Wrap Text
Interim Results For The Six Months Ended 31 March 2019
CORONATION FUND MANAGERS
(Incorporated in the Republic of South Africa)
Registration number: 1973/009318/06
JSE share code: CML
ISIN: ZAE000047353
("Coronation" or "the company")
INTERIM RESULTS for the six months ended 31 March 2019
- Assets under management (AUM) R586bn
- Diluted headline earnings per share 165.1c
- Interim dividend per share 165.0c
RESULTS
Coronation's results for the six months to end March 2019 reflect the extremely challenging financial market conditions experienced worldwide up until December 2018,
somewhat ameliorated by the strong recovery in the first quarter of calendar year 2019 (Q1-19). Despite the FTSE/JSE All Share Index's 8.0% gain in Q1-19, it
produced a mediocre return of 2.7% over the reporting period. Emerging markets were up 9.9% in Q1-19, but only gained 1.7% in the reporting period, as measured by
the MSCI Emerging Markets Index in US dollar terms; while developed markets, as measured by the MSCI All Country World Index in US dollars, lost 2.1% for the
reporting period, despite adding 12.2% in Q1-19.
At the period end, Coronation's total assets under management (AUM) remained flat compared to the figure reported as at end-September 2018 (R587 billion). However,
average AUM for the six months to end-March 2019 decreased by 8% from average AUM reported for the comparable period to end-March 2018, contributing to a 22% decrease
in revenue to R1.6 billion (March 2018: R2.1 billion). Conversely, operating expenses decreased by 10%, as a result of variable costs decreasing by 18%. The combined
effect was a decrease of 26% in diluted and basic headline earnings per share for the period to 165.1 cents (March 2018: 223.4 cents).
BUSINESS UPDATE
We are an independent active manager, with a long-term valuation-driven investment philosophy. The period under review saw a meaningful improvement in short-term
performance across most of our strategies. The long-term performance across our entire fund range remains excellent.
From an operational perspective, following the implementation of a new fund administration model and the insourcing of retail reporting and communications in FY 2018,
we successfully migrated our unit trust client administration to Intembeko Investment Administrators. These back-office transitions were achieved on time, within
budget and without interruption to our clients.
INSTITUTIONAL BUSINESS
Our institutional business manages R346 billion (September 2018: R346 billion) on behalf of South African institutions and a growing number of global clients.
South African clients
We continue to manage a meaningful share of assets in the local pension fund industry, representing a total AUM of R278 billion (September 2018: R285 billion), making
us one of the largest independent managers of pension assets in the country. Net outflows over the reporting period represented 4.3% of our opening balance for local
institutional assets and were similar to the level of net outflows experienced in the prior comparable reporting period. While we continue to operate in a net-outflow
local institutional market, driven by years of low economic growth and poor savings discipline among South Africans, we believe the introduction of in-fund
preservation could be positive for renewed growth in the pension fund market in the next five to ten years.
Within our South African specialist equity strategies:
- Coronation Houseview Equity has produced a return of 16.4% p.a. since its inception in October 1993, delivering an active return (alpha) of 2.1% p.a.
Within our market-leading multi-asset strategies:
- Coronation Global Houseview has delivered 15.7% p.a. since its launch in October 1993, thereby achieving a real return of 9.7% p.a., while Coronation Managed has
produced 15.8% p.a. since its launch in May 1996, representing a real return of 10.0% p.a.
Our South African fixed-income franchise continued to perform very well:
- Coronation Strategic Bond has produced a return of 10.0% p.a. since its inception in January 2008, thereby outperforming the All Bond Index by 1.3% p.a., while
Coronation Active Bond has produced a return of 11.5% p.a. since its launch in July 2000, representing alpha of 0.9% p.a.
Global clients
We manage a total of R68 billion (September 2018: R61 billion) in our global strategies on behalf of several leading international retirement funds, endowments and
family offices. Net outflows represented 2.4% of our opening AUM; a reasonable outcome, given the ongoing material shift from active to passive strategies.
That said, we remain confident in the long-term outlook for our global strategies as well as their value proposition to clients through active management:
- Our Global Emerging Markets Equity Strategy saw a strong recovery in short-term performance in Q1-19, taking its annualised active return to 4.0% since its inception
more than a decade ago in July 2008.
- Our Africa Frontiers Strategy has delivered a strong absolute return of 9.4% p.a. (in US dollars) since its launch more than 10 years ago in October 2008, resulting in
an annualised active return of 8.6%.
- Launched in December 2014, we are encouraged by the investment track record of our Global Frontiers Strategy, which has delivered an absolute return of 3.8% p.a. (in
US dollars) since inception.
All institutional performance returns are stated gross of fees.
Retail business
We remain one of the country's leading managers of long-term assets in the collective investment schemes industry, with retail assets totalling R240 billion (September
2018: R241 billion). Once again, net inflows at an industry level were subdued, driven by weak economic conditions impacting savings levels. Against this backdrop, we
experienced net outflows representing 2.9% of our opening balance.
Performance highlights across our domestic and international fund range are detailed below, reflecting consistent first-quartile rankings in their corresponding
Morningstar categories since their respective inception dates:
- Coronation Top 20, a top-performing general equity fund, has outperformed its benchmark (FTSE/JSE Capped All Share Index) by 3.8% p.a. since its inception
in October 2000.
- Coronation Balanced Plus, the no. 1 balanced fund in South Africa since its launch in April 1996, has outperformed its average competitor by 2.0% p.a. and inflation by
8.0% p.a. over this same period.
- Coronation Capital Plus, the no. 1 multi-asset medium equity fund since its inception in July 2001, has delivered a real return of 6.0% p.a. over this same period.
- Coronation Balanced Defensive, a top-performing low equity fund, has produced a real return of 3.5% p.a. since its launch in February 2007.
- Coronation Strategic Income, the no. 1 multi-asset income fund since its launch in July 2001, has outperformed cash by, on average, 2.5% p.a. over this same period.
- Coronation Global Opportunities Equity [ZAR] Feeder, a top-performing global equity general fund since its launch in August 1997, has outperformed the global equity
market by 0.8% p.a. over its more than 20-year history.
- Coronation Global Managed [ZAR] Feeder, the no. 1 global multi-asset high equity fund in South Africa since its launch in October 2009, has outperformed its average
competitor by 1.7% p.a. over this same period. All performance returns are stated net of fees for the respective retail classes.
TRANSFORMATION
We are pleased with the tangible progress Coronation has made in transforming the business to reflect our country?s diversity. Of our board of directors, 67% of
the non-executive directors are black and 50% are female. Our employees are 56% black ,of whom 57% are female.
In the period under review, we were rated a Level 2 contributor to broad-based black economic empowerment as per the revised Financial Sector Code released in December 2017.
INTERIM CASH DIVIDEND
We continue to reward shareholders through regular and significant distributions of free cash flow generated. We endeavour to distribute at least 75% of after-tax cash
profit. After assessing any projected future cash requirements, a gross dividend of 165.0 cents per share has been declared for the interim period ended 31 March 2019
from income reserves, resulting in a net dividend of 132.0 cents per share for shareholders subject to Dividends Tax (DT). In compliance with the Listings Requirements
of the JSE Ltd, the following dates are applicable:
Last day to trade Tuesday, 4 June 2019
Shares trade ex dividend Wednesday, 5 June 2019
Record date Friday, 7 June 2019
Payment date Monday, 10 June 2019
Share certificates may not be dematerialised or rematerialised between Wednesday, 5 June 2019 and Friday, 7 June 2019, both dates inclusive. In terms of DT, the
following additional information is disclosed:
- The local DT rate is 20%.
- The number of ordinary shares in issue at the date of this declaration is 349 799 102.
- Coronation's tax reference number is 9 675 107 719.
PROSPECTS
We believe we are well placed to capitalise on the new systems and administration infrastructure, which allows us to continue improving on our levels of service
to clients.
Should current market levels hold, we expect an improvement in our results for the second half of the current financial year.
Notwithstanding the uncertainties that abound, our objective remains to build diversified portfolios that can absorb unanticipated shocks. We will remain
focused on valuation and will seek to take advantage of attractive opportunities that the market may present to us and in so doing generate long-term value for
all our stakeholders.
EXTERNAL AUDIT REVIEW
The external auditors, EY, reviewed the condensed consolidated statement of financial position of Coronation Fund Managers Ltd Group as at 31 March 2019, and the
related condensed consolidated statement of comprehensive income, changes in equity and cash flows for the period then ended, and other explanatory notes. The review
has been conducted in accordance with the International Standard on Review Engagements 2410. Copies of the unqualified report of EY are available for inspection
at the registered office of the company. Any forward-looking information contained in this announcement has not been reviewed or reported on by the company's
external auditors.
Shams Pather Anton Pillay John Snalam
Chairman Chief executive officer Chief financial officer
Cape Town
21 May 2019
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS SIX MONTHS FULL YEAR
REVIEWED REVIEWED AUDITED
31 MARCH 31 MARCH 30 SEPT
2019 2018 % 2018
R MILLION R MILLION CHANGE R MILLION
Fund management activities
Revenue 1 632 2 079 (22) 3 848
Other income 11 1 18
Total operating expenses (891) (1 055) (16) (1 933)
Other expenses (2) (68) (3)
Operating expenses (889) (987) (1 930)
Results from operating activities 752 1 025 (27) 1 933
Finance and dividend income 17 17 38
Finance expense (14) (13) (24)
Share of profit of equity-accounted investee 3 5 8
Profit from fund management 758 1 034 (27) 1 955
Sundry gains* 11 - -
Income attributable to policyholder linked assets and investment partnerships - - 5
Net fair value gains on policyholder and investment partnership financial instruments 12 13 99
Administration expenses borne by policyholders and investors in investment partnerships (12) (13) (94)
Profit before income tax 769 1 034 (26) 1 960
Income tax expense (191) (252) (489)
Taxation on shareholder profits (191) (252) (484)
Taxation on policyholder investment contracts - - (5)
Profit for the period 578 782 (26) 1 471
Other comprehensive income (to be reclassified to profit and loss in future periods)
Foreign currency translation differences for foreign operations (10) (19) 22
Net change in fair value of available-for-sale financial assets* - 4 33
Other comprehensive income for the period (10) (15) 55
Total comprehensive income for the period 568 767 1 526
Profit attributable to:
- equity holders of the company 578 782 (26) 1 471
Profit for the period 578 782 1 471
Total comprehensive income attributable to:
- equity holders of the company 568 767 (26) 1 526
Total comprehensive income for the period 568 767 1 526
Earnings per share (cents)
- basic 165.1 223.4 (26) 420.7
- diluted 165.1 223.4 (26) 420.7
Note to the statement of comprehensive income
Headline earnings per share (cents)
- basic 165.1 223.4 (26) 420.7
- diluted 165.1 223.4 (26) 420.7
Dividend per share (cents)
- interim 165.0 223.0 (26) 223.0
- final 197.0
* The following changes have been made to the presentation of the statement of changes in comprehensive income:
As a result of IFRS 9, sundry gains has been added in order to show the unrealised movement on investments whose gains and losses were previously recorded
in equity through other comprehensive income.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
REVIEWED REVIEWED AUDITED
31 MARCH 31 MARCH 30 SEPT
2019 2018 2018
R MILLION R MILLION R MILLION
Assets
Intangible assets 1 088 1 088 1 088
Equipment 24 17 20
Investment in equity-accounted investees 38 38 41
Deferred tax asset 106 122 125
Investments backing policyholder funds and investments held through investment partnerships 51 532 54 504 51 424
Investment securities 1 159 862 1 190
Taxation receivable - - 15
Trade and other receivables 484 466 448
Cash and cash equivalents 285 553 805
Total assets 54 716 57 650 55 156
Liabilities
Long-term borrowings (note 3) 300 300 300
Deferred tax liabilities 23 10 23
Policyholder investment contract liabilities and liabilities to holders of interests
in investment partnerships 51 529 54 503 51 421
External investors in consolidated funds 212 - 221
Taxation payable 47 9 -
Trade and other payables 466 560 935
Total liabilities 52 577 55 382 52 900
Net assets 2 139 2 268 2 256
Equity
Share capital and premium 256 256 256
Retained earnings 1 568 1 630 1 539
Reserves 152 229 301
Total equity attributable to equity holders of the company 1 976 2 115 2 096
Non-controlling interest in consolidated funds 163 153 160
Total equity 2 139 2 268 2 256
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS SIX MONTHS FULL YEAR
REVIEWED REVIEWED AUDITED
31 MARCH 31 MARCH 30 SEPT
2019 2018 2018
R MILLION R MILLION R MILLION
Cash flows from operating activities
Profit from fund management 758 1 034 1 955
Non-cash and other adjustments 16 74 (15)
Operating cash flows before changes in working capital 774 1 108 1 940
Working capital changes (497) (162) 314
Cash flows from policyholders and investment partnership activities (17) (993) (2 427)
Cash generated from/(utilised by) operations 260 (47) (173)
Interest paid (14) (13) (24)
Income taxes paid (110) (240) (490)
Net cash from operating activities 136 (300) (687)
Cash flows from investing activities
Finance and dividend income 17 17 38
Acquisition of equipment (12) (4) (12)
Net sales of investment securities 21 61 (8)
Net cash from investing activities 26 74 18
Cash flows from financing activities
Dividends paid (689) (759) (1 539)
Net cash from financing activities (689) (759) (1 539)
Decrease in cash and cash equivalents (527) (985) (2 208)
Net (decrease)/increase in cash and cash equivalents - shareholders (510) 8 219
Net decrease in cash and cash equivalents - policyholders and investment partnerships (17) (993) (2 427)
Cash and cash equivalents at beginning of period 6 073 8 259 8259
Cash and cash equivalents at beginning of period - shareholders 805 564 564
Cash and cash equivalents at beginning of period - policyholders and investment partnerships 5 268 7 695 7 695
Effect of exchange rate fluctuations on cash held (10) (19) 22
Cash and cash equivalents at end of period 5 536 7 255 6 073
Cash and cash equivalents at end of period - shareholders 285 553 805
Cash and cash equivalents at end of period - policyholders and investment partnerships 5 251 6 702 5 268
The above cash flows include the policyholder and investment partnership activities. These cash flows represent net contributions and
withdrawals by policyholders and investment partnerships and the related investing activities. Cash and cash equivalents of policyholders
and investment partnerships are not available for use by the shareholders of the group.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ISSUED
CAPITAL AND
RESERVES
ATTRIBUTABLE
FOREIGN SHARE- TO EQUITY
CURRENCY BASED HOLDERS NON-
SHARE CAPITAL TRANSLATION RETAINED PAYMENT REVALUATION OF THE CONTROLLING TOTAL
AND PREMIUM RESERVE EARNINGS RESERVE RESERVE COMPANY INTEREST EQUITY
R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION
Balance at 30 September 2017 (audited) 256 131 1 607 5 107 2 106 166 2 272
Total comprehensive income for the period
Profit for the period 782 782 782
Other comprehensive income
Currency translation differences (19) (19) (19)
Revaluation of available-for-sale financial assets 4 4 4
Total other comprehensive income (19) 4 (15) (15)
Total comprehensive income for the period (19) 782 4 767 767
Transactions with owners recorded directly to equity
Share-based payments 1 1 1
Dividends paid (759) (759) (759)
Change in non-controlling interest in consolidated funds (13) (13)
Total transactions with owners (759) 1 (758) (13) (771)
Balance at 31 March 2018 (reviewed) 256 112 1 630 6 111 2 115 153 2 268
Total comprehensive income for the period
Profit for the period 689 689 689
Other comprehensive income
Currency translation differences 41 41 41
Revaluation of available-for-sale financial assets 29 29 29
Total other comprehensive income 41 29 70 70
Total comprehensive income for the period 41 689 29 759 759
Transactions with owners recorded directly to equity
Share-based payments 2 2 2
Dividends paid (780) (780) (780)
Change in non-controlling interest in consolidated funds 7 7
Total transactions with owners (780) 2 (778) 7 (771)
Balance at 30 September 2018 (audited) 256 153 1 539 8 140 2 096 160 2 256
Transfer between reserves (1 October 2018) (note 1) 140 (140) - -
Total comprehensive income for the period
Profit for the period 578 578 578
Other comprehensive income
Currency translation differences (10) (10) (10)
Total other comprehensive income (10) (10) (10)
Total comprehensive income for the period (10) 578 568 568
Transactions with owners recorded directly to equity
Share-based payments 1 1 1
Dividends paid (689) (689) (689)
Change in non-controlling interest in consolidated funds 3 3
Total transactions with owners (689) 1 (688) 3 (685)
Balance at 31 March 2019 (reviewed) 256 143 1 568 9 - 1 976 163 2 139
EARNINGS PER SHARE
SIX MONTHS SIX MONTHS FULL YEAR
REVIEWED REVIEWED AUDITED
31 MARCH 31 MARCH 30 SEPT
2019 2018 2018
R MILLION R MILLION R MILLION
Earnings attributable to shareholders 578 782 1 471
Non-controlling interest - - -
Earnings attributable to ordinary shareholders 578 782 1 471
Headline earnings attributable to ordinary shareholders 578 782 1 471
Earnings per share (cents)
- basic 165.1 223.4 420.7
- diluted 165.1 223.4 420.7
Headline earnings per share (cents)
- basic 165.1 223.4 420.7
- diluted 165.1 223.4 420.7
CONDENSED CONSOLIDATED SEGMENT REPORT
AFRICA INTERNATIONAL GROUP
SIX SIX SIX SIX SIX SIX
MONTHS MONTHS FULL YEAR MONTHS MONTHS FULL YEAR MONTHS MONTHS FULL YEAR
REVIEWED REVIEWED AUDITED REVIEWED REVIEWED AUDITED REVIEWED REVIEWED AUDITED
31 MARCH 31 MARCH 30 SEPT 31 MARCH 31 MARCH 30 SEPT 31 MARCH 31 MARCH 30 SEPT
2019 2018 2018 2019 2018 2018 2019 2018 2018
R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION R MILLION
Segment external revenue 1 050 1 315 2 516 582 764 1 332 1 632 2 079 3 848
Segment operating expenses (675) (787) (1 457) (216) (268) (476) (891) (1 055) (1 933)
Segment profit 375 528 1 059 366 496 856 741 1 024 1 915
Share of income of equity-accounted investee 3 5 8 - - - 3 5 8
Net finance and other income/(expenses) 19 62 10 (5) (57) 22 14 5 32
Profit from fund management 397 595 1 077 361 439 878 758 1 034 1 955
Sundry gains 11 - -
Income* - - 5
Profit before income tax 769 1 034 1 960
Segment assets 1 269 1 070 1 557 683 828 921 1 952 1 898 2 478
Investments* 52 764 55 752 52 678
Total assets 54 716 57 650 55 156
* Income and investments are attributable to and backing policyholder funds and investments held through investment partnerships, consolidated funds
and other assets.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1 Basis of preparation and accounting policies
The financial information has been prepared in accordance with and containing the information required by the International Financial Reporting Standards (IFRS); the
International Accounting Standard 34 Interim Financial Reporting; the Listings Requirements of the JSE Ltd; the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, as well as the South African Companies
Act, No 71 of 2008. The condensed consolidated financial statements do not include all of the information required for a complete set of IFRS annual financial
statements.
These condensed consolidated financial statements have been prepared in accordance with the historical cost basis except for certain financial instruments which are
stated at fair value. The condensed consolidated financial statements are presented in rand, rounded to the nearest million. The accounting policies applied in the
presentation of the condensed consolidated financial statements are in terms of IFRS and are consistent with those presented in the previous annual financial
statements.
The group applied IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers for the first time. IFRS 15 has no impact on the results
of the group. In its adoption of IFRS 9, the group has used the retrospective approach with adjustments made to balances at the date of initial application.
Investments previously held as available for sale under IAS 39 have been reclassified as fair value through profit and loss and the historical revaluation reserve has
been transferred to retained earnings resulting in a restated 1 October 2018 opening retained earnings. Additionally, fair value gains and losses on these investments,
previously recognised in other comprehensive income with related foreign exchange gains and losses previously recognised in other expenses, are now both included
in sundry gains and losses in the statement of comprehensive income. Comparatives have not been restated.
These reviewed results have been prepared under the supervision of H Rawoot CA(SA).
2 Related party transactions
Related party transactions for the current period are similar to those disclosed in the group's annual financial statements for the year ended 30 September 2018. No
new significant related party transactions arose during the current period.
3 Long-term and short-term borrowings
Cumulative redeemable preference shares with dividends linked to prime are payable on a quarterly basis, with R150 million capital repayments due on 1 April 2020
and 1 April 2021.
4 Fair value disclosure
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as closing prices) or
indirectly (i.e. derived from closing prices). The majority of Level 2 investments are deposits held with financial institutions. The fair values
of these deposits are determined using a discounted cash flow valuation methodology based on market rates, reflecting the time value of money
and counter party credit risk. The fair value of policyholder and investment partnership liabilities that are included in Level 2 of the hierarchy
are measured with reference to the quoted prices in an active market of the investments underlying the liabilities. Cash and cash equivalent
balances along with their related liabilities of R1 823 million (R1 383 million: 30 September 2018 and R1 989 million: 31 March 2018) have been
excluded from the fair value table on page 11 in current and prior years respectively.
Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
R MILLION R MILLION R MILLION R MILLION
March 2019 (Reviewed)
Investments backing policyholder funds and investments held through
investment partnerships 44 795 4 914 - 49 709
Investment securities 1 155 - 4 1 159
45 950 4 914 4 50 868
Policyholder, external investor and investment partnership liabilities - 49 918 - 49 918
March 2018 (Reviewed)
Investments backing policyholder funds and investments held through
investment partnerships 46 171 6 344 - 52 515
Investment securities 861 - 1 862
47 032 6 344 1 53 377
Policyholder, external investor and investment partnership liabilities - 52 514 - 52 514
September 2018 (Audited)
Investments backing policyholder funds and investments held through
investment partnerships 45 017 5 024 - 50 041
Investment securities 1 189 - 1 1 190
46 206 5 024 1 51 231
Policyholder, external investor and investment partnership liabilities - 50 259 - 50 259
Fair value for all other financial assets and liabilities have not been presented because they are not carried at fair value and their carrying amounts approximate
fair value.
During the current reporting period a net amount of R154 million in debentures were transferred from Level 2 to Level 1 as these are now considered to be held in an
active market.
5 Non-controlling interest and external investors in consolidated funds
The non-controlling interest in consolidated funds arises as a result of the continued consolidation of the Coronation Global Frontiers Fund. The prior year increase
in the group's interest in the Coronation Global Equity Sector Feeder Fund means that it also continues to be consolidated.
6 Contingent liabilities: South African Revenue Service (SARS) matters
From time to time, in common with other organisations, companies in the group are subject to review by SARS. One of our companies has been the subject of a review on
a matter of principle relating to international operations, and assessed on that basis for the 2012, 2013 and 2014 financial periods, to which management strongly
disagrees and has objected. Management is confident, supported by external advisors, of the company's position and an outflow is not considered probable should
the matter be interpreted by a court of law, the ultimate tax authority on these matters. Any amounts involved are currently not considered capable of reliable estimation.
Directors: S Pather (Chairman)*, A C Pillay (CEO), J A Snalam (CFO), A Watson*, H Nelson*, J D McKenzie*, J G February*, L Boyce* (* Independent non-executive)
Company secretary: L Parenzee (resigned with effect 30 June 2019)
Registered office: 7th Floor, MontClare Place, Cnr Campground and Main Roads, Claremont 7708, Cape Town
Postal address: PO Box 44684, Claremont 7735, Cape Town
Registration number: 1973/009318/06
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank 2196, Gauteng
JSE share code:CML
ISIN: ZAE000047353
Website: www.coronation.com
Sponsor: PSG Capital (Pty) Ltd
CAPE TOWN
7th Floor, MontClare Place, Cnr Campground and Main Roads, Claremont 7708
PO Box 44684, Claremont 7735
Telephone: +27 (0)21 680 2000
Fax: +27 (0)21 680 2100
JOHANNESBURG
3rd Floor, Building 2, Oxford and Glenhove, 114 Oxford Road, Houghton 2196
PO Box 652643, Benmore 2010
Telephone: +27 (0)11 328 8200
Fax: +27 (0)11 684 2187
PRETORIA
1st Floor, Block 4, The Boardwalk Office Park, Eros Street, Faerie Glen 0043
Telephone: +27 (0)12 990 9040
Fax: +27 (0)12 991 6079
DURBAN
Suite 6, 15 The Boulevard, Westway Office Park, Westville 3635
Telephone: +27 (0)87 354 0508
LONDON
7th Floor, St Albans House, 57-59 Haymarket, London, SW1Y 4QX United Kingdom
Telephone: +44 (0)207 389 8840
Fax: +44 (0)207 389 8899
DUBLIN
Suite 1, 2 Grand Canal Square, Macken Street, Dublin D02 A342, Ireland
Telephone: +353 (0)1 674 5410
Fax: +353 (0)1 674 5411
Date: 21/05/2019 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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