
   off costs
*  Loss per share at 517,0 cents per share compared to 179.1 cents in the 
   prior year
*  Headline loss per share of 146,1 cents per share compared to restated 
   57,5 cents per share in the prior year

Pro Forma Financial Information

The pro forma financial information below has been prepared for 
illustrative purposes only to provide information on how the underlying 
earnings adjustments might have impacted on the financial results of 
the Group. Because of its nature, the pro forma financial information 
may not be a fair reflection of the Group’s results of operation, 
financial position, changes in equity or cash flows.

The underlying information used in the preparation of the pro forma 
financial information has been prepared using the accounting policies 
that comply with International Financial Reporting Standards. These are 
consistent with those applied in the published audited consolidated 
provisional results which summarises the consolidated financial 
statements for the year ended 28 February 2018.

No other adjustments have been made to the pro forma financial information. 

The directors are responsible for compiling the pro forma financial
information on the basis of the applicable criteria specified in the JSE
Listings Requirements.

The pro forma financial information as shown in the statement of underlying
EBITDA and should be read in conjunction with the unmodified Deloitte &
Touche independent reporting accountants’ report thereon, issued on 17 May
2018, which is available for inspection at Adcorp’s registered office.

R'000                              Notes        FY2018       FY2017  % var 
Revenue                                1    15 325 391   15 804 081   (3)% 
Cost of Sales                          1   (13 097 630) (13 470 873)  (3)% 
Gross Profit                           1     2 227 761    2 333 208   (5)% 
Other income                           1        58 067       46 436    25% 
Operating expenses                     1    (1 898 367)  (2 006 605)  (5)% 
Underlying EBITDA*                     1       387 461      373 039     4% 
Once-off costs                         2      (250 842)     (26 668)  841% 
Earnings before depreciation and
amortisation                           1       136 619      346 371  (61)% 
Depreciation & amortisation            1      (128 589)    (144 494) (11)% 
Impairment of intangible assets,
goodwill and bonds                     1      (477 797)    (132 519)  261% 
Profit on disposal of associate        1       184 960            -      - 
Net cost of funding                    1      (124 029)    (141 870) (13)% 
Share of profits from associates       1        16 476       23 396  (30)% 
Loss before taxation                   1      (392 360)     (49 116)  699% 
Taxation                               1       (28 350)       5 462 (619%) 
Loss - continuing operations           1      (420 710)     (43 654)  864% 
Loss - discontinued operations         1      (140 322)    (148 758)  (6%) 
Net loss for the year                  1      (561 032)    (192 412)  192% 
Other comprehensive loss               1       (82 785)    (128 166) (35%) 
Total comprehensive loss for 
the year                               1      (643 817)    (320 578)  101% 
Underlying EBITDA* per share –
cents
Basic profit per share – cents         3         355.6        344.2     3% 
Diluted profit per share - cents       3         346.8        334.7     2%

Notes:
1. As per the audited statement of comprehensive income for the year ended 
   28 February 2018.
2. Being once-off transaction costs. These include R115 million that was 
   written off for non-recoverable accounts receivable; R50 million
   retrenchments costs; R50 million restructuring costs and R35 million 
   relating to accounting correction and change in estimates.
3. Per share calculation is based on underlying EBITDA.

* Underlying EBITDA is defined as EBITDA adjusted for once-off cost. 
  Once-off cost includes bad debts written off, retrenchment cost, 
  restructure cost and certain accounting adjustments.

Operational update

Group revenue decreased by 3% in FY2018. Revenue for the Adcorp Industrial 
Services business was flat for both South Africa and Australia operations. 
Adcorp Professional Services continued its strong trajectory in both South 
Africa and Australia, with 11% revenue growth in South Africa. Australian 
topline for Professional Services was down by 12%, largely due to the off- 
boarding of certain low margin clients, which benefitted the EBITDA for 
this division. Adcorp Support Services revenue declined by 9% on the back 
of a challenging year for the business. The Financial Services business had 
a strong year, with revenue growth of 17% while the Training business had 
a tough year which resulted in revenue declining by 29%.

As per the reconciliation on prior year earnings provided under the section 
“Restatement of prior period results” below, the EBITDA for 2017 was 
restated to R373 million excluding the impact of transaction costs incurred 
in 2017. This restatement arose due to the classification of the losses from 
the Rest of Africa operations as discontinued operations, in addition to 
some prior year adjustments.

The Group underlying EBITDA for the year grew by 4% to R387 million compared 
to the above restated 2017 results, excluding once-off costs. This was 
argely driven by the following:

* EBITDA for the Professional Services segment grew by 15% from prior year 
  to R265 million, with Professional Services Australia’s EBITDA increasing 
  by 6% while Professional Services South Africa EBITDA grew strongly by 21%. 
  The increased profitability for the Professional Services segment was 
  driven by continued growth in the traditional resourcing business. The 
  emerging recruitment process outsourcing (RPO) and managed service provider 
  (MSP) solutions continue to gain traction with clients and exceeded the 
  targets for the year. The segment has also benefited from increased volumes 
  in the higher margin, permanent placements and projects businesses.
* Industrial Services Australia had a strong year, with 67% improvement in
  EBITDA.  This has been driven by recovery in profitability for DARE, which
  has benefited from the strategy of diversifying its exposure from oil and 
  gas into other heavy engineering sectors.
* Financial Services posted solid results following a good trading year, with 
  EBITDA growth of 11% to R58 million. This was bolstered by the card payment 
  business posting a profit for the first time this year.
* Central overheads for South Africa, excluding once-costs, reduced from prior 
  year by R101 million to R324 million. This is part of the new management 
  team’s ongoing process to right size the business and ensure that it is 
  efficient and optimal.

These strong gains were reduced by:

* EBITDA for Industrial Services South Africa was down by 15% on prior year
  to R338 million. This was largely as a result of Fortress, which is a 
  Payroll Bureau business providing upfront funding of client payrolls. This 
  business has been wound down due to the business being non-core as well as 
  serious credit control weaknesses that resulted in significant accounts 
  receivables write-offs in the current year. Management believe that the 
  core of the Industrial Services South Africa business remains solid, and 
  are in the process of driving structural and process efficiencies into that 
  segment.
* The Support Services segment EBITDA declined by 30% to R49 million. Various 
  strategic options have been tabled for implementation in FY2019, including 
  aligning back office infrastructure to Industrial Services South Africa in 
  order to drive economies of scale and reduce the cost base of the business.
* The Training division incurred an EBITDA loss of R33 million for the current 
  year. There is a significant project underway to completely restructure this 
  business. The restructure will result in the closure of loss making revenue 
  streams and align the Training business to the strategic imperative of 
  the Group.

Once-off costs of R251 million were incurred in the current year. These 
include R115 million that was written-off for non-recoverable accounts 
receivable (largely from the recently shut-down Fortress business); 
R50 million retrenchments costs, resulting in a 260 headcount reduction both 
at executive and junior level, R51 million of restructure costs that include 
severance costs for exiting the Group’s offshoring contract, new software 
implementation as well as debt refinance costs for the exit of the DMTN 
programme and R1 billion working capital facility implementation. These 
activities position the business well for the future.

Repositioning the Group
The financial period under review has been transformation intensive for 
the Group, with a change in leadership at both board and management level 
and a clear objective to reposition the Group for sustainable growth and 
profitability. The new leadership team’s priorities for the strategic 
turnaround are as follows:
1. Building a strong business that is focused on leveraging its core;
2. Ensuring that the business is lean and agile;
3. Strengthening the brand; and
4. Transforming the culture.

These initiatives are being implemented and will be discussed in further 
detail during our investor roadshows. A few highlights include:
* Strategic review of all the operating segments, including the Support 
  Services and Training businesses, has been completed. This review 
  enabled the leadership team to gain a firm understanding of the key levers 
  required to facilitate future sustainable growth for the Group. The Group 
  is now able to identify and dispose of non-core businesses, realign 
  underperforming businesses and address underperforming revenue streams.
* Robust working capital management practices have been implemented, and, 
  as reflected by the R115 million write-off above, a clean-up of the 
  debtors’ book has been undertaken in order to ensure that the Group is not 
  exposed to further significant write-offs going forward. The Group brought 
  back in-house the previously offshored order-to-cash cycle. The transition 
  was completed in November 2017, enabling Adcorp to commence a process to 
  improve the underlying credit vetting and collections procedures. This 
  should improve debtors’ collections for the Group as well as result in 
  operating expense savings going forward.
* An evaluation of historical acquisitions has been performed to ensure 
  alignment of the costs of acquisition versus the current value derived 
  from acquired businesses before strategic restructuring. This has resulted 
  in the write-off of goodwill amounting to R478 million for the current year.
* The review of the medium to long term prospects for the Rest of Africa 
  operations culminated in a decision to exit these operations. The results 
  for the year include the related operational losses and impairment 
  adjustments.
* As previously announced to the shareholders through SENS, the Group 
  concluded the sale of its associate, Nihilent. The Group obtained net cash 
  proceeds of R305 million that were applied towards reducing borrowings. The 
  current year results include pre-tax profit on the disposal of R185 million.
* In December 2017 the Group successfully exited the South Africa Domestic
  Medium Term Note (DMTN) program, repaid all outstanding Notes and replaced
  this funding with a revolving working capital facility. The facility affords 
  the Group access to R1 billion plus a seasonal accordion facility of 
  R150 million. The terms of the new funding facility are more aligned with 
  Adcorp’s requirements and afford the Group the opportunity to manage its 
  cost of funding.

The refinance, together with the additional R305 million repayment of 
borrowings from the proceeds on disposal of our share in Nihilent, 
significantly reduced funding costs in the second half of the year, and 
the total annual net interest paid was 14% down from FY2017.

Our focus on cash management is yielding results and the Group generated net 
cash from operations of R133 million compared to the net cash utilised by 
operations in the prior year of R19 million.

No dividend was declared or paid in the current financial year.

The presentation to investors is available on the Company’s website at 
www.adcorpgroup.com.

Restatement of prior period results
There are prior year adjustments that are included in this year’s results, 
meaning that current year comparative balances will differ in some respects 
to those reported in FY2017. In addition, the financial results relating to 
the Rest of Africa have been disclosed retrospectively as discontinued 
operations, in line with the requirements of International Financial 
Reporting Standards. The reconciliation below provides a high level 
overview of the impact:

                                                                    Loss 
                                                    Operating      After
                                             EBITDA    Profit        Tax
Reconciliation:                              (R’000)   (R’000)    (R’000) 
As reported in FY2017                       303 786   130 310   (160 326) 
Transfer of the Rest of Africa losses to
discontinued operations                      94 462    97 717    148 758
FY2017 continuing operations before prior
year adjustments                            398 248   228 027    (11 568)
Impact of prior year adjustments            (25 209)  (26 149)   (32 089) 
FY2017 continuing operations restated for
impact of prior year adjustments            373 039   201 878    (43 657)
Total restated FY2017 continuing and
discontinued operations                     278 577   104 161   (192 415)

                                                    Headline
                                           (Loss)      (Loss)  
                                        Earnings    Earnings 
                                             Per         Per       Total
                                           Share       Share      Assets
Reconciliation:                           (R’000)     (R’000)     (R’000) 
As reported in FY2017                    (149,5c)     (28,0c)  5 744 072
Transfer of the Rest of Africa         
losses to discontinuing operations        137,3c      137,3c    (288 993) 
FY2017 continuing operations              (12,2c)     109,3c   5 455 079
before prior year adjustments          
Impact of prior year adjustments          (29,6c)     (29,5c)    (14 533) 
FY2017 continuing operations           
restated for impact of prior year      
adjustments                               (41,8c)      79,8c   5 440 546
Total restated FY2017 continuing       
and discontinued operations              (179,1c)     (57,5c)  5 729 539


Changes to the board of Adcorp

The following changes to the directorate took place during the period 
under review:
* Appointment of C Maswanganyi as a non-executive director (with 
  MR Ramaite being his alternate) with effect from 1 March 2017
* Appointment of CJ Kujenga as the Chief Financial Officer with effect 
  from 1 July 2017
* Appointment of S Sithole and N Nongogo as non-executive directors with 
  effect from 4 July 2017
* Resignation of BE Bulunga, NS Ndhlazi, MJN Njeke, TDA Ross and PC Swart
  with effect from 11 July 2017
* Appointment of GT Serobe as a non-executive director and the Chairman 
  with effect from 11 July 2017
* Appointment of FS Mufamadi as a non-executive director with effect from 
  11 July 2017
* Resignation of RL Pike with effect from 31 July 2017
* Appointment of MA Jurgens as the Chief Operating Officer with effect 
  from 1 August 2017
* Appointment of I Dutiro as the Chief Executive Officer with effect from 
  1 October 2017
* Resignation of N Nongogo with effect from 13 October 2017
* Appointment of TP Moeketsi as a non-executive director with effect from 
  5 February 2018

We thank the outgoing board members for their contribution over the years. 

By order of the board

GT Serobe    I Dutiro
Chairman     Chief Executive Officer

18 May 2018

Audited summarised consolidated statement of financial position 
as at 28 February 2018

                                               2018       2017       2016
                                                      Restated   Restated
                                    Notes     R’000      R’000      R’000
Assets
Non-current assets                        1 719 016  2 396 439  2 569 110
Property and equipment                       65 756     80 458     89 797
Intangible assets                           275 785    611 369    748 474
Goodwill                                  1 162 010  1 373 162  1 513 633
Investments                                  13 244     10 000     10 000
Investment in associate                           –    140 808    125 249
Other financial assets                       10 361     30 930          –
Deferred taxation                           191 860    149 712     81 957
Current assets                            2 801 348  3 044 107  3 238 675
Trade receivables                         2 272 550  2 359 246  2 488 095
Other receivables                            77 208    103 377    121 378
Other financial assets                       12 191        931     29 728
Taxation prepaid                             79 071     41 804     55 520
Cash and cash equivalents                   360 328    538 749    543 954
Assets from continuing operations         4 520 364  5 440 546  5 807 785
Assets held for sale                   5     10 434    288 993    565 837
Total assets                              4 530 798  5 729 539  6 373 622
Equity and liabilities
Capital and reserves                      1 602 589  2 215 406  2 630 806
Share capital and share premium           1 740 858  1 740 858  1 740 858
Reserves                                   (138 269)   474 548    889 948
Interest-bearing liabilities              1 218 559  1 809 879  1 991 483
Non-current liabilities                7    978 196    649 229  1 349 256
Long-term loans                      7.1    978 196    649 229  1 349 256
Current liabilities                         240 363  1 160 650    642 227
Short-term portion of long-term
loans                                7.2    228 687    720 603    274 383
Bank overdraft                               11 676    440 047    367 844
Non-interest-bearing liabilities          1 680 405  1 600 151  1 587 134
Non-current liabilities                     100 074    107 030    152 256
Share-based payment liability                     –          –     38 623
Deferred taxation                           100 074    107 030    113 633
Current liabilities                       1 580 331  1 493 121  1 434 878
Trade and other payables                  1 225 030  1 175 389  1 163 916
Share-based payment liability                 8 133     39 067          –
Provisions                                  287 202    242 528    239 118
Taxation                                     59 966     36 137     31 844
Liabilities from continuing
operations                                4 501 553  5 625 436  6 209 423
Liabilities directly associated
with assets classified as held
for sale                               5     29 245    104 103    164 199
Total equity and liabilities              4 530 798  5 729 539  6 373 622

Audited summarised consolidated statement of comprehensive income 
for the year ended 28 February 2018

                                                                  Restated
                                           Notes         2018         2017
Continuing operations                                   R’000        R’000
Revenue                                            15 325 391   15 804 081
Cost of sales                                     (13 097 630) (13 470 873) 
Gross profit                                        2 227 761    2 333 208
Other income                                           58 067       46 436
Operating expenses (excluding
depreciation and amortisation)                     (2 149 209)  (2 033 273)
Earnings before depreciation and
amortisation                                          136 619      346 371
Depreciation and amortisation                        (128 589)    (144 494)
Operating profit                                        8 030      201 877
Interest income                                        16 614        9 085
Interest expense                                     (140 643)    (150 955)
Impairment of intangible assets,
goodwill and bonds                                   (477 797)    (132 519)
Profits from the sale of associate                    184 960            – 
Share of profits from associates                       16 476       23 396
Loss before taxation                                 (392 360)     (49 116)
Taxation                                             (28 350)        5 462
Loss for the year from continuing
operations                                           (420 710)     (43 654)
Discontinued operations
Loss for the year from discontinued
operations                                    5      (140 322)    (148 758)
Net loss for the year                                (561 032)    (192 412) 
Other comprehensive (loss*)/income
Exchange differences on translating
foreign operations                                    (50 677)     (86 448) 
Exchange differences arising on the net
investment of a foreign operation                     (30 964)     (41 905) 
Fair value adjustment of derivative
financial instrument                                    1 102        1 869
Other comprehensive loss for the year,
net of tax                                            (80 539)    (126 484) 
Non-controlling interest                               (2 246)      (1 682) 
Total comprehensive loss for the year                (643 817)    (320 578) 
Loss attributable to:
Owners of the parent from continuing
operations                                           (422 956)     (45 336) 
Owners of the parent discontinued
operations                                           (140 322)    (148 758) 
Non-controlling interest                                2 246        1 682
Total comprehensive loss attributable
to:
Owners of the parent continuing
operations                                           (501 249)    (170 138)
Owners of the parent discontinued
operations                                           (140 322)    (148 758) 
Non-controlling interest                                2 246        1 682
Continuing operations                         6
Basic loss per share – cents                           (388,2)       (41,8) 
Diluted loss per share                                 (378,6)       (40,7) 
Discontinued operations                       6
Basic loss per share – cents                           (128,8)      (137,3) 
Diluted loss per share                                 (125,6)      (133,5) 
Total basic loss per share – cents
Basic loss per share – cents                  6        (517,0)      (179,1) 
Diluted loss per share                                 (504,2)      (174,1)
* All items included in other comprehensive loss will be reclassified to 
  profit and loss upon derecognition.

Audited summarised consolidated statement of changes in equity 
for the year ended 28 February 2018

                                               Share      Share  Treasury 
                                             capital    premium    shares
                                               R’000      R’000     R’000
Balance as at 28 February 2015                 2 733  1 718 856   (12 990)
Issue of ordinary shares under employee
share option plan                                 16     19 253         – 
Treasury shares acquired during the year           –          –   (23 973) 
Dividend distributions                             –          –         – 
Recognition of BBBEE and staff share-
based payments                                     –          –         –
Profit (loss) for the year (as previously
disclosed)                                         –          –         –
Restatement                                        –          –         – 
Minority interest                                  –          –         – 
Realised foreign exchange gains through
profit and loss on disposal of business            –          –         – 
Other comprehensive income (loss) for 
the year                                           –          –         –
Balance as at 29 February 2016 (restated)      2 749  1 738 109   (36 963) 
Dividend distributions                             –          –         – 
Recognition of BBBEE and staff share-
based payments                                     –          –         – 
(Loss) profit for the year                         –          –         – 
Other comprehensive (loss) income for 
the year                                           –          –         – 
Minority interest                                  –          –         – 
Balance as at 28 February 2017 (restated)      2 749  1 738 109   (36 963) 
Issue of treasury shares under employee
share option plan                                  –          –    13 961
Dividend distributions                             –          –         – 
Recognition of BBBEE and staff share-
based payments                                     –          –         –
(Loss) profit for the year                         –          –         – 
Non-controlling interest                           –          –         – 
Equity due to change in control                    –          –         – 
Other comprehensive loss for the year              –          –         – 
Balance as at 28 February 2018                 2 749  1 738 109   (23 002)

                                          Share-      Foreign
                                           based     currency  Cash flow 
                                         payment  translation    hedging 
                                         reserve      reserve    reserve 
                                           R’000        R’000      R’000
Balance as at 28 February 2015           114 581       (3 442)    (2 391) 
Issue of ordinary shares under                 –            –          –
employee share option plan
Treasury shares acquired during 
the year                                       –            –          – 
ividend distributions                          –            –          – 
Recognition of BBBEE and staff share-
based payments                             7 206            –          – 
Profit (loss) for the year (as
previously disclosed)                          –            –          –
Restatement                                    –            –          – 
Minority interest                              –            –          – 
Realised foreign exchange gains
through profit and loss on disposal 
of business                                    –        7 734          –
Other comprehensive income (loss) 
for the year                                   –      106 445       (580) 
Balance as at 29 February 2016
(restated)                               121 787      110 737     (2 971) 
Dividend distributions                         –            –          – 
Recognition of BBBEE and staff share-
based payments                             7 206            –          – 
(Loss) profit for the year                     –            –          – 
Other comprehensive (loss) income for
the year                                       –      (86 448)     1 869
Minority interest                              –            –          –
Balance as at 28 February 2017
(restated)                               128 993       24 289     (1 102) 
Issue of treasury shares under
employee share option plan                     –            –          – 
Dividend distributions                         –            –          – 
Recognition of BBBEE and staff share-
based payments                             8 317            –          – 
(Loss) profit for the year                     –            –          – 
Non-controlling interest                       –
Equity due to change in control                –            –          – 
Other comprehensive loss for the year          –      (50 677)     1 102
Balance as at 28 February 2018           137 310      (26 388)         –

                                                 Attributable 
                                                    to equity
                                                      holders         Non- 
                                        Retained       of the  controlling 
                                        earnings       parent     interest 
                                           R’000        R’000        R’000
Balance as at 28 February 2015           650 806    2 468 153       (4 042) 
Issue of ordinary shares under
employee share option plan                     –       19 269            –
Treasury shares acquired during 
the year                                       –      (23 973)           – 
Dividend distributions                  (164 571)    (164 571)           – 
Recognition of BBBEE and staff
share-based payments                           –        7 206            – 
Profit (loss) for the year (as
previously disclosed)                    207 672      207 672         (862) 
Restatement                              (54 495)     (54 495)           –
Minority interest                              –            –       (1 282) 
Realised foreign exchange gains
through profit and loss on disposal
of business                                    –        7 734            – 
Other comprehensive income (loss)
for the year                              63 456      169 321            – 
Balance as at 29 February 2016
(restated)                               702 868    2 636 316       (6 186)
Dividend distributions                  (102 965)    (102 965)           – 
Recognition of BBBEE and staff
share-based payments                           –        7 206            – 
(Loss) profit for the year              (194 094)    (194 094)       1 682
Other comprehensive (loss) income
for the year                             (41 905)    (126 484)           – 
Minority interest                              –            –         (745) 
Balance as at 28 February 2017
(restated)                               363 904    2 219 979       (5 249) 
Issue of treasury shares under
employee share option plan                     –       13 961            –
Dividend distributions                    (1 293)      (1 293)           – 
Recognition of BBBEE and staff
share-based payments                           –        8 317            –
(Loss) profit for the year              (563 278)    (563 278)       2 246
Non-controlling interest                       –            –        6 911
Equity due to change in control              858          858            – 
Other comprehensive loss for 
the year                                (30 964)     (80 539)           –
Balance as at 28 February 2018         (230 773)    1 598 005        3 908

                                                         BEE 
                                                      share- 
                                                    holders’
                                                    interest        Total
                                                       R’000        R’000
Balance as at 28 February 2015                           921    2 465 032
Issue of ordinary shares under employee share
option plan                                                –       19 269
Treasury shares acquired during the year                   –      (23 973)
Dividend distributions                                     –     (164 571) 
Recognition of BBBEE and staff share-based
payments                                                (245)       6 961
Profit (loss) for the year (as previously
disclosed)                                                 –      206 810
Restatement                                                –      (54 495) 
Minority interest                                          –       (1 282) 
Realised foreign exchange gains through profit
and loss on disposal of business                           –        7 734
Other comprehensive income (loss) for the year             –      169 321
Balance as at 29 February 2016 (restated)                676    2 630 806
Dividend distributions                                     –     (102 965) 
Recognition of BBBEE and staff share-based
payments                                                   –        7 206
(Loss) profit for the year                                 –     (192 412) 
Other comprehensive (loss) income for the year             –     (126 484)
Minority interest                                          –         (745) 
Balance as at 28 February 2017 (restated)                676    2 215 406
Issue of treasury shares under employee share
option plan                                                –       13 961
Dividend distributions                                     –       (1 293)
Recognition of BBBEE and staff share-based
payments                                                   –        8 317 
(Loss) profit for the year                                 –     (561 032) 
Non-controlling interest                                   –        6 911
Equity due to change in control                            –          858
Other comprehensive loss for the year                      –      (80 539) 
Balance as at 28 February 2018                           676    1 602 589

Audited summarised consolidated statement of cash flows 
for the year ended 28 February 2018

Operating activities
                                                          2018       2017
                                                                 Restated
                                                         R’000      R’000
Loss before taxation                                  (473 044)  (149 454) 
From continuing operations                            (392 360)   (49 116) 
From discontinued operations                           (80 684)  (100 337) 
Adjusted for:
Depreciation                                            31 696     37 311
Amortisation of intangibles                             96 893    107 183
Impairment of intangible assets, goodwill 
and bonds                                              477 797    132 519
Share of profits from associates                       (16 476)   (23 396)
Loss (profit) on the sale of property and
equipment                                                  839     (1 014) 
Share-based payments                                     8 767      7 647
Share-based payment expense                             12 822      7 206
Revaluation of share-based payment liability            (4 055)       441
Unrealised foreign exchange loss                           451     30 231
Non-cash portion of operating lease rentals             (1 361)     2 314
Profit on the sale of associate                       (184 960)         –
Net movement on assets held for sale                   203 701   (184 422) 
Fair value adjustment                                   (3 298)         – 
Increase in bad debt provision                         (21 274)   (16 608) 
Interest income                                        (16 614)    (9 085) 
Interest expense                                       140 643    150 955
Cash generated from operations before working
capital changes                                        243 760     84 181
Decrease in trade and other receivables                 45 930    222 935
Decrease in other financials assets                          –     (8 688) 
Increase (decrease) in trade and other payables         56 091    (22 999) 
Increase (decrease) in provisions                       44 674    (17 601) 
Cash generated by operations                           390 455    257 828
Interest income                                         16 614      9 085
Interest expense                                      (140 643)  (150 955)
Cash settlement of share options exercised             (31 384)         –
Taxation paid                                         (100 692)   (31 632) 
Dividend paid                                           (1 293)  (102 965) 
Net cash generated (utilised) by operating
activities                                             133 057    (18 639) 
Investing activities
Additions to property, equipment and intangible
assets                                                 (27 234)   (81 692) 
Proceeds from sale of property and equipment             2 133      5 875
Net cash outflow on acquisition of subsidiaries        (12 060)   (12 152) 
Dividends received from associates                           –      7 837
Net cash inflow on disposal of associate               305 702          – 
Net cash inflow from disposal of subsidiary                858          – 
Minority interest                                            –       (745) 
Net cash utilised from investing activities            269 399    (80 877) 
Financing activities
Payment from the issue of treasury shares               13 961          – 
Repayment of borrowings                             (1 790 664)  (300 853) 
Proceeds from borrowings                             1 626 468     46 801
Other non-current liabilities – interest-bearing        (2 271)       445
Decrease in other payables                                   –    (26 078) 
Net cash utilised by financing activities             (152 506)  (279 685) 
Net increase (decrease) in cash and cash
equivalents                                            249 950   (379 201) 
Cash and cash equivalents at the beginning of
period/year                                             98 702    477 903
Cash and cash equivalents at the end of the year       348 652     98 702

Audited summarised consolidated segment report 
for the year ended 28 February 2018

                                                    Industrial
                                              South               Support
                                             Africa  Australia   Services
Revenue
– 2018 (R’000)                            6 278 103  1 696 419  1 471 207
– 2017 (R’000)                            6 296 393  1 689 449  1 582 604
Internal revenue
– 2018 (R’000)                               39 450          –      6 015
– 2017 (R’000)                              117 320          –     83 302
Operating profit/(loss)
– 2018 (R’000)                              180 968     26 551     43 436
– 2017 (R’000)                              345 954     (2 633)    66 396
EBITDA
– 2018 (R’000)                              189 232     58 096     46 474
– 2017 (R’000)                              399 749     34 745     70 369
Depreciation and amortisation
– 2018 (R’000)                                8 262     31 545      3 030
– 2017 (R’000)                               15 146     37 378      8 921
Interest income
– 2018 (R’000)                               66 145        202     12 219
– 2017 (R’000)                               38 476        298      8 568
Interest expense
– 2018 (R’000)                              (56 312)          –    (8 942)
– 2017 (R’000)                              (22 537)       (59)    (9 313) 
Taxation expense/(income)
– 2018 (R’000)                              (26 396)    (5 698)    (3 152)
– 2017 (R’000)                               (2 451)   (25 043)     1 805
Asset carrying value from continuing
operations*
– 2018 (R’000)                            1 394 421   (117 682)   271 762
– 2017 (R’000)                            1 445 574    411 888    354 309
Liabilities carrying value**
– 2018 (R’000)                              535 976     42 777    153 232
– 2017 (R’000)                              305 752    257 835    176 066


                                               Professional Services
                                              South
                                             Africa  Australia  Training
Revenue
– 2018 (R’000)                            1 802 508  3 690 385   178 454
– 2017 (R’000)                            1 622 620  4 195 907   251 323
Internal revenue
– 2018 (R’000)                                2 240          –    11 192
– 2017 (R’000)                                4 343          –    40 539
Operating profit/(loss)
– 2018 (R’000)                              151 663     99 100   (54 711)
– 2017 (R’000)                              105 902     94 514     9 093
EBITDA
– 2018 (R’000)                              160 624    104 059   (51 824)
– 2017 (R’000)                              133 108     97 865    12 106
Depreciation and amortisation
– 2018 (R’000)                               24 821      4 022     2 886
– 2017 (R’000)                               25 021      3 350     2 949
Interest income
– 2018 (R’000)                               28 812        120       248
– 2017 (R’000)                               11 191        233       182
Interest expense
– 2018 (R’000)                               (6 757)    (3 047)  (11 964)
– 2017 (R’000)                              (46 410)    (6 007)  (10 268) 
Taxation expense/(income)
– 2018 (R’000)                               67 431     29 250   (12 822)
– 2017 (R’000)                                8 434        622    (1 463) 
Asset carrying value from continuing
operations*
– 2018 (R’000)                              747 752    499 450    94 961
– 2017 (R’000)                            1 023 507    475 695    96 860
Liabilities carrying value**
– 2018 (R’000)                              271 081    307 809   149 030
– 2017 (R’000)                              245 134    256 949    97 255

                                                   Financial
                                                    Services    Subtotal
Revenue                                        
– 2018 (R’000)                                       192 281  15 309 357
– 2017 (R’000)                                       163 670  15 801 966
Internal revenue                               
– 2018 (R’000)                                             –      58 897
– 2017 (R’000)                                             –     245 504
Operating profit/(loss)                        
– 2018 (R’000)                                        55 041     502 048
– 2017 (R’000)                                        47 914     667 140
EBITDA                                         
– 2018 (R’000)                                        58 218     564 879
– 2017 (R’000)                                        52 523     800 465
Depreciation and amortisation                  
– 2018 (R’000)                                         5 687      80 253
– 2017 (R’000)                                         2 266      95 031
Interest income                                
– 2018 (R’000)                                         8 066     115 812
– 2017 (R’000)                                        18 661      77 610
Interest expense                               
– 2018 (R’000)                                        (4 132)    (91 154)
– 2017 (R’000)                                        (2 312)    (96 906)
Taxation expense/(income)                      
– 2018 (R’000)                                         4 758      53 371
– 2017 (R’000)                                        11 837      (6 259)
Asset carrying value from continuing           
operations*                                    
– 2018 (R’000)                                       202 951   3 093 615
– 2017 (R’000)                                       220 467   4 028 300
Liabilities carrying value**                   
– 2018 (R’000)                                        24 650   1 484 555
– 2017 (R’000)                                        17 741   1 356 732

                                                    Central
                                           South
                                          Africa  Australia        Total
Revenue                            
– 2018 (R’000)                            16 034          –   15 325 391
– 2017 (R’000)                             2 115          –   15 804 081
Internal revenue                   
– 2018 (R’000)                            20 155          –       79 052
– 2017 (R’000)                               823          –      246 327
Operating profit/(loss)            
– 2018 (R’000)                          (446 475)   (47 543)       8 030
– 2017 (R’000)                          (462 997)    (2 265)     201 877
EBITDA                             
– 2018 (R’000)                          (403 264)   (24 996)     136 619
– 2017 (R’000)                          (451 829)    (2 265)     346 371
Depreciation and amortisation      
– 2018 (R’000)                            24 854     23 482      128 589
– 2017 (R’000)                            24 822     24 641      144 494
Interest income                    
– 2018 (R’000)                          (100 410)     1 212       16 614
– 2017 (R’000)                           (69 616)     1 092        9 085
Interest expense                   
– 2018 (R’000)                           (32 457)   (17 031)    (140 643)
– 2017 (R’000)                           (33 169)   (20 880)    (150 955) 
Taxation expense/(income)          
– 2018 (R’000)                            10 074    (35 095)     (28 350)
– 2017 (R’000)                           (31 011)    31 808       (5 462) 
Asset carrying value from          
continuing operations*             
– 2018 (R’000)                           573 757    875 544    4 542 916
– 2017 (R’000)                           647 230    765 017    5 440 546
Liabilities carrying value**       
– 2018 (R’000)                         1 065 596    301 382    2 851 533
– 2017 (R’000)                         1 530 427    522 871    3 410 030

                                                       South
                                    International     Africa       Total
Revenue                           
– 2018 (R’000)                          5 386 804  9 938 587  15 325 391
– 2017 (R’000)                          5 885 356  9 918 725  15 804 081
Internal revenue                  
– 2018 (R’000)                                  –     79 052      79 052
– 2017 (R’000)                                  –    246 327     246 327
Operating profit/(loss)           
– 2018 (R’000)                             78 108    (70 078)      8 030
– 2017 (R’000)                             64 975    136 902     201 877
EBITDA                            
– 2018 (R’000)                            137 159       (540)    136 619
– 2017 (R’000)                            105 704    240 667     346 371
Depreciation and                  
amortisation                      
– 2018 (R’000)                             59 049     69 540     128 589
– 2017 (R’000)                             65 369     79 125     144 494
Interest income                   
– 2018 (R’000)                              1 534     15 080      16 614
– 2017 (R’000)                              1 623    106 765       9 085
Interest expense                  
– 2018 (R’000)                            (20 078)  (120 564)   (140 643)
– 2017 (R’000)                            (26 945)  (124 010)   (150 955) 
Taxation expense/(income)
– 2018 (R’000)                            (11 543)    39 893     (28 350)
– 2017 (R’000)                              7 387    (12 849)     (5 462) 
Asset carrying value from
continuing operations*            
– 2018 (R’000)                          1 247 764  3 295 152   4 542 916
– 2017 (R’000)                          1 652 600  3 787 946   5 440 546
Liabilities carrying value**      
– 2018 (R’000)                            651 968  2 199 565   2 851 533
– 2017 (R’000)                          1 037 655  2 372 375   3 410 030

* Reconciliation of assets carrying value to balance sheet.
Assets carrying value per the segment report                   4 542 916

Other financial asset – relating to Capital Africa                22 552

Total assets per balance sheet                                 4 520 364

** Reconciliation of liabilities carrying value to 
   balance sheet.
Liabilities carrying value per the segment report              2 851 533

Deferred taxation – relating to Capital Africa                    47 431

Total liabilities per balance sheet                            2 898 964

Notes to the audited summarised consolidated financial statements
1. Basis of preparation and significant accounting policies
   The Group’s summary consolidated financial statements are prepared in 
   accordance with the JSE Limited Listings Requirements for provisional
   reports, and the requirements of the Companies Act of South Africa 
   applicable to summary financial statements. The Listings Requirements 
   require provisional reports to be prepared in accordance with the 
   framework concepts and the measurement and recognition requirements of 
   International Financial Reporting Standards (IFRS), the SAICA Financial 
   Reporting Guides as issued by the Accounting Practices Committee and 
   the Financial 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 
   and methods of computation applied in the preparation of the consolidated 
   financial statements, from which the summary consolidated financial 
   statements were derived, are in terms of IFRS and are consistent with the 
   accounting policies applied in the preparation of the Group’s previous 
   consolidated financial statements.

   These financial results and the full set of consolidated financial 
   statements have been prepared by the Group Financial Manager, A Viljoen 
   (BCom Honours) and supervised by the Group Chief Financial Officer, 
   CJ Kujenga (CA(SA).

2. Auditor’s reports
   These summary consolidated financial statements for the year ended 
   28 February 2018 have been audited by Deloitte & Touche, who expressed 
   an unmodified opinion on the thereon. The auditor also expressed an 
   unmodified opinion on the consolidated financial statements from which 
   these summary consolidated financial statements were derived.

   A copy of the auditor’s report on the summary consolidated financial 
   statements and of the auditor’s report on the consolidated financial 
   statements are available for inspection together with the accompanying 
   financial statements during office hours 8:00 – 16:00, Monday – Friday 
   at the Company’s registered office, Adcorp Office Park, corner William 
   Nicol and Wedgewood Link, Bryanston, together with the financial 
   statements identified in the respective auditor’s reports.

   The auditor’s report do not necessarily report on all of the information 
   contained in this announcement, shareholders are therefore advised that 
   in order to obtain full understanding of the nature of the auditor’s 
   engagement they should obtain a copy of that report together with the 
   accompanying financial information from the Company's registered office.

   Any forward looking statement have not been reviewed or reported on by 
   the Company’s external auditors.
   
3. Going concern
   The directors believe that the Group has adequate resources to continue 
   in operational existence for the foreseeable future. For this reason, 
   accounting policies supported by judgements, estimates and assumptions 
   in compliance with IFRS are applied on the basis that the Group shall 
   continue as a going concern.

4. Prior period adjustment
   During the current financial year errors were identified in the 
   accounting treatment of certain revenue and expense items in Adcorp 
   Training services dating back a number of years. This resulted in the 
   cost of sales and trade and other payables being understated with 
   R72 million. The underlying systems that resulted in the error have 
   been corrected.

   In FY2017 one of the debtors in Adcorp Industrial Services entered into 
   business rescue proceedings. At the time, a portion of the related debt 
   was included in the doubtful debt provision but not the full amount. As 
   a result trade receivables were overstated with R10 million.

   Both errors have been corrected by restating each of the affected 
   financial statement line items for the prior periods. The effect of the 
   summarised consolidated Statement of financial position, Statement of 
   comprehensive income and summarised statement of changes in equity is 
   set out below:

   Summarised consolidated statement of financial position

                                                              2017      2016
   Intangible assets                                             -     4 535
   Trade receivables                                        10 000         - 
   Trade and other payables                                 22 086    49 960
                                                            32 086    54 495
   Summarised consolidated statement of 
   comprehensive income
   Cost of sales                                            16 146         - 
   Provision for bad debts                                  10 000         - 
   Interest expense                                          5 940         -
                                                            32 086         -
   Summarised consolidated statement of 
   changes in equity

   Opening balance                                         702 868   650 806
   Total comprehensive income as previously reported      (306 878)  106 557
   Prior period error adjustment                           (32 086)  (54 495) 
   Closing balance                                         363 904   702 868

5. Discontinued operations
   The Group has taken the decision to dispose of its Rest of Africa 
   operations during the current financial year, as such its operations is 
   disclosed as discontinued, the current year comparative balance will differ 
   in some respects to those reported in 2017.

   The board considers the criteria for discontinued operations to have been 
   met for the following reasons:
   - Buyers have been identified, and sale agreements have been finalised 
     or are at the advanced stage, for the majority of the operations.
   - the remaining operations are available for immediate sale.

                                                            2018       2017
   Profit and loss                                         R'000      R'000
   Revenue                                               117 798    268 869
   Cost of sales                                         (91 837)  (211 033) 
   Gross profit                                           25 961     57 836
   Other income                                           10 915     28 078
   Operating expenses                                    (42 260)  (179 107) 
   Operating loss                                         (5 384)   (93 193) 
   Net interest                                                -     (7 144) 
   Impairments                                           (75 300)         - 
   Net loss before tax                                   (80 684)  (100 337) 
   Taxation                                              (59 638)   (48 421) 
   Net loss after tax                                   (140 322)  (148 758) 
   The impairment relates to fixed assets, debtors,
   cash, sundry creditors and loans in Africa.
   Assets and liabilities
   Non-current assets held for sale
   Property and equipment                                       -     31 492
   Intangible assets                                            -         59
   Other financial assets                                       -      6 555
   Current assets held for sale
   Trade and other receivables                             10 077     65 560
   Cash                                                         -    184 422
   Tax prepaid                                                357        905
   Total                                                   10 434    288 993
   Non-current liabilities associated with assets 
   classified as held for sale
   Trade and other payables                                11 306     64 745
   Provisions                                               4 756     21 057
   Tax payable                                             13 183     18 301
   Total                                                   29 245    104 103

6. Earnings per share
   The calculation of earnings per share on continuing operations is based 
   on losses of R422 956 341 (2017: R45 336 278) and a discontinued loss of 
   R140 322 087 (2017: R148 758 230) ordinary shares of 108 946 470 (2017: 
   108 382 849), being the weighted average number of shares relative to the 
   above earnings.

                                                          2018         2017
                                                         R’000        R’000
   Continuing operations
   Basic loss per share – cents                         (388,2)       (41,8) 
   Diluted loss per share - cents                       (378,6)       (40,7) 
   Discontinued operations
   Basic loss per share – cents                         (128,8)      (137,3)
   Diluted loss per share - cents                       (125,6)      (133,5) 
   Total basic loss per share - cents
   Basic loss per share – cents                         (517,0)      (179,1)
   Diluted loss per share - cents                       (504,2)      (174,1)
   113 220 069 (2017: 111 467 949) weighted 
   diluted number of shares are determinate as 
   follows: Reconciliation of diluted number  
   of shares
   Ordinary shares                                  108 946 470  108 382 849
   Adcorp employee share schemes – dilution*          4 273 599    3 085 100
   Diluted number of shares                         113 220 069  111 467 949
   Reconciliation of headline (loss) earnings 
   from continuing operations**
   Loss for the year                                   (422 956)     (45 336) 
   Profit on sale of property and equipment                (839)      (1 014) 
   Taxation recovered on the sale of property and
   equipment                                                235          284
   Impairment of investments, goodwill and loans        477 797      132 519
   Profits from the sale of associate                  (184 960)           0
   Taxation charged on sale of associate                 36 542            0
   Headline (loss) earnings                             (94 181)      86 453
   Headline (loss) earnings per share – cents             (86,4)        79,8
   Diluted headline (loss) earnings per share –
   cents                                                  (84,3)        77,6
   Reconciliation of headline loss from 
   discontinued operations **
   Loss for the year                                   (140 322)    (148 758) 
   Impairment of investments, goodwill and bonds         75 300            - 
   Headline loss                                        (65 022)    (148 758) 
   Headline loss per share – cents                        (59,7)      (137,3) 
   Diluted headline loss per share – cents                (58,2)      (133,5) 
   Reconciliation of headline loss from total
   operations
   Loss for the year                                   (563 278)    (194 094) 
   Impairment of investments, goodwill and bonds        553 097      132 519
   Profit on sale of property and equipment                (839)      (1 014)
   Taxation recovered on the sale of property and
   equipment                                                235          284
   Profits from the sale of associate                  (184 960)           - 
   Taxation charged on sale of associate                 36 542            - 
   Headline loss                                       (159 203)     (62 305) 
   Headline loss per share – cents                       (146,1)       (57,5)
   Diluted headline loss per share – cents               (142,5)       (55,9)

*  The dilution of shares results from the potential exercise of options 
   in the employee share scheme.
** Headline (loss)/earnings per share is based on earnings adjusted for 
   (profit)/loss on sale of assets, impairment of investments, goodwill, 
   bonds and the sale of associate

7. Interest bearing liabilities
   Secured – at amortised cost less amount capitalised
   
                                        Interest
                                            rate               Maturity
7.1  Long-term loans –                                
     non-current portion                              
     Amortising term loan             JIBAR +340      
     Amortising revolving loan        JIBAR +340      
     Six equal instalments on the                     
     last of each of the five                         
     months prior to                                  
     30 November 2020                                 
     Corporate bond                   JIBAR +249            8 March 2018
     Corporate bond                   JIBAR +240            31 July 2018
     Corporate bond                   JIBAR +250         4 December 2018
     Transaction costs                                
     capitalised                                      
     Amortising revolving loan –                      
     Australia                      2,9% – 3,15%      
7.2  Short-term loans                                 
     Commercial paper                                 
     Equal semi-annual instalments                    
     Corporate bond                   JIBAR +260        27 November 2017
     Amortising revolving loan –           3,15%      
     Australia                      (FY17: 3,85%)     
     Accrued interest           

                                                        2018       2017
                                                       R’000      R’000
7.1  Long-term loans – non-current portion           978 196    649 229
     Amortising term loan                            200 000          – 
     Amortising revolving loan                       725 000          – 
     Corporate bond                                        –    400 000
     Corporate bond                                        –    150 000
     Corporate bond                                        –    100 000
     Transaction costs capitalised                         –       (771) 
     Amortising revolving loan – Australia            53 196          –
7.2  Short-term loans                                228 687    720 603
     Commercial paper                                      –     50 000
     Corporate bond                                        –    209 000
     Amortising revolving loan – Australia           228 687    447 944
     Accrued interest                                      –     13 659
                                                  
     On 8 December 2017 the Group successfully redeemed all corporate 
     bonds under its South African-based domestic medium term note (DMTN) 
     programme and replaced it with a syndicated loan facility.

     As security for the South Africa loan facility granted to the Group, 
     a shared security agreement was entered into that holds a cession over 
     the trade receivables by certain operating subsidiaries:

     The list of guarantors under current facility is different to those 
     that formed part of the DMTN programme. A full list of the DMTN 
     guarantors was provided in the 2017 financial statements.

8. Subsequent events
   No material transactions or events subsequent to the end of the financial 
   year ended 28 February 2018 and prior to the approval of these 
   consolidated summarised financial statements.

9. Financial instruments
   Some of the Group's financial assets and financial liabilities are measured 
   at fair value at the end of each reporting year. The following table gives 
   information about how the fair values of these financials assets and 
   financial liabilities are determined (in particular, the valuation
   technique(s) and inputs used.)

   Financial                                 Fair
   assets/financial     2018     2017       value    Valuation technique(s)
   liabilities         R’000    R’000   hierarchy    and key inputs
   Investment         13 243   10 000     Level 1    Fair value – Market 
                                                     valuation
   Other financial    10 361   31 861     Level 1    Bond – Fair value – 
   assets                                            Market valuation    
   Derivative              -  1 574       Level 2    Fair value – Discounted 
   financial                                         cash flow. Future cash 
   instrument                                        flows are estimated based 
                                                     on forward interest rates 
                                                     (from observable yield 
                                                     curves at the end of the 
                                                     reporting period) and 
                                                     contract interest rates, 
                                                     discounted at a rate that 
                                                     reflects the credit risk
                                                     of the counterparty
     
                                                            Relationship 
   Financial                                Significant     of unobservable 
   assets/financial                        unobservable      inputs to fair
   liabilities                                  input(s)              value
   Investment                                        n/a                n/a 
   Other financial assets                            n/a                n/a 
   Derivative financial instrument                   n/a                n/a

Corporate information
Executive directors: I Dutiro (Chief Executive Officer), MA Jurgens, 
CJ Kujenga

Non-executive directors: GT Serobe (Chairman), GP Dingaan, C Maswanganyi, 
TP Moeketsi, S Sithole

Independent non-executive directors: JA Boggenpoel, SN Mabaso-Koyana, 
FS Mufamadi, ME Mthunzi, MW Spicer (Lead Independent)

Physical address: Adcorp Office Park, Nicolway Bryanston, corner William
Nicol and Wedgewood Link, Bryanston, 2021

Telephone: 011 244 5300

Website: www.adcorpgroup.com

Secretary: KH Fihrer

Transfer secretaries: Terbium Financial Service (Pty) Ltd, Beacon House,
31 Beacon Road, Florida North, 1709

Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd, Building 8, Deloitte
Place, The Woodlands, 20 Woodlands Drive, Woodmead, Sandton, 2196
Date: 18/05/2018 02:04:00 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,
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