DISTRIBUTION AND WAREHOUSING NETWORK LIMITED - Audited Summary Consolidated Financial Results for the year ended 31 March 2018

Release Date: 12/07/2018 17:37
Code(s): DAW
 
Wrap Text
Audited Summary Consolidated Financial Results 
for the year ended 31 March 2018

DISTRIBUTION AND WAREHOUSING NETWORK LIMITED 
(Incorporated in the Republic of South Africa) 
(Registration number 1984/008265/06) 
(“DAWN” or “the group” or “the company”) 
Alpha code: DAW 
ISIN: ZAE000018834 
E-mail: info@dawnltd.co.za

AUDITED SUMMARY CONSOLIDATED FINANCIAL RESULTS 
for the year ended 31 March 2018

GROUP STRUCTURE
Distribution and Warehousing Network Limited (“DAWN”), which is 
listed on the JSE (as “DAW”), distributes quality branded 
hardware, sanitaryware, plumbing, kitchen, engineering and civil 
products throughout South Africa and to selected countries in the 
sub-Saharan Africa. The group operates through two segments, 
namely trading and manufacturing. The trading segment markets a 
comprehensive range of products, sourced locally and from 
imports. The manufacturing segment produces mainly PVC and HDPE 
water reticulation, drainage pipe and fitting systems. A large 
range of customers are served through a national footprint of 
outlets under Wholesale Housing Supplies (“WHS”), (trading as 
WHD, Saffer and Stability), Incledon, DAWN Africa, DAWN Kitchen 
Fittings, Hamilton’s Brushware, DPI Plastics and Ubuntu Plastics.  
The structure below summarises the components of the group at the 
end of the 2018 financial year.

LETTER FROM EDWIN HEWITT TO ALL STAKEHOLDERS
This past financial year was a difficult year for the DAWN group, 
plagued by a host of legacy issues and requiring executive 
management focus on stabilising the financial position of the 
company. In July 2017 I advised our shareholders that the 2018 
financial year (F2018) would be the first year of a three-year 
turnaround plan. This was delayed as F2018 became a year of 
discovery, intense clean-up, introduction of new management 
across the group and stabilisation of the business. Furthermore, 
the macro environment in which we operate has continued to 
deteriorate, which has obstructed efforts to restore 
profitability. Our results, albeit considerably better than last 
year, are worse than anticipated and disappointing, especially in 
light of all the hard work that was done by my management teams 
and every employee in the group over the year.

In our investor communications over the past 12 months, I 
highlighted that the economy remained a significant risk to us 
and that any further downturn or prolonged negative conditions 
would restrict our ability to return to profitability within a 
reasonable timeframe. This has been our reality. Wholesale trade 
industry performance in construction materials, hardware, 
plumbing and heating equipment and supplies, declined in F2018, 
as did the revenue of our largest group company, Wholesale 
Housing Supplies (WHS). This industry, which affects two thirds 
of our business, continues to decline off an already low base and 
highlights the ongoing difficult trading conditions under which 
we operate. The manufacturing businesses have also continued to 
struggle as a result of external factors. The BER FNB State of 
the Civil Construction Industry Report for Q1 2018 reported that 
the Civil Confidence Index lost seven points to register its 
lowest ever level of 12.  

The unmodified report of the independent auditor on the summary 
consolidated financial statements contains an emphasis of matter 
on material uncertainty relating to going concern. The going 
concern assessment is discussed in more detail below. 
The economic environment is not the only external factor that has 
affected our performance. We continue to deal with challenges as 
a result of changing industry dynamics. Our suppliers are 
experiencing increasing competition from cheaper, good quality, 
imported products. Furthermore, the loss of a key gardening 
product agency in H1 and poor supply performance from a core 
sanitaryware supplier in H2 significantly impeded DAWN’s 
performance. We are pleased to announce that we have sourced and 
introduced a new high-quality European-manufactured garden 
product range, Cellfast, to South Africa. This was launched early 
in F2019. We are proud to be the sole distributors of this 
product range in southern Africa. We continue investigating 
alternative agencies for the business to ensure our offering 
remains market competitive going forward.

We knew at the beginning of the financial year that we needed to 
restore liquidity to the group without delay. The R358 million 
cash received from the rights offer in April 2017 was used to 
reduce debt with the banks, but was not sufficient to fund the 
turnaround and debt levels remained high. In H1, the executive 
management team spent significant time on managing the liquidity 
position, including an in-depth cash flow review and engagement 
with our banks on covenant breaches and initiatives to retain our 
working capital facilities and sustain operational requirements. 
The sale of Grohe DAWN Watertech (GDW), Swan Plastics (as a 
result of the costly put option agreed to historically) and other 
smaller businesses generated R373,5 million. This allowed us to 
settle our debt and provide liquidity towards funding the 
turnaround. This progress is a highlight of the year as we were 
able to decrease net debt to equity from 93% at the start of the 
year to only 8% at year-end. In H2 the executive management of 
DAWN focused on further understanding the issues in each business 
at a detailed level. The deeper we delved, the more we understood 
the extent of the complexities we faced. It became evident that 
the turnaround required substantially more effort and that the 
return to profitability would be delayed. 

Attending to legacy issues relating to the ongoing Sangio Pipe 
Competition Commission matter, the remediation of an employee tax 
incentive claimed previously, the resolution of system/accounting 
issues at Incledon, consistent management in terms of stock 
obsolescence, assessment of valuation and competitiveness in 
terms of outdated manufacturing equipment and dealing with 
historical cost issues (for example, lease costs which arose from 
a sale and lease back in previous years) continued to drain 
management focus and significantly impacted the financial 
performance of the group. Further details of these challenges are 
provided in the results commentary. While some of the legacy 
issues, such as the onerous leases and the need to invest in the 
manufacturing business will continue to be a hangover in F2019, I 
believe we have addressed the significant issues. 

In addition to addressing the issues mentioned in this letter, we 
have worked relentlessly to restore relationships with our 
suppliers and customers. We have engaged with customers to 
understand the market requirements, renegotiated supplier 
agreements, removed unprofitable lines, undertaken a detailed 
inventory and supply chain analysis and implemented remedial 
improvements for our manufacturing and trading businesses. We 
have vastly improved the processes and efficiencies, while 
implementing further cost reductions. 

We have also formed strategic partnerships with key suppliers, 
introduced new in-house ranges such as iMara, increased our 
proportion of imported product and increased our HDPE pipe 
manufacturing plant capability.

During F2018 we identified that the group required very strong 
leadership to take the business forward. To address this, new 
managing directors were appointed at WHS, DPI, Incledon and 
Hamilton’s Brushware. I now have a strong executive team, which 
is relentlessly committed to the best outcome for all our 
stakeholders. 

Our focus in F2019 will be on the accelerated execution of the 
turnaround plan and the refinement and implementation of the 
longer-term strategy. This includes further re-engineering of the 
cost base to align with the current sales reality, expanding the 
product range to higher-margin products, implementing new sector 
strategies and exploring new markets. The current market 
conditions are expected to persist in F2019 and as a result we 
anticipate another difficult financial year. 

Cash flow and working capital management will be our top priority 
in F2019 and we will actively manage our working capital to be 
aligned to market levels. The ability to fund our short-term 
liquidity requirements is dependent on the availability of 
adequate funding facilities. We have made progress in securing 
working capital facilities to continue to fund the operations of 
the group in F2019. 

As outlined throughout above, we are actively addressing the 
group’s short-term challenges through appropriate actions.
I thank my management team and all our colleagues at DAWN for 
their ongoing commitment and the sacrifice of their personal and 
family time, with many long hours invested and resilience 
displayed at every challenge we have faced. I thank our bank, 
Absa, for their support over the past year and into the future. I 
also thank the board and our shareholders for their rigorous 
attention and continued support in securing our future.

Regards

Edwin Hewitt 
Chief executive officer
12 July 2018

RESULTS COMMENTARY
for the year ended 31 March 2018

FINANCIAL REVIEW
INCOME STATEMENT
Revenue for F2018 declined by 19,1% to R3,5 billion (F2017: R4,3 
billion). In H1 F2018 revenue declined by 19,8% and in H2 F2018 
revenue declined by 18,3%. Volumes in F2018 declined by 19,1% and 
price inflation remained flat.  

The group’s strong focus on cost control has resulted in a 
pleasing 21% (R258,7 million) decline in operating expenses 
(administrative and selling expenses; distribution and 
warehousing expenses; other operating expense), before other 
operating income, impairments and derecognition, from R1 209,2 
million in F2017 to R950,6 million in F2018.  Expenses as a 
proportion of revenue, however, increased from 23,7% in F2017 to 
24,9% in F2018, due to the reduction in revenue levels. These 
amounts have been adjusted for once-off costs, including 
restructuring costs, impairments and write-downs. DAWN continues 
to focus on cost reduction as a critical element in ensuring the 
sustainability of the group.

Impairments and derecognitions amounted to R107,2 million, 
comprising impairments of R132,4 million and derecognitions of 
R25,2 million. Impairments consist of intangible software of 
R50,5 million across the group and plant and equipment of R81,9 
million in the manufacturing segment. Derecognitions consist of 
the profit on disposal of Swan Plastics and Fibrex.

The reported loss before interest and tax reduced by 31,6% to 
R329,8 million (F2017: R482,3 million) as the group curtailed 
unprofitable business as well as unprofitable suppliers and 
products.  

In the first half of the year the operational loss (before 
impairments and derecognitions) improved by 49,3% to R26,4 
million compared to H1 2017. In the second half, however, the 
loss worsened considerably to R222,6 million for F2018 compared 
to R420,2 for F2017.  In H2 F2018, Swan Plastics’ positive 
contribution was no longer in the base. The market was also far 
more competitive than in F2017 as suppliers and competitors 
fought for margin in a market that turned down sharply. The 
business was also negatively affected by supply disruptions.  

Income from associates and joint ventures reduced from a profit 
of R14,7 million in F2017 to a profit of R5,5 million in F2018.
Most businesses are not in a tax expense position. The group’s 
effective tax rate, therefore, moved from 9,7% in F2017 to 2,2% 
in F2018.

The loss from discontinued operations, relating to GDW, amounted 
to R62,0 million in F2018 compared to R61,7 million in F2017. 
Non-controlling interest expense included Swan Plastics, Ubuntu 
Plastics and Hamilton’s Brushware of R5,5 million in F2018 
compared to R17,3 million in F2017. The group acquired the non-
controlling interest in Hamilton’s Brushware for R6 million.  
As a result of all the factors outlined above, the group’s 
attributable loss improved by 34,4% to R432,0 million compared to 
R658,7 million in F2017.  

Due to the rights issue in April 2017, the group has 600 million 
shares in issue (242 million in F2017). The average weighted 
number of shares from which earnings per share and headline 
earnings per share are derived is 579,7 million shares for F2018 
and 330,0 million shares for F2017 (236,7 million shares plus 
bonus rights issue shares). This has resulted in a loss per share 
of 74,5 cents per share compared to a loss of 199,6 cents per 
share in F2017. The headline loss is 49,7 cents per share for 
F2018 compared to a loss of 179,0 cents per share for F2017.

STATEMENT OF FINANCIAL POSITION
Management and the board are pleased to report that the group’s 
net debt declined from R367,4 million to R25,7 million at the 
year-end F2018. The rights offer raised R358 million and 
businesses disposed of contributed a further R373,5 million in 
cash. Against this, the group repaid bridging finance of R200 
million and term debt of R175 million, after paying bridging 
finance and rights offer fees of R27 million. The net result was 
a R28,7 million change from a R60,9 million net interest expense 
in F2017 to a net interest expense of R32,2 million in F2018.

Net gearing improved from 86,8% at the end of F2017 to 8,2% at 
the end of F2018. The assets disposed of in F2018 included Fibrex 
(R11 million), Boutique Baths (R3 million) in H1 F2018 and Swan 
Plastics (R35 million) and the remaining 49% of GDW for R324,5 
million to Lixil in H2 F2018.

Property, plant and equipment decreased from R225,8 million in 
F2017 to R79,1 million at year-end. Additions to plant in DPI 
Plastics and Swan Plastics, as well as the vehicle fleet and 
leasehold improvements, amounted to R28,7 million in F2018. 

Intangible assets, mainly comprising software, amounting to R65,1 
million at F2017 was impaired in full during F2018. Net working 
capital days at year-end were 60 and comprised debtor days of 40 
and inventory days of 59, offset by creditor days of 40. Due to 
the lower revenue, inventory days increased despite an 8,0% 
decrease in monetary terms. After a focused inventory clean-up, 
which is still ongoing, the inventory composition is healthier 
and more current than in F2017. 

Accounts receivable days remained at 40 days despite a tough 
economy. Creditor funding in monetary terms and days outstanding 
decreased considerably as a result of creditors being paid within 
terms and a reduction in purchases to align inventory to the 
lower revenue levels. 

The group’s net asset value decreased by 50% to 52,9 cents per 
share at 31 March 2018 compared to 105,1 cents per share at 31 
March 2017. Tangible net asset value decreased by 38% to 52,9 
cents per share at 31 March 2018 compared to 85,3 cents per share 
at 31 March 2017.

CASH FLOW STATEMENT
The proceeds of the rights offer and asset disposals enabled the 
group to settle outstanding creditors and secure adequate working 
capital funding in the second half of F2018.

As a result of trading losses, cash utilised in operating 
activities before working capital changes was R199,6 million. 
Investment in working capital amounted to R65,7 million. Net 
finance charges and taxation paid amounted to outflows of R40,2 
million and R15,3 million respectively, giving rise to a cash 
utilisation from operating activities of R320,9 million. 
Investing and net finance activities resulted in an inflow of 
R248,5 million, mainly comprising inflows from the rights issue, 
offset by loan, bridging and trade finance repayments as well as 
the proceeds from the disposal of businesses and outflow from 
capital expenditure.

Cash balances are managed on a daily basis and the management 
committee meets at least bi-weekly to review the cash flow 
projections.

COMPETITION COMMISSION MATTER
DAWN appealed the Competition Tribunal’s decision handed down in 
respect of an allegation of market allocation arrangement 
affecting DAWN Consolidated Holdings, DPI Plastics and Sangio 
Pipe. On 4 May 2018, judgement was handed down in the Competition 
Appeal Court. The court upheld DAWN’s appeal and set aside the 
decision of the Tribunal, dismissing the complaint with costs. On 
25 May 2018, DAWN received notification that the Competition 
Commission had applied to the Constitutional Court for leave to 
appeal against the decision of the Competition Appeal Court. 

TAX MATTER
An income tax liability manifested in F2017 as a result of the 
incorrect application of Employee’s Tax Incentive.  DAWN used the 
Voluntarily Disclosure Programme to disclose this to the South 
African Revenue Service (“SARS”). Of the R45 million to be repaid 
to SARS, R36 million was provided for in F2017. The matter 
therefore only had a R9 million impact on the F2018 results.   

RESTATEMENT
Restatements were required to correct unreconciled accounting 
balances at Incledon. Further details of the errors are included 
in the note relating to restatements, note 9.

PROSPECTS 
Prospects have been detailed in the letter from Edwin Hewitt to 
all stakeholders in the aforementioned.
The going concern assessment is included in this audited summary 
consolidated financial results.
Any forward-looking statement has not been reviewed or reported 
on by the company’s auditors, PricewaterhouseCoopers Inc.
CHANGES TO THE BOARD OF DIRECTORS
During the year under review:
–  Edwin Hewitt was appointed as chief executive officer on 
   1 April 2017;
–  Chris Booyens was appointed as chief financial officer on 
   1 May 2017;
–  David Austin, chief financial officer, resigned with effect 
   from 30 June 2017;
–  Charles Boles, independent non-executive director, and Theunis 
   de Bruyn, non-executive director, were appointed to the board 
   with effect from 20 July 2017;
–  Veli Mokoena, independent non-executive director, resigned 
   with effect from 16 November 2017;
–  Stephen Connelly, deputy executive chairman, resigned with 
   effect from 31 January 2018;
–  Diederik Fouché, independent non-executive director and 
   chairman, resigned with effect from 1 March 2018; and
–  following Diederik Fouche’s resignation, Theunis de Bruyn was 
   appointed as acting non-executive chairman, supported by Lou 
   Alberts as the lead independent director.

The group expresses its great appreciation for the sage advice, 
time and effort contributed by the departing board members.
Events after the reporting date
Refer to note 10. 

DIVIDEND
No dividend has been proposed or declared. 

For and on behalf of the board of directors

Theunis de Bruyn                   Edwin Hewitt  
Acting non-executive chairman      CEO   

Chris Booyens
CFO

Germiston 
12 July 2018

INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY CONSOLIDATED 
FINANCIAL STATEMENTS

To the Shareholders of Distribution and Warehousing Network 
Limited

OPINION
The summary consolidated financial statements of Distribution and 
Warehousing Network Limited, set out on pages 8 to 27 of the 
summary consolidated financial results, which comprise the 
summary consolidated statement of financial position as at 31 
March 2018, the summary consolidated income statements, the 
summary consolidated statement of comprehensive income, changes 
in equity and cash flows  for the year then ended, and related 
notes, are derived from the audited consolidated financial 
statements of Distribution and Warehousing Network Limited for 
the year ended 31 March 2018.

In our opinion, the accompanying summary consolidated financial 
statements are consistent, in all material respects, with the 
audited consolidated financial statements, in accordance with the 
JSE Limited’s (JSE) requirements for summary financial 
statements, as set out in note 1 to the summary consolidated 
financial statements, and the requirements of the Companies Act 
of South Africa as applicable to summary financial statements.

SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
The summary consolidated financial statements do not contain all 
the disclosures required by International Financial Reporting 
Standards and the requirements of the Companies Act of South 
Africa as applicable to annual financial statements. Reading the 
summary consolidated financial statements and the auditor’s 
report thereon, therefore, is not a substitute for reading the 
audited consolidated financial statements and the auditor’s 
report thereon. 

THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND OUR REPORT 
THEREON
We expressed an unmodified audit opinion on the audited 
consolidated financial statements in our report dated 12 July 
2018. That report also includes:

–  A Material Uncertainty Related to Going Concern section that 
   draws attention to Note 1 in the audited consolidated 
   financial statements, which indicated that Distribution and 
   Warehousing Network Limited and its subsidiaries, together the 
   Group, incurred a net loss of R426.5m during the year ended 
   31 March 2018. These events or conditions, along with other 
   matters as set forth in Note 1 of the audited consolidated 
   financial statements, indicate that a material uncertainty 
   exists that may cast significant doubt on the group’s ability 
   to continue as a going concern. These matters are addressed in 
   Note 1 of the summary consolidated financial statements.  

–  That report also includes communication of other key audit 
   matters. Key audit matters are those matters that, in our 
   professional judgement, were of most significance in our audit 
   of the consolidated financial statements of the current 
   period.

DIRECTORS’ RESPONSIBILITY FOR THE SUMMARY CONSOLIDATED FINANCIAL 
STATEMENTS
The directors are responsible for the preparation of the summary 
consolidated financial statements in accordance with the 
requirements of the JSE’s requirements for summary financial 
statements, set out in note 1 to the summary consolidated 
financial statements, and the requirements of the Companies Act 
of South Africa as applicable to summary financial statements.

AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on whether the 
summary consolidated financial statements are consistent, in all 
material respects, with the audited consolidated financial 
statements based on our procedures, which were conducted in 
accordance with International Standard on Auditing (ISA) 810 
(Revised), Engagements to Report on Summary Financial Statements.

PricewaterhouseCoopers Inc. 
Director: I Buys
Registered Auditor 
Johannesburg 
12 July 2018 

PricewaterhouseCoopers Inc., 4 Lisbon Lane, Waterfall City, 
Jukskei View, 2090   Private Bag X36, Sunninghill, 2157, South 
Africa

SUMMARY CONSOLIDATED INCOME STATEMENT 
for the year ended 31 March 2018
GROUP
                                                       Restated*
                                              2018         2017
                                             R’000        R’000
Revenue                                  3 478 626    4 300 864
Cost of sales                           (2 780 514)  (3 541 225)
Gross profit                               698 112      759 639
Operating expenses                        (950 592)  (1 209 246)
 Administrative and selling expenses      (660 588)    (792 639)
 Distribution and warehousing 
  expenses                                (243 671)    (328 396)
 Other operating expenses                  (46 333)     (88 211)
Other operating income/expense              29 923       29 393
Operating loss before impairments 
 and derecognitions of  previously 
 held interests                           (222 557)    (420 214)
Net gain on derecognition of 
 subsidiaries                               25 178        1 202
Impairments                               (132 418)     (63 309)
Operating loss                            (329 797)    (482 321)
Finance income                               3 230          989
Finance expenses                           (35 482)     (61 904)
Loss after net financing costs            (362 049)    (543 236)
Share of profit in investments 
 accounted using the equity method           5 488       14 731
Loss before taxation                      (356 561)    (528 505)
Income tax expense                          (7 864)     (51 272)
Loss from continuing operations           (364 425)    (579 777)
Loss from discontinued operations          (62 037)     (61 637)
Loss for the year                         (426 462)    (641 414)
(Loss)/profit attributable to: 
Owners of the parent                      (431 967)    (658 729)
Non-controlling interests                    5 505       17 315
Loss for the year                         (426 462)    (641 414)
Loss per share (cents)                      (74,51)     (199,62)
Loss per share from continuing 
 operations                                 (63,81)     (180,94)
Loss per share from discontinued 
 operations                                 (10,70)      (18,68)
Diluted loss per share (cents)              (74,51)     (199,62) 
Diluted loss per share from 
 continuing operations                      (63,81)     (180,94)
Diluted loss per share from 
 discontinued operations                    (10,70)      (18,68)
* Restatement amounts relate to the Grohe DAWN Watertech disposal 
  group and to accounting errors in a major subsidiary (refer 
  note 9). 

SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2018
GROUP
                                                       Restated*
                                              2018         2017
                                             R’000        R’000
Loss for the year                         (426 462)    (641 414)
Other comprehensive income 
Items that will not be reclassified 
 to profit or loss: 
Effects of retirement benefit 
 obligations                                    82           91
Tax-related components                         (23)         (25)
                                                59           66
Items that may be subsequently 
 reclassified to profit or loss: 
Exchange differences recycled through 
 profit/loss                                (2 479)       7 164
Exchange differences on translating 
 foreign operations                         (1 229)      (1 423)
Cash flow hedging reserve                   (1 084)         858
Tax-related components                         320         (240)
                                            (4 472)       6 359
Total other comprehensive 
 (loss)/income                              (4 413)       6 425
Total comprehensive loss                  (430 875)    (634 989)
Total comprehensive (loss)/income 
 attributable to: 
Owners of the parent                      (436 380)    (652 304)
Non-controlling interests                    5 505       17 315
                                          (430 875)    (634 989)
Total comprehensive loss attributable 
 to equity shareholders arising from: 
Continuing operations                     (368 838)    (573 352)
Discontinued operations                    (62 037)     (61 637)
                                          (430 875)    (634 989)
* Restatement amounts relate to accounting errors in a major 
  subsidiary (refer note 9). 

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 March 2018
GROUP
                                          Restated*    Restated*
                                 2018         2017         2016
                                R’000        R’000        R’000
ASSETS 
NON-CURRENT ASSETS 
Property, plant and 
 equipment                     79 103      225 794      236 278
Intangible assets                   –       65 126       66 433
Investments in associates 
 and joint ventures             5 756      296 261      453 496
Derivative financial 
 instruments                        –       19 115       34 380
Deferred tax assets             1 093       68 298       98 400
                               85 952      674 594      888 987
CURRENT ASSETS 
Inventories                   478 040      519 378      800 082 
Trade and other 
 receivables                  515 145      631 879      910 020
Cash and cash 
 equivalents                  113 960      108 741       80 006
Derivative financial 
 instruments                        –          632          249
Current tax assets                788        8 107        6 300
                            1 107 933    1 268 737    1 796 657 
Assets classified as 
 held-for-sale                 28 380        6 652            –
Total assets                1 222 265    1 949 983    2 685 644 
EQUITY AND LIABILITIES 
EQUITY 
Capital and reserves 
 attributable to equity 
 holders of the company 
Share capital and 
 share premium                714 785      376 170      376 170
(Accumulated loss)/retained 
 income                      (379 345)     (19 595)     639 134
Other reserves                (28 884)      (9 874)      (5 844)
Share capital and reserves    306 556      346 701    1 009 460
Non-controlling interests       6 509       47 975       39 664
Total equity                  313 065      394 676    1 049 124
LIABILITIES 
NON-CURRENT LIABILITIES 
Borrowings                     23 768       58 275       75 859
Derivative financial 
 instruments                        –       78 217       89 454
Deferred profit                23 422       28 749       34 076
Deferred tax liabilities        2 543       25 762       22 185
Retirement benefit obligation   4 895        5 066        5 100 
Share-based payment 
 liabilities                        –        5 329        4 883
Operating lease liabilities    94 322      101 597      110 363
Trade and other payables            –            –        7 114
                              148 950      302 995      349 034
CURRENT LIABILITIES 
Trade and other payables      608 403      785 735      897 669
Borrowings                     25 010      448 128      357 381
Operating lease liabilities     9 606        5 204        2 776
Derivative financial 
 instruments                    4 223          588        8 664 
Bank overdraft                 94 342           48 ^          –
Deferred profit                 5 327        5 327        5 327
Current tax liabilities         7 643        5 694        7 728 
Share-based payment 
 liabilities                        –            –        7 941 
                              754 554    1 250 724    1 287 486
Liabilities directly 
 associated with assets 
 classified as 
 held-for-sale                  5 696        1 588            –
Total liabilities             909 200    1 555 307    1 636 520 
Total equity and 
 liabilities                1 222 265    1 949 983    2 685 644 
^ Reclassification of bank overdraft from borrowings to improve 
  on disclosure.
* Restatement amounts relate to accounting errors in a major 
  subsidiary (refer note 9). 

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
for the year ended 31 March 2018
                       Share                             Equity
                     capital                            attribu-
                   and share       Other    Retained   table to
                     premium    reserves    earnings    company
                       R’000       R’000       R’000      R’000
Balance at 
 1 April 2016 
 as reported         376 170      (5 844)    646 222  1 016 548 
Restatement 1 
 – Incledon *              –           –      (7 088)    (7 088)
Balance at 
 1 April 2016 
 as restated         376 170      (5 844)    639 134  1 009 460
Total comprehensive 
 income/(loss) 
 for the year              –       6 425    (658 729)  (652 304)
(Loss)/profit for 
 the year                  –           –    (658 729)  (658 729)
Other comprehensive 
 income for the year       –       6 425           –      6 425
Dividends paid             –           –           –          –
Total contributions 
 by and distributions 
 to owners of the 
 company recognised 
 directly in equity        –     (10 455)          –    (10 455)
Share-based payment 
 – charge for 
 the year                  –       2 700           –      2 700
Transactions with 
 non-controlling 
 interests                 –     (13 155)          –    (13 155)
Balance at 
 1 April 2017 
 as restated         376 170      (9 874)    (19 595)   346 701 
Total comprehensive 
 (loss)/income 
 for the year              –      (4 413)   (431 967)  (436 380)
(Loss)/profit for 
 the year                  –           –    (431 967)  (431 967)
Other comprehensive 
 loss for the year         –      (4 413)          –     (4 413)
Dividends paid             –           –           –          –
Total contributions 
 by and distributions 
 to owners of  the 
 company recognised 
 directly in equity  338 615     (14 597)     72 217    396 235
Share-based payment 
 – charge for 
 the year                  –      (2 994)          –     (2 994)
Rights offer 
 proceeds            338 615           –           –    338 615
Put option 
 released on sale 
 of Swan Plastics          –           –      72 217     72 217 
Treasury shares 
 acquired through 
 rights offer              –      (8 148)          –     (8 148)
Derecognition through 
 disposal of 
 subsidiaries              –           –           –          – 
Transactions with 
 non-controlling 
 interests                 –      (3 455)          –     (3 455)
Balance at 
 31 March 2018       714 785     (28 884)   (379 345)   306 556 
Note                       4 

SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
for the year ended 31 March 2018
                                                 Non-
                                             control- 
                                                ling 
                                           interests      Total
                                               R’000      R’000
Balance at 1 April 2016 as reported           39 664  1 056 212 
Restatement 1 – Incledon *                         –     (7 088)
Balance at 1 April 2016 as restated           39 664  1 049 124 
Total comprehensive income/(loss) 
 for the year                                 17 475   (634 829)
(Loss)/profit for the year                    17 315   (641 414)
Other comprehensive income for the year          160      6 585 
Dividends paid                               (21 969)   (21 969)
Total contributions by and 
 distributions to owners of the 
 company recognised directly in equity        12 805      2 350
Share-based payment – charge for the year          –      2 700 
Transactions with non-controlling 
 interests                                    12 805       (350)
Balance at 1 April 2017 as restated           47 975    394 676 
Total comprehensive (loss)/income 
 for the year                                  5 505   (430 875)
(Loss)/profit for the year                     5 505   (426 462)
Other comprehensive loss for the year              –     (4 413)
Dividends paid                                    (6)        (6)
Total contributions by and distributions 
 to owners of the company recognised 
 directly in equity                          (46 965)   349 270 
Share-based payment – charge for the year          –     (2 994)
Rights offer proceeds                              –    338 615 
Put option released on sale of 
 Swan Plastics                                     –     72 217 
Treasury shares acquired through 
 rights offer                                      –     (8 148)
Derecognition through disposal of 
 subsidiaries                                (44 420)   (44 420)
Transactions with non-controlling 
 interests                                    (2 545)    (6 000)
Balance at 31 March 2018                       6 509    313 065 
* Restatement amounts relate to accounting errors in a major 
  subsidiary (refer note 9). 

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2018
GROUP
                                              2018         2017
                                             R’000        R’000
Cash flows from operating activities 
Cash (utilised in)/generated from 
 operations                               (265 361)      44 507
Finance income received                      3 230        3 316
Finance expense paid                       (43 461)     (54 751)
Income tax paid                            (15 393)     (22 268)
Net cash generated from operating 
 activities                               (320 985)     (29 196)
Cash flows from investing activities 
Additions to property, plant and 
 equipment                                 (20 736)     (38 421)
Additions and development of 
 intangible assets                          (2 975)     (13 066)
Proceeds on disposal of property, 
 plant and equipment                        11 429       21 876 
Proceeds on disposal of interest in 
 associate – Fibrex                         10 456       27 000
Dividends received from 
 associates/joint ventures – College
 of Production Technology                      600       24 699 
Loan proceeds from joint ventures 
 and associates                                  –        7 592
Proceeds from disposal of investment 
 in Boutique Baths                           3 000            – 
Proceeds from disposal of investment 
 in Swan Plastics                           35 000            – 
Proceeds from disposal of Grohe DAWN 
 Watertech                                 324 500            – 
Net cash generated by investing 
 activities                                361 274       29 680 
Cash flows from financing activities 
Proceeds from borrowings                         –          964 
Proceeds from bridging 
 finance facility                                –      250 000
Proceeds from rights offer                 358 130            –
Costs associated with rights offer         (19 514)           –
Repayment of bridging finance 
 facility – Investec                      (200 000)           –
Repayment of bridging finance 
 facility – Absa                                 –      (50 000)
Repayment of borrowings                     (4 578)      (9 642)
Repayment of Absa facility                (175 000)     (25 000)
Repayment of trade finance facilities      (31 958)     (54 270)
Instalment sale payments                   (10 469)     (28 742)
Finance lease payments                     (15 163)     (18 568)
Dividends paid to non-controlling 
 interest holders                               (6)     (21 969)
Treasury shares acquired                    (8 148)           –
Acquisition of non-controlling interest     (6 000)        (350)
Net cash (utilised in)/generated from 
 financing activities                     (112 706)      42 423 
Total cash movement for the year           (72 417)      42 907 
Translation effects on foreign cash 
 and cash equivalents balances                (195)      (1 344)
Cash and cash equivalents derecognised 
 on disposal of subsidiaries               (16 463)      (2 755)
Cash and cash equivalents derecognised 
 in held-for-sale group                          –           (7)
Cash and cash equivalents at 
 beginning of the year                     108 693       69 892 
Cash and cash equivalents at 
 end of the year                            19 618      108 693 

SUMMARY AUDITED CONSOLIDATED SEGMENTAL ANALYSIS
for the year ended 31 March 2018
The operating segments are based on reports reviewed by the 
executive committee who makes the strategic decisions of the 
group, and who is therefore the chief operating decision-making 
body of the group.

REPORTABLE SEGMENTS
The executive committee assesses the performance of these 
operating segments based on operating profit.
Head office and other reconciling items mainly comprise head 
office and other operating segments not meeting the quantitative 
thresholds required by IFRS 8.  

GROUP
                                              Head
                                            office(1)
                                         and other
                              Manufac- reconciling
                 Trading       turing        items        Total
                   R’000        R’000        R’000        R’000
2018
Revenue        2 799 482      977 163     (298 019)   3 478 626 
Depreciation 
 and 
 amortisation    (16 060)     (22 693)      (8 196)     (46 949)
Operating 
 (loss)/profit 
 before impair-
 ments and 
 derecognition 
 and re-recog-
 nition of 
 investments     (97 417)     (88 071)     (37 069)   (222 557)
Impairments and
 derecognition    (2 720)     (70 333)     (34 187)   (107 240)
Operating loss 
 after 
 impairments and
 derecognitions 
 and re-recog-
 nition of 
 investments    (100 137)    (158 405)     (71 255)   (329 797)
Finance income       918          660        1 652       3 230 
Finance expense  (51 576)     (27 105)      43 199     (35 482)
Share of 
 profit from 
 associates 
 and joint 
 ventures              –        4 822          666       5 488 
Tax expense/
 (income)        (69 524)      (1 398)      63 058      (7 864)
Net loss after 
 tax from 
 continuing 
 operations     (220 319)    (181 426)      37 320    (364 425)
Net loss 
 after tax 
 from dis-
 continued 
 operations            –      (18 352)     (43 685)    (62 037)
Net loss 
 after tax      (220 319)    (199 777)      (6 366)   (426 462)
Assets           809 371      292 701      120 194   1 222 265 
Liabilities      733 119      251 037      (74 957)    909 200 
Capital 
 expenditure(2)   10 135       21 165          326      31 627 

SUMMARY AUDITED CONSOLIDATED  SEGMENTAL ANALYSIS (continued)
for the year ended 31 March 2018
                                 Head
                               office
                 Manufac-   and other       Discon-
                  turing  reconciling       tinued
                  adjust-      adjust-       opera-
                   ments        ments        tions        Total
                   R’000        R’000        R’000        R’000
2018
Revenue                –            –            –    3 478 626 
Depreciation 
 and amortisation      –            –            –      (46 949)
Operating 
 (loss)/profit 
 before 
 impairments and 
 derecognition 
 and re-recog-
 nition of 
 investments           –      (20 234)      20 234     (222 557)
Impairments and 
 derecognition         –            –            –     (107 240)
Operating loss 
 after impairments 
 and derecog-
 nitions and 
 re-recognition 
 of investments        –            –            –     (329 797)
Finance income         –            –            –        3 230 
Finance expense        –       (1 693)       1 693      (35 482)
Share of profit 
 from associates 
 and joint  
 ventures              –            –            –        5 488 
Tax expense/
 (income)              –       65 612      (65 612)      (7 864)
Net loss after 
 tax from 
 continuing 
 operations            –            –            –     (364 425)
Net loss after 
 tax from 
 discontinued 
 operations       18 352       43 685      (62 037)     (62 037)
Net loss 
 after tax             –            –            –     (426 462)
Assets                 –            –            –    1 222 265 
Liabilities            –            –            –      909 200 
Capital 
 expenditure(2)        –            –            –       31 627 

SUMMARY AUDITED CONSOLIDATED  SEGMENTAL ANALYSIS (continued)
for the year ended 31 March 2018
GROUP
                                              Head
                                            office(1)
                                         and other
                              Manufac- reconciling
                 Trading       turing        items        Total
                   R’000        R’000        R’000        R’000
2017
Revenue        3 142 060    1 461 433     (302 629)   4 300 864 
Depreciation 
 and amorti-
 sation          (17 196)     (27 705)     (10 038)     (54 939)
Operating 
 (loss)/profit 
 before 
 impairments 
 and  dere-
 cognition and 
 re-recognition 
 of 
 investments    (346 192)     (20 931)     (53 091)    (420 214)
Impairments 
 and derecog-
 nition             (716)     (60 822)        (569)     (62 107)
Operating loss 
 after 
 impairments and 
 derecognitions 
 and re-recog-
 nition of 
 investments    (346 908)#    (81 753)     (53 660)    (482 321)#
Net finance 
 (expense)/
 income          (43 009)     (33 967)      16 061      (60 915)
Share of 
 profit from 
 associates and 
 joint ventures   (1 041)#     15 803          (31)      14 731#
Tax expense/
 (income)         61 093       (9 446)    (102 919)     (51 272)
Net loss after 
 tax from 
 continuing 
 operations     (268 228)#   (171 000)    (140 549)    (579 777)#
Net loss after 
 tax from 
 discontinuing 
 operations            –      (61 637)           –      (61 637)
Net loss after 
 tax            (268 228)#   (232 637)    (140 549)    (641 414)#
Assets         1 202 194#     802 630      (54 841)   1 949 983# 
Liabilities    1 255 378      525 380     (225 451)   1 555 307 
Capital 
 expenditure(2)   13 079       45 076       11 787       69 942 

SUMMARY AUDITED CONSOLIDATED  SEGMENTAL ANALYSIS (continued)
for the year ended 31 March 2018
                                 Head
                               office
                 Manufac-   and other       Discon-
                  turing  reconciling       tinued
                  adjust-      adjust-       opera-
                   ments        ments        tions        Total
                   R’000        R’000        R’000        R’000
2017
Revenue                –            –            –    4 300 864 
Depreciation 
 and amorti-
 sation                –            –            –      (54 939)
Operating 
 (loss)/profit 
 before 
 impairments and
 derecognition 
 and re-recog-
 nition of 
 investments      (3 232)           –        3 232     (420 214)
Impairments 
 and derecog-
 nition           11 087            –      (11 087)     (62 107)
Operating loss 
 after 
 impairments and
 derecognitions 
 and re-recog-
 nition of 
 investments       7 855            –       (7 855)    (482 321)#
Net finance 
 (expense)/
 income           (2 327)           –        2 327      (60 915)
Share of profit 
 from associates 
 and joint 
 ventures         55 773            –      (55 773)      14 731# 
Tax expense/
 (income)            336            –         (336)     (51 272)
Net loss after 
 tax from 
 continuing 
 operations            –            –            –     (579 777)#
Net loss after 
 tax from 
 discontinuing 
 operations       61 637            –      (61 637)     (61 637) 
Net loss 
 after tax             –            –            –     (641 414)#
Assets                 –            –            –    1 949 983#
Liabilities            –            –            –    1 555 307
Capital 
 expenditure(2)        –            –            –       69 942 
 #  Restatement amounts relate to accounting errors in a major 
    subsidiary (refer note 9).
(1) Other reconciling items consist of corporate and 
    consolidation adjustments. These predominantly include 
    elimination of intergroup sales, profits, losses and 
    intergroup receivables and payables and other unallocated 
    assets and liabilities contained within the vertically 
    integrated group. Head office and other reconciling items is 
    not considered to be an operating segment.
(2) Includes expenditure on property, plant and equipment and 
    intangibles. Government grants received are deducted from the 
    capital expenditure amount.

REPORTABLE SEGMENTS
The group is organised into two reportable segments:
–  The trading segment consists of wholesale trading of hardware, 
   sanitaryware, bathroomware, plumbing, kitchen and other 
   building materials.

   TRADING
   –  Wholesale Housing Supplies (trading as Saffer Bathroom and 
      Plumbing; WHDsa focusing on hardware; Stability, focusing 
      mainly on import products; and DAWN Kitchen Fittings 
      (trading as AFF and Roco)
   –  Incledon
   –  Distribution and Warehousing Network Africa (DAT) (formerly 
      Africa Saffer Trading (AST))
   –  Hamilton’s Brushware SA

–  The manufacturing segment consists of manufacturing of 
   engineering, civil products, piping systems, valves and 
   related accessories.

   MANUFACTURING   
   –  DPI (trading as DPI Plastics)   
   –  DPI International (Namibia Plastic Converters (NPC), a 
      major subsidiary, disclosed as held-for-sale at year-end)
   –  Swan Plastics (disposed of on 31 October 2017)

   Management has determined that the operating segments are 
   sufficiently aggregated.

GENERAL
Intersegment transactions are entered into under the normal 
commercial terms and conditions. The revenue from external 
parties is measured in a manner consistent with that in the 
income statement.

Segment assets consist primarily of property, plant and 
equipment, intangible assets, investments in associates, deferred 
tax assets, inventories, trade and other receivables and cash and 
cash equivalents.

Segment liabilities comprise borrowings, deferred profit, 
deferred tax liabilities, derivative instruments, trade and other 
payables and income tax liabilities.

Capital expenditure comprises additions to property, plant and 
equipment and intangibles.

The group’s reporting currency is in South African Rand. The 
majority of group companies are domiciled in South Africa and 
mainly serve the South African market. The result of revenue from 
external customers in South Africa is R3,3 billion (2017: R4,1 
billion) and the total revenue from external customers from other 
countries is R160 million (2017: R243 million).

The total of non-current assets, other than financial instruments 
and deferred tax assets located in South Africa, is R81,7 million 
(2017: R573 million).

NOTES TO THE AUDITED SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

1.  BASIS OF PREPARATION
    These consolidated financial statements comprise a summary of 
    the audited consolidated financial statements of the group 
    for the 12 months ended 31 March 2018 that was approved by 
    the board on 12 July 2018.

    The summary consolidated financial statements are prepared in 
    accordance with the requirements of the JSE Limited’s (JSE) 
    requirements for summary financial statements and the 
    requirements of the Companies Act applicable to summary 
    financial statements. The JSE requires summary financial 
    statements to be prepared in accordance with the framework 
    concepts, the measurement and recognition requirements of 
    International Financial Reporting Standards (IFRS), the SAICA 
    Financial Reporting Guides as issued by the Accounting 
    Practices Committee and Financial Reporting Pronouncements as 
    issued by the Financial Reporting Standards Council and must 
    also, as a minimum, contain the information required by IAS 
    34 Interim Financial Reporting. The accounting policies 
    applied in the preparation of the consolidated financial 
    statements are in terms of IFRS and are consistent with the 
    accounting policies applied in the preparation of the 
    consolidated annual financial statements for the year ended 
    31 March 2017, except for the adoption of new or revised 
    accounting standards and interpretations that became 
    applicable during the current period. None of these have had 
    a significant impact on the group’s accounting policies and 
    methods of computation, nor have they resulted in a 
    restatement or presentation of the  31 March 2017 statement 
    of financial position and related notes.

    The preparation of the summary consolidated financial 
    statements by Tintswalo Mohlakoana (CA(SA)), group financial 
    accountant, has been supervised by the group financial 
    manager, Hanré Bester (CA(SA)) and the chief financial 
    officer and financial director, Chris Booyens (CA(SA)).

    The directors take full responsibility for the preparation of 
    the provisional report and that the financial information has 
    been correctly extracted from the underlying annual financial 
    statements. The unmodified audit report by 
    PricewaterhouseCoopers Inc. on the underlying financial 
    statements is available for inspection at the company’s 
    registered office.

    GOING CONCERN ASSESSMENT
    In determining the appropriate basis of preparation of the 
    annual financial statements, the directors are required to 
    consider whether the group can continue as a going concern 
    for the foreseeable future, which is for the 12 months 
    following the date on which the annual financial statements 
    are signed. 

    DAWN posted losses for the years ended 31 March 2016 and 2017 
    of R770,0 million and R658,7 million, respectively, and for 
    the year ended 31 March 2018 reported an attributable loss of 
    R432,0 million. 

    Following the rights issue in April 2017 in which the group 
    raised R358 million and the subsequent disposals including 
    Swan Plastics and Grohe DAWN Watertech (GDW) and other 
    smaller businesses for a further R373,5 million, the group 
    repaid all its bank debt in December 2017 and is currently 
    not financially distressed. 

    To determine if the group will be a going concern for the 
    next 12 months, management prepared cash flows for each of 
    the subsidiaries and the corporate head office. These 
    forecasts were subjected to sensitivity tests and also 
    included the estimated intra-month peak funding requirements. 
    It was compared to available facilities to determine the 
    available headroom. 

    Management also considered the business’ ability to meet its 
    financial obligations for the 12 months following the 
    approval of the annual financial statements. The analysis 
    considered the current challenging market conditions, which 
    is negatively affecting the performance of the group, and 
    management’s turnaround plan being executed, including 
    further cost reduction and optimisation of working capital. 
    The resulting cash flow projections were compared to 
    available funding facilities. 

    The ability of the businesses to meet the forecasts in the 
    current market is an area of uncertainty. The effect of a 
    slow economic recovery or a further deterioration in the 
    economic outlook of South Africa and its potential impact 
    were also considered as an uncertainty.

    The group’s ability to fund its short-term liquidity 
    requirements is dependent on the availability of adequate 
    funding facilities. DAWN secured an Invoice Discounting 
    Facility, subject to standard terms, to the value of R140 
    million. This facility is secured mainly by a cession of book 
    debtors and a general notarial bond over inventory. 

    Whilst the turnaround plan has been extensively actioned by 
    management, adverse trading conditions in the first quarter 
    of F2019 have resulted in operating losses.  Management is 
    expecting continued subdued performance and is focussed on 
    effecting the required remedial actions and is planning to 
    right-size the group commensurate to activity levels. The 
    latter is also expected to release working capital. 

    Management is taking proactive steps to stem the current 
    losses and also has the option to dispose of further non-core 
    assets. These disposals have not been included in the current 
    forecast as no decisions have been taken to date in this 
    regard. 

    If the economy of South Africa and, as a result, the 
    performance of DAWN, continue to deteriorate, and/or 
    management is unable to stem the losses and optimise the 
    working capital levels, each of these present a material risk 
    to DAWN remaining as a going concern.

    At 31 March 2018, DAWN’s assets, fairly valued, exceeded its 
    liabilities, fairly valued. The forecast to July 2019 also 
    projects that the group will be solvent. Based on the 
    assumptions used in the forecasts, which include no further 
    deterioration in the economy, and that the forecast 
    performance does not deteriorate, and cash is released from 
    working capital whilst the funding facilities remain intact, 
    the directors reasonably believe that the group will have 
    adequate resources available to continue in operation for the 
    following 12 months. 

    These matters indicate that there is a material uncertainty 
    related to events or conditions that may cast significant 
    doubt about the group’s ability to continue as a going 
    concern and, therefore, that it may be unable to realise its 
    assets and discharge its liabilities in the normal course of 
    business.

2.  DISPOSAL GROUP
    DAWN disposed of its investment in Grohe DAWN Watertech (GDW) 
    as at 19 December 2017 for a consideration of R324,5 million, 
    which consisted of R293,1 million of investment and R31,4 
    million of loans.

    The GDW group has been treated as an asset held-for-sale 
    since July 2017, and has subsequently, on 21 December 2017, 
    been derecognised as such. The GDW group made up a 
    significant portion of the DAWN group’s assets and, 
    accordingly, the income statement results were reclassified 
    to discontinued operations in terms of IFRS 5.

                                          31 March     31 March
                                              2018         2017
                                             R’000        R’000
    Grohe DAWN Watertech (GDW)      
    Loss from discontinued operations      
    Net proceeds from disposal             293 062            –
    Investment in associate derecognised 
     as at 1 July 2017                    (272 220)           –
    Tax expense                            (65 048)           –
    Loss from disposal of
     discontinued operation                (44 206)           –
    Tax expense                               (564)        (337)
    Profits in stock derecognised           12 507       (1 125)
    Effects of call and put options 
     derecognised                          (13 115)       3 232 
    Impairment                                   –      (11 087)
    Interest                                 1 693        2 328 
    Share of losses for the year           (18 352)     (54 648)
                                           (17 831)     (61 637)
    Total                                  (62 037)     (61 637)

    The disposal of Grohe DAWN Watertech resulted in a 
    restatement of the 2017 income statement with no impact on 
    the statement of financial position. Refer to note 9.

3.  EARNINGS PER ORDINARY SHARE

    BASIC   
    Basic earnings per ordinary share is calculated by dividing 
    the profit attributable to equity holders of the company by 
    the weighted average number of ordinary shares in issue 
    during the year, excluding ordinary shares acquired by the 
    company, incentive shares and treasury shares.    

    DILUTED
    Diluted earnings per ordinary share is calculated by 
    adjusting the weighted average number of ordinary shares 
    outstanding to assume conversion of all dilutive potential 
    ordinary shares.    

    GROUP
                                              2018         2017
    Headline earnings (R’000) 
    Attributable earnings                 (431 967)    (658 729)
    Adjustment for the after-tax and 
     non-controlling interest 
     effects of:                           144 037       68 017 
    Net profit on disposal of property, 
     plant and equipment                    (7 433)      (7 256)
    Impairment of intangible assets         50 527          290 
    Impairment of property, plant and 
     equipment                              81 891        6 455 
    Impairment of other assets                   –       67 651 
    Loss from disposal of discontinued 
     operation                              44 206            –
    Tax effect on disposal of property, 
     plant and equipment and impairment 
     of  intangible assets (trademarks)        (34)         332 
    Non-controlling interest                    58        1 747 
    Net profit on derecognition of 
     previously held interest              (25 178)      (1 202)
    Headline earnings                     (287 930)    (590 712)
    Headline earnings per share (cents)     (49,67)     (179,01)
    From continuing operations (cents)      (46,59)     (160,33)
    Headline earnings (R’000)             (270 099)    (529 075)
    Weighted average number of shares 
     in issue (’000)                       579 709      329 984 
    From discontinued operations (cents)     (3,08)      (18,68)
    Headline earnings (R’000)              (17 831)     (61 637)
    Weighted average number of shares 
     in issue (’000)                       579 709      329 984 

4.  SHARE CAPITAL AND SHARE PREMIUM
    GROUP
                                              2018         2017
                                             R’000        R’000
    Authorised 
    725 893 603 ordinary shares of 
     1 cent each                             7 259        7 259
    10 000 000 deferred ordinary shares 
     of 1 cent each                            100          100
    Balance at the end of the year           7 359        7 359

    The authorised share capital of the company consists of 
    725 893 603 ordinary shares of 1 cent each and 10 000 000 
    deferred ordinary shares of 1 cent each.

                                            Number
                                 Number         of        Total
                                     of   deferred       number
                               ordinary   ordinary           of
    Issued                       shares     shares       shares
    2018                    600 372 480          –  600 372 480
    2017                    242 242 904          –  242 242 904
                               Deferred
                    Ordinary   ordinary        Share
                      shares     shares      premium      Total
    Issued             R’000      R’000        R’000      R’000
    2018               2 422          –      712 363    714 785
    2017               2 422          –      373 748    376 170

    DAWN concluded a renounceable rights offer for up to R358 
    million on 12 April 2017. The rights offer consisted of an 
    offer of 358 129 576 million ordinary shares in the ratio of 
    147,8 rights offer shares for every 100 ordinary shares held 
    by shareholders on the record date of the rights offer, being 
    7 April 2017, at a subscription price of R1,00 per rights 
    offer share. Following the conclusion of the rights offer, 
    the total issued share capital of the company increased to 
    600 372 480 shares.

    Rights issue costs of R19,5 million have been charged to 
    equity.

    In terms of IAS 33 paragraph 26, an adjustment to the 
    weighted average number of shares in issue for the 
    comparative period is required as the shares were issued at a 
    discount to the DAWN share price on the last day to trade 
    (being R1,90 per share). Consequently, the comparable 
    comparative weighted number of shares in issue was adjusted 
    by 93 239 669 shares to account for the deemed dilutive 
    effect of the rights issue.

    Shares repurchased by a subsidiary and held in treasury 
    through the rights offer amounted to 8 148 043 shares (2017: 
    Nil shares) at R1 per share, which are disclosed as a 
    reduction of equity in the statement of changes in equity.  
    During the 2015 and 2016 financial years 1 137 174 and 
    5 498 937 shares, respectively, were acquired in order to 
    cover the group’s future obligations in terms of the share 
    incentive schemes at a total cost of R7,02 (2015) and R5,61 
    (2016) per share. 

    The remaining unissued shares are under the control of the 
    directors until the next annual general meeting, subject to 
    the Listings Requirements of the JSE Limited.

5.  DERIVATIVE FINANCIAL INSTRUMENTS
    The table below analyses financial instruments carried at 
    fair value, by valuation method. The different levels have 
    been defined as follows: 

    –  Quoted prices (unadjusted) in active markets for identical
       assets or liabilities (level 1).  
    –  Inputs other than quoted prices included within level 1 
       that are observable for the asset or liability, either 
       directly (that is, as prices) or indirectly (that is, 
       derived from prices) (level 2).  
    –  Inputs for the asset or liability that are not based on 
       observable market data (that is, unobservable inputs) 
       (level 3).  

    GROUP
                                  Level       2018         2017
                                             R’000        R’000
    ASSETS         
    Non-current assets         
    Put option – Grohe 
     DAWN Watertech                   3          –       19 115
    Current assets         
    Forward foreign exchange 
     contracts – valued at fair 
     value through profit/loss        2          –          632 
    Total assets                                 –       19 747
    LIABILITIES         
    Non-current liabilities         
    Call option – Grohe 
     DAWN Watertech                   3          –        6 000
    Written put – Swan Plastics 
     – financial liability            3          –       72 217 
    Total non-current liabilities                –       78 217
    Current liabilities         
    Forward foreign exchange 
     contracts – valued at fair 
     value through profit/loss        2      2 996          364 
    Forward foreign exchange 
     contracts – designated as 
     cash flow hedges                 2      1 227          224 
    Total current liabilities                4 223          588 
    Total liabilities                        4 223       78 805 

    During October 2017, Swan Plastics was disposed of for a 
    consideration of R35 million. The financial liability of 
    R72,2 million was derecognised through retained earnings in 
    equity.

    DAWN disposed of its investment in Grohe DAWN Watertech in 
    December 2017 for a consideration of R324,5 million, which 
    consisted of R293,1 million of investment and R31,4 million 
    of loans. The put option and call option were derecognised 
    through profit and loss as the rights created with the put 
    and call were extinguished.

    The settlement dates on open forward exchange contracts, 
    denominated in US Dollar (buy) and Euro (buy), range between 
    one and four months from 31 March 2018 (F2017: between one 
    and seven months from 31 March 2017).

    The effective portion of the cumulative net change in the 
    fair value of the derivative financial instrument designated 
    as a cash flow hedge is included in the hedge reserve.

6.  OPERATING LEASE LIABILITIES AND COMMITMENTS
    GROUP
                                              2018         2017
                                             R’000        R’000
    CAPITAL COMMITMENTS       
    Capital expenditure contracted for 
     at the reporting date but not yet 
     incurred and recognised in the 
     financial statements is as follows:      

    Plant and equipment                     15 468        9 998
    Total capital commitments               15 468        9 998

    It is intended to finance capital expenditure from funds 
    generated within the group and available finance facilities.

    Operating lease commitments 
    The group leases various premises as well as equipment and 
    plant and machinery under non-cancellable operating lease 
    agreements.                           

    The leases have varying terms and escalation clauses.                         
    Leases have varying terms between current and December 2023.  
    The leases with determinable escalations are charged to the 
    income statement on a straight-line basis and liabilities are 
    raised for the difference between the lease payment and the 
    charge recognised in the income statement. The liabilities 
    are classified based on the timing of the reversal which will 
    occur between short-term and long-term.   

    GROUP
                                              2018         2017
                                             R’000        R’000
    OPERATING LEASE LIABILITIES      
    Non-current                             94 322      101 597 
    Current                                  9 606        5 204 
                                           103 928      106 801 
    The future aggregate minimum lease 
     payments under non-cancellable 
     operating leases are as follows: 
    No later than one year                 109 583      104 981 
    Later than one year and not later 
     than five years                       355 796      338 355 
    Later than five years                   74 196      132 687 
                                           539 575      576 023 

7.  CONTINGENCIES
    GROUP
                                              2018         2017
                                             R’000        R’000
    Bank guarantees issued                   1 745        4 898 
    Suretyships                                  –        5 500 
    Contingent liabilities                       –        8 000 
                                             1 745       18 398 
    2018
    Further to the disclosure below in 2017, DAWN appealed the 
    Competition Tribunal’s decision handed down in respect of an 
    allegation of market allocation arrangement affecting DAWN 
    Consolidated Holdings, DPI Plastics and Sangio Pipe. On 4 May 
    2018, judgment was handed down in the Competition Appeal 
    Court. The court upheld DAWN’s appeal and set aside the 
    decision of the Tribunal, dismissing the complaint with 
    costs. On 25 May 2018, DAWN received notification that the 
    Competition Commission had applied to the Constitutional 
    Court for leave to appeal against the decision of the 
    Competition Appeal Court.

    2017
    On 23 March 2017, the Competition Tribunal (“the Tribunal”) 
    handed down a decision in which it determined that DAWN 
    Consolidated Holdings Proprietary Limited (“DCH”), a 
    subsidiary of DAWN, through the wholly-owned subsidiary DPI 
    Plastics Proprietary Limited of DCH, engaged in a market 
    allocation arrangement with Sangio Pipe Proprietary Limited 
    (“Sangio”), in which DCH had a 49% interest at the time.
    In such cases penalties are usually determined as a 
    percentage of affected turnover and affected turnover is 
    usually that related to the market allocation arrangement in 
    question. The ultimate penalty will be judged across a number 
    of variables and parameters that are in the judgment of the 
    Tribunal.

    The legal process to determine the penalty quantum is 
    currently underway, however the group believes, supported by 
    legal advice that an appeal will be successful.

8.  RELATED PARTIES
    The group entered into transactions and has balances with 
    related parties as listed below. These include associates, 
    joint ventures and directors. Transactions that are 
    eliminated on consolidation are not included. Transactions 
    with related parties are effected on a commercial basis and 
    related party debts are repayable on a commercial basis.
    The following significant transactions were carried out with 
    related parties:

    GROUP
                                              2018         2017
                                             R’000        R’000
    a)  Sales of goods and services      
        Associates      
        Grohe DAWN Watertech                18 443      104 033
    b)  Purchases of goods      
        Associates      
        Grohe DAWN Watertech               311 277      529 747
    c)  Dividends received      
        Associates      
        Heunis Steel                             –       23 000
    d)  Discounts received      
        Associates      
        Grohe DAWN Watertech                     –       48 132
        Year-end balances arising from 
         sales/purchases of goods/services      
    e)  Trade and other receivables      
        Associates      
        Grohe DAWN Watertech                     –       17 762
    f)  Loans to other related parties 
         and non-controlling shareholders      
        Associates      
        Grohe DAWN Watertech *                   –       29 762
        * Loan repaid as part of disposal 
          of Grohe DAWN Watertech.      
    g)  Trade and other payables      
        Associates      
        Grohe DAWN Watertech                 3 987       86 598

9.  RESTATEMENT, RECLASSIFICATION AND ADDITIONAL DISCLOSURE

    RESTATEMENT – INCLEDON
    Restatements in the 2016 and 2017 financial years relate to 
    material accounting errors which occurred at a major 
    subsidiary of DAWN, Incledon Proprietary Limited. 

    During the 2016 financial year, Incledon implemented a new 
    Enterprise Resource Planning system. There were certain 
    challenges with the system implementation, including most 
    noteworthy the cashbook module not working properly. Due to 
    the limited functionality over the period, a number of staff 
    changes since implementation and compromised financial review 
    capability as a result, a number of accounting differences 
    occurred, which were identified in the current period, and 
    now required adjustment in the annual financial statements.

    Errors included:
    –  A system processing error where certain operating expenses 
       were not accounted for in the income statement but 
       remained on the statement of financial position
    –  Certain expenses originating from the bank statement were 
       not processed to expenses in the income statement
    –  Inventory adjustments made correctly in 2016 was, due to 
       limited system functionality, not released in the income 
       statement in 2017 when the inventory was sold

    An extensive exercise was launched to address, in particular, 
    the deficiencies in financial controls, system configuration 
    and staff continuity and knowledge. These include:
    –  Staff and departmental changes
    –  Ongoing system training for relevant staff to increase 
       their knowledge of the system and required applications
    –  Daily monitoring of processing progress and exceptions
    –  Amendment of the system configuration related to affected 
       transactions
    –  Implementation of various additional system-related 
       controls
    –  Implementation of a stricter delegation of authority 
       framework

    The financial impact in the affected periods are R7,1 million 
    in F2016 and R21,4 million in F2017, as is shown in the 
    income statement, statement of financial position and 
    statement of changes in equity below.

    RECLASSIFICATION – GROHE DAWN WATERTECH
    DAWN disposed of its investment in Grohe DAWN Watertech (GDW) 
    as at 19 December 2017 for a consideration of R324,5 million, 
    which consisted of R293,1 million of investment and R31,4 
    million of loans.

    GDW group has been treated as an asset held-for-sale since 
    July 2017, and has subsequently, on 21 December 2017, been 
    derecognised as such. The GDW group made up a significant 
    portion of the DAWN group’s assets and, accordingly, the 
    income statement results were reclassified to discontinued 
    operations in terms of IFRS 5.

    The disposal of GDW resulted in a restatement of the 2017 
    income statement with no impact on the statement of financial 
    position. 

    ADDITIONAL DISCLOSURE – RIGHTS ISSUE
    During April 2017, DAWN completed a rights issue whereby 
    358 129 576 ordinary shares were issued for a total 
    consideration of R358 million. 

    Further details, as well as the bonus element of the rights 
    issue, are disclosed in earnings per share (note 3) and in 
    share capital and premium (note 4) with the impact on 
    earnings per share, headline earnings per share and diluted 
    earnings per share being shown in the income statement below.

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION
    The effect on the statement of financial position is as 
    follows:
                                                        Restate-
                                                           ment
                                                       Incledon
                                                         adjust-
                               Reported    Reported        ment
                                   2017        2016        2017
                                  R’000       R’000       R’000
    ASSETS 
    Current assets 
    Trade and other 
     receivables                660 325     910 020     (28 446)
                              1 297 183   1 796 657     (28 446)
    Total assets              1 978 429   2 685 644     (28 446)
    EQUITY AND LIABILITIES         
    Equity         
    Capital and reserves 
     attributable to equity
     holders of the company         
    Retained income               8 851     646 222     (28 446)
    Share capital and 
     reserves                   375 147   1 016 548     (28 446) 
    Non-controlling 
     interests                   47 975      39 664           –
    Total equity                423 122   1 056 212     (28 446)
    Current liabilities         
    Trade and other payables    785 735     890 581           – 
                              1 250 724   1 280 398           – 
    Total liabilities         1 555 307   1 629 432           – 
    Total equity and 
     liabilities              1 978 429   2 685 644     (28 446)
                                Restate-
                                   ment
                               Incledon
                                 adjust-
                                   ment    Restated    Restated
                                   2016        2017        2016
                                  R’000       R’000       R’000
    ASSETS 
    Current assets 
    Trade and other 
     receivables                      –     631 879     910 020 
                                      –   1 268 737   1 796 657 
    Total assets                      –   1 949 983   2 685 644 
    EQUITY AND LIABILITIES         
    Equity         
    Capital and reserves 
     attributable to equity 
     holders of the company         
    Retained income              (7 088)    (19 595)    639 134 
    Share capital and reserves   (7 088)    346 701   1 009 460
    Non-controlling interests         –      47 975      39 664 
    Total equity                 (7 088)    394 676   1 049 124 
    Current liabilities         
    Trade and other payables      7 088     785 735     897 669 
                                  7 088   1 250 724   1 287 486 
    Total liabilities             7 088   1 555 307   1 636 520 
    Total equity and liabilities      –   1 949 983   2 685 644 

    CONSOLIDATED INCOME STATEMENT
    The effect on the income statement is as follows:
                                            Restate-    Disposal
                                               ment        group
                                            Incledon         GDW
                                Reported      adjust-     adjust-
                                    2017        ment        ment
                                   R’000       R’000       R’000
    Cost of sales             (3 523 327)    (17 898)          –
    Gross profit                 777 537     (17 898)          –
    Operating expenses        (1 205 786)     (3 460)          –
    Administrative and 
     selling expenses           (790 030)     (2 609)          –
    Other operating expenses     (87 360)       (851)          –
    Other operating 
     income/expense               32 625           –      (3 232)
    Operating (loss)/profit 
     before impairments and
     derecognitions of 
     previously held 
     interests                  (395 624)    (21 358)     (3 232)
    Impairments                  (74 396)          –      11 087
    Operating loss              (468 818)    (21 358)      7 855
    Finance income                 3 316           –      (2 327)
    Loss after net 
     financing costs            (527 406)    (21 358)      5 528
    Share of profit in 
     investments accounted 
     using equity method         (41 042)          –      55 773
    Loss before taxation        (568 448)    (21 358)     61 301
    Income tax expense           (51 608)          –         336
    Loss from continuing 
     operations                 (620 056)    (21 358)     61 637
    Loss from discontinued 
     operations                        –           –     (61 637)
    Loss for the year           (620 056)    (21 358)          –
    Profit attributable to:         
    Owners of the parent        (637 371)    (21 358)          –
    Loss for the year           (620 056)    (21 358)          –

                                                        Restated
                                                            2017
                                                           R’000
    Cost of sales                                     (3 541 225)
    Gross profit                                         759 639 
    Operating expenses                                (1 209 246)
    Administrative and selling expenses                 (792 639)
    Other operating expenses                             (88 211)
    Other operating income/expense                        29 393
    Operating (loss)/profit before 
     impairments and derecognitions of 
     previously held interests                          (420 214)
    Impairments                                          (63 309)
    Operating loss                                      (482 321)
    Finance income                                           989
    Loss after net financing costs                      (543 236)
    Share of profit in investments 
     accounted using equity method                        14 731
    Loss before taxation                                (528 505)
    Income tax expense                                   (51 272)
    Loss from continuing operations                     (579 777)
    Loss from discontinued operations                    (61 637)
    Loss for the year                                   (641 414)
    Profit attributable to:   
    Owners of the parent                                (658 729)
    Loss for the year                                   (641 414)

    IMPACT ON EARNINGS AND HEADLINE EARNINGS PER SHARE
                                            Restate-    Disposal
                                               ment        group
                                            Incledon         GDW
                                Reported      adjust-     adjust-
                                    2017        ment        ment
                                   R’000       R’000       R’000
    Weighted average number of 
     ordinary shares in 
     issue (’000)                236 744           –           –
    Earnings per share (cents)   (269,22)      (6,47)          –
    Earnings per share from 
     continuing operations       (269,22)      (6,47)      18,68
    Earnings per share from 
     discontinued operations           –           –      (18,68)
    Diluted earnings per 
     share (cents)               (269,22)      (6,47)          –
    Diluted earnings per share 
     from continuing 
     operations                  (269,22)      (6,47)      18,68
    Diluted earnings per share 
     from discontinued 
     operations                        –           –      (18,68)
    Headline earnings per 
     share (cents)               (240,49)      (6,47)          –
    Headline earnings per 
     share from continuing 
     operations                  (240,49)      (6,47)      18,68
    Headline earnings per 
     share from discontinued 
     operations                        –           –      (18,68)

                                              Rights
                                               issue
                                               bonus    Restated
                                              impact        2017
                                               R’000       R’000
    Weighted average number of ordinary 
     shares in issue (’000)                   93 240     329 984
    Earnings per share (cents)                 76,07     (199,62)
    Earnings per share from continuing 
     operations                                76,07     (180,94)
    Earnings per share from discontinued 
     operations                                    –      (18,68)
    Diluted earnings per share (cents)         76,07     (199,62)
    Diluted earnings per share from 
     continuing operations                     76,07     (180,94)
    Diluted earnings per share from 
     discontinued operations                       –      (18,68)
    Headline earnings per share (cents)        67,95     (179,01)
    Headline earnings per share from 
     continuing operations                     67,95     (160,33)
    Headline earnings per share from 
     discontinued operations                       –      (18,68)

    CONSOLLIDATED STATEMENT OF COMPREHENSIVE INCOME
    The effect on the consolidated statement of comprehensive 
    income is as follows:
                                            Incledon   
                                Reported      adjust-   Restated
                                    2017        ment        2017
                                   R’000       R’000       R’000
    Loss for the year           (620 056)    (21 358)   (641 414)
    Total comprehensive loss    (613 631)    (21 358)   (634 989)
    Total comprehensive loss 
     attributable to:         
    Owners of the parent        (630 946)    (21 358)   (652 304)

    CONSOLIDATED STATEMENT OF CASH FLOWS
    There is no impact on the 2017 statement of cash flows.

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
    The effect on the statement of changes in equity is as 
    follows:
                                              Equity
                                             attribu-
                                Retained    table to
                                earnings     company       Total
                                   R’000       R’000       R’000
    Balance at 1 April 2016 
     as reported                 646 222   1 016 548   1 056 212 
    Total comprehensive loss 
     for the year               (637 371)  (630 946)    (613 471)
    Loss for the year           (637 371)  (637 371)    (620 056)
    Balance at 31 March 2017 
     as reported                   8 851    375 147      423 122 
    2016 – Restatement 1          
    Total comprehensive loss 
     for the year                 (7 088)    (7 088)      (7 088)
    Total loss for the year       (7 088)    (7 088)      (7 088)
    2017 – Restatement 2          
    Total comprehensive loss 
     for the year                (21 358)   (21 358)     (21 358)
    Total loss for the year      (21 358)   (21 358)     (21 358)
    Balance at 1 April 2016 
     as restated                 639 134  1 009 460    1 049 124 
    Total comprehensive loss 
     for the year               (658 729)  (652 304)    (634 829)
    Loss for the year           (658 729)  (658 729)    (641 414)
    Balance at 31 March 2017 
     as restated                 (19 595)   346 701      394 676 

10. EVENTS AFTER THE REPORTING DATE

    CHANGES TO THE BOARD AND DIRECTOR RESPONSIBILITIES
    Shareholders are advised of the following changes to the 
    board and in director responsibilities in terms of paragraph 
    3.59 of the JSE Listings Requirements:

    Lou Alberts, non-executive and lead independent director of 
    the company, retires from the board in his capacity as 
    director effective 31 July 2018. The board wishes to express 
    its appreciation to Lou for his long-term commitment and 
    valuable contribution to the company over the last 20 years, 
    especially in his role as lead independent director, chair of 
    the remuneration committee and member of the nomination 
    committee as well as the audit and risk committee.

    Akhter Moosa, non-executive, independent director and 
    chairman of the audit and risk committee, resigns from the 
    board in his capacity as director effective 31 July 2018. 
    The board wishes to extend its gratitude to Akhter for his 
    commitment and valuable contribution to the company, 
    especially in his role as the chairman of the audit and risk 
    committee.

    Effective 1 August 2018, Theunis de Bruyn’s designation will 
    change from acting non-executive chairman to non-executive 
    chairman and, as the chairman is not independent, Charles 
    Boles (independent non-executive director) has been appointed 
    as lead independent director with effect from 1 August 2018.  
    Charles has also been appointed as chairman of the audit and 
    risk committee with effect from 1 August 2018.

    Dinga Mncube (independent non-executive director) has been 
    appointed as a trustee on the Dawn Share Trust effective  
    1 August 2018.

    The board has commenced with the process of identifying and 
    appointing a third independent non-executive director to the 
    board and as member of the audit and risk committee. 
    Shareholders will be advised as soon as the appointment has 
    been made.

    BORROWINGS

    DEBTORS FACILITY
    DAWN secured an Invoice Discounting Facility, subject to 
    standard terms, to the value of R140 million. This facility 
    is secured mainly by a cession of book debtors and a general 
    notarial bond over inventory. There are no financial 
    covenants applicable.

    Namibia Plastic Converters Proprietary Limited (NPC)
    DAWN entered into an agreement to dispose of Namibia Plastic 
    Converters Proprietary Limited (NPC) assets (mainly plant and 
    equipment) and its wholly-owned subsidiary, Franmore 
    Investments Proprietary Limited, for a consideration of R22,0 
    million, effective May 2018. The Namibian Competition 
    Commission approved the proposed transaction on 17 April 
    2018. As a result, NPC has been derecognised and classified 
    as held-for-sale.

    DPI SIMBA LIMITED
    DAWN has furthermore entered into negotiations to dispose of 
    its 50% interest in DPI Simba Limited for USD800 000. As a 
    result DPI Simba Limited has been derecognised and classified 
    as held-for-sale. The transaction is expected to be concluded 
    by September 2018.    

12 July 2018
Germiston

DISTRIBUTION AND WAREHOUSING NETWORK LIMITED
REGISTERED OFFICE: Cnr Barlow Road and Cavaleros Drive, Jupiter 
Ext 3, Germiston, 1401

DIRECTORS: Theunis de Bruyn (interim chairman)*, Lou Alberts ^ 
(lead independent director) , Charles Boles ^,  Edwin Hewitt 
(chief executive officer), Chris Booyens (chief financial 
officer),  Akhter Moosa ^, Dinga Mncube ^, George Nakos*, René 
Roos
 * Non-executive      ^ Independent non-executive

PREPARER: Prepared by Tintswalo Mohlakoana (CA(SA)), group 
financial accountant, under the supervision of  Hanré Bester 
(CA(SA)), group financial manager, and Chris Booyens (CA(SA)), 
chief financial officer and financial director 

COMPANY SECRETARY: iThemba Governance and Statutory Solutions 
(Pty) Ltd until 31 March 2018, with  Vanessa White (chief 
governance officer) being appointed as company secretary with 
effect from 1 April 2018

TRANSFER SECRETARIES: Computershare Investor Services (Pty) Ltd, 
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)

SPONSOR: Deloitte & Touche Sponsor Services (Pty) Ltd
www.dawnltd.co.za

Date: 12/07/2018 05:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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