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Republication of unaudited condensed consolidated interim financial statements
PBT Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1936/008278/06)
Share code: PBG
ISIN: ZAE000227781
("PBT Group" or "the Company" or "the Group")
REPUBLICATION OF UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Since the publication of the Unaudited Condensed Consolidated Interim Financial Statements for six months
ended 30 September 2017, the following changes have been made to the interim financial statements. All the
changes relate to the 30 September 2017 comparative figures. The 30 September 2017 figures remain unchanged
(all numbers are expressed in thousands):
- In the statement of cash flows the 'Acquisition of financial assets at fair value' was understated by R80 470
and the 'Issue of shares' overstated by the same amount. The error was corrected by the restatement of the
'Acquisition of financial assets at fair value' to (R493) and 'Issue of shares' to zero.
The change is due to a BEE transaction that was not yet finalised by the release date of the 30 September
2016 interims and the accounting treatment still uncertain. It was concluded at the 31 March 2017 year-end
that the transaction should have been eliminated for the consolidated interims. The issue of shares is now
eliminated to zero and the financial assets at fair value adjusted by R80 470.
This BEE transaction was within the Prescient Holdings group ('Prescient Holdings") and as Prescient
Holdings was unbundled from the Group during February 2017, this transaction did not form part of the
consolidated financial statements for 31 March 2017.
The changes made to the statement of cash flows have not been audited and will not agree to the previously
published interim financial statements on 20 December 2017.
The restatements were identified through the JSE proactive monitoring process for the annual financial statements
for the year ended 31 March 2017.
Review of operations
During the period under review, the PBT Group entered into an agreement with an acquiring consortium ("AQC")
to dispose of two non-core assets, i.e. Prescient Capital Proprietary Limited and its subsidiaries
("Prescient Capital") and equity shares in Prescient Holdings Proprietary Limited ("Prescient Holdings"). The details of the
transaction have been published by way of a circular on 23 March 2018 and a supplementary circular on
28 August 2018.
PBT Group currently owns 270 188 033 PBG shares as treasury shares. If the above transaction is approved by
shareholders, the company will receive an additional 305 062 917 PBG shares. These shares as well as the
current treasury shares will be cancelled, resulting in a reduction of the number of issued shares from
1 669 250 950 to a total of 1 094 000 000 shares in issue.
From an accounting point of view, the proposed transaction will result in an effective disposal of Prescient Capital
and, in terms of IFRS 5 Non-current assets held for sale and discontinued operations, it was determined that the
requirements of this standard have been satisfied in order to reclassify Prescient Capital in the unaudited condensed
consolidated statement of financial position as a non-current asset held for sale and in the unaudited condensed
consolidated statement of profit or loss and other comprehensive income as a discontinued operation. The disposal
of Prescient Capital is considered to be highly probable. Consequently, the assets and liabilities of Prescient Capital
are disclosed as assets and liabilities held for sale under current assets and current liabilities in the unaudited
condensed consolidated statement of financial position, and the income and expenses associated with Prescient
Capital are disclosed as profits from discontinued operations in the unaudited condensed consolidated statement of
profit or loss and other comprehensive income. The comparative profit from Prescient Capital for the prior year has
been restated to reflect as profits from discontinued operations.
The corresponding earnings per share and headline earnings per share have also been reflected as a split between
continuing and discontinued operations.
The proposed disposal of the equity shares in Prescient Holdings has been accounted for as a non-current asset
held for sale in the unaudited condensed consolidated statement of financial position.
Total income for continuing operations for the period was R283.5 million (September 2016: R291.4 million) with profit
before tax for continuing operations being R11.6 million (September 2016: R21.5 million). The total loss after tax for
continuing operations was R1.6 million (2016: profit of R16.2 million). Headline loss per share for continuing
operations was 0.33 cents per share (September 2016: headline earnings of 0.82 cents per share).
As reported in the 2017 Integrated Report, PBT Group is actively reducing its operations and exposure in the
Middle-East Africa segment of the business. The Group is pleased to announce that a reduction of more than 50% in
operating levels have been achieved without the need for staff retrenchments. Exposure to outstanding debtors has
largely been mitigated and is now at manageable levels. This positive development resulted in much improved cash
and liquidity levels.
The loss for this segment amounted to R18.7 million for the period under review. The ongoing reduction in operations
in this segment will in all likelihood result in further losses for the next reporting period, but the Group is confident
that losses will be eliminated from the next financial year and that the client can be supported profitably from a small
base going forward.
The South African and Australian operations continue to perform satisfactory and still produce acceptable growth.
Dividend
No dividend from normal commercial operations has been declared for the 6 months ended 30 September 2017.
Biannually, the directors consider the payment of a dividend, taking into account prevailing circumstances and future
cash and capital requirements of the Group in order to determine the appropriate dividend in respect of a particular
financial reporting period.
There are 1 669 250 950 shares in issue at the date of release of this document, of which 270 188 033 are held as
treasury shares.
Changes to Management and the Board of Directors
There were no changes to the Board during the period and subsequent to the end of the period under review.
Forward-looking statements
This announcement contains certain forward-looking statements with respect to the financial condition and results
of the operations of PBT Group Limited that, by their nature, involve risk and uncertainty because they relate to
events and depend on circumstances that may or may not occur in the future. These may relate to future prospects,
opportunities and strategies. If one or more of these risks materialise, or should underlying assumptions prove
incorrect, actual results may differ from those anticipated. By consequence, none of the forward-looking statements
have been reviewed or reported on by the Group's auditors.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
2017 2016
R'000 R'000
Continuing operations Notes Restated
Total income 283 485 291 432
Expenses (275 386) (267 697)
Profit from operations 8 099 23 735
Other income 5 576 505
Finance costs (2 109) (2 693)
Profit before taxation 11 566 21 547
Income tax expense 4 (13 157) (5 350)
(Loss)/profit from continuing operations (1 591) 16 197
Discontinued operations
Profit from discontinued operations (net of tax) 1 897 38 642
(Loss)/profit for the period (694) 54 839
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign currency translation differences - foreign operations (8 882) (11 011)
Other comprehensive loss for the period (8 882) (11 011)
Total comprehensive (loss)/income for the period (9 576) 43 828
(Loss)/profit attributable to:
Owners of the Company (4 358) 54 632
Non-controlling interests 3 664 207
(Loss)/profit for the period (694) 54 839
Total comprehensive income attributable to:
Owners of the Company (13 240) 46 549
Non-controlling interests 3 664 (2 721)
Total comprehensive (loss)/income for the period (9 576) 43 828
Earnings per share (cents)
- Continuing operations 3 (0.33) 0.82
- Discontinued operations 3 0.06 2.57
Diluted earnings per share (cents)
- Continuing operations 3 (0.33) 0.82
- Discontinued operations 3 0.06 2.57
Notes to the statement of comprehensive income
Headline earnings per share (cents)
- Continuing operations 3 (0.33) 0.82
- Discontinued operations 3 0.06 2.57
Diluted headline earnings per share (cents)
- Continuing operations 3 (0.33) 0.82
- Discontinued operations 3 0.06 2.57
Dividend per share
Interim - 2.25
EARNINGS PER SHARE
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
Unaudited Unaudited
2017 2016
Notes Restated
Shares
Actual number of shares in issue at the end of the period 3 1 669 250 950 1 669 250 950
Weighted average number of shares in issue at the end of the period 1 585 272 427 1 601 763 111
Weighted average number of treasury shares 83 978 523 30 424 957
Weighted average number of forfeitable share plan shares - 37 062 882
Reconciliation of headline earnings R'000 R'000
Continuing operations
Loss attributable to shareholders (1 591) 16 197
Non-controlling interests (3 664) (2 785)
Loss attributable to FSP shareholders - (328)
Loss/earnings attributable to ordinary shareholders 3 (5 255) 13 084
Headline earnings attributable to ordinary shareholders (5 255) 13 084
Discontinued operations
Earnings attributable to shareholders 897 38 642
Non-controlling interests - 2 577
Earnings attributable to FSP shareholders - -
Earnings attributable to ordinary shareholders 3 897 41 219
Headline earnings attributable to ordinary shareholders 897 41 219
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2017
2017 2016
Notes R'000 R'000
ASSETS
Non-current assets 303 665 352 536
Property and equipment 7 226 8 183
Goodwill and intangible assets 262 694 320 918
Deferred tax asset 3 768 7 746
Long-term loans and other receivables - 497
Financial assets at fair value through profit or loss 29 977 15 192
Current assets 286 237 12 956 224
Inventory 9 887 45 106
Trade and other receivables 4 119 461 105 458
Taxation receivable 174 24 278
Cash and cash equivalents 49 752 8 868
Assets held-for-sale 2 106 963 12 772 514
Total assets 589 902 13 308 760
EQUITY
Stated capital 121 286 748 130
Reserves (30 532) 601
Retained income 406 243 173 060
Total equity attributable to owners of the Company 496 997 921 791
Non-controlling interests 9 755 21 445
Total equity 506 752 943 236
LIABILITIES
Non-current liabilities 28 125 16 743
Deferred tax liability 3 125 12 999
Loans payable 25 000 3 744
Current liabilities 55 025 12 348 781
Trade and other payables 26 604 39 071
Loans payable - 1 157
Current tax payable 3 928 2 795
Provisions 12 124 -
Bank overdraft 59 36 493
Liabilities held-for-sale 2 12 310 12 269 265
Total liabilities 83 150 12 365 524
Total equity and liabilities 589 902 13 308 760
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
Share-
based Non-
Stated Translation Treasury payment Retained controlling Total
R'000 capital reserve shares reserve income Total interest equity
Balance at 1 April 2016 667 660 20 899 (16 576) 2 743 152 451 827 177 24 064 851 241
Total comprehensive income for
the period
Profit for the period - - - - 54 632 54 632 207 54 839
Total other comprehensive income - (8 083) - - - (8 083) (2 928) (11 011)
Total comprehensive income for
the period - (8 083) - - 54 632 46 549 (2 721) 43 828
Transactions with owners recognised
directly in equity
Contributions by and distributions to
owners of the Company
Treasury shares bought - - 160 - - 160 - 160
Dividends declared during the period - - - - (31 716) (31 716) (2 205) (33 921)
Issue of ordinary shares 80 470 - - - - 80 470 - 80 470
Equity-settled share-based payments - - - 1 458 - 1 458 - 1 458
Total contributions by and distributions
to owners of the Company 80 470 - 160 1 458 (31 716) 50 372 (2 205) 48 167
Changes in ownership interest
in subsidiaries
Acquisition of NCI without a change
in control - - - - (2 307) (2 307) 2 307 -
Total changes in ownership interest
in subsidiaries - - - - (2 307) (2 307) 2 307 -
Total transactions with owners of
the Company 80 470 - 160 1 458 (34 023) 48 065 102 48 167
Balance at 30 September 2016 748 130 - (16 416) 4 201 173 060 921 791 21 445 943 236
Balance at 1 April 2017 144 015 12 716 (7 316) - 410 600 560 015 12 434 572 449
Total comprehensive income for
the period
(Loss)/profit for the period - - - - (4 357) (4 357) 3 664 (693)
Total other comprehensive income - 6 348 - - - 6 348 - 6 348
Total comprehensive income for
the period - 6 348 - - (4 357) 1 991 3 664 5 655
Transactions with owners recognised
directly in equity contributions by and
distributions to owners of the Company
Treasury shares bought - - (42 280) - - (42 280) - (42 280)
Capital distribution (22 729) - - - - (22 729) - (22 729)
Dividends declared during the period - - - - - - (3 430) (3 430)
Loss of control - - - - - - (2 913) (2 913)
Equity-settled share-based payments - - - - - - - -
Total contributions by and distributions
to owners of the Company (22 729) - (42 280) - - (65 009) (6 343) (71 352)
Balance at 30 September 2017 121 286 19 064 (49 596) - 406 243 496 997 9 755 506 752
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017
2017 2016
R'000 R'000
Cash flows from operating activities
(Loss)/profit for the period (694) 54 839
Income tax expense/income (3 754) 21 789
Non-cash movements and adjustments to profit before tax 31 711 (294 231)
Changes in working capital 48 029 (6 748)
Cash generated from policyholder activities - 301 564
Dividends received 1 868 2 487
Dividends paid - (33 921)
Interest received 922 13 295
Interest paid (2 109) (6 937)
Tax paid (20 433) (45 156)
Net cashflow from discontinued operations 2 072 (3 359)
Net cash inflow from operating activities 57 612 3 622
Cash outflow from investing activities
Acquisition of property and equipment (1 442) (10 275)
Acquisition of intangible assets (134) (1 709)
Advance of long-term loans receivable (2 334) (9 788)
Acquisition of financial assets at fair value - (493)
Net cashflow form discontinued operations (1 301) 1 614
Net cash outflow from investing activities (5 211) (20 651)
Cash outflow from financing activities
Capital distribution (22 729) -
Acquisition of own shares - (160)
(Decrease)/increase in loans payable (10 000) 5 710
Net cashflow from discontinued operations (94) -
Cash (outflow)/inflow from financing activities (32 823) 5 550
Net increase/(decrease)in cash and cash equivalents 19 578 (11 479)
Effect of exchange rate fluctuations on cash held 40 (3 260)
Net cash and cash equivalents at the beginning of the period 30 075 (12 886)
Net cash and cash equivalents at the end of the period 49 693 (27 625)
NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation and accounting policies
Statement of compliance
The interim financial statements are prepared in accordance with International Financial Reporting Standard (IFRS),
IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council, the
requirements of the Companies Act 71 of 2008 of South Africa and the JSE Listings Requirements. The unaudited
condensed consolidated interim financial statements do not include all of the information required for full annual
financial statements. These unaudited condensed consolidated interim financial statements have been prepared in
accordance with the historical cost basis except for certain financial instruments and investment property which are
stated at fair value. The unaudited condensed consolidated interim financial statements are presented in Rand,
rounded to the nearest thousand. The accounting policies applied in the presentation of the unaudited condensed
consolidated financial statements are in accordance with International Financial Reporting Standards and are
consistent with those presented in the previous annual financial statements.
These unaudited condensed consolidated interim financial statements were prepared under the supervision of the
financial director, Murray Louw, and have not been audited or reviewed by PBT Group's external auditors. The Board
of Directors approved these financial statements on 14 December 2016 and the changes to the statement of cash
flows as explained above, on 30 August 2018.
Judgements and estimates
Preparing the unaudited condensed consolidated interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts
of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these unaudited condensed consolidated interim financial statements, significant judgements made by
management in applying the Group's accounting policies and key sources of estimation uncertainty were the same
as those that applied to the consolidated financial statements as at and for the year ended 31 March 2017.
Related party transactions
PBT Group Limited and its subsidiaries ("the PBT Group" or "the Company"), entered into various intercompany
transactions with related parties. There were no additional significant related party transactions during the interim
period. The Company has related party relationships with subsidiaries, associates and with its key management
personnel. There were no significant changes to these relationships, as disclosed at 31 March 2017, during the
interim period reported on at 30 September 2017.
Subsequent events
Since the publication of the interim financial statements a capital reduction distribution of 1.57 cents per share was
paid on 28 August 2017.
A Circular has been released on 23 March 2018 for the disposal of Prescient Capital Proprietary Limited and its
subsidiaries and a Supplementary Circular to the Circular released in March 2018 has been released on
28 August 2018.
2.DISCONTINUED OPERATIONS
In September 2017 the Company has entered into a memorandum of agreement ("the MoA") with an acquiring consortium
("AQC"), in relation to the disposal by the PBT Group of Prescient Capital Proprietary Limited and its subsidiaries
("Prescient Capital"), where the AQC will purchase Prescient Capital from the PBT Group by offering the PBT Group shares owned by the
AQC to the PBT Group. In addition, the AQC will purchase the Prescient Holdings Proprietary Limited ("Prescient Holding")
shares owned by the PBT Group from the PBT Group by offering the PBT Group shares owned by the AQC to the PBT Group.
The effective date of the Proposed Transaction is 1 June 2017. A finalisation announcement will be released on SENS when the
Proposed Transaction becomes unconditional.
A Circular and Supplementary Circular have been posted on 23 March 2018 and 28 August 2018 respectively that includes the
transaction details. The salient dates and General Meetings of shareholders to be convened in order to consider and vote
on the resolutions required in respect of the transactions are included in the Supplementary Circular.
Prescient Capital was not previously classified as held-for-sale or as a discontinued operation. The comparative condensed
consolidated statement of profit or loss and other comprehensive income has been restated to show the discontinued operation
separately from continuing operations.
2017 2016
Results of discontinued operations R'000 R'000
Revenue 2 687 207 684
Other income 191 -
Expenses (1 881) (152 602)
Results from operating activities 997 55 082
Tax (100) (16 440)
Results from operating activities, net of tax 897 38 642
Gain on sale of discontinued operations* - -
Profit for the year 897 38 642
2017 2016
Cash flows from/(used in) discontinued operations R'000 R'000
Net cash from operating activities 2 072 46 637
Net cash used in investing activities (1 301) (83 198)
Net cash from financing activities (94) 23 478
Net cash flow for the year 676 (13 083)
2017
Major classes of assets and liabilities disposed of R'000
Property and equipment 120
Investment property 51 297
Goodwill 22 722
Long-term loans receivable 161
Investment in equity-accounted investee 289
Financial assets at fair value through profit or loss 26 225
Trade and other receivables 4 009
Taxation receivable 18
Cash and cash equivalents 2 123
Deferred tax liability (930)
Long-term loans payable (8004)
Trade and other payables (3 377)
Net assets and liabilities held-for-sale 94 653
3. EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
The calculation of basic earnings per share at 30 September 2017 was based on the loss attributable to ordinary shareholders
of R5 254 489 (2016: profit of R13 084 480) and a weighted average of ordinary shares outstanding of 1 585 272 427
(2016: 1 601 763 111), calculated as follows:
Profit attributable to ordinary
shareholders 30 September 2017 30 September 2016
Restated* Restated*
Continuing Discontinued Continuing Discontinued
R'000 operation operation Total operations operation Total
(Loss)/profit for the year,
attributable to owners of
the Company (5 255) 897 (4 358) 13 084 41 219 54 303
(Loss)/Profit attributable to
ordinary shareholders (5 255) 897 (4 358) 13 084 41 219 54 303
Weighted average number of ordinary shares 2017 2016
In thousands of shares
Ordinary shares at 1 April 2017 1 669 251 1 669 251
Effect of treasury shares held (83 979) (30 425)
Effect of FSP shares - (37 063)
Weighted average number of ordinary shares at 30 September 2017 1 585 272 1 601 763
*refer to note 2
HEADLINE EARNINGS PER SHARE
Earnings Earnings
Non- attributable attributable
Profit controlling to FSP to ordinary Cents
R'000 before tax Tax interests shareholders shareholders per share
2017
Continuing operations
Per the statement of
comprehensive income 11 566 (13 157) (3 664) - (5 255) (0.33)
Continuing operations
headline earnings 11 566 (13 157) (3 664) - (5 255) (0.33)
Discontinued operation
Per the statement of
comprehensive income 897 - - - 897 0.06
Discontinued operation
headline loss 897 - - - 897 0.06
Total
Per the statement of
comprehensive income 12 463 (13 157) (3 664) - (4 438) (0.27)
Total Group headline earnings 12 463 (13 157) (3 664) - (4 438) (0.27)
Earnings Earnings
Non- attributable attributable
Profit controlling to FSP to ordinary Cents
R'000 before tax Tax interests shareholders shareholders per share
2016
Continuing operations
Per the statement of
comprehensive income 21 547 (5 350) (2 784) (328) 13 085 0.82
Continuing operations
headline earnings 21 547 (5 350) (2 784) (328) 13 085 0.82
Discontinued operation
Per the statement of
comprehensive income 55 257 (16 615) 2 577 - 41 219 2.57
Discontinued operations
headline loss 55 257 (16 615) 2 577 - 41 219 2.57
Total
Per the statement of
comprehensive income 76 804 (21 965) (207) (328) 56 304 3.39
Total Group headline earnings 76 804 (21 965) (207) (328) 56 304 3.39
Headline earnings per share has been calculated in accordance with Circular 2/2015 issued by the South African Institute of
Chartered Accountants.
Diluted earnings per share is equal to basic earnings per share. Diluted headline earnings per share is equal to headline earnings
per share.
4.TRADE AND OTHER RECEIVABLES
2017 2016
R'000 R'000
Trade and other receivables include the following:
Trade receivables 116 591 103 128
VAT 233 -
Deposits 1 331 1 298
Prepayments 656 -
Accrued income 650 1 032
119 461 105 458
5.INCOME TAX EXPENSE
2017 2016
R'000 R'000
Tax recognised in profit or loss
Current tax expense
Current year 6 500 5 082
Withholding tax - Section 6quat(1C) 10 019 -
16 519 5 082
Deferred tax expense
Origination and reversal of temporary differences (3 362) 268
Income tax expense on continuing operations 13 157 5 350
6. PRIOR PERIOD ERROR
An error was noted on the comparative figures on the Statement of Cash Flows for the six months ended 30 September 2017.
The 'Acquisition of financial assets at fair value' was understated by R80 470 and the 'Issue of shares' were overstated by the
same amount. The error was corrected by the restatement of the 'acquisition of financial assets at fair value' to (R493) and
'Issue of shares' to zero.
The change is due to a BEE transaction that was not yet finalised by 30 September 2016 and the accounting treatment still
uncertain. By the 2017 year-end the transaction has been finalised. It was concluded that the transaction should have been
eliminated for the consolidated interims and therefore the issue of shares was eliminated to zero and the financial assets at fair
value is less by the same amount.
The error only impacted the Statement of Cash Flows and was correctly accounted for in the other Statements to the
Consolidated Financial Statements.
The following tables summarise the impacts on the Group's consolidated Statement of Cash Flows:
Impact of correction of error
As previously reported Adjustments As restated
R´000 R´000 R´000
Cash flows from operating activities
Profit for the period 54 839 - 54 839
Income tax paid 21 789 - 21 789
Non-cash movements and adjustments to profit before tax (294 231) - (294 231)
Changes in working capital (6 748) - (6 748)
Cash generated from policyholder activities 301 564 - 301 564
Dividends received 2 487 - 2 487
Dividends paid (33 921) - (33 921)
Interest received 13 295 - 13 295
Interest paid (6 937) - (6 937)
Tax paid (45 156) - (45 156)
Net cash flows from discontinued operations (3 359) - (3 359)
Net cash inflow from operating activities 3 622 - 3 622
Cash outflow from investing activities
Acquisition of property and equipment (10 275) - (10 275)
Acquisition of intangible assets (1 709) - (1 709)
Advance of long-term loans receivable (9 788) - (9 788)
Acquisition of financial assets at fair value (80 963) 80 470 (493)
Net cash flows from discontinued operations 1 614 - 1 614
Net cash outflow from investing activities (101 121) 80 470 (20 651)
Cash outflow from financing activities
Acquisition of own shares (160) - (160)
Issue of shares 80 470 (80 470) -
Increase/(decrease) in loans payable 5 710 - 5 710
Cash (outflow)/inflow from financing activities 86 020 (80 470) 5 550
Net (decrease)/increase in cash and cash equivalents (11 479) - (11 479)
Effect of exchange rate fluctuations on cash held (3 260) - (3 260)
Net cash and cash equivalents at the beginning of the period (12 886) - (12 886)
Net cash and cash equivalents at the end of the period (27 625) - (27 625)
7. UNAUDITED CONDENSED CONSOLIDATED SEGMENT REPORT
The reportable segments are according geographical areas, namely South Africa, Middle-East/Africa and Australia.
- South Africa includes consulting and implementation of data, management information software and healthcare software services in the Republic of South Africa.
- Australia includes consulting and implementation of data, management information software and healthcare software services in Australia.
- Middle-East/Africa includes consulting and implementation of data, management information software in Middle-East and Africa.
CONTINUING OPERATIONS
South Africa Australia Middle-East/Africa Other Total
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Segment external total income 200 193 151 523 38 846 41 121 44 446 98 788 - - 283 485 291 432
Segment profit/(loss) before tax 19 829 12 770 3 499 8 243 (18 672) (3 247) 6 910 3 781 11 566 21 547
Segment assets* 108 004 38 043 26 749 32 044 57 140 156 111 37 119 1 754 229 012 227 952
Segment liabilities (26 924) (9 569) (7 851) (7 227) (34 122) (53 745) (1 944) (25 718) (70 840) (96 259)
DISCONTINUED OPERATIONS
South Africa Australia Middle-East/Africa Other Total
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Segment external total income - - - - - - - - - -
Segment profit/(loss) before tax - - - - - - 897 38 642 897 38 642
Segment assets* - - - - - - 84 241 12 772 514 84 241 12 772 514
Segment liabilities - - - - - - (12 310) (12 269 265) (12 310) (12 269 265)
GROUP
South Africa Australia Middle-East/Africa Other Total
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Segment external total income 200 193 151 523 38 846 41 121 44 446 98 788 - - 283 485 291 432
Segment profit/(loss) before tax 19 829 12 770 3 499 8 243 (18 672) (3 247) 7 807 42 423 12 463 60 189
Segment assets* 108 004 38 043 26 749 32 044 57 140 156 111 121 360 12 774 268 313 253 13 000 466
Segment liabilities (26 924) (9 569) (7 851) (7 227) (34 122) (53 745) (14 254) (12 294 983) (83 150) (12 365 524)
* Goodwill is not managed as part of segment assets and has therefore been excluded.
COMPANY INFORMATION
Country of incorporation: South Africa
Nature of business and principal activities: Information management and data analytics services
Directors: Tony Taylor (Independent Non-Executive Chairman)
Pierre de Wet (Chief Executive Officer)
Murray Louw (Financial director)
Cheree Dyers (Independent Non-Executive director)
Herman Steyn (Non-Executive director)
Arthur Winkler (Independent Non-Executive director)
Company secretary Bianca Pieters
Audit and Risk Committee: Arthur Winkler (Chairman)
Tony Taylor
Herman Steyn
Remuneration and Nomination Committee: Cheree Dyers (Chairman)
Tony Taylor
Herman Steyn
Arthur Winkler
Social and Ethics Committee: Cheree Dyers
Elizna Read
Tony Taylor
Registered office: PBT House, 2 Mews Close, Waterford Mews, Century City, 7441, South Africa
Postal address: PO Box 276, Century City, 7446, South Africa
Registration number: 1936/008278/06
Auditors: BDO Cape Incorporated
Sponsor: Bridge Capital Advisors Proprietary Limited
Transfer secretaries: Link Market Services South Africa Proprietary Limited
JSE share code: PBG
ISIN: ZAE000227781
Website: www.pbtgroup.co.za
Cape Town
05 October 2018
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