Wrap Text
Reviewed provisional condensed consolidated results for the year ended 31 August 2018
Consolidated Infrastructure Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
Debt company code: CIG
www.ciglimited.com
Reviewed provisional condensed consolidated results for the year
ended 31 August 2018 ("the year")
Salient features
- Headline loss per share of 721,2 cents
(2017: headline loss per share of 77,9 cents)
- Net loss of R2,028 million (2017: net loss of R150 million)
- EBITDA from operating entities excluding Conco of R284 million
(2017: R311 million)
- Cash generated from operations of R51 million
- Recapitalisation of R1,1 billion
Commentary
Introduction
Consolidated Infrastructure Group Limited ("CIG") is a pan-African
infrastructure-focused group with a diversified portfolio of operations in
Power, Building Materials, Oil & Gas and Rail. The group's footprint spans
South Africa, sub-Saharan Africa and the Middle East.
As cautioned in our 2017 Integrated Annual Report, the year proved to be an
extremely challenging period for the group. The combination of decreased demand
across all of the group's business sectors, the ongoing restructure initiatives
implemented in the largest subsidiary, Consolidated Power Projects Group
Limited ("Conco"), and increased borrowing costs resulting from the group's
sub-optimal capital structure, contributed to the group reporting a substantial
loss for the year.
The group reported a loss after taxation for the year of R2,028 million
(2017: loss of R150 million), on significantly lower revenues of
R2,706 million (2017: R4,369 million) and an EBITDA loss of R946 million
(2017: profit of R5 million). Included in the results were substantial
non-cash items, including the write-down of goodwill of R472 million, the
impairment of the carrying value of joint arrangements of R134 million
and the write-back of deferred tax assets recognised in previous periods.
Divisional overview
Power
Conco
- Revenue of R1,254 million (2017: R2,941 million)
- EBITDA loss of R1,061 million (2017: loss of R306 million)
- Closing order book of R4,7 billion (2017: R5,7 billion)
Conco supplies substations and delivers high voltage electrification work,
including wind farms and solar parks across Africa and the Middle East. The
business continued to be affected by difficult trading conditions which
resulted in a low order intake and slow execution of work. The ongoing
organisational restructure initiatives contributed to project cost overruns,
labour under-utilisation and a decline in morale. Legacy projects continued
to impact negatively on margins. The cumulative effect of these factors,
together with increased borrowing costs, resulted in a loss for Conco for
the year of R1,373 million.
The critical steps identified to restructure Conco, as outlined in the
2017 Integrated Annual Report, have been largely implemented and are expected
to yield benefits in future periods. The international and South African
operations have been combined into a single organisational structure and the
go-to-market functions have been segregated from operations, resulting in an
improved focus on project execution and margins.
The group incurred R89 million in retrenchment and restructuring costs over
the year. As a result of the restructuring, Conco has realised estimated
annualised savings of R340 million, with investment in working capital and
borrowings reduced accordingly. The Conco executive team has been strengthened
with the appointment of Jonny Dladla, previously a senior executive at Eskom
with over twenty years' experience in the energy sector, as CEO, effective
1 November 2018, with the appointment of a new CFO to be made in the
near future.
Power (excluding Conco)
- Revenue of R677 million (2017: R500 million)
- EBITDA of R250 million (2017: R178 million)
Conlog provides prepaid and smart electronic metering devices and solutions,
from design to distribution. Services for utilities and municipalities include
revenue management, revenue protection, pre-payment with smart load control
and load management. Conlog delivered a strong set of results for the year,
significantly exceeding the original earnings forecasts on acquisition and
the prior year's results. Its performance was boosted by the sale of
newer-generation products and a sales mix reflecting 80% of revenue derived
outside of South Africa.
Consolidated Power Maintenance ("CPM") maintains renewable energy sites and
transmission substations. The business continued to generate positive annuity
income for the group, marginally up on the prior year.
CIGenCo designs and develops mid-sized power generation projects in Africa.
The business delivered its maiden profit contribution to the group in the
year, with the Namibian Ejuva Solar Energy Projects reaching commercial
operation.
Rail
- Revenue of R259 million (2017: R394 million)
- EBITDA loss of R41 million (2017: profit of R42 million)
Tractionel specialises in the electrification of railways and the installation
of overhead traction equipment. The business experienced very difficult market
conditions during the year, contributing to a loss for the period.
Building Materials
- Revenue of R516 million (2017: R533 million)
- EBITDA of R75 million (2017: R99 million)
Drift Supersand mines a range of aggregates and West End Claybrick manufactures
clay bricks and concrete roof tiles. Given the local macro economic/trading
conditions, the division delivered a satisfactory performance for the year.
Oil & Gas
Angola Environmental Services ("AES") is a waste disposal service provider to
the oil and gas industry in Angola. Profit attributable to the AES joint venture
was in line with the prior year, whilst activity levels continued to be impacted
by the number of rigs in the market remaining at an all-time low.
Prospects
Across the continent, the opportunities for CIG's power businesses continue to
be driven by:
- Growth in renewable energy and off-grid industrial-scale opportunities in Africa;
- Leveraging the established regional presence/market experience of
group companies to geographically expand other group companies' products and
services; and
- Financing of grid infrastructure utilising export credit funding lines.
The key objective for Conco is to return to profitability. A three-year target
focusing on cash generated from operations has been set to help drive this goal,
and underpins the long-term incentive framework for the executive team. The
order book for the year was secured in accordance with the revised guidelines
for contract acceptance, taking into account baseline working capital
assumptions and margin and is adequate to stabilise performance. However,
the tail of legacy projects will continue to act as a drag on divisional
margins for the next twelve to eighteen months.
Conlog has exciting prospects both geographically and through innovative new
offerings. Progress has been made in supplying product into new markets. An
increased focus by utilities and municipalities on revenue collection is
spurring demand for prepaid meters and other growth opportunities, which may
include a rental offering. The business continues to innovate and in May 2018,
launched its new power line communication product, the BECX, which
strengthened and advanced its product range for improved competitiveness.
CPM's market is expanding as early stage REIPPPP original equipment
manufacturer ("OEM") maintenance contracts reach expiry. The global shift
to renewable energy will drive the growth trajectory for the business.
CIGenCo has a strong pipeline of development projects with a number of
opportunities identified across the continent. The group is examining
alternative funding structures for CIGenCo to alleviate the pressure on
capital availability and to allow the business to build on its recent
accomplishments.
The Tractionel short-term order book remains sub-optimal and, unless market
conditions improve, will result in continued losses in 2019. In the longer term,
there are a number of opportunities which, if successful, should see the
business return to previous levels of profitability.
The Building Materials division anticipates moderate growth in the year ahead
as infrastructure and related spending improves in the run-up to the national
elections in mid-2019. Operational plans have been developed to mitigate any
effects of a further deterioration in market conditions, should they materialise.
The market for Oil & Gas services in Angola is expected to begin to gradually
pick up in 2019. AES is debt free and well-positioned to capitalise on market
growth and to improve profitability.
Material non-recurring items
The results for the year included a number of once-off, non-cash adjustments,
including:
Goodwill impairment
The group has impaired the entire Conco goodwill of R397 million. In addition,
notwithstanding early signs of market improvement in rail towards the end of the
year, the rail sector remains a challenge and CIG has impaired the goodwill
raised on the acquisition of Tractionel by R72 million.
Write-down in the carrying value of the AES joint arrangement
The carrying value of the AES joint venture has been adjusted in line with
future market projections, resulting in an impairment of R134 million.
Deferred tax asset write-down
In the prior financial year, a deferred tax asset of R105 million was raised
as a result of losses incurred within Conco. The Conco business continued to
make losses in the year and taking into account the near to medium-term trading
outlook, the decision was taken not to raise a corresponding deferred tax asset
in the year and, at the same time, to reverse deferred tax assets recognised
in previous periods. It is estimated that the group has R519 million of
unrecognised deferred assets as at 31 August 2018, available to be utilised
against future tax liabilities.
Recapitalisation
The group is presently operating under a debt standstill agreement with its
funders, which agreement expires on 1 April 2019.
As previously reported in the 2017 Integrated Annual Report, in terms of
IAS 1.74, when an entity breaches a provision of a long-term loan arrangement
with the effect that the liability becomes payable on demand, it is required
to classify the liability as current. As a consequence, the full value of
notes outstanding under the Domestic Medium Term Note Programme, totalling
R924 million, were classified as a current liability as at 31 August 2017.
Following the debt standstill agreement reached with the lenders, only the
portion of the notes that fall due in 2019 has been classified as current
as at 31 August 2018, with the balance reclassified as non-current.
Following the recapitalisation transactions outlined below, and assuming
further arrangements are made with the lenders under the programme, it is
envisaged that R443 million of notes will be repaid in 2019, as they fall
due.
It is further envisaged that the remaining notes will be repaid in the
ordinary course, in 2020 (R302 million) and 2021 (R179 million) respectively.
As previously reported to shareholders, the group entered into a suite
of transactions during the year ("the recapitalisation transactions") to
facilitate a R1,1 billion cash injection aimed at improving the long-term
capital structure of the group.
The recapitalisation transactions were entered into with Fairfax Africa
Holdings Corporation ("Fairfax Africa"), a permanent capital investment
company listed on the Toronto stock exchange. Fairfax Africa's investment
objective is to achieve long-term capital appreciation, whilst preserving
capital, by investing in public and private equity securities and debt
instruments in Africa and businesses with customers, suppliers or business
primarily conducted in Africa.
The recapitalisation transactions consist of the following three components:
Component Status
R300 million Advanced
upfront loan
R800 million Shareholder approval has been received.
non-renounceable CIG is awaiting final regulatory approvals before
rights offer at opening the rights offer to shareholders.
R4 per share, Management anticipates that this will be
underwritten by completed by late-December 2018
Fairfax Africa
Conversion rights Future conversion approved
of the upfront loan
Shareholders are referred to the detailed announcements issued on SENS
on Friday, 18 May 2018; Monday, 30 July 2018 and Wednesday, 29 August
2018 for further information on the recapitalisation transactions.
Following the rights offer, and assuming conversion of the convertible loan,
the net debt-to-equity ratio is expected to improve from 99% to 25%. Intense
focus on cash generation within all group businesses should drive gearing
down further.
The rights offer is expected to be complete by end-December 2018. A further
announcement on the rights offer will be made in due course.
At year-end, cash on hand was R571 million (2017: R360 million). Included in
cash on hand is the R300 million convertible loan advanced by Fairfax Africa
as part of the recapitalisation transactions.
CIG would like to thank its funders for their co-operative efforts in
supporting the group to re-establish sustainability and for extending CIG
the time and opportunity to do so.
Within Conco, no performance bonds have been called onsite, no damages claims
have been instituted in respect of any project and Conco's creditworthiness
remains intact. During the year, performance guarantees of R1,008 million
were successfully closed and new guarantees for R1,075 million issued.
While CIG incurred substantial losses for the year, the group nonetheless
managed to generate R51 million in operational cash flows. The recapitalisation
is sufficient for CIG to remain a going concern, when combined with continued
positive trading from the group businesses besides Conco. This mitigates any
short-term liquidity concerns and provides sufficient headroom for growth and
capital to fund future opportunities.
Group outlook
CIG has emerged from the year with a cornerstone shareholder in Fairfax Africa,
who is committed to the long-term prospects of CIG's offering and opportunities
across the African energy space. Conco has been restructured to be leaner and
more efficient. The group-wide initiatives to build annuity returns are gaining
in both momentum and credibility. The group is optimistic of its ability to
return to sustainable profitability in 2019.
Management has implemented processes to provide greater assurance on the
quality of the subsidiaries' results, and stricter focus on cash returns and
returns on capital employed to ensure that the businesses operate in line with
their strategic plans and budgets and that operating risks are promptly
identified and addressed.
Within Conlog and CIGenCo, given the exciting prospects for the African power
sector over the next decade, we anticipate scope for growth beyond existing
business. In addition to product sales, Conlog will target meter leasing and
platform opportunities to grow annuity income and introduce new services.
Through developing power-producing plants, CIGenCo also intends to grow
annuity income, with six of the fourteen Africa-wide renewable energy projects
in the pipeline at an advanced stage.
The long-term strategy to transition the group away from the vagaries of
Engineering, Procurement and Construction ("EPC") contracting into a sustainable
platform supplying power needs across Africa can be achieved through the
integration of CIG's distinct offerings across the value chain and is expected,
over the medium to long term, to restore stakeholder confidence in CIG.
Our people
The directors and management thank all of our teams for their enormous efforts
in the face of challenging operating conditions and deeply appreciate their
loyalty, particularly over the last two years. Their commitment to improving
and sustaining the business is a key driver of CIG's recovery and future success.
As previously announced, the CFO, Ivor Klitzner resigned with effect from
6 November 2018. The board thanks Ivor for his contribution and wishes him much
success in his future endeavours. Sean Jelley, who has extensive private equity
and investment banking experience, was appointed CFO on an interim basis in
November 2018, to assist with the turnaround strategy. The process of
identifying and recruiting a permanent group CFO has commenced.
We also thank our customers, business partners, advisors, suppliers and our
shareholders for their valued support during the year.
By order of the board
Frank Boner Raoul Gamsu
Chairman CEO
28 November 2018
Basis of preparation
The reviewed provisional condensed consolidated financial statements for the
year ended 31 August 2018 are prepared in accordance with the requirements
of the JSE Listings Requirements for provisional reports and the requirements
of the Companies Act of South Africa. The JSE Listings Requirements require
provisional reports to be prepared in accordance with the framework concepts
and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued
by the Financial Reporting Standards Council and to also, as a minimum, contain
the information required by IAS 34 Interim Financial Reporting. The accounting
policies applied in the preparation of the provisional condensed consolidated
financial statements are in terms of IFRS and are consistent with those applied
in the previous consolidated annual financial statements.
These reviewed provisional results have been prepared under the supervision of
Ivor Klitzner CA(SA).
Auditor's report
Grant Thornton, the group's independent auditor, has reviewed the provisional
condensed consolidated financial statements for the year ended 31 August 2018
and expressed an unmodified review conclusion thereon. A copy of the auditor's
review report is available for inspection at the company's registered office
together with the financial information identified in the auditor's report. The
auditor's review report does not necessarily report on all the information
contained in these financial results. Shareholders are therefore advised that
in order to obtain a full understanding of the nature of the auditor's
engagement they should obtain a copy of the auditor's review report together
with the accompanying financial information from the company's registered
office.
The directors take full responsibility for the preparation of these financial
results and that the reviewed provisional condensed consolidated results have
been extracted from the reviewed financial statements.
Dividend
No dividend has been recommended for the year.
Condensed consolidated statements of comprehensive income for the year
ended 31 August 2018
Unaudited
Reviewed Audited six months
year ended year ended ended
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Revenue 2 706 570 4 368 875 1 303 973
Cost of sales (2 837 268) (3 772 258) (1 500 531)
Gross (loss)/profit (130 698) 596 617 (196 558)
Other income 60 605 74 810 28 004
Operating expenses (852 917) (628 335) (513 158)
Foreign exchange loss (23 047) (37 728) (92 777)
(Loss)/earnings before (946 057) 5 364 (774 489)
interest, taxation, depreciation
and amortisation ("EBITDA")
Impairment of carrying
value in joint arrangement (134 401) - (134 401)
Depreciation and amortisation (115 747) (97 678) (56 200)
Impairment of goodwill (472 490) - (397 938)
Loss before interest and
taxation (1 668 695) (92 314) (1 363 028)
Interest received 40 544 34 520 10 939
Interest paid (262 673) (138 211) (130 019)
Equity accounted income
from joint arrangements 50 944 50 558 10 419
Loss before taxation (1 839 880) (145 447) (1 471 689)
Taxation (187 882) (5 009) 268 992
Loss for the year (2 027 762) (150 456) (1 202 697)
Total (loss)/profit for the
period attributable to:
Equity holders of the parent (2 022 177) (146 787) (1 202 916)
Non-controlling interest (5 585) (3 669) 219
Other comprehensive income
that will subsequently be
classified to profit and loss:
Exchange rate differences on
translating foreign operations 19 708 (133 891) (27 433)
Remeasurement of defined
benefit liability 3 272 1 021 1 012
Total comprehensive loss (2 004 782) (283 326) (1 229 118)
Total comprehensive
(loss)/profit attributable to:
Equity holders of company (1 998 453) (280 318) (1 229 337)
Non-controlling interest (6 329) (3 008) 219
Basic loss per share (cents) (1030,4) (77,5) (612,9)
Diluted loss per share (cents) (1030,4) (77,5) (612,9)
Reconciliation of headline earnings:
Loss attributable to
ordinary shareholders (2 022 177) (146 787) (1 202 916)
Adjusted for:
Profit on disposal of
property, plant and equipment (22) (1 231) (151)
Impairment of goodwill 472 490 - 397 938
Impairment of carrying
value in joint arrangement 134 401 - 134 401
Tax effect on adjustments 6 345 42
Headline earnings attributable
to ordinary shareholders (1 415 302) (147 673) (670 686)
Weighted average number of
shares in issue (000's) 196 255 189 484 196 255
Diluted weighted average number
of shares in issue (000's) 196 255 192 275 200 087
Headline loss per share (cents) (721,2) (77,9) (341,7)
Diluted headline loss per
share (cents) (721,2) (77,9) (341,7)
Condensed consolidated statements of financial position
as at 31 August 2018
Reviewed Audited Unaudited
as at as at as at
31 August 31 August 28 February
2018 2017 2018
R'000 R'000 R'000
Assets
Non-current assets 2 135 636 2 708 085 2 321 458
Property, plant and equipment 526 984 513 660 495 582
Goodwill 679 478 1 151 969 754 029
Intangible assets 161 881 163 373 153 743
Deferred tax 32 374 140 293 385 928
Investment in joint
arrangement 727 526 724 783 521 036
Financial assets 7 393 14 007 11 140
Current assets 3 692 963 4 303 542 3 459 615
Inventories 327 996 232 208 257 799
Financial assets 796 7 191 5 890
Trade and other receivables 729 460 522 958 447 251
Amounts due from contract
customers 2 011 939 3 107 633 2 338 540
Taxation receivable 51 328 73 334 106 743
Cash and cash equivalents 571 444 360 218 303 392
Total assets 5 828 599 7 011 627 5 781 073
Equity and liabilities
Equity 1 846 114 3 839 348 2 616 004
Stated capital 2 328 926 2 328 926 2 328 926
Share-based payment reserve 60 958 49 410 55 184
Foreign currency translation
reserve 64 734 44 282 16 849
Accumulated (loss)/profits (600 265) 1 418 640 216 736
Non-controlling interest (8 239) (1 910) (1 691)
Non-current liabilities 1 075 836 229 319 310 988
Other financial liabilities
- interest bearing 890 150 111 120 860
Other financial liabilities
- non-interest bearing 71 975 87 144 79 618
Provisions 20 974 22 503 17 346
Operating lease liability 1 765 6 569 6 569
Instalment sale liabilities 18 702 25 480 17 800
Deferred tax 72 270 87 512 68 795
Current liabilities 2 906 649 2 942 960 2 854 081
Other financial liabilities 491 967 932 389 945 399
Trade and other payables 1 227 567 1 466 352 1 118 121
Amounts received in advance 255 626 79 325 181 792
Amounts due to contract
customers 369 362 68 276 65 323
Bank overdraft 530 782 370 774 522 042
Provisions 589 589 589
Instalment sale liabilities 14 192 15 838 12 198
Operating lease liabilities 4 804 3 377 3 377
Taxation payable 11 760 6 040 5 240
Total equity and liabilities 5 828 599 7 011 627 5 781 073
Number of shares in issue (000's) 196 255 196 255 196 255
Net asset value per share (cents) 941 1 956 1 333
Net tangible asset value per
share (cents) 512 1 286 870
Condensed consolidated statements of cash flow
for the year ended 31 August 2018
Reviewed Audited
year ended year ended
31 August 31 August
2018 2017
R'000 R'000
Cash flows from operating activities
(see detail below)
Cash generated from/(used in) operations 51 247 (43 142)
Interest income 40 544 34 520
Finance costs (261 624) (137 180)
Tax paid (69 913) (121 812)
Net cash flows from operating activities (239 746) (267 614)
Cash flows from investing activities
Acquisition of property, plant and equipment (91 774) (83 309)
Proceeds on sale of property, plant and equipment 4 433 3 506
Purchase of other intangible assets (35 976) (39 563)
Business combinations - (824 623)
Increase in investment in joint arrangement (29 672) -
Acquisition of financial assets - (4 305)
Sale of financial assets 5 672 -
Net cash flows from investing activities (147 317) (948 294)
Cash flows from financing activities
Proceeds on share issue - 720 947
Increase in financial liabilities 430 612 -
Repayment of financial liabilities (12 513) (55 169)
Repayment of instalment sale liabilities (9 050) (25 197)
Net cash flows from financing activities 409 049 640 581
Total cash and cash equivalents movements
for the year 21 986 (575 327)
Cash and cash equivalents at the beginning of year (10 556) 557 926
Effect of foreign currency translation
reserve movement on cash balances 29 232 6 845
Total cash and cash equivalents at end of the year 40 662 (10 556)
Cash generated from (used in) operations
(Loss) before taxation (1 839 880) (145 447)
Adjustments for:
Depreciation and amortisation 115 747 97 678
Profit on sale of assets 21 (1 232)
Loss on foreign exchange 142 938
Income from equity accounted investments (50 944) (50 558)
Interest received (40 544) (34 520)
Finance costs 262 673 138 211
Gain on settlement of instalment sale liabilities (342) (682)
Impairment of goodwill 472 491 -
Impairment of investment in joint arrangement 134 401 -
Movements in operating lease assets and accruals (3 377) (1 864)
Movements in retirement benefit assets and
liabilities 2 023 1 608
Movements in provisions 528 (5 803)
Share-based payment expense 11 548 8 454
Changes in working capital:
Inventories (95 788) (45 835)
Trade and other receivables 12 335 (28 121)
Amounts due from contract customers 984 261 627 218
Amounts due to contract customers 301 086 (7 635)
Trade and other payables (391 084) (562 642)
Amounts received in advance 175 950 (32 910)
51 247 (43 142)
Condensed consolidated statements of changes in equity
for the year ended 31 August 2018
Reviewed Audited
31 August 31 August
2018 2017
R'000 R'000
Balance at beginning of the year 3 839 348 3 393 272
Issue of share capital and share issue expenses - 722 867
Share-based payment reserve 11 548 6 535
Total comprehensive (loss)/income for the year (1 998 453) (280 318)
Non-controlling interest (6 329) (3 008)
Balance at end of the year 1 846 114 3 839 348
Segmental analysis
for the year ended 31 August 2018
Reviewed Audited
year ended year ended
31 August 31 August
2018 2017
R'000 R'000
Revenue
Building Materials 515 701 533 499
Power 1 931 746 3 441 010
Rail 259 123 394 366
Total 2 706 570 4 368 875
EBITDA
Building Materials 76 175 99 010
Power (812 264) (128 036)
Rail (40 966) 41 987
Corporate (169 002) (7 597)
Total (946 057) 5 364
Profit after tax
Building Materials 27 275 47 189
Power (1 212 134) (305 448)
Oil & Gas 50 646 50 558
Rail (43 331) 24 073
Corporate (850 217) 33 172
Total (2 027 762) (150 456)
Assets
Building Materials 714 448 689 374
Power 1 752 361 2 614 817
Oil & Gas 691 429 724 783
Rail 201 676 292 316
Corporate 3 254 773 3 613 744
Total assets including group loan accounts 6 614 687 7 935 034
Inter-group elimination (786 088) (907 059)
Total 5 828 599 7 027 975
Liabilities
Building Materials 474 418 471 176
Power 2 229 533 1 783 035
Oil & Gas 71 975 89 330
Rail 146 098 193 407
Corporate 1 408 847 1 000 501
Total liabilities including group loan accounts 4 330 871 3 537 449
Inter-group elimination (348 386) (348 822)
Total 3 982 485 3 188 627
Corporate information
Business address
First Floor, 30 Melrose Boulevard, Melrose Arch 2196
Business postal address
PO Box 651455, Benmore, Johannesburg 2010
Telephone: 011 280 4040
Facsimile: 086 748 9169
Independent non-executive directors
F Boner (Chairman), K Bucknor*, A Darko*,
AD Dixon, R Hogarth, K Kariuki**, J Nwokedi, K Ojah***
Non-executive director
T Hudson***
R Horton resigned with effect from 31 March 2018
R Hogarth and T Hudson appointed with effect from 1 August 2018
Executive directors
RD Gamsu, SK Jelley
I Klitzner resigned and SK Jelley was appointed with effect from
6 November 2018
*Ghanaian
**Kenyan
***American
Company secretary
CIS Company Secretaries Proprietary Limited
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital
Auditor
Grant Thornton Johannesburg Partnership
Investor relations
Singular Systems IR
Disclaimer
The group has, in good faith, made reasonable effort to ensure the
accuracy and completeness of the information contained in this document,
including all information that may be regarded as "forward-looking
statements". Forward-looking statements may be identified by words such
as "believe", "anticipate", "expect", "plan", "estimate", "intend",
"project", "target". Forward-looking statements are not statements of
fact, but statements by the management of the group based on its current
estimates, projections, expectations, beliefs and assumptions regarding
the group's future performance and no assurance can be given to this
effect.
The risks and uncertainties inherent in the forward-looking
statements contained in this document include but are not limited to
changes to IFRS and the interpretations, applications and practices
subject thereto as they apply to past, present and future periods;
domestic and international business and market conditions such as
exchange rate and interest rate movements; changes in the domestic
and international regulatory and legislative environments; changes
to domestic and international operational, social, economic and
political risks; and the effects of both current and future litigation.
The group does not undertake to update any forward-looking statements
contained in this document and does not assume responsibility for
any loss or damage and howsoever arising as a result of the reliance
by any party thereon, including, but not limited to, loss of earnings,
profits or consequential loss or damage.
Date: 28/11/2018 05:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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