Wrap Text
Interim results and dividend declaration
AfroCentric Investment Corporation Limited
Incorporated in the Republic of South Africa
Registration number 1988/000570/06
JSE Code: ACT
ISIN: ZAE 000078416
('AfroCentric' or 'the Company' or 'the Group')
Unaudited Interim Results and Dividend Declaration
for the six months ended 31 December 2018
Financial highlights
13.2% Total revenue
7.0% Healthcare services operating profit
6.25% Dividend increase
4 Acquisitions completed
4 New managed care contracts secured
Commentary
Introduction and review
AfroCentric is a majority black-owned JSE listed investment holding company which operates
in and provides specialised services to the public and private healthcare sectors. AfroCentric
has and continues to maintain its deliberate objective of being the leading example of
transformation and empowerment in the South African healthcare sector.
The Board is pleased to present comments on AfroCentric's ('ACT') summary interim results
for the six months ended 31 December 2018. The period under review has been characterised by
investment in new and growing contracts/entities as well as certain complementary acquisitions.
The earnings are stable and all the Group enterprises have contributed to the Group's growing
operations and earnings. In addition, the prior and continued investment in system development
and increased IT capacity, has already contributed favourably towards the current year results,
thereby anticipating repeated cost savings through greater scale and procedural efficiencies
into the 2020 financial year and beyond.
Apart from ACT's principal subsidiary, Medscheme, providing healthcare administration and
managed care services to the membership of a growing number of prominent institutional
clients, (having memberships of 3.7 million lives), the Group is also heavily invested
in other essential segments of the public and private healthcare markets in South Africa.
The Group continues in its rapid expanding activity and application in its pharmaceutical
wholesale supply, chronic medication distribution networks, specialised disease management,
information technology (IT) solutions, transactional switching, fraud detection, the
development and marketing of tailored health insurance solutions and products, in
partnership with SANLAM.
Accounting policies and basis of preparation
The summary consolidated financial statements are prepared in accordance with the requirements
of the JSE Limited Listings Requirements ('Listings requirements') for summary financial
statements, and the requirements of the Companies Act applicable to summary financial
statements.
The Listings Requirements require summary financial statements 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
these summarised interim financial statements are in terms of International Financial
Reporting Standards and are consistent with those accounting policies applied in the
preparation of the previous consolidated annual financial statements.
The group adopted the following new accounting pronouncements, during the current period.
Accounting pronouncement Adoption impact
IFRS 15 Revenue from Contracts All contracts within the Group have been assessed
with Customer (IFRS 15) against the new revenue standard and the application
IFRS 15 replaces the previous of IFRS 15 did not have a significant impact on the
revenue recognition group's results or financial position.
guidance applied by the group as
contained in IAS 18 Revenue.
IFRS 9 Financial Instruments The group has applied IFRS 9 from 1 July 2018 and
(IFRS 9) elected not to restate comparatives on transition,
IFRS 9 replaces the previous with the impact of adoption recognised as an adjustment
financial instrument to the opening balance of retained earnings as at
recognition and measurement 1 July 2018. The most significant impact of adoption
guidance applied by the was an increase in impairment allowances on trade
group as contained in IAS 39 receivables due to the IFRS 9 requirement to consider
Financial Instruments: forward looking information when determining impairment
Recognition and Measurement. allowances. The cumulative net impact of adopting IFRS 9
was an increase of R 2.1m in impairment allowances and a
corresponding decrease of R2.1m in retained earnings.
IFRS 16 Leases (IFRS 16) The Group has elected to early adopt IFRS 16 from
IFRS 16 replaces the previous 1 July 2018 and elected the Modified retrospective
Leases recognition approach. This resulted in the cumulative impact of
guidance applied by the group applying IFRS 16 being accounted for as an adjustment to
as contained in IAS 17 equity at the start of the current accounting period.
Leases. The most significant impact of the adoption was the
right of use asset recognised on the balance sheet and
the corresponding lease liability (Note 3).
Industry highlights
* AfroCentric Health (Pty) Ltd, the main operating subsidiary within the Group, achieved
a level 1 B-BBEE in December 2018.
* Medscheme Holdings (Pty) Ltd was awarded the 'Service Excellence: Administration and
Managed Care Award', at the 2018 BHF Titanium Awards ceremony.
* AfroCentric Investment Corporation Limited was awarded a Merit Award (small cap) at the
CSSA/JSE Integrated Reporting Awards.
* Pharmacy Direct opened a new Centralised Chronic Medicines Dispensing and Distribution
'CCMDD' Centre on 13 August 2018, specifically to cater for the Department of Health (DOH)
contract, an event that was graced by the Minister of Health.
Financial performance
Profit before tax decreased by 3.6% for the period under review amounting to
R239.5 million (2017: 248.6million).
Profit after tax (PAT) increased by 2.1% compared to prior financial period.
* The amount in non-recurring development and establishment costs in excess of R9 million
was incurred and absorbed during the period, creating the expansion platforms for the
renewed PD/DOH chronic medication distribution contract.
* Scriptpharm and MMed's initial setup costs represent a R3million investment in each business
up to 31 December 2018.
* Due to less cash in the Group as a result of investments made in the past (e.g. Tranche 2
payment in September 2017), new acquisitions (e.g. Private Health Administrators 'PHA'),
continuing projects like Fusion, investment in IFM (fraud detection system) and stock
funding provided to MMed, cash reserves are less and therefore lower interest
earned levels.
Core business however continues to perform well with operating profit for Healthcare
services growing at 7%. Earnings per share (EPS) increased slightly in this period by 1.0%
and headline earnings per share (HEPS) increased by 3.1%.
Growth initiatives
AfroCentric has for some time been focused on opportunities which will serve to create
a platform, designed to establish a value chain of healthcare services, to optimise the
purchasing power of every healthcare Rand spent. This is done through models of integration,
mergers, partnerships and economic incentives devised to improve the effectiveness of
patient care and viable treatment outcomes, within the broader healthcare delivery system.
During the period under review and prior to publishing these results, the following
positive contributing contracts are in progress or have been concluded:
* Acquisition of the iThrive Business Solution Group, main subsidiary Private
Health Administrators (' PHA'), effective 1 October 2018 (an administration company)
* Scriptpharm has secured the Polmed Chronic Medicine Management contract, effective
1 January 2019.
* Medscheme has secured the Medshield Hospital Benefit Management contract, effective
1 October 2018.
* Medscheme Forensic Services secured the Medshield Fraud Prevention and Recovery
contract, effective 1 January 2019.
* Medscheme has secured the Hosmed Medicine Management contract, effective 1 July 2019.
* The acquisition of an additional 25% stake in AFA Botswana was concluded effective
1 March 2019, this will effectively increase Medscheme's shareholding to 49%.
* Acquisition of 100% shareholding of Sanlam Health was concluded effective 1 March 2019.
* In line with Afrocentric's growth objective of expanding its activity and application
in its pharmaceutical supply and medicine distribution network, the call option to acquire
the remaining 74% in Activo Health was exercised. The shareholders' approval was obtained
at a Company general meeting on 10 January 2019 and the approval of the Competition
Commission on 26 February 2019. The acquisition has now become unconditional and will
be implemented according to its terms. The effective date of the acquisition was
1 March 2019.
The Group has continued to invest in Pharmacy Direct, to support it as it implements
the DOH contract in KwaZulu Natal (KZN) - this programme will substantially alleviate
the congestion at public hospitals and clinics. Through this KZN contract, the number of
scripts that are dispensed per month is now in excess of 1million. This is one of the ways
that reflect that AfroCentric will continue to participate in the various government
initiatives as the NHI is being rolled out.
AfroCentric's Insurance Fraud Manager ('IFM') continues as a great developmental success,
with direct savings and recoveries to our clients in excess of R500million. Through the
success of our existing clients, this has created an opportunity for other Medical Schemes
to procure the services of our forensics team.
In the prior year, Sanlam and AfroCentric management diligently worked towards the
finalisation of a portfolio of healthcare, life and lifestyle products to be jointly introduced
to the broader market - this was successfully concluded, and these products are offered to the
various medical aid members from January 2019.
Prospects
AfroCentric has once again delivered a solid operating result, particularly during an
interim period laced with challenging political and economic uncertainty. It was a period
characterised by a lack of economic growth and declining consumer disposable incomes.
Notwithstanding the above, the benefits of the Group's maintained programme of expansion,
including the general and sustained quality of earnings from within the underlying businesses,
all contributed to the satisfactory financial outcome of the Group during this period under
review.
The Group's financial position remains sound, cash reserves were utilised to acquire
PHA, 1 October 2018 and continued investments in the IT capabilities within the Group.
At corporate and operational level, management is assessing and implementing plans for real
growth and pursuing selective local and international opportunities to complement the
existing product and service offering.
Directors
The following changes were made to the Board during the period under review:
* Professor SA Zinn was appointed as an Independent Non-executive Director effective
23 November 2018.
* Mr JB Fernandes was appointed as an Independent Non-Executive Director effective
23 November 2018.
* Mr SE Mmakau resigned as an Independent Non-Executive Director effective 1 December
2018 as he accepted the position of Group Chief Information Officer on the same day.
* Ms LL Dhlamini was appointed as the Lead Independent Non-executive Director effective
23 November 2018.
We wish to advise shareholders that the Group CEO (Antoine Van Buuren) will be
retiring at the end of March 2019. The Board would like to thank him for his invaluable
contribution to the Group. His experience, guidance and wisdom will certainly be missed
both from an executive level and Board level. We wish him well in his retirement. Antoine
will be available until the end of May 2019 to ensure a smooth handover to the new CEO.
Ahmed Banderker will take over as the AfroCentric Group CEO effective 1 April 2019.
Dividends
The Board has pleasure in announcing that an interim dividend of 17 cents per
ordinary share (gross) has been declared for the six months ended 31 December 2018.
Dividends are subject to Dividends Withholding Tax. The payment date for the
dividend is Monday, 13 May 2019. This interim dividend will constitute part of the
Group's annual dividend, to be considered in due course with the results for the
year ending on 30 June 2019.
* Dividends have been declared out of profits available for distribution.
* Local Dividends Withholding Tax rate is 20%.
* Gross dividend amount is 17 cents per ordinary share.
* Net cash dividend amount is therefore 13.6 cents per ordinary share.
* Company has 554 377 328 ordinary shares in issue as at the declaration date.
* Company's income tax reference number is 9600/148/71/3.
The salient dates relating to the dividend are as follows:
Last day to trade cum dividend Monday, 6 May 2019
Shares commence trading ex-dividend Tuesday, 7 May 2019
Dividend record date Friday, 10 May 2019
Dividend payment date Monday, 13 May 2019
Share certificates for ordinary shares may not be dematerialised or rematerialised
between Tuesday, 7 May 2019 and Friday, 10 May 2018, both days inclusive.
Basis of preparation
The unaudited unreviewed interim results have been prepared under the supervision of
Mr JW Boonzaaier CA(SA), in his capacity as the Group Chief Financial Officer.
This announcement does not include the information required pursuant to paragraph
16A(j) of IAS 34. This is however available on our website
(http://www.afrocentric.za.com/inv-reporting.php), or at our offices upon request.
On behalf of the Board
Dr ATM Mokgokong Mr AV Van Buuren
Chairperson Group Chief Executive Officer
Johannesburg
12 March 2019
Consolidated statement of financial position
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 December 31 December 30 June
2018 2017 2018
R'000 R'000 R'000
Assets
Non-current assets 2 867 453 2 141 169 2 306 326
Property and equipment 283 788 197 396 255 076
Right of use asset (Note 3) 409 947 - -
Land and buildings 119 026 122 451 120 573
Investment property 15 418 15 418 15 418
Goodwill (Note 1) 926 293 874 162 883 488
Intangible assets (Note 1) 937 284 697 273 855 598
Financial asset at fair value through
profit and loss 5 000 18 444 9 000
Listed investment - 26 558 -
Managed funds and deposits (Note 2) 68 053 62 517 65 028
Investment in associates 59 347 45 385 56 935
Deferred income tax assets 43 297 81 565 45 210
Current assets 811 878 871 245 823 735
Trade and other receivables 445 161 351 257 348 527
Inventory 100 594 87 830 83 532
Current tax asset 50 589 34 130 20 768
Receivables from associates and joint
venture 8 043 9 981 5 740
Managed funds and deposits (Note 2) 68 643 105 972 152 250
Cash and cash equivalents (Note 2) 138 848 282 075 212 918
Total assets 3 679 331 3 012 414 3 130 061
Equity and liabilities
Capital and reserves 1 976 386 1 888 232 1 940 614
Issued ordinary share capital 18 686 18 686 18 686
Share premium 999 058 1 054 932 999 058
Share-based payment reserve 7 001 375 3 501
Treasury shares (2 324) (2 324) (2 324)
Capital contribution by non-
controlling interest 55 874 - 55 874
Foreign currency translation reserve 2 658 (510) 793
Distributable reserve 895 433 817 073 865 026
Non-controlling interest 725 960 639 026 679 277
Total equity 2 702 346 2 527 258 2 619 891
Non-current liabilities 595 476 153 963 153 860
Lease liability (Note 3) 415 765 - -
Deferred income tax liabilities 150 078 122 947 121 667
Non-current provisions 8 350 8 350 8 350
Post-employment medical obligations 2 664 2 771 2 665
Deferred payment 18 619 5 364 5 263
Accrual for straight lining of leases
(Note 3) - 14 531 15 915
Current liabilities 381 509 331 193 356 310
Provisions 4 969 3 705 8 597
Borrowings - 23 850 -
Trade and other payables 306 516 246 941 284 029
Taxation 14 303 - 13 729
Employment benefit provisions 55 721 56 697 49 955
Total liabilities 976 985 485 156 510 170
Total equity and liabilities 3 679 331 3 012 414 3 130 061
Consolidated statement of comprehensive income
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 December 31 December 30 June
% 2018 2017 2018
change R'000 R'000 R'000
Healthcare services revenue 11.5 1 607 241 1 441 561 2 982 284
Health Insurance
Healthcare services operating costs 12.4 (1 346 946) (1 198 253) (2 433 582)
Healthcare services operating profit 7.0 260 295 243 308 548 702
Operating Lease reversal (Note 3) 63 527 - -
Healthcare retail revenue 17.4 700 170 596 239 1 230 421
Healthcare retail cost of sales (518 217) (442 928) (914 305)
Healthcare retail gross profit 18.7 181 953 153 311 316 116
Healthcare retail operating costs (147 496) (112 970) (241 732)
Total healthcare operating profit 26.3 358 279 283 649 623 086
Loss on sale of investments - (2 717)
Impairment of assets (4 000) - (1 667)
Impairment of trade receivables (1 384) - -
Net finance and investment income (4 064) 20 882 43 481
- Finance and investment income 12 257 31 284 55 081
- Fair value gain/(loss) in listed
investment (Note 4) 8 859 (9 738) (9 738)
- Finance costs: Operating Lease
(Note 3) (24 106) - -
- Finance costs (1 074) (664) (1 862)
Share-based payment expense (3 500) (375) (3 501)
Indemnity expense - - (3 150)
Share of associate profits 11 230 11 772 23 626
Profit before depreciation and
amortisation 12.9 356 561 315 928 679 158
Depreciation (27 747) (25 635) (51 109)
Depreciation: Right of use asset (Note 3) (34 992) - -
Amortisation of intangible assets (54 267) (41 667) (89 603)
Profit before taxation 239 555 248 626 538 446
Taxation expense (64 601) (71 398) (153 544)
Profit for the period after taxation 174 954 177 228 384 902
Other comprehensive (loss)/income 1 865 (3 964) (2 753)
Comprehensive net income for the period 2.1 176 819 173 264 382 149
Attributable to:
Equity holders of the Parent 6.2 123 044 115 902 253 858
Non-controlling interest 53 775 57 362 128 291
176 819 173 264 382 149
Notes
Note 1
Intangible assets
Carrying value Carrying value
31 December 31 December
2018 2017
R'000 R'000
Goodwill 926 293 874 162
Goodwill - AfroCentric Health 452 339 400 208
Goodwill - WAD acquisition 473 954 473 954
Intangible Assets 937 284 697 273
Customer relationships - WAD acquisition 58 911 67 859
AfroCentric Health intangible assets 269 859 179 513
AfroCentric Health PPA intangibles 53 055 37 620
Afrocentric Health Computer software 216 804 141 893
Fusion 172 893 128 376
Nexus and other healthcare administration systems 309 920 244 782
Insurance fraud manager (IFM) 125 701 76 743
1 863 577 1 571 435
Amortisation Amortisation
31 December 31 December
2018 2017
R'000 R'000
Goodwill - -
Goodwill - AfroCentric Health - -
Goodwill - WAD acquisition - -
Intangible Assets (54 267) (41 667)
Customer relationships - WAD acquisition (4 474) (4 474)
AfroCentric Health intangible assets (23 422) (17 557)
AfroCentric Health PPA intangibles (3 639) (2 598)
Afrocentric Health Computer software (19 783) (24 024)
Fusion - -
Nexus and other healthcare administration systems (12 702) (9 065)
Insurance fraud manager (IFM) (13 669) (10 571)
(54 267) (41 667)
Note 2
Total group cash resources
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 December 31 December 30 June
2018 2017 2018
R'000 R'000 R'000
Cash and cash equivalents 138 848 282 075 212 918
Managed funds and deposits (current) 68 643 105 972 152 250
Total current cash, managed funds and deposits 207 491 388 047 365 168
Managed funds and deposits (non current) 68 053 62 517 65 028
Total cash resources 275 544 450 564 430 196
Note 3
On application of IFRS 16 'Leases', a right of use asset was recorded and the
corresponding lease liability raised.
This resulted in depreciation on the right of use asset and interest unwinding on
the liability being recognised in the statement of comprehensive income.
The operating lease reversal line, has been included to show the impact of rental
expenses on operating profit.
Note 4
The increase attributed to the gains on the investment in the unit trusts. The group
has benefited from the disinvestment in Jasco Investment which had fair value losses
in the prior financial period.
Consolidated statement of changes in equity
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 December 31 December 30 June
2018 2017 2018
R'000 R'000 R'000
Balance at beginning of the period 2 619 891 2 379 053 2 379 053
Opening balance adjustment (2 072) - -
Restated balance at the beginning of the year 2 617 819 2 379 053 2 379 053
Share-based awards reserve 3 500 375 3 501
Distributions to shareholders (88 700) (77 613) (166 313)
Net profit for the period 123 044 115 902 253 858
Profit attributable to minorities 53 775 57 362 128 291
Business Combinations 170 - -
Sanlam investment - 55 874 55 874
Recognition of attributable non-controlling
interest (41) (367) 17 171
Distributions to non-controlling interests (7 221) (3 328) (51 544)
Balance at end of the period 2 702 346 2 527 258 2 619 891
Consolidated statement of cash flows
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 December 31 December 30 June
2018 2017 2018
R'000 R'000 R'000
Net cash inflow from operating activities 47 739 56 411 290 519
Cash generated from operations 199 719 177 496 552 695
Net finance income 11 183 19 059 34 869
Distribution to shareholders (95 921) (80 941) (217 857)
Dividends received 4 168 5 189 5 209
Tax and other payments (71 410) (64 392) (84 397)
Net cash outflow from investing activities (123 674) (155 960) (298 077)
Net additions to property and equipment (47 090) (133 778) (212 664)
Net additions to intangible assets (133 596) (102 372) (310 845)
Net disposal of financial assets, investments
and subsidiaries 52 314 77 301 218 166
Repayment of loan by associate 4 698 2 889 7 266
Net cash outflow from financing activities - 23 850 (138 601)
Net second tranche settlement - (138 601)
Effect of foreign exchange benefit 1 865 (3 964) (2 661)
Net increase in cash and cash equivalents (74 070) (79 663) (148 820)
Cash and cash equivalents at beginning of
the period 212 918 361 738 361 738
Cash and cash equivalents at end of the
period (Note 2) 138 848 282 075 212 918
Segmental analysis
Unaudited six months ended
31 December 2018
Profit Total
Revenue before tax assets
R'000 R'000 R'000
Healthcare SA* 1 439 659 97 528 3 977 012
Healthcare Africa** 100 375 28 732 146 112
Healthcare Retail*** 700 170 29 018 492 890
Total Healthcare 2 240 204 155 278 4 616 014
Information technology 311 268 82 890 591 532
Other (including inter-segment elimination) (244 061) 1 387 (1 528 215)
2 307 411 239 555 3 679 331
Unaudited six months ended
31 December 2017
Profit Total
Revenue before tax assets
R'000 R'000 R'000
Healthcare SA* 1 339 982 126 353 3 242 956
Healthcare Africa** 94 117 24 586 136 925
Healthcare Retail*** 596 239 44 625 395 106
Total Healthcare 2 030 338 195 564 3 774 987
Information technology 288 533 56 061 478 646
Other (including inter-segment elimination) (281 071) (2 999) (1 241 219)
2 037 800 248 626 3 012 414
Audited year ended
30 June 2018
Profit Total
Revenue before tax assets
R'000 R'000 R'000
Healthcare SA* 2 788 428 225 986 3 376 318
Healthcare Africa** 184 910 57 302 144 233
Healthcare Retail*** 1 230 421 88 806 437 952
Total Healthcare 4 203 759 372 094 3 958 503
Information technology 580 845 168 779 511 217
Other (including inter-segment elimination) (571 899) (2 427) (1 339 659)
4 212 705 538 446 3 130 061
* Healthcare SA represents all the South African administration, managed care and IT
Services.
** Healthcare Africa relates to our businesses in eSwatini Namibia, Zimbabwe, Botswana
and Mauritius.
*** Healthcare Retail relates to the pharmaceutical businesses of Pharmacy Direct,
Curasana Wholesaler, 26% interest in Activo Health as well as Mmed and Scriptpharm in
the 2019 financial period.
Earnings attributable to equity holders
Unaudited Unaudited Audited
six months six months year ended
ended ended 30 June
31 December 31 December 2018
% 2018 2017 R'000
change R'000 R'000 year ended
Number of ordinary shares in issue 554 377 328 554 377 328 554 377 328
Weighted average number of ordinary
shares 554 377 328 554 377 328 554 377 328
Weighted average number of shares
for diluted EPS 558 667 328 554 377 328 558 667 328
Basic earnings 120 996 119 866 256 611
Adjusted by: 2 930 242 4 305
- Reversal of impairment 4 000 1 285
- Loss on disposal of assets 151 471 3 428
Total tax adjustments (42) (132) 1 325
Total non-controlling interest
adjustments (1 179) (97) (1 733)
Headline earnings 123 926 120 108 260 916
Earnings per share (cents)
- Attributable to ordinary shares
(cents) 1.0 21.83 21.62 46.29
- Fully Diluted EPS (cents) 21.66 21.62 45.93
Headline earnings per share (cents)
- Attributable to ordinary shares
(cents) 3.1 22.35 21.67 47.06
- Fully Diluted HEPS (cents) 22.18 21.67 46.70
Normalised earnings (non IFRS measure)
Unaudited Unaudited
six months six months Audited
ended ended year ended
31 December 31 December 30 June
% 2018 2017 2018
change R'000 R'000 R'000
Heading earnings 123 926 120 108 260 916
Adjusted by: - - 3 150
- Sanlam indemnity expense - - 3 150
- Interest on liability - - -
Normalised Headline earnings 123 926 120 108 264 066
Normalised Headline earnings per
share (cents)
- Attributable to ordinary shares
(cents) 3.1 22.35 21.67 47.63
- Fully Diluted HEPS (cents) 2.4 22.18 21.67 47.27
The adjusting amounts have no tax and non-controlling interest implications.
Company information
AfroCentric Investment Corporation Limited
Incorporated in the Republic of South Africa
Registration number 1988/000570/06
JSE Code: ACT
ISIN: ZAE 000078416
('AfroCentric' or 'the Company' or 'the Group')
Registered Office
37 Conrad Rd, Florida North 1709
Sponsor
Sasfin Capital (a member of the Sasfin group)
Company Secretary
B Mokale
Group Investor Relations
Nosipho Phewa
investor-relations@afrocentric.za.com
Tel: +27 11 671 2475
Directors
ATM Mokgokong** (Chairperson)
MJM Madungandaba** (Deputy Chairperson)
AV Van Buuren*** (CEO)
JW Boozaaier*** (CFO)
SE Mmakau*** (CIO)
WH Britz***
A Banderker**
LL Dhlamini* (Lead)
JB Fernandes*
ND Munisi**
S Zinn*
HG Motau*
*independent non-executive
**non-executive
***executive
www.afrocentric.za.com
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