Wrap Text
Condensed interim financial statements for the six months ended 30 September 2017
YEBOYETHU (RF) LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2008/014734/06
Share code: YYLBEE
ISIN: ZAE000218483
CONDENSED INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2017
13 November 2017
Overview - understanding the performance of your investment
YeboYethu (RF) Limited ('YeboYethu') was established as part of Vodacom (Pty) Limited's (Vodacom SA) Broad-based Black Economic Empowerment
('BBBEE') transaction in October 2008 for the sole purpose of acquiring a 3.44% interest in Vodacom SA. The financial success of YeboYethu is therefore
fundamentally linked to the performance of Vodacom SA.
Vodacom SA is a leading mobile communications company providing a wide range of communication services, including voice, messaging, data and
converged services to 40 million customers in South Africa.
This announcement reviews Vodacom SA's performance for the six months ended 30 September 2017. It also explains the performance of YeboYethu and
provides important information relating to the affairs of YeboYethu. Shareholders are advised to visit the YeboYethu website for important additional
information.
Vodacom SA
Service revenue increased 4.7% to R26.7 billion supported by strong customer gains and growth in data and enterprise services. Revenue growth was
stronger at 7.7% to R33.9 billion, boosted by equipment revenue growth of 18.4%, reflecting the improved exchange rate to the US dollar that assisted in
Vodacom SA's continued strategy of driving uptake of affordable smart devices. The sale of smartphones grew by 18.3%, comprising 59.5% of total device sales.
Vodacom SA added 2.9 million customers in the period, reaching 40.0 million, up 12.1% on the previous year, supported by the segmentation and bundle
strategy. Prepaid customers increased by 2.8 million to 34.8 million, up 13.4%, driven by the success of improved value propositions through the 'Just 4
You' offers and customer segmentation. Prepaid ARPU was down 6.5%, as a result of high volumes of low ARPU gross connections, driven by the
distribution channels accelerating the connection of sim cards ahead of implementation of improvements to customer registration processes. Underlying
ARPU remains strong. Contract customers increased by 107 000 in the first half, to 5.2 million. Migration to the new "more data" contracts, which have a
larger data allocation, accelerated during this period to 25% of the base, to meet customers' demand for more data. Contract ARPU declined by 3.9% to
R392 as a result of change in deal structures and due to a higher rollover of unused bundle allocations, as customers grow into fully utilising these larger
bundles over time and also reduce their exposure to out-of-bundle usage.
Vodacom SA's segmentation and bundle strategy continues to successfully address its customers' individual needs and usage behaviours. The youth
proposition (NXT LVL) has reached over 2 million youth customers, while the Siyakha platform offers greater benefits to the emerging prepaid customers,
such as free health and information services for expectant mothers and prepaid funeral cover. Machine learning, is enabling Vodacom SA to customise
bundle offers based on size, validity period and now with the added sophistication of app-specific data. Total bundles sold increased 64.8% to almost 1.1
billion in the first half of the year. Of these, 800 million were voice bundles, enabling Vodacom SA to reduce its effective price per minute by 10.9%. The
success of the personalised voice bundle strategy through the 'Just 4 You' platform has resulted in low voice revenue decline of 4.8%.
Data revenue grew 15.0% to R11.4 billion, contributing 42.6% of service revenue surpassing the contribution of voice revenue. This was slightly down in the
second quarter as a result of a strong comparative quarter and the introduction of promotional initiatives, such as Meg Your Day, to drive data uptake.
Encouragingly, this has enabled an expanding customer base and increased usage. Vodacom SA added 356 000 data customers to 19.9 million, up 9.6% or
half of the mobile customer base. 4G customers on the network increased 62.8% to 6.0 million, while the average monthly data usage on smart devices
increased 19.5% to 776MB. The pricing transformation strategy and targeted personalised offers continue to provide customers with greater value. Data
bundles sales grew by 55.5% to 347 million. New initiatives have been introduced to improve the customer experience on out-of-bundle-data spend, and
are driving data-usage education to give customers more control. Improved in-bundle usage has resulted in a 24.2% reduction in the effective price per MB.
Enterprise has delivered strong growth, with service revenue up 10.0% to R6.8 billion. Enterprise service revenue now contributes 25.3% (2017: 24.1%) of
service revenue. Fixed-line services revenue increased 11.7%, underpinned by solid growth in connectivity revenue, cloud and hosting revenue and IPVPN
revenue. Vodacom SA is progressing on migrating customers from the mobile voice and data communications contract secured last year with South
Africa's national and provincial government departments, although this is at a slower rate than projected. Internet of Things (IoT) revenue was up 22.4% to
R399 million as Vodacom SA continues to develop innovative solutions in e-health, connected agriculture, smart metering and logistics. The IoT customer
base grew 24.6% to 3.3 million connections.
EBIT declined 2.2% to R9.9 billion, impacted by an increase in depreciation and amortisation costs, as a result of a write back of depreciation of assets with
nil book value in the prior year, increased bad debt charges, following a temporary delay as Vodacom SA introduced new programs to make it easier for
customers to settle outstanding debt, and earlier phasing of publicity costs from the global brand refresh campaign. EBIT margin contraction of 2.9ppts to
29.2% was affected by the higher contribution from low margin equipment sales, as well as the cost of the new roaming agreement with WBS.
Capital expenditure of R3.9 billion was focused on maintaining the network lead; with widest coverage and fastest Internet, as well as enhancing IT
systems. This enables Vodacom SA to provide truly segmented and personalised experiences for its customers, which is critical to delivering the strategic
ambition of becoming a leading digital company. Vodacom SA's continued investment in infrastructure resulted in 76.7% 4G and 99.3% 3G population
coverage, compared with 68.7% 4G coverage a year ago.
YeboYethu - numbers explained
YeboYethu's condensed interim financial statements for the six months ended 30 September 2017 have been prepared in accordance with International
Financial Reporting Standards ('IFRS') and complies with the disclosure requirements set out in International Accounting Standard 34: Interim Financial
Reporting ('IAS 34'), the Financial Reporting Guides as issued by the South African Institute of Chartered Accountants ('SAICA') Accounting Practices
Committees and the requirements of the Companies Act of South Africa. The results have been presented together with the results for the six months
ended 30 September 2016 and year ended 31 March 2017.
Some of the salient features of YeboYethu's results for the six months are as follows:
- Gain on remeasurement of financial instrument increased by R265.6 million (2016: R10.6 million);
- Vodacom SA option asset up 16.25% to R1.90 billion (2017: R1.63 billion);
- Basic earnings per share of 1 490.0 cents (2016: 108.9 cents);
- During the six months ended 30 September 2017, YeboYethu incurred expenses of R2.4 million, a decrease of 7.1% from R2.5 million in the prior period.
The expenses incurred are mainly attributable to the printing and postage of the annual report, dividend pay away transaction fees, the cost of hosting
the annual general meeting, Johannesburg Stock Exchange ('JSE') fee, fee to STRATE, JSE sponsor fee and transfer secretary costs.
YeboYethu hosted its ninth annual general meeting ('AGM') on 31 July 2017, where shareholders adopted the annual financial statements for the year
ended 31 March 2017, voted on the election of directors, appointed PricewaterhouseCoopers Inc., appointed the members of the audit committee and
approved non-executive directors fees. Prior to the AGM, shareholders were provided with a presentation to improve their knowledge on how to register
and trade their YeboYethu shares. The results of the AGM are available on www.yeboyethu.co.za
Dividends
Dividends are declared and paid annually as per the dividend policy. The final gross dividend of 112 cents per ordinary share, paid on 12 June 2017 (2016:
111 cents per ordinary share paid on 31 May 2016).
Condensed statement of comprehensive income
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Notes Reviewed Reviewed Audited
Income 13 176 11 932 19 445
Expenditure 3 (2 367) (2 548) (4 191)
Operating profit 10 809 9 384 15 254
Finance income 434 437 931
Finance cost (1) (*) (*)
Gains on remeasurement of financial instrument 4 265 613 10 596 352 739
Profit before tax 276 855 20 417 368 924
Taxation (62 363) (4 747) (79 274)
Net profit 214 492 15 670 289 650
Total comprehensive income 214 492 15 670 289 650
(*) Less than R500.
Cents Cents Cents
Basic earnings per share 2 1 490,0 108,9 2 012,1
Diluted earnings per share 2 1 032,0 79,7 1 433,2
Condensed statement of financial position
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Notes Reviewed Reviewed Audited
Assets
Non-current assets - 1 292 616 1 634 759
Financial assets 4 - 1 292 616 1 634 759
Current assets 1 916 830 18 632 23 892
Financial assets 4 1 900 372 - -
Accounts receivable 11 894 14 296 19 472
Tax receivable 16 - 2
Restricted cash 283 276 244
Cash and cash equivalents 4 265 4 060 4 174
Total assets 1 916 830 1 311 248 1 658 651
Equity and liabilities
Share capital * * *
Ordinary share premium 359 883 359 883 359 883
Retained earnings 1 206 504 734 155 1 008 135
Total equity 1 566 387 1 094 038 1 368 018
Non-current liability 345 064 208 927 285 567
Deferred tax 345 064 208 927 285 567
Current liabilities 5 379 8 283 5 066
Accounts payable 5 1 951 2 572 1 612
Tax payable - 2 233 -
Bank overdraft - 19 -
Dividends payable 3 428 3 459 3 454
Total equity and liabilities 1 916 830 1 311 248 1 658 651
(*) Less than R500.
Condensed statement of changes in equity
Share
capital and
ordinary
share Retained Total
R000 premium earnings equity
Balance at 1 April 2017 359 883 1 008 135 1 368 018
Net profit - 214 492 214 492
Dividends - (16 123) (16 123)
Balance at 30 September 2017 - Reviewed 359 883 1 206 504 1 566 387
Balance at 1 April 2016 359 883 733 498 1 093 381
Net profit - 15 670 15 670
Net dividends# - (15 013) (15 013)
Balance at 30 September 2016 - Reviewed 359 883 734 155 1 094 038
Balance at 1 April 2016 359 883 733 498 1 093 381
Net profit - 289 650 289 650
Net dividends# - (15 013) (15 013)
Balance at 31 March 2017 - Audited 359 883 1 008 135 1 368 018
# Net dividends paid comprises of dividends declared less forfeited dividends.
Condensed statement of cash flows
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Cash flow from operating activities
Cash generated from operations 11 651 9 313 13 015
Tax paid (2 880) (143) (265)
Dividends paid (16 149) (14 664) (14 669)
Net cash flows utilised in operating activities (7 378) (5 494) (1 919)
Cash flows from investing activities
Finance income received 434 437 931
Net cash flows generated from investing activities 434 437 931
Cash flows from financing activities
Finance cost paid (*) (*) (*)
Overnight deposit movement 7 035 5 322 1 386
Net cash flows generated from financing activities 7 035 5 322 1 386
Net movement in cash and cash equivalents 91 265 398
Cash and cash equivalents at the beginning of the
period/year 4 174 3 776 3 776
Cash and cash equivalents at the end of the period/
year 4 265 4 041 4 174
(*) Less than R500.
Notes to the condensed interim financial statements
1. Basis of preparation
The condensed interim financial statements have been prepared in accordance with the
framework concepts, the recognition and measurement criteria of IFRS and in accordance with
and containing the information required by IAS 34 as issued by the IASB, the Financial Reporting
Guides as issued by the SAICA Accounting Practices Committee, Financial Pronouncements as
issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the
requirements of the Companies Act of of 2008, as amended. They have been prepared on the
historical cost basis, except for certain financial instruments which are measured at fair value or
at amortised cost, and are presented in South African rand, which is the company's functional
and presentation currency.
The significant accounting policies, judgements, estimates of amounts and methods of
computation are consistent in all material respects with those applied in the annual financial
statements for the year ended 31 March 2017. The significant accounting policies are available
for inspection at the company's registered office.
The company adopted the new, revised or amended accounting pronouncements as issued by
the IASB, which were effective and applicable to the company from 1 April 2017, none of which
had any material impact on the company's financial results for the year.
Full details on changes in accounting policies will be disclosed in the company's annual
financial statements for the year ending 31 March 2018.
Six months ended Year ended
30 September 31 March
2017 2016 2017
Cents Reviewed Reviewed Audited
2. Earnings and dividends per share
Basic earnings per share 1 490,0 108,9 2 012,1
Diluted earnings per share 1 032,0 79,7 1 433,2
Headline earnings per share 1 490,0 108,9 2 012,1
Diluted headline earnings per share 1 032,0 79,7 1 433,2
Dividends per share - - 112,0
Earnings per share calculations are based on earnings and the weighted average number of
ordinary shares outstanding as set out below:
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
2.1 Earnings reconciliation
Earnings, attributable to equity shareholders, for basic
and diluted earnings per share 214 492 15 670 289 650
Headline earnings for headline and diluted headline
earnings per share 214 492 15 670 289 650
This disclosure is a requirement of the JSE Limited and is not a recognised measure under IFRS.
It has been calculated in accordance with Circular 2/2015 as issued by SAICA.
Six months ended Year ended
30 September 31 March
2017 2016 2017
Reviewed Reviewed Audited
2.2 Reconciliation of weighted average number of
ordinary shares outstanding
For basic and headline earnings per share 14 395 300 14 395 300 14 395 300
'N' ordinary shares convertible into ordinary
shares 6 388 619 5 260 403 5 815 102
For diluted earnings and diluted headline
earnings per share 20 783 919 19 655 703 20 210 402
On the YeboYethu Employee Participation Trust's conversion date, 30 September 2018, each 'N'
share shall automatically convert into one ordinary share with a simultaneous repurchase of a
variable number of shares at par value. The variable number of shares will be calculated based
on a specified formula which takes into account the outstanding balance of the notional loan
and the underlying value of the shares held in Vodacom SA. The formula ensures that the
YeboYethu Employee Participation Trust will, after Vodacom SA's repurchase of a portion of the
Vodacom SA shares held by the company and the consequent repurchase by the company of a
portion of the company's shares held by the YeboYethu Employee Participation Trust, hold that
percentage shareholding in the company as is equal to the YeboYethu Employee Participation
Trust 'A' shares held by the company, as a percentage of all Vodacom SA shares held by it.
3. Directors emoluments
Included in Expenditure for the current financial period is directors emoluments (refer Note 10)
as follows:
Salary
R
ZBM Bassa* 61 427
SM Radebe* 40 280
AM Hall* 27 189
S Sithole* 44 308
173 204
* Independent non-executive directors.
V Jarana resigned effective 21 September 2017.
4. Financial assets
The company acquired a 3.44% investment in Vodacom SA during the 2009 financial year by
obtaining ordinary shares and 'A' ordinary shares for the benefit of its shareholders as part of the
Broad-Based Black Economic Empowerment ('BBBEE') transaction as follows:
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Financial asset at fair value through profit or loss
Vodacom South Africa option asset
7 200 000 ordinary shares at R25.00 each 180 000 180 000 180 000
82 800 000 'A' ordinary shares at R2.1739 each 180 000 180 000 180 000
75 000 000 'A' ordinary shares at R0.00001 each 1 1 1
360 001 360 001 360 001
Accumulated fair value adjustment 1 540 371 932 615 1 274 758
1 900 372 1 292 616 1 634 759
The financial asset namely the Vodacom South Africa option asset had been classified from
non current to current in the current financial period as the maturity date of the option asset is
30 September 2018.
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Reconciliation
Opening balance 1 634 759 1 282 020 1 282 020
Fair value adjustment 265 613 10 596 352 739
Closing balance 1 900 372 1 292 616 1 634 759
Within the Monte Carlo method, the following input parameters were used to simulate the
Vodacom SA option asset value: the equity value of the underlying share at the valuation date,
the expected dividend yield of the underlying share over the life of the option, the expected
volatility of the underlying share over the life of the option, and the risk-free interest rate over
the life of the model. In addition to these, the strike price is based on the simulated closing
balance of the notional funding at maturity date.
The fair value of R1 900 million (30 September 2016: R1 292 million, 31 March 2017: R1 635
million) was calculated using the following assumptions as at 30 September 2017:
- The risk-free interest rates were determined from the South African interest rate swap zero
curve, which is based on inputs from money-market and interest rate swap rates on the
valuation date;
- The dividend yield was based on Vodacom SA's forecasted earnings and dividend policy based
on a range from 30 March 2018 of 3.48% to 30 September 2018 of 4.85% (30 September
2016: 31 March 2017 of 3.22% to 30 September 2018 of 5.64%, 31 March 2017: 30 May 2017
of 1.56% to 28 September 2018 of 5.11%);
Maturity date - 30 September 2018;
- Volatility was calculated by applying the equally weighted methodology to the historical
share price data of Vodacom Group Limited. The Vodacom Group Limited volatility was applied
as a proxy for Vodacom SA, calculated at one year equally weighted volatility of 19.21% as at
29 September 2017, two years equally weighted volatility of 20.65% as at 30 September
2016, one and a half years equally weighted volatility of 17.41% as at 31 March 2017,
respectively.
- Strike price - the notional funding as at valuation date provided by Vodacom SA amounted to
R4 474 million (30 September 2016: R4 848 million, 31 March 2017: R4 768 million). Interest
accrues at a notional rate of 8.0% NACD (30 September 2016: 8.0% NACD, 31 March 2017:
8.0% NACD). The simulated notional funding balances at maturity represents the strike price;
and
- The equity value of Vodacom SA was estimated at R134 110 million (30 September 2016:
R120 013 million, 31 March 2017: R130 549 million) by applying the results of the five year
Long Range Plan (LRP) forecast as the inputs into the Adjusted Present Value methodology.
The terminal year free cash flow value is based on the final year of the LRP, capitalised into
perpetuity. The cash flow projections are based on the five year LRP approved by the board.
Key cash flow assumptions included market share, revenue per user, EBITDA margin and revenue
growth.
Key equity value assumptions include the perpetual growth rate of 2.75% (30 September 2016:
2.68%, 31 March 2017: 2.67%), the pre-tax cost of debt of 8.67% (30 September 2016: 9.39%, 31
March 2017: 8.68%) and cost of equity of 13.05% (30 September 2016: 13.25%, 31 March 2017:
13.19%). The discount rate used in the valuation model includes a risk free rate of 8.65% (30
September 2016: 8.85%, 31 March 2017: 8.79%), market risk premium of 5.50% (30 September
2016: 5.50%, 31 March 2017: 5.50%), lack of control discount of 10.00% (30 September 2016:
10.00%, 31 March 2017: 10.00%) and marketability discount of 5.00% (30 September 2016:
5.00%, 31 March 2017: 5.00%), respectively.
Our calculations indicate that the acceptable range of equity values for Vodacom SA, would be a
range of up to 10.0% higher or lower than the equity value used in the determination of the
option value. The following table shows the sensitivity of the fair value of the option asset to this
reasonable alternative range of assumptions as at 30 September 2017, 30 September 2016 and
31 March 2017, respectively:
Favourable Unfavourable
change change
30 September 2017
Total change from base (Rm) 457 (R448.2)
Total change from base (%) 24,1% (23.6%)
30 September 2016
Total change from base (Rm) 376 (R350.5)
Total change from base (%) 29,1% (27.1%)
31 March 2017
Total change from base (Rm) 437,8 (R422.0)
Total change from base (%) 26,8% (25.8%)
It is therefore important that shareholders and other users of these financial statements
understand the sensitivity of the option value actually recorded to changes in any or all of the
assumptions used in determining the option value.
Notional funding
The notional funding does not give rise to a legal obligation but only facilitates the share
repurchase mechanism. Initially, the notional funding carried an interest rate of 9.8%
compounded daily. The interest rate was however reduced to 8.0% compounded daily from 1
April 2015 onwards. The company received a notional dividend on these shares calculated on
the basis of the actual dividend paid to ordinary shareholders. The holders of ordinary shares are
entitled to dividends but the holders of 'A' ordinary shares will only be entitled to dividends once
the notional funding has been settled.
The closing balance as at 30 September 2017 of the notional funding after the interest and
dividends for the employee scheme and black public and business partners is as follows:
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Reconciliation of notional funding
Opening balance 2 842 675 3 005 118 3 005 118
Notional interest accrued 114 449 121 472 238 684
2 957 124 3 126 590 3 243 802
Less: notional dividend received (271 804) (246 142) (401 127)
Closing balance 2 685 320 2 880 448 2 842 675
5. Accounts payable
Supplier accounts payable 1 495 2 296 1 229
Intercompany payables 173 - -
Value added tax - - 139
JSE Empowerment segment 283 276 244
1 951 2 572 1 612
The average credit period is 30 days (six months period ended 30 September 2016: 30 days,
year ended 31 March 2017: 30 days). No interest is charged on trade payables.
6. Related parties
All transactions with related parties have been made on terms equivalent to those that prevail in
arm's length transactions.
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
6.1 Balances with related parties
Accounts receivable
Vodacom Group Limited 9 243 12 343 16 279
Vodacom Proprietary Limited 2 491 1 934 3 187
Accounts payable
Vodacom Group Limited 112 - -
Vodacom Proprietary Limited 61 - -
6.2 Transactions with related parties
Vodacom Group Limited
Finance income received 307 289 667
Vodacom Proprietary Limited
Dividends received 13 176 11 932 19 445
The Innovator Trust (entity within the Vodacom Group
structure)
Dividends paid (1 343) (1 183) (1 183)
The following costs are incurred by Vodacom Proprietary Limited and not charged to the
company:
- accounting services;
- company secretarial services;
- risk management services; and
- access to research information and assistance for the company to enable Vodacom
Proprietary Limited to meet or improve its empowerment standards.
7. Carrying amounts of financial instruments
Carrying amounts of financial instruments analysed by category are as follows:
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Assets
Financial assets at fair value through profit or loss 1 900 372 1 292 616 1 634 759
Available-for-sale financial asset * * *
Loans and receivables 16 000 18 337 23 642
Financial assets at amortised cost 283 276 244
1 916 655 1 311 229 1 658 645
Liabilities
Financial liabilities measured at amortised cost 5 379 6 050 4 927
(*) Less than R500.
8. Fair value hierarchy
An analysis of the financial instrument, Vodacom SA option asset, measured at fair value and
disclosed as level three based on the degree to which the fair value is observable, is as follows:
Six months ended Year ended
30 September 31 March
2017 2016 2017
R000 Reviewed Reviewed Audited
Level three
Financial assets at fair value through profit or loss,
classified as held for trading 1 900 372 1 292 616 1 634 759
Level three uses data inputs for the valuation of the
asset that are not based on observable market data.
Reconciliation of fair value
Measurement in level three
Opening balance 1 634 759 1 282 020 1 282 020
Recognised in net gains on remeasurement and
disposal of financial instruments 265 613 10 596 352 739
Closing balance 1 900 372 1 292 616 1 634 759
9. Operating commitments 998 4 863 996
The operating commitments will be financed through internal cash generation.
10. Non-executive directors' fees
At the company's ninth annual general meeting held on 31 July 2017, Special resolution
number one was approved that fees for non-executive directors be paid. The non-executive
directors fees was disclosed in the company's annual report for the year ended 31 March 2017
and is available for inspection on the company's website.
11. Events after the reporting period
The directors are not aware of any matter or circumstance arising since the end of the reporting
period, not otherwise dealt with in the condensed interim financial statements, which
significantly affected the financial position of the company as at 30 September 2017 and the
results of its operations and cash flows for the six months ended 30 September 2017.
Midrand
10 November 2017
Non-IFRS information
These condensed consolidated interim financial statements have been reviewed by PricewaterhouseCoopers Inc., who expressed an unmodified review
conclusion. A copy of the auditor's review report is available for inspection at the Company's registered office, together with the financial statements
identified in the auditor's report. The auditor's report does not necessarily cover all of the information contained in this announcement. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the auditor's work they should obtain a copy of that report together with the
accompanying financial information from the registered office of the company.
Forward-looking statements
This announcement which sets out the interim results for YeboYethu (RF) Limited for the six months ended 30 September 2017 may contain 'forward-
looking statements', with respect to the Vodacom SA results referenced in the announcement which have not been reviewed or reported on by the
company's auditors. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'will',
'anticipates', 'aims', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans' or 'targets'. By their nature, forward-looking statements are inherently
predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future, involve
known and unknown risks, uncertainties and other facts or factors which may cause the actual results, performance or achievements of the company, or its
industry to be materially different from any results, performance or achievement expressed or implied by such forward-looking statements. Forward-
looking statements are not guarantees of future performance and are based on assumptions regarding the company's and Vodacom SA's present and
future business strategies and the environments in which they operate now and in the future.
YeboYethu contact details
Internet address: www.yeboyethu.co.za
Email us at: support@yeboyethushares.co.za
Call centre: 010 285 0090 (standard call rates apply) or 082 241 0001 (Toll-free from your Vodacom cellphone)
REGISTERED OFFICE:
Vodacom Corporate Park
082 Vodacom Boulevard, Midrand 1685
TRANSFER SECRETARIES:
Physical address:
Link Market Services South Africa (Proprietary) Limited
(Registration number 2000/007239/07)
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein 2001
Postal address:
PO Box 4844, Johannesburg, 2000
DIRECTORS:
Zarina Bassa (Chairperson)
Adele Hall
Vuyani Jarana (resigned 21 September 2017)
Matimba Mbungela
Stefaan Sithole
Seth Radebe
SECRETARY:
Avinash Dhanasir
JSE SPONSOR:
UBS
www.yeboyethu.co.za
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