Wrap Text
Provisional reviewed results for the year ended 30th September 2017 and proposed dividend declaration
Marshall Monteagle PLC
(Incorporated in Jersey)
(Registration number: 102785)
(External registration number: 2010/024031/10)
JSE Code: MMP ISIN: JE00B5N88T08
(“Marshall Monteagle” or “the Company” or “the Group")
Provisional reviewed results for the year ended 30th September 2017 and proposed dividend declaration
Chairman’s Statement
As an Investment Company, Marshall Monteagle has a broad and diversified range of investments in both listed
international companies, and in trading and property owning subsidiary companies. Our objective is to invest for the long
term to generate reliable profits, cash flow and dividends for our shareholders and thereby achieve capital growth for the
benefit of all our stakeholders. The Group holds portfolios of leading investments in the U.S.A., U.K., Europe and the Far
East as well as commercial properties in the U.S.A. and South Africa. The Group’s import and distribution businesses
operate internationally and in South Africa include interests in food processing and logistics.
It was with great sadness that we announced, on 23rd November 2016, the death of Lloyd Marshall. He was a highly
valued member of the management team who brought a wealth of experience, knowledge and common sense to the Group
along with strong principles. Shareholders will recall that following his tragic death, the Board of Directors was
reorganised; Edward Beale, our non-executive chairman was appointed as Group Financial Director and I was appointed
in his place as Non-Executive Chairman with effect from 11th April 2017.
A good deal of our trading profit comes from Southern Africa and neighbouring territories. In recent years we have made
substantial human investment with the intention of diversifying our international trading base, enabling us to represent our
world-wide suppliers in other countries.
We believe that our balance sheet strength gives confidence not only to our suppliers, tenants and customers, but also
importantly, to our staff. The Group’s results could not have been achieved without the hard work of all our employees
and on behalf of the Board, I would like to thank them for their continued contribution and dedication.
We expect the year ahead will bring further uncertainty to global markets and continuing commodity and exchange
volatility risk. However, with our strong capital structure and flexible investments strategy, we face the future with
cautious confidence.
Business Review
The Directors are pleased to report excellent results for the year ended 30th September 2017.
Marshall Monteagle’s objective is to achieve capital growth internationally and pay a steadily progressive dividend over
the long term from a diversified range of investments.
Results of continuing operations
- Group revenue for the twelve months to 30th September 2017 increased by 41% to US$340,052,000 compared to
US$241,933,000. Had currencies remained constant sales would have increased by 30%. This significant increase
in sales volumes in our import and distribution businesses (see below) has resulted in increases in inventories to
support the additional volumes, increases in accounts receivables and financial liabilities from higher sales and
purchases in the final quarter and a decrease in cash and cash equivalents to fund the additional working capital
requirement.
- Group profit before tax increased by 26% to US$10,401,000 from US$8,276,000. Investment property
revaluations were lower, US$273,000 compared with US$918,000 the previous year.
- Headline earnings per share on continuing business increased 448% to 12.6 US cents (2016 – 2.3 US cents) as a
result of the matters mentioned above.
- The Directors are proposing a final dividend of 1.9 US cents, (2016 – 1.9 US cents) making a total of 3.7 US cents
(2016 – 3.7 US cents) for the year. Full details of the dividend will be published on 22 December 2017.
- Net assets attributable to shareholders increased by 9% from US$67,195,000 (US$1.87 per share) to
US$73,257,000 (US$2.04 per share) at 30th September 2017, due to successful investment strategies and a
comparable Rand exchange rate at the reporting dates. US$1.65 of net assets per share – 81% (2016 – 71%) are
held in Europe, U.S.A. and the Middle East. The remaining assets, equivalent to US$0.39 per share – 19% (2016
– 29%) are held in South Africa.
Import and Distribution
Our import and distribution businesses in food and household consumer products continue to perform well in a constantly
changing and challenging consumer environment. Multiple retailers continue to apply pressure on their international
supplier base and we are constantly reviewing our supply-chain to ensure that we remain the most cost-effective solution
from factory to shelf. During the twelve-month period under review we experienced extremely volatile currency
movements and raw material pricing, but we are well positioned to navigate these exogenous factors. This division
continues to provide procurement, supply chain and risk management services to multiple retailers, wholesalers and
manufacturers in Southern and Central Africa, South America, the Middle East and China. We remain committed to
working with suppliers of quality raw materials, skilled technologists and first world production facilities.
Our Metals and Minerals business continues to make extremely good progress and we are developing new partnerships
with miners in Southern Africa and end users on an international basis. This has been the main contributor to the increase
in the Group’s turnover in the year. Once again it has been a year of extreme volatility in the minerals space with market
prices moving down to extremely low levels during the first two quarters, climbing significantly throughout the third
quarter and then falling again during the fourth quarter. This division provides fully integrated logistics, marketing,
finance and shipping services to the Southern African mining industry and is placing significant focus on chrome and
manganese. We are committed to partnering with producers who require a professional all-encompassing solution from
collection ex mine through to delivery to end users on an international basis.
During the year under review our Tool & Machinery import and distribution business completed the disposal of their non-
profitable subsidiary as well as the restructuring of the industrial compressor division. Trading conditions remain
challenging, however after the restructuring the company has returned to profit. We are well placed to increase our
profitability in 2018.
Investment Portfolio
Our investment portfolios continue to perform well. We continue to hold a concentrated list of quality listed international
equities that we believe will outperform the market in the long term. These listed investments had a market value at the
year-end of US$25,369,000 (2016 – US$23,169,000).
Property Portfolio
Last year the Group disposed of a number of properties in South Africa representing about 30% of our total investment
property portfolio by value. Following the completion of the delayed sale on one property which completed on 1st
November 2016, the property portfolio has been stable this year and the remaining properties have continued to perform
well.
Dividend
The directors are proposing a final dividend of 1.9 US cents, (2016 – 1.9 US cents) making a total of 3.7 US cents (2016
– 3.7 US cents) for the year. Full details of the dividend will be published on 22 December 2017. The salient dates are as
follows:
Last day to trade Tuesday 9 January 2018
Shares trade ex dividend Wednesday 10 January 2018
Record date Friday 12 January 2018
Pay date Monday 22 January 2018
No dematerialisation or rematerialisation of share certificates, nor transfer of shares between the registers in Jersey and
South Africa will take place between Wednesday 10 January 2018 and Friday 12 January 2018, both dates inclusive.
By order of the Board
City Group P.L.C
Company Secretary
21 December 2017
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30th September 2017 2016
Reviewed Audited
Continuing operations US$000 US$000
Profit or Loss
Group revenue 1 340,052 241,933
Other income 2 3,269 5,588
343,321 247,521
Increase/(Decrease) in inventories of finished goods and work in progress 4,938 (4,220)
Purchases of finished goods, raw materials and consumables (283,940) (187,762)
Employee benefit expenses (16,221) (14,259)
Depreciation expenses (927) (744)
Other expenses 3 (34,490) (29,789)
Share of associated companies results 36 31
Finance expense (2,316) (2,502)
Profit before tax 10,401 8,276
Taxation (2,902) (2,992)
Profit for the year on continuing operations 7,499 5,284
Discontinued operations
Loss after tax of discontinued operations - (304)
Loss on disposal of discontinued operations - (474)
Profit for the year 1 7,499 4,506
Profit attributable to owners of the parent 4,985 3,153
Profit attributable to non-controlling interests 2,514 1,353
Basic and fully diluted earnings per share (US cents) 4 13.9c 8.8c
Other Comprehensive Income: -
Items that may be reclassified subsequently to profit and loss: -
Exchange differences on translation into US Dollars of the financial
statements of foreign entities 453 (369)
Reclassification of previously recognised exchange losses on disposal of
Australian operations - 157
Unrealised gain on revaluation of available for sale investments 2,093 3,185
Less applicable tax (223) (365)
Reclassification of previously recognised profits on disposal of available
for sale investments (89) (40)
Total of items that may be reclassified 2,234 2,568
Items that will not be reclassified subsequently to profit and loss: -
Commercial property fair value adjustments 510 236
Less applicable tax (85) (114)
425 122
Total Other Comprehensive Income 2,659 2,690
Total Comprehensive Income 10,158 7,196
Total Comprehensive Income attributable to owners of the parent 7,388 5,618
Total Comprehensive Income attributable to non-controlling interests 2,770 1,578
Condensed Consolidated Statement of Changes in Equity
Called up Total Non-
share Share Other Retained Shareholders’ controlling Group
capital premium reserves earnings interests interests Total
US$000 US$000 US$000 US$000 US$000 US$000 US$000
Year ended 30th September 2016
Profit after tax - - (4,323) 7,476 3,153 1,353 4,506
Other Comprehensive Income - - 2,465 - 2,465 225 2,690
Total Comprehensive Income - - (1,858) 7,476 5,618 1,578 7,196
Transactions with shareholders
Disposal of interests - - - - - (633) (633)
Dividends paid - - - (1,287) (1,287) (1,519) (2,806)
Balances at start of year 8,964 23,606 (861) 31,155 62,864 8,576 71,440
Balances at end of year 8,964 23,606 (2,719) 37,344 67,195 8,002 75,197
Year ended 30th September 2017
Profit after tax - - (457) 5,442 4,985 2,514 7,499
Other Comprehensive Income - - 2,403 - 2,403 256 2,659
Total Comprehensive Income - - 1,946 5,442 7,388 2,770 10,158
Transactions with shareholders
Disposal of interests - - - - - - -
Dividends paid - - - (1,326) (1,326) (1,732) (3,058)
Balances at start of year 8,964 23,606 (2,719) 37,344 67,195 8,002 75,197
Balances at end of year 8,964 23,606 (773) 41,460 73,257 9,040 82,297
Condensed Consolidated Statement of Financial Position
at 30th September 2017 2016
Reviewed Audited
US$000 US$000
Assets
Non-current assets
Investment property 20,923 20,460
Property, plant and equipment 10,397 9,237
Goodwill 183 180
Intangible assets 717 523
Deferred taxation 2,293 1,559
Investment in associated companies 187 185
Investments 5 27,994 25,382
62,694 57,526
Current assets
Inventories 29,162 24,051
Accounts receivable 7 56,589 41,697
Other financial assets 495 326
Tax recoverable 68 359
Cash and cash equivalents 9 21,177 30,916
107,491 97,349
Investment property held for sale 6 - 1,189
Total assets 170,185 156,064
Current liabilities
Financial liabilities (65,885) (59,546)
Other financial liabilities (146) (848)
Financial liabilities secured on the investment property held for sale 7 - (251)
Tax payable (2,065) (1,777)
(68,096) (62,422)
Net current assets 39,395 36,116
Total assets less current liabilities 102,089 93,642
Non-current liabilities
Financial liabilities 7 (13,571) (12,351)
Deferred taxation (6,221) (6,094)
Net assets 82,297 75,197
Capital and reserves
Called up share capital 8,964 8,964
Share premium account 23,606 23,606
Other reserves (773) (2,719)
Retained earnings 41,460 37,344
Equity attributable to owners of the parent 73,257 67,195
Non-controlling interests 9,040 8,002
Total equity 82,297 75,197
Condensed Consolidated Statement of Cashflow
For the year ended 30th September 2017 2016
Reviewed Audited
US$000 US$000
Operating activities
Profit for the year 7,499 4,506
Adjustments
Taxation 2,902 2,992
Loss on disposal of discontinued operations - 474
Depreciation 927 753
Share of associated companies’ results (36) (31)
Finance expense 2,316 2,502
Other income (3,269) (5,588)
Other expense – fair value adjustments and losses on disposal 893 343
11,232 5,951
Changes in working capital
(Increase)/decrease in inventories (4,675) 3,770
(Increase)/decrease in receivables (14,492) 3,612
Increase/(decrease) in payables 8,171 (3,688)
Cash generated by operations 236 9,645
Finance expense (2,316) (2,502)
Taxation paid (2,943) (3,904)
Cash (outflow)/inflow from operating activities (5,023) 3,239
Investing activities
Purchase of and improvements to tangible non-current assets (1,626) (2,241)
Proceeds of disposal of tangible assets 1,452 9,737
Purchase of software (190) -
Acquisition of investments (839) (613)
Proceeds of disposal of investments 280 446
Cashflow on disposal of discontinued operations - (62)
Dividends received 693 556
Interest received 869 1,004
Cash inflow from investing activities 639 8,827
Cash (outflow)/inflow before financing (4,384) 12,066
Financing activities
Drawdown of new long-term loans 1,238 6,300
Repayment of long term loans (56) (5,098)
Dividends paid to Group shareholders (1,326) (1,287)
Dividends paid to non-controlling interests of subsidiaries (1,732) (1,518)
Cash outflow from financing activities (1,876) (1,603)
(Decrease)/Increase in cash and cash equivalents (6,260) 10,463
Cash and cash equivalents at 1st October 20,544 10,068
Effect of foreign exchange rate changes 53 13
Cash and cash equivalents at 30th September (see note 9) 14,337 20,544
EXPLANATORY NOTES
1) SEGMENTAL REPORTING
For management purposes the Group is organised on a worldwide basis into the following main business segments
grouped by similar businesses and services:
Import and distribution Trade in tools, food and household consumer products primarily imports to, and
exports from, South Africa.
Property Investment properties in U.S.A. and South Africa.
Investments in associated Companies involved in marketing and merchandising.
companies
Excluded from the segmental Mainly transactions relating to the share portfolios, profits on disposals of tangible
analysis are other activities and intangible non-current assets local head office costs, and interest.
There are no sales between business segments and businesses carrying out similar trade and services are grouped in the
same segments.
2017 2016
Profit/ Profit/
Revenue (Loss) Revenue (Loss)
Segmental analysis of results US$000 US$000 US$000 US$000
Import and distribution * 337,256 11,022 238,869 5,858
Property 2,796 421 3,064 871
Investments in associated companies - 36 - 31
Continuing operations 340,052 11,479 241,933 6,760
Discontinued operations
Import and distribution - Australia - - 526 (308)
Property - Australia - - - (5)
340,052 11,479 242,459 6,447
Loss on disposal - (474)
Other expenses (2,031) (1,572)
Other income 3,269 5,590
Finance expense (2,316) (2,502)
Taxation (2,902) (2,983)
Profit for the year 7,499 4,506
* Includes sales to the Group’s major customers representing 10% or more of Group revenue:
2017 2016
US$000 US$000
Customer A 143,623 130,144
Customer B 38,878 26,761
Segment assets consist of property, plant and equipment, inventories and receivables and exclude cash balances. Segment
liabilities are operating liabilities and exclude items such as taxation and borrowings. Unallocated assets and liabilities
are investments, holding company assets and liabilities, cash balances, taxation and borrowings. Capital expenditure
comprises additions to property, plant and equipment.
Assets Liabilities Net assets Capital Depreciation
expenditure charge
US$000 US$000 US$000 US$000 US$000
Segmental analysis of net assets 30th September 2017
Import and distribution 97,812 (60,690) 37,122 1,583 (921)
Property 21,611 (623) 20,988 2 (6)
Investment in associated companies 187 - 187 - -
Unallocated (including cash, tax and debt) 50,575 (26,575) 24,000 - -
Consolidated total 170,185 (87,888) 82,297 1,585 (927)
Segmental analysis of net assets 30th September 2016
Import and distribution 73,467 (47,800) 25,667 1,874 755
Property 23,450 (1,094) 22,356 367 8
Investment in associated companies 185 - 185 - -
Unallocated (including cash, tax and debt) 58,962 (31,973) 26,989 - -
Continuing operations 156,064 (80,867) 75,197 2,241 763
Discontinued operations:
Import and distribution - - - - 9
Property - - - - 5
Consolidated total 156,064 (80,867) 75,197 2,241 777
Secondary Reporting Format – Geographical Segments
The Group operates in the following geographic areas.
Europe Location for part of the Group’s import and distribution business, the non-trading parent company and
most of the Group's investment portfolio.
Australia Previously location for part of the Group's import and distribution business (sold Aug 2016).
Middle East Location for part of the Group’s import and distribution business.
United States Location for part of the Group's property portfolio and some of the Group’s investment portfolio.
South Africa Location for the bulk of the Group's import and distribution business and part of the Group’s property
portfolio.
Group Non-Current
revenue Assets Liabilities assets
Segmental analysis at 30th September 2017 US$000 US$000 US$000 US$000
Europe 66,246 52,526 (21,164) 135
Middle East 2,857 934 (434) 6
United States 1,176 26,801 (10,448) 11,290
Total outside South Africa 70,279 80,261 (32,046) 11,431
South Africa 269,773 89,924 (55,842) 20,976
Total 340,052 170,185 (87,888) 32,407
Group Non-Current
revenue Assets Liabilities assets
Segmental analysis at 30th September 2016 US$000 US$000 US$000 US$000
Europe 30,779 50,290 (22,517) 81
Middle East 1,526 779 (275) 2
United States 1,187 26,470 (10,484) 11,501
Total outside South Africa 33,492 77,539 (33,276) 11,584
South Africa 208,441 78,525 (47,591) 19,001
Total continuing operations 241,933 156,064 (80,867) 30,585
Australia 526 - - -
Total 242,459 156,064 (80,867) 30,585
Assets and liabilities (before non-controlling interests) are shown by the geographical area in which the assets are located.
Non-current assets exclude financial instruments and deferred tax.
2) OTHER INCOME
2017 2016
US$000 US$000
Investment property revaluations 494 1,002
Gain on disposal of investment property - 2,300
Gain on disposal of non-current tangible assets 25 24
Recovery of impairment on non-current asset 37 20
Fair value adjustments on forward foreign exchange contracts 64 1
Dividend income 657 556
Interest income 869 1,004
Other income 472 68
Exchange gains 255 590
Profit on disposal of investments 396 23
Total income – continuing operations 3,269 5,588
Other income – discontinued operations - 2
3,269 5,590
3) OTHER EXPENSES
2017 2016
US$000 US$000
Investment property revaluation (221) (84)
Loss on disposal of investments - (18)
Fair value adjustments on tangible assets and listed investments - (36)
Fair value adjustment on unlisted investment - (200)
Loss on disposal of non-current tangible assets (18) (5)
Fair value adjustments and losses on disposal (239) (343)
Exchange losses (654) (5)
Administration and other expenses (33,597) (29,441)
(34,490) (29,789)
2017 2016
US$000 US$000
Administration and other expenses include: -
Operating lease costs
Premises 2,162 1,322
Plant, equipment and vehicles 108 40
Auditors’ fees of the Company and its subsidiaries
Audit related 402 465
Other 3 3
4) EARNINGS PER SHARE
2017 2016
Basic earnings per share 13.9c 8.8c
Basic (loss) per share on discontinued operations - (1.7)c
Basic earnings per share on continuing operations 13.9c 10.5c
Headline earnings per share 12.6c 1.9c
Headline earnings per share on continuing operations 12.6c 2.3c
Headline (loss) per share on discontinued operations - (0.4)c
Reconciliation of basic earnings on continuing operations US$000 US$000
Basic earnings on continuing and discontinued operations 4,985 3,153
Share of losses of discontinuing operations - 152
Loss on disposal of discontinuing operations - 474
Basic earnings on continuing operations 4,985 3,779
Earnings per share and headline earnings per share are based on the result attributable to shareholders of the
Group and on the weighted average of shares in issue of 35,857,512 (2016 – 35,857,512). There are no dilutive
equity instruments in issue.
2017 2016
Reconciliation between basic and headline earnings per share US$000 US$000
Basic earnings on continuing and discontinued operations 4,985 3,153
Adjusted for:
Gain on disposal of investment property, net of tax effect of US$88,000
(2016 – US$46,000) (88) (2,346)
Investment property revaluation, net of tax effect of US$7,000
(2016 – US$196,000) (229) (722)
Loss on disposal of Australian operations, including recycled exchange losses
of US$157,000 - 474
Recovery of impairment of non-current assets (37) (20)
Reclassification of previously recognised gains on disposal of available for
sale investments (89) (40)
Effect of change in rate of tax - 185
Net profit on disposal of non-current tangible assets (7) (19)
Headline earnings 4,535 665
2017 2016
Reconciliation between basic and headline earnings per share on US$000 US$000
continuing operations
Basic earnings on continuing operations 3,779
4,985
Adjusted for:
Gain on disposal of investment property, net of tax of US$88,000
(2016-US$46,000) (88) (2,346)
Investment property revaluation, net of tax effect of US$7,000
(2016 - US$196,000) (229) (722)
Recovery of impairment of non-current assets (37) (20)
Reclassification of previously recognised gains on disposal of available for
sale investments (89) (40)
Effect of change in rate of tax - 185
Net profit on disposal of non-current tangible assets (7) (19)
Headline earnings – continuing operations 4,535 817
5) INVESTMENTS
Investments include listed investments with a fair value of US$25,369,000 (2016 – US$23,169,000) and the
unlisted investment in Heartstone Inns Ltd with a fair value of US$2,625,000 (2016 – US$ 2,213,000). The value
of the investment in Heartstone Inns Ltd on acquisition was US$2,413,000 and the increase in fair value in the year
of US$412,000 (2016 – decrease US$200,000) has been included in Other comprehensive income.
The unlisted investment in Heartstone is carried at fair value which is calculated based on the net asset value per
share at 30th September 2017 of US$1.78 less a discount of 10% to take into account the illiquidity of this holding
in a private company. The net asset value at 30th September 2017 is based upon management accounts but has been
adjusted to reflect an increase in respect of the fair value of property plant and equipment, which is supported by
an independent professional valuation. A change in the discount to net asset value by 12% would change the fair
value by US$315,000. The Group owns 1,641,309 Ordinary Shares in Heartstone representing 11.9% of its issued
diluted share capital.
6) NON-CURRENT ASSETS HELD FOR SALE
On 1 November 2016, an investment property in Cape Town, South Africa, was disposed of for US$1,208,000
which was settled in cash. The property was valued at US$1,189,000 and post-tax profit attributable, accounted for
in the year ended September 2017, was US$46,000.
7) FINANCIAL INSTRUMENTS
The categories of financial instruments used by the Group are:
Level in 2017 2016
Fair Value US$000 US$000
hierarchy
Financial assets
Available for sale carried at fair value
Investments – listed 1 25,369 23,169
Investments – unlisted 3 2,625 2,213
At fair value through profit or loss
Forward foreign exchange contracts in Other financial assets 2 301 70
Loans and accounts receivable at amortised cost
Accounts receivable n/a 56,589 41,697
Accrued operating lease income on properties in Other financial
assets n/a 194 256
Cash at bank in Cash and cash equivalents n/a 20,323 30,916
Money market funds in Cash and cash equivalents n/a 854 -
Financial liabilities
At amortised cost
Trade and other payables - current – in Current financial liabilities n/a 59,045 49,174
Trade and other payables - non-current n/a 13,571 12,351
Bank overdrafts in Current financial liabilities n/a 6,840 10,372
Capitalised lease obligations in Other financial liabilities n/a 92 109
Financial liabilities secured on the investment property held for sale n/a - 251
At fair value through profit or loss
Forward foreign exchange contracts in Other financial liabilities 2 54 739
The fair value of forward foreign exchange contracts is determined by market value quotes received from
independent financial institutions.
Accounts receivable and accounts payable due within one year are carried at amortised cost which approximates to
their fair values at the year-end.
The carrying value of bank loans payable in more than one year approximates to their fair values. This is due to
the loans all attracting market related interest rates, and thus the effect of discounting (using a market rate interest
rate) when applying the effective interest rate method would result in no real difference between the fair value
determined and the carrying value of the bank loans.
8) SECURED LIABILITIES
Overdrafts of US$6,841,000 (2016 - US$10,372,000) are included in current liabilities. Group long-term financial
liabilities are secured on various properties and bear interest at commercial rates.
9) CASH AND CASH EQUIVALENTS
2016 Exchange Cash Flow 2017
movements movement
US$000 US$000 US$000 US$000
Cash at bank and in hand 30,916 74 (10,667) 20,323
Money market funds - - 854 854
30,916 74 (9,813) 21,177
Bank overdrafts (10,372) (21) 3,553 (6,840)
20,544 53 (6,260) 14,337
10) OPERATING LEASE COMMITMENTS
During the year, Monteagle Logistics Ltd has entered into a commercial property lease of a warehouse situated in Sydney
Road, Durban. The lease term is 10 years and two months, with a non-cancellable period no earlier than 5 years. The
remaining term of the lease is 115 months, with an annual escalation of 7.5%.
Future minimum rentals payable under the operating lease as at 30 September 2017 are as follows:
Rentals payable US$000
Within one year 1,385
Two to five years 6,661
More than five years 10,398
18,444
11) BASIS OF PREPARATION
This provisional report has been prepared in accordance with the framework, concepts and the measurement and
recognition requirements of International Financial Reporting Standards, the Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council, the Listings Requirements of the JSE Limited, the financial
reporting guides issued by the Accounting Practices Committee of the South African Institute of Chartered Accountants
(the “SAICA Financial Reporting Guides”) and contains the information required by IAS 34 Interim Financial Reporting.
The accounting policies applied in this provisional announcement are consistent with those adopted and disclosed in the
Group's annual report for the year ended 30th September 2016.
Responsibility Statement
The directors take full responsibility for the preparation of the provisional report and the financial information has been
correctly extracted from the underlying annual financial statements.
Review Report
This provisional report for the year ended 30 September 2017 was prepared under the supervision of the Financial
Director, Mr E.J. Beale, and has been reviewed by the Company's auditor, Saffery Champness, who expressed an
unmodified review conclusion thereon. The review opinion is available for inspection at the registered office of the
Company. The audited annual report will be mailed to shareholders in early 2018.
21 December 2017
United Kingom
Sponsor
Sasfin Capital (a member of the Sasfin Group)
Date: 21/12/2017 01:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
