Wrap Text
Reviewed provisional condensed consolidated financial statements for the year ended 31 March 2019
TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1963/007579/06
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or the "Group" or the "Company")
REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019
HEADLINES
Results in this reviewed provisional condensed consolidated financial statements are compared with results for
the 12 months ended 31 March 2018 ("Previous Corresponding Period").
- Group net profit for the year amounted to R144,1 million (2018 (restated): net loss of
R229 million).
- Sales revenue from the South African operations increased to R312,6 million (2018 (restated):
R204,7 million).
- Group net profit from continuing operations amounted to R64,7 million (2018 (restated): net
loss of R16 million).
- Profit from the discontinued Lower Orange River ("LOR") operations amounted to R77,8 million
(2018: loss of R215,3 million), directly attributable to the proceeds from its sale.
- Equity accounted profit from Somiluana amounted to R50,4 million (2018: profit of R47,5 million).
- Other gains amounted to R190,2 million, primarily due to the re-measurement of rehabilitation
provisions which resulted in a gain of R111,2 million being recognised, foreign exchange gains
amounting to R21,4 million and fair value gain amounting to R51,7 million.
- The Group's net cash position at the end of the year was R65,5 million (2018: R79,4 million).
- Earnings per share amounted to 125,1 cents compared to a restated loss per share of 198,9 cents
in the Previous Corresponding Period.
- Headline earnings per share amounted to 45,3 cents compared to a restated headline loss per share
of 165 cents in the Previous Corresponding Period.
- Adjusted headline loss per share amounted to 51,3 cents (2018: loss of 68,3 cents). The
re-measurement of the rehabilitation provisions amounting to R111,2 million were reversed to arrive
at the adjusted headline loss per share. For the Previous Corresponding Period, retrenchment costs
at the LOR operations of R111,4 million were added back.
- Net asset value per share amounted to 268 cents (2018 (restated): 152 cents).
RESTATEMENT OF THE FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2018
Business Combination - Acquisition of an additional 27,2% interest in West Coast Resources (Pty) Ltd ("WCR")
The financial results of WCR have been fully consolidated within the Group as of 1 February 2018.
Accordingly, a provisional valuation of identifiable assets acquired and liabilities assumed was made
as at 31 March 2018, upon the conclusion of the 2018 financial year. The provisional fair values were
adjusted upon the finalisation of the valuations on 7 December 2018. Comparative information presented
in the Previous Corresponding Period has been revised accordingly.
Furthermore, it should be noted that the consolidation of WCR from 1 February 2018, impacted the
comparability of the results for the year ended 31 March 2019, with the results for the Previous
Corresponding Period. Prior to 1 February 2018, the investment in WCR was accounted for as an
investment in an associate under the equity method.
Prior period errors and reclassifications
The Group's financial statements were restated retrospectively with regards to the year ending
31 March 2018.
- Reclassifications to prior period figures are detailed in note 21.
- The Group reassessed the useful life of several items still in use within property, plant and
equipment, in line with current assessments.
- The Group measures its investment in Somiluana at amortised cost. In the prior year the Group
did not estimate the future cash flows of the loan. This has now been re-measured.
Refer to note 22 for more details.
COMPLETION OF SALE OF THE LOR OPERATIONS WITH EFFECT FROM 1 APRIL 2018
The LOR operations was sold for a cash consideration of R72 million (exclusive of value added
tax), effective 1 April 2018. In the circumstances, the results of the LOR operations for the 12
months ended 31 March 2019 are excluded from the Results and only the proceeds from the sale are
reflected, which impacts the comparability of the current year results with the results for the Previous
Corresponding Period (i.e. the results of the LOR operations were presented as discontinued
operations in the Previous Corresponding Period).
CONDENSED CONSOLIDATED INCOME STATEMENT
2018
2019 Restated
Notes R'000 R'000
Continuing operations
Revenue from contracts with customers 1 312 556 204 685
Cost of goods sold (403 002) (169 477)
Gross (loss)/profit (90 446) 35 208
Other gains/(losses) - net 2 190 245 (13 718)
Other operating expenses 3 (63 916) (66 440)
Operating profit/(loss) 35 883 (44 950)
Share of results of associated companies 4 50 410 38 662
Finance income 16 002 25 020
Finance costs (39 293) (32 995)
Profit/(loss) before income tax 63 002 (14 263)
Income tax 1 742 (1 748)
Profit/(loss) for the year from continuing operations 64 744 (16 011)
Discontinued operations
Profit/(loss) for the year from discontinued operations 5 79 319 (213 033)
Profit/(loss) for the year 144 063 (229 044)
Attributable to:
Continuing operations 64 744 (16 011)
- Owners of the parent 67 866 (19 134)
- Non-controlling interest (3 122) 3 123
Discontinued operations
- Owners of the parent (79 319) (213 033)
144 063 (229 044)
Earnings/(loss) per share - basic and diluted (cents)
Continuing operations 56,2 (13,9)
Discontinued operations 68,9 (185,0)
Total 125,1 (198,9)
Shares in issue adjusted for treasury shares ('000) 115 136 115 136
Average ZAR/US$ exchange rate 13,65 12,19
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2018
2019 Restated
R'000 R'000
Profit/(loss) for the year 144 063 (229 044)
Other comprehensive loss net of tax: (10 962) (4 376)
Items that will not be reclassified to profit or loss
Re-measurements of post-employment benefit obligations - 320
- Before-tax amount - 320
- Tax expense - -
Items that may be subsequently reclassified to profit or loss
Translation differences on foreign subsidiaries before and after tax (1 165) 232
Recycling of foreign currency translation differences on repayment of
long-term receivables from foreign operations (9 797) (4 928)
Total comprehensive income/(loss) for the year 133 101 (233 420)
Attributable to:
Continuing operations 53 782 (20 387)
- Owners of the parent 56 904 (23 510)
- Non-controlling interest (3 122) 3 123
Discontinued operations
- Owners of the parent 79 319 (213 033)
133 101 (233 420)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2018
2019 Restated
Notes R'000 R'000
ASSETS
Non-current assets 654 772 663 442
Property, plant and equipment 7 313 753 351 307
Intangible assets 9 910 -
Investment in associates 8 170 910 114 217
Investments held by environmental trust 75 293 70 459
Other financial assets 84 906 127 458
Current assets 136 899 172 286
Inventories 9 51 270 74 522
Trade and other receivables 20 151 18 399
Current income tax 4 3
Cash and cash equivalents 65 474 79 363
Assets of a disposal group classified as held-for-sale 10 8 602 36 308
Total assets 800 273 872 036
EQUITY AND LIABILITIES
Capital and reserves 280 832 144 608
Non-controlling interest 27 663 30 786
Non-current liabilities 174 559 306 012
Borrowings 11 91 732 111 813
Deferred income tax liabilities - 1 742
Employee benefit and rehabilitation provisions 12 82 827 192 457
Current liabilities 314 648 291 027
Trade and other payables 72 881 63 246
Interest in joint ventures 5 83 720 69 595
Borrowings 11 158 047 158 186
Liabilities of a disposal group classified as held-for-sale 10 2 571 99 603
Total equity and liabilities 800 273 872 036
Net asset value per share (cents) 268 152
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
Stated Other Accumulated controlling Total
capital Reserves income/(loss) interest equity
R'000 R'000 R'000 R'000 R'000
Balance at 1 April 2017 (as previously stated) 206 274 (14 307) 164 403 175 394 356 370
Useful life reassessment - - 6 379 1 483 7 862
Balance at 1 April 2017 (restated) 206 274 (14 307) 170 782 1 483 364 232
Total comprehensive income/(loss) for the year - (4 376) (232 166) 3 123 (233 419)
Shares issued during the year 18 402 - - - 18 402
Acquisition of subsidiary - - - 68 185 68 185
Subsequent measurement - - - (42 005) (42 005)
Balance at 1 April 2018 224 676 (18 683) (61 384) 30 786 175 395
Total comprehensive income/(loss) for the year - (10 962) 147 185 (3 123) 133 100
Balance at 31 March 2019 224 676 (29 645) 85 801 27 663 308 495
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
2018
Note 2019 Restated
R'000 R'000
Cash generated utilised in operations 18 (115 070) (226 734)
Movements in working capital 31 135 (37 730)
Income tax paid (2) (3)
Net cash utilised in operating activities (83 937) (264 467)
Cash flows from investment activities 175 854 36 385
Property, plant and equipment
- Proceeds from disposal 6 896 15 087
- Additional (17 566) (6 579)
Net cash flows of discontinued operations 69 250 -
Proceeds from repayment of loan to Trans Hex Angola Lda 47 463 20 160
Loan to associate - (8 903)
Decrease in other financial assets 50 000 -
Dividends received 16 090 10 716
Interest received 3 721 5 904
Cash flows from financing activities (107 975) 83 992
Proceeds from borrowings 19 - 95 000
Repayment of borrowings 19 (98 713) (6 848)
Interest paid 19 (9 262) (4 160)
Net decrease in cash and cash equivalents (16 058) (144 090)
Cash and cash equivalents at beginning of year 79 364 225 400
Effects of exchange rates on cash and cash equivalents 2 168 (1 946)
Cash and cash equivalents at end of year 65 474 79 364
NOTES TO THE CONDENSED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
2018
2019 Restated
R'000 R'000
1. REVENUE FROM CONTRACTS WITH CUSTOMERS
Geographical external revenue for the Group is as follow:
South African customers 112 749 185 541
Foreign customers 199 807 225 018
312 556 410 559
(Included in the prior year figures were revenue amounting to
R205 874 000 relating to discontinued operations)
Revenue sources of the Group is as follows:
Sales of diamonds 307 474 398 416
Commission on sale of third party diamonds 5 082 12 143
312 556 410 559
2. OTHER GAINS/(LOSSES) - NET
Other gains - net consist of the following categories:
- Loss on scrapping of property, plant and equipment - (1 357)
- Foreign exchange gains 21 365 4 371
- Provision gain on bargain purchase with acquisition of subsidiary - 38 142
- Finalisation of gain on bargain purchase with acquisition of subsidiary
(adjustment) - (34 833)
- Loss on re-measurement to fair value with acquisition of subsidiary - (58 800)
- Re-measurement of rehabilitation provision 111 164 -
- Fair value gain 51 713 38 759
- Reversal of impairments 776 -
- Profit on sale of assets 5 227 -
190 245 (13 718)
3. OTHER OPERATING EXPENSES
Explorations costs 10 387 6 574
Royalties 1 486 1 005
Selling and administration expenses 52 043 58 861
63 916 66 440
4. SHARE OF RESULTS OF ASSOCIATED COMPANIES
Consists of the following categories:
Somiluana - Sociedade Mineira, S.A. 50 410 47 503
The 33% investment in Somiluana is accounted for as an investment in
an associate under the equity method.
West Coast Resources (Pty) Ltd - (8 841)
On 1 February 2018, West Coast Resources (Pty) Ltd became a subsidiary
of the Group. Up to this date, the 40% investment in West Coast Resources
(Pty) Ltd was accounted for as an investment in an associate under the
equity method.
50 410 38 662
5. DISCONTINUED OPERATIONS
Consists of the following:
Angola
On 5 October 2011, the Angolan Ministry of Geology, Mines and Industry
revoked the mining rights of the Luarica and Fucauma joint ventures as
no mining activities had been performed at the sites for a period of
three years as a result of the projects being placed under care and
maintenance.
The prescription of unclaimed debts of R1,5 million (2018: R2,3 million)
is included below.
Angolan joint ventures
Balance at beginning of year 69 595 81 539
Share of profit (1 528) (2 314)
Foreign exchange loss/(profit) 15 653 (9 630)
Closing balance at end of year 83 720 69 595
Profit for the year 1 528 2 314
Lower Orange River operations
In line with the Company's strategy of responsibly managing the
LOR operations in the final years of their viable
economic life cycles, these operations were gradually downscaled.
Production was finally halted on 31 October 2017 following the successful
conclusion of a formal consultation process with the National Union of
Mineworkers.
The LOR operations was sold, effective 1 April 2018, for a
cash consideration of R72 million.
The results of these operations were as follows:
Revenue - 205 874
Cost of goods sold - (426 109)
Gross loss - (220 235)
Royalties - (1 029)
Mining loss - (221 264)
Other gains - net 77 791 9 748
Finance costs - (3 831)
Profit/(loss) before income tax 77 791 (215 347)
Income tax - -
Profit/(loss) for the year 77 791 (215 347)
Total 79 319 (213 033)
6. RECONCILIATION OF HEADLINE EARNINGS AND ADJUSTED HEADLINE EARNINGS
Headline earnings/(loss)
- Continuing operations 50 574 32 786
- Discontinued operations 1 528 (222 781)
Total 52 102 (189 995)
Headline earnings/(loss) per share (cents)
- Continuing operations 43,9 28,5
- Discontinued operations 1,4 (193,5)
Total 45,3 (165,0)
Continuing operations
Profit/(loss) for the year 67 866 (19 134)
Gain on bargain purchase with acquisition of subsidiary - (38 142)
Finalisation of gain on bargain purchase with acquisition of
subsidiary (adjustment) - 34 833
Loss on re-measurement to fair value with acquisition of subsidiary - 58 800
(Profit)/loss on sale of assets (5 227) 1 357
Foreign currency translation differences on repayment of long-term
receivables from foreign operations recycled to profit or loss (9 797) (4 928)
Reversal of impairments (6 869) -
Additional impairments provided 4 601 -
Headline earnings 50 574 32 786
Discontinued operations
Profit/(loss) for the year 79 319 (213 033)
Profit on sale of assets (77 791) (9 748)
Taxation impact - -
Headline earnings/(loss) 1 528 (222 781)
Total headline earnings/(loss) 52 102 (189 995)
Adjusted headline earnings/(loss)
Total headline earnings/(loss) 52 102 (189 995)
- Re-measurement of rehabilitation provisions (111 164) -
- Retrenchment cost at the LOR operations - 111 400
Adjusted headline loss (59 062) (78 595)
Adjusted headline loss per share (cents) (51,3) (68,3)
7. PROPERTY, PLANT AND EQUIPMENT
Reconciliation of carrying value at the beginning and end of the year:
Mining
Land and Mining plant and
buildings rights equipment Total
R'000 R'000 R'000 R'000
2019
Opening balance 71 038 123 756 156 513 351 307
Additions 462 - 7 194 7 656
Disposals (292) - (1 377) (1 669)
Transfers (129) - 129 -
Classified as held for sale (2 014) (2 638) (3 174) (7 826)
Impairments and reversal of impairments - 2 899 (1 408) 1 491
Depreciation charge (778) (9 088) (27 340) (37 206)
Closing balance 68 287 114 929 130 537 313 753
2018
Opening balance 2 981 - 48 458 51 439
Additions 568 - 6 011 6 579
Acquired as part of a business combination 67 600 126 708 153 022 347 330
Classified as held-for-sale - - (33 064) (33 064)
Useful life assessment - - 7 860 7 860
Transfers 392 - (392) -
Disposals - - (6 697) (6 697)
Depreciation charge (503) (2 952) (18 685) (21 140)
Closing balance 71 038 123 756 156 513 351 307
2018
2019 Restated
R'000 R'000
8. INVESTMENT IN ASSOCIATES
Loan to associate: Somiluana - Sociedade Mineira, S.A. 51 713 46 708
Balance at beginning of year 46 704 29 840
Fair value gain 51 713 38 759
Repayment of loan amount (47 463) (20 159)
Foreign exchange difference 759 (1 736)
The loan to Somiluana represents a portion of the exploration costs
previously incurred by the Group which is recoverable from the mining
company. In terms of the Somiluana mining contract, the Group has a
contractual right to be reimbursed for the exploration costs incurred
and as at 31 March 2019, the loan outstanding by Somiluana amounted
to US$16,6 million. During the 2011 financial year, an amount of
US$10,5 million was recognised as a loan receivable by the Group.
This represented the recoverable amount of the loan receivable from
Somiluana when the entity was formed on 12 May 2010.
The Group re-measured the future cash flows of the loan at
US$3,69 million (2018: US$3,5 million) with the fair value gain
recognised under other gains/(losses) - net in the Statement of
Comprehensive Income.
Investment in associate: Somiluana - Sociedade Mineira, S.A. 119 197 67 513
Balance at beginning of year 67 513 38 820
Share of results of associated company 50 410 47 503
Dividends paid (16 091) (10 716)
Foreign exchange differences 17 365 (8 094)
The 33% investment in Somiluana is accounted for as an investment in
an associate under the equity method.
The results of the associate for the 9 month period until
31 December 2018, has been included in the Group results, compared
to 12 months in the prior period.The year end of the associate was
31 December 2018.
Total Investment 170 910 114 217
9. INVENTORIES
Diamonds 36 290 61 622
Consumables 14 980 12 900
51 269 74 522
The carrying value of diamond inventories included above, carried at
net realisable value, amounted to R20 407 381 (2018: R4 081 444).
Expense recognised as a result of the write down to NRV amounted to
R9 196 753.
Cost of inventories included in cost of goods sold amounted to
R374,6 million (2018: R163,0 million).
10. ASSETS AND LIABILITIES OF A DISPOSAL GROUP HELD-FOR-SALE
The Group received an offer to purchase the head office building,
which was accepted on 13 May 2019. The Group has agreed to dispose
the property for a total cash consideration of R30,0 million (exclusive
of value added tax) payable on the date of transfer of the property.
The carrying value of the property at 31 March 2019 is R1 008 755.
The Group received an offer to purchase another building which was
accepted on 3 April 2019. The Group has agreed to dispose the property
for a total cash consideration of R2,5 million (exclusive of value added
tax) payable on the date of transfer of the property. The carrying value
of the property at 31 March 2019 is R776 055.
Other mining operations of the entity have been assessed as meeting the
recognition criteria of non-current assets held for sale and have been
disclosed accordingly. The carrying value of the operations that were
classified as being held for sale amounted to R6 817 524 as at 31 March 2019.
During 2019, the LOR operations was sold, with effect 1 April 2018, for a
cash consideration of R72 million.
Assets of a disposal group classified as held-for-sale:
Property, plant and equipment 7 826 33 064
Investment property 776 -
Consumables - 3 244
8 602 36 308
Liabilities of a disposal group classified as held-for-sale:
Provision for rehabilitation 2 571 99 603
2 571 99 603
11. BORROWINGS
Non-current
Loan secured by a second mortgage bond to the value of R38 775 000
over certain immovable properties and a general notarial bond over
certain movable assets to the value of R173 383 700. The loan carries
interest at the prime overdraft rate plus 0,4% compounded monthly and
is repayable in 66 monthly instalments, the first of which was paid on
1 September 2016. The total amount, inclusive of capitalised interest,
available under this loan is R189 010 000.Total value of assets
secured of land and movable assets amounted to R168 791 745. 127 465 146 178
Less: Portion of loan repayable within one year, included in current
liabilities (35 733) (34 365)
91 732 111 813
Current
Revolving loan facilities secured by a special notarial bond to the
value of R264 000 000 over certain movable assets, cession of
certain book debts, shares and claims. The loans carry interest at
the rate of 2% per month. The total amount available under the
facility is R148 000 000 with R133 000 000 still available for
utilisation. 64 114 123 821
Rehabilitation liability relating to the disposal of LOR
(previously disclosed under discontinued operations) 58 200 -
Portion of non-current liabilities repayable within one year,
included in current liabilities 35 733 34 365
158 047 158 186
12. EMPLOYMENT BENEFIT AND REHABILITATION PROVISIONS
Provision for post-employment medical benefits 11 017 11 071
Provision for long-service awards 1 869 3 016
Provision for rehabilitation liabilities 69 941 178 424
82 827 192 457
13. BUSINESS COMBINATIONS
The opening balance sheet of West Coast Resources (Pty) Ltd has been fully
consolidated within the Group as of 1 February 2018. Accordingly, a provisional
valuation of identifiable assets acquired and liabilities assumed was made as
at 31 March 2018 upon the conclusion of the 2018 annual financial statements.
The following table summarises the movements in identifiable assets acquired
and liabilities assumed from the provisional valuation allocations to the final
valuations:
01/02/2018 01/02/2018
Disclosure as Restated as
at 31/03/18 Adjustment at 31/03/18
R'000 R'000 R'000
Total assets 744 180 (160 264) 583 916
Property, plant and equipment 194 139 26 483 220 622
Mining rights (included within property,
plant and equipment) 313 455 (186 747) 126 708
Other financial assets 123 016 - 123 016
Inventories 107 829 - 107 829
Trade and other receivables 5 603 - 5 603
Cash and cash equivalents 138 - 138
Total liabilities 536 300 (32 201) 504 099
Provisions 166 890 - 166 890
Deferred income tax liabilities 32 201 (32 201) -
Borrowings 202 934 - 202 934
Trade and other payables 134 275 - 134 275
Total identifiable net assets 207 880 (128 063) 79 817
Net asset value purchased (67,2%) 139 695 (86 058) 53 637
Fair value of consideration transferred (18 402) - (18 402)
Previously held equity (40,0%) (83 151) (51 224) (31 927)
Gain on bargain purchase 38 142 (34 834) 3 308
Provisional gain on bargain purchase at the end of March 2018
The net assets provisional fair value disclosed at the end of the 2018 financial
year amounted to R207,8 million and took into account:
- Intangible assets of R313,5 million for the mining rights;
- Tangible assets of R194,1 million;
- Inventories of R107,8 million;
- Trade receivable of R5,6 million and trade payables of R134,3 million;
- Other financial assets of R123,0 million;
- Net deferred tax liabilities of R32,2 million;
- Provisions of R166,9 million; and
- Financial net debt of R202,9 million.
The provisional fair values were adjusted as indicated in the table above upon
the finalisation of the valuations. Comparative information for prior periods
presented have been revised accordingly.
14. CAPITAL COMMITMENTS
2019 2018
R'000 R'000
(including amounts authorised, but not yet contracted) - 12 247
These commitments were financed from the Group's own resources or with borrowed funds.
15. RELATED PARTY BALANCES AND TRANSACTIONS
The following transactions were carried out with related parties:
- Sale of property, plant and equipment
Somiluana - Socieade Mineira, S.A. - 4 645
West Coast Resources (Pty) Ltd - 10 759
- Receipts for services rendered to associated companies
West Coast Resources (Pty) Ltd - 15 190
- Executive directors and key management compensation
Salaries and other short term benefits 19 796 31 612
- Loans to/(from) associated companies and shareholders at end of year
Somiluana - Socieade Mineira, S.A. 51 713 46 708
Cream Magenta 140 (Pty) Ltd (25 163) (48 608)
Metcap 14 (Pty) Ltd (25 163) (48 608)
RECM and Calibre Ltd (13 787) (26 611)
- Short term investments
Regarding Capital Management (Pty) Ltd 119 279 124 458
- Finance income
Regarding Capital Management (Pty) Ltd 12 089 10 967
West Coast Resources (Pty) Ltd - 13 620
- Finance costs and fees
Cream Magenta 140 (Pty) Ltd 7 929 11 315
Metcap 14 (Pty) Ltd 7 929 11 315
RECM and Calibre Ltd 4 345 6 191
16. FAIR VALUE ESTIMATION
Items carried at fair value are classified according to the fair value hierarchy, by valuation
method. The different levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
(Level 2).
- Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs) (Level 3).
Financial assets are classified as Level 1 according to the fair value hierarchy. Investments
held by the environmental trust are the only financial assets carried at fair value in the prior
year. However, this fund consists primarily of cash and cash equivalents with the largest driver
of the growth in the trust fund being attributable to interest received.
The nominal value less impairment provisions of trade receivables, cash and cash equivalents,
trade payables, other financial assets and borrowings are assumed to approximate their fair values.
The fair value of financial liabilities for disclosure purposes is estimated by discounting the
future contractual cash flows at the current market interest rate that is available for the
Group for similar financial instruments.
17. DEFERRED TAX
The Group does not recognise a deferred tax asset as future utilisation is uncertain.
18. CASH UTILISED IN OPERATIONS
2018
2019 Restated
R'000 R'000
Profit/(loss) before taxation 63 002 (232 341)
Adjustments for:
Depreciation and amortisation 37 206 27 182
Gains on disposal of assets and liabilities (5 227) (8 391)
Net gains on foreign exchange (17 794) (2 927)
Income from equity accounted investments (50 410) (38 662)
Interest income (11 168) (7 936)
Finance costs 39 293 21 995
Fair value gains (51 713) (38 759)
Gain on bargain purchase in a business combination - (3 309)
Impairment losses and reversals (2 267) -
Movements in provisions (109 630) 6 026
Other income from rehabilitation trust (4 834) (6 098)
Loss on re-measurement of fair value with acquisition of subsidiary - 58 800
Angolan operations (1 528) (2 314)
(115 070) (226 734)
19. RECONCILIATION OF NON-CASH MOVEMENTS IN BORROWINGS
Opening balance 269 999 -
Cash receipts - 95 000
Cash payments (107 975) (11 008)
Non-cash flow movements 87 755 186 007
Closing balance 249 779 269 999
20. SEGMENT INFORMATION
Operating segments
CONTINUING DISCONTINUED
South South
Africa Angola Total Africa Angola Total
2019
Carats sold 151 424 - 151 424 - - -
R'000 R'000 R'000 R'000 R'000 R'000
Revenue 312 556 - 312 556 - - -
Cost of goods sold (403 002) - (403 002) - - -
Gross loss (90 446) - (90 446) - - -
Other gains - net 138 532 51 713 190 245 77 791 - 77 791
Other operating expenses (57 337) (6 579) (63 916) - - -
Operating (loss)/profit (9 251 45 134 35 883 77 791 - 77 791
Share of results and impairment of associated companies - 50 410 50 410 - - -
Profit for the year from discontinued operations - - - - 1 528 1 528
Finance income 16 002 - 16 002 - - -
Finance costs (39 293) - (39 293) - - -
(Loss)/profit before income tax (32 542) 95 544 63 002 77 791 1 528 79 319
Depreciation included in the above (37 206) - (37 206) - - -
Net assets/(liabilities) 330 108 120 307 450 415 (58 200) (83 720) (141 920)
Capital expenditure 7 656 - 7 656 - - -
Net asset value per share (cents) 287 104 391 (50) (73) (123)
CONTINUING DISCONTINUED
South South
Africa Angola Total Africa Angola Total
2018
Carats sold 78 185 - 78 185 16 698 - 16 698
R'000 R'000 R'000 R'000 R'000 R'000
Revenue 204 685 - 204 685 205 874 - 205 874
Cost of goods sold (169 477) - (169 477) (426 109) - (426 109)
Gross profit/(loss) 35 208 - 35 208 (220 235) - (220 235)
Other gains/(losses) - net (50 735) 37 017 ( 13 718) 9 748 - 9 748
Other operating expenses (55 255) (11 185) (66 440) (1 029) - (1 029)
Operating loss (70 782) 25 832 (44 950) (211 516) - (211 516)
Share of results and impairment of associated companies (8 841) 47 503 38 662 - - -
Profit for the year from discontinued operations - - - - 2 314 2 314
Finance income 25 020 - 25 020 - - -
Finance costs (32 995) - (32 995) (3 831) - (3 831)
(Loss)/profit before income tax (87 598) 73 335 (14 263) (215 347) 2 314 (213 033)
Depreciation included in the above (11 277) (3) (11 280) (10 860) - (10 860)
Net assets/(liabilities) 226 337 81 947 308 284 (63 295) (69 595) (132 890)
Capital expenditure 2 111 - 2 111 4 468 - 4 468
Net asset value per share (cents) 197 71 268 (55) (60) (115)
Revenue from transactions with certain customers can amount to 10% or more of total revenue.
During the year under review, 3 individual customers were responsible for aggregate sales in
excess of 10% of revenue. Such individual customers were responsible for aggregate sales of
R134,6 million (2018: Rnil).
Customer A R38,6 million
Customer B R51,4 million
Customer C R44,6 million
21. COMPARATIVE FIGURES
In previous years, royalties and exploration costs were separately presented in the Consolidated
Statement of Comprehensive Income. These expenses have been reclassified together with other
expense items in line with industry norm and separately disclosed in the relevant notes. Due to
this change in allocation, the Group has had to restate prior period figures presented in the
Consolidated Statement of Comprehensive Income.
The effect of the correction on prior year figures has been as follows:
Cost of sales (2 331)
Other operating expenses (5 248)
Royalties 1 005
Exploration costs 6 574
Net effect -
Commission received on the sale of rough diamonds on behalf of third parties was included in
other income in previous years. As these sales form an integral part of the operations of the
entity, they have been included as revenue from contracts with customers. Due to this change in
allocation, the Group has had to restate prior period figures presented in the Consolidated Statement of
Comprehensive Income.
The effect of the correction on prior year figures has been as follows:
Revenue from contracts with customers 12 143
Other income (12 143)
Net effect -
22. PRIOR PERIOD ERRORS
The Group's financial statements were amended retrospectively with regards to the year ending
31 March 2018. The Group reassessed the useful life of several items still in use within property,
plant and equipment, inline with current assessments.
The correction of the error results in adjustments as follow:
Statement of financial position 2018
Increase in carrying value of property, plant and equipment 7 862
Increase in retained income 6 379
Increase in non-controlling interest 1 483
Income statement 2018
Increase in depreciation 2 879
The Group accounts for its loan to Somiluana as a long term interest that is part of its net
investment in the associate. The loan is measured at amortised cost before the total net investment
in the associate (including the loan) is tested for impairment under the requirements of IAS 28
Investments in Associates and Joint Ventures.
In measuring the loan at amortised cost, the effective interest method is applied by discounting
estimated future cash receipts through the expected life of the loan. Where necessary, estimates
of receipts are revised and the gross carrying amount of the loan is adjusted to reflect actual
and revised estimated contractual cash flows. The gross carrying amount of the loan is recalculated
as the present value of the estimated future cash flows, discounted at the loan's original effective
interest rate. The adjustment is recognised in profit or loss.
In the prior year, the group did not accurately revise the estimated future cash flows from the loan
and, as a result, the required adjustment to the carrying amount of the loan was not recognised in
profit or loss. This adjustment has now been calculated and recognised in the prior year as a "fair
value gain" within "other gains" in the statement of comprehensive income.
The correction of the error results in adjustments as follow:
Statement of financial position 2018
Increase in investment in associates 38 759
Statement of comprehensive income 2018
Increase in fair value gains 38 759
23. CONTINGENT LIABILITIES
The Group is subject to claims which arise in the ordinary course of business. The Group has
provided performance guarantees to banks and other third parties amounting to R8 million
(2018: R8 million).
Trans Hex Diamante Ltd ("THD") has provided a performance guarantee to the Industrial
Development Corporation Limited to the value of the outstanding amount being R127,5 million
(2018: R146,2 million).
24. EVENTS AFTER THE REPORTING PERIOD
Post year-end, Trans Hex Operations Pty Ltd, West Coast Resources Pty Ltd ("WCR"), Trans Hex
Diamante Ltd ("THD") (all of which are subsidiaries of Trans Hex) and Kernel Resources Pty Ltd
("Kernel Resources"), (collectively, the "Parties") entered into a process of negotiating the
terms and conditions of the potential disposal of the shares held by THD in the issued share
capital of WCR ("WCR Shares"), comprising 67.2% of the WCR Shares, to Kernel Resources.
In anticipation thereof and to ensure undisturbed continuity of WCR's Namaqualand operations
("Namaqualand Operations"), the Parties entered into a management and mining services agreement,
whereby WCR has, subject to the fulfilment of suspensive conditions customary for an agreement
of this nature, appointed Kernel Resources as an independent contractor to perform management
and mining services in connection with the Namaqualand Operations.
Details of the above agreement were released on SENS on 05 May and 21 May 2019 and are available
on Trans Hex's website at www.transhex.co.za/announcements/
No other events which may have a material effect on the group occurred between the reporting date
and the issuing of this announcement.
25. ACCOUNTING POLICIES
The condensed consolidated financial statements ("financial statements") are prepared in
accordance with the JSE Limited Listings Requirements ("Listings Requirements") for condensed
consolidated financial statements and the requirements of the Companies Act, No. 71 of 2008.
These financial statements contain the information required by IAS 34: Interim Financial Reporting,
and have been prepared in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards ("IFRS"); interpretations
issued by the IFRS Interpretation Committee, the requirements of the Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council.
The accounting policies applied in the preparation of the consolidated financial statements from
which the condensed consolidated financial statements were derived, are in terms of IFRS and are
consistent with those accounting policies applied in the preparation of the previous consolidated
annual financial statements, except for the implementation of IFRS 9 and IFRS 15 as discussed below:
IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers
The Group applied IFRS 15 and IFRS 9 for the first time from 1 April 2018. The nature and effect of
these changes as a result of the adoption of these new standards are described below. Other than the
changes described below, the accounting policies adopted are consistent with those of the previous
financial year. Several other amendments and interpretations applied for the first time in 2018, but
did not have an impact on the consolidated financial statements of the Group and, hence, have not
been disclosed.
The Group has not early adopted any standards, interpretations or amendments that have been issued
but are not yet effective.
IFRS 15: Revenue from Contracts with Customers
IFRS 15 is a single, comprehensive revenue recognition model for all contracts with customers to
achieve greater consistency in the recognition and presentation of revenue. Revenue is recognised
based on the satisfaction of performance obligations, which occurs when control of the goods or
services transfers to the customer. Revenue needs to be recognised at a point in time or over time
depending on the performance obligation linked to separate elements of the contract with the customer.
The Group has one revenue stream being the sale of diamonds. The timing and measurement of the Group's
revenue has not changed as a result of the implementation of IFRS 15. Risk and rewards of ownership
and control of the diamonds passes to the purchaser when cash is received in the bank and revenue is
recognised at that point in time when the diamonds are handed over to the purchaser. No further
performance obligations were noted. The Group earns commission on third party diamond sales. The
revenue is recognised on the date of sale on a commission percentage basis.
IFRS 9: Financial Instruments
The prior year figures have not been restated.
In the current year, the Group has applied IFRS 9 Financial Instruments and the related consequential
amendments to other IFRSs. IFRS 9 introduces new requirements for:
1) The classification and measurement of financial assets and financial liabilities, and
2) Impairment for financial assets
Details of these new requirements, as well as their impact on the Group's consolidated financial
statements, are described below.
Classification and measurement of financial assets
IFRS 9 addresses the classification and measurement of financial assets and replaces the multiple
classification and measurement models in IAS 39 with a single model that has only two classification
categories: amortised cost and fair value. IFRS 9 includes guidance on financial liabilities and the
derecognising of financial instruments.
The directors of the Company reviewed and assessed the Group's existing financial assets as at
1 April 2018 based on the facts and circumstances that existed at that date and concluded that the
initial application of IFRS 9 has not had a significant impact on the Group's financial assets.
IFRS 9 changes the classification of certain financial instruments. Trade and other receivables are
all held to collect solely payments of principal and interest (SPPI) and continue to be measured at
amortised cost along with other financial assets and loans. Similarly, borrowings and trade and other
payables will continue to be measured at amortised cost. Investments held by the rehabilitation trust
are to be measured at amortised cost where these were measured at fair value through profit or loss
under IAS 39. The reclassification has however not had a material impact of the carrying value of these
investments.
Impairment of financial assets
IFRS 9 requires an expected credit loss model to be used in impairing financial assets. It is no
longer necessary for a credit loss event to have occurred before impairments are recognised.
The group has elected to apply the simplified approach for measuring the loss allowance at an
amount equal to lifetime ECL for trade receivables.
As at 1 April 2018, the Groups' directors reviewed and assessed the Group's existing financial
assets and amounts due from customers for impairment using reasonable and supportable information
that is available without undue cost or effort in accordance with the requirements of IFRS 9 to
determine the credit risk of the respective items at the date they were initially recognised.
This did not result in material impact on the financial assets.
Summary of change in category of financial instruments:
Instrument IAS 39 Classification IAS 39 Measurement IFRS 9 Classification IFRS 9 Measurement
Trade receivables Loans and receivables Amortised cost Financial asset at amortised cost Amortised cost
Cash and cash Loans and receivables Amortised cost Financial asset at amortised cost Amortised cost
equivalents
Other financial assets Loans and receivables Amortised cost Financial asset at amortised cost Amortised cost
Investment held in At fair value through At fair value through
environmental trust. profit or loss profit or loss Financial asset at amortised cost Amortised cost
Derivatives At fair value through Fair value through Financial asset at fair value Fair value through
profit or loss profit or loss through profit or loss profit or loss
Borrowings Other financial Amortised cost Financial liability Amortised cost
liability at amortised cost
Trade payables Other financial Amortised cost Financial liability Amortised cost
liability at amortised cost
26. GOING CONCERN
The Board of Directors ("the Board") has resolved that the going concern assumption on
the Group, as consolidated, is appropriate. In reaching this conclusion the Board, inter
alia, considered the real drivers on this assumption, being the cash flows for the
ensuing year, in particular those of West Coast Resources and assumptions embedded therein.
The Board also applied its mind to the worst case scenario regarding the potential disposal
of West Coast Resources, comprising 67.2% of the WCR shares, to Kernel Resources.
The Group's ability to fund its short-term liquidity requirements is dependent on the
financial support of its shareholders and the Industrial Development Corporation ("IDC"),
creating a material uncertainty which may cast significant doubt about the Group's ability
to continue as a going concern.
27. PREPARATION OF FINANCIAL STATEMENTS
The preparation of the condensed consolidated financial statements was supervised by the
Financial Director, IP Hestermann CA(SA).
28. REPORT OF INDEPENDENT AUDITOR
These provisional condensed consolidated financial statements for the year ended 31 March 2019
have been reviewed by Mazars. A copy of the auditor's report is available for inspection at Trans Hex's
registered office. Their conclusion and Emphasis of Matter is detailed below:
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the provisional
condensed consolidated financial statements of Trans Hex Group Limited for the year ended 31 March 2019
are not prepared, in all material respects, in accordance with the requirements of the JSE Limited Listings
Requirements for provisional reports to the financial statements, and the requirements of the Companies Act
of South Africa.
Emphasis of matter
The accompanying provisional condensed consolidated financial statements have been prepared assuming that
the Group will continue as a going concern. Management's evaluation of the events and conditions and includes
management's plans regarding the potential disposal of the interest which Trans Hex Diamante Ltd holds in
West Coast Resources (Pty) Ltd as described in note 24. The provisional condensed consolidated financial
statements do not include any adjustments that might result should the disposal not be concluded. Our
conclusion is modified with respect to the matter.
OVERVIEW
Results in this reviewed condensed consolidated financial statements are compared with results
for the 12 months ended 31 March 2018 ("Previous Corresponding Period").
Restatement of the financial results for the Previous Corresponding Period
Business Combination
The financial results of West Coast Resources (Pty) Ltd have been fully consolidated within
the Group as of 1 February 2018. Accordingly, a provisional valuation of identifiable assets
acquired and liabilities assumed was made as at 31 March 2018, upon the conclusion of the 2018
financial year. The provisional fair values were adjusted upon the finalisation of the valuations
on 7 December 2018. Comparative information presented in the Previous Corresponding Period has been
revised accordingly.
Furthermore, it should be noted that the consolidation of WCR from 1 February 2018, impacted the
comparability of the results for the year ended 31 March 2019, with the results for the Previous
Corresponding Period. Prior to 1 February 2018, the investment in WCR was accounted for as an
investment in an associate under the equity method.
Prior period errors
The Group's financial statements were restated retrospectively with regards to the year ending
31 March 2018.
The Group reassessed the useful life of several items still in use within property, plant and
equipment, in line with current assessments.
The Group measures its investment in Somiluana at amortised cost. In the prior year the Group
did not estimate the future cash flows of the loan. This has now been re-measured. Refer to
note 22 for further details.
Completion of sale of the Lower Orange River operations with effect from 1 April 2018
The LOR operations was sold for a cash consideration of R72 million (exclusive of value added
tax), which sale became effective on 1 April 2018. In the circumstances, the results of the
LOR operations for the 12 months ended 31 March 2019 are excluded from the Results and only
the proceeds from the sale are reflected, which impacts the comparability of the Results with
the results for the Previous Corresponding Period (i.e. the results of the LOR operations were
presented as discontinued operations in the Previous Corresponding Period).
Sales revenue from the South African operations increased to R312,6 million (2018 (restated):
R204,7 million).
South African carat production reduced to 131 520 carats (2018: 197 496 carats), mainly due
to West Coast Resources producing less carats and the closure of the LOR operations.
The cost of goods sold increased to R403,0 million compared to the Previous Corresponding
Period's restated figure of R169,5 million, mainly as a result of West Coast Resources (Pty) Ltd
becoming a subsidiary of the Group on 1 February 2018.
Gross loss amounted to R90,4 million compared to a restated gross profit of R35,2 million
during the Previous Corresponding Period.
Other gains amounted to R190,2 million, primarily due to the re-measurement of the
rehabilitation provisions which resulted in a gain of R111,2 million being recognised, foreign
exchange gains amounting to R21,4 million and a fair value gain of R51,7 million. The Previous
Corresponding Period was a loss of R13,7 million, mainly due to loss on re-measurement to
fair value of R58,8 million and finalisation of gain with acquisition of subsidiary amounting
to R3,3 million, fair value gain of R38,8 million and foreign exchange gains of R4,4 million.
Other operating expenses amounted to R63,9 million compared to R66,4 million during the
Previous Corresponding Period, the reduction mainly due to selling and administrative expenses
decreasing by R6,8 million and explorations costs increasing by R3,8 million.
Loss before tax from the South African continuing operations amounted to R32,5 million compared
to a restated loss of R87,6 million during the Previous Corresponding Period.
Profit from the Angolan continuing operations amounted to R95,5 million (2018 (restated): profit of
R73,3 million), consisting of Somiluana's equity accounted profit of R50,4 million (2018: profit of
R47,5 million), a fair value gain of R51,7 million (2018 (restated): R38,8 million) less Angolan
head office costs of R6,6 million (2018: R11,2 million).
Finance income was R16,0 million compared to R25,0 million during the Previous Corresponding Period.
Finance costs was R39,3 million compared to R33,0 million the Previous Corresponding Period.
After-tax profit for the year from continuing operations amounted to R64,7 million (2018 (restated):
loss of R16 million).
Profit from the discontinued operations amounted to R79,3 million (2018: loss of R213,0 million),
consisting of a profit from the Luarica and Fucauma operations of R1,5 million (2018: profit of
R2,3 million) and a profit from the LOR operations of R77,8 million (2018: loss of R215,3 million)
directly attributable to the proceeds from its sale.
The Group therefore reports a profit for the year of R144,1 million (2018 (restated): net loss of
R229 million).
The Group acquired prospecting rights during the current period of R9,9 million.
Cash and cash equivalents at the end of the year amounted to R65,5 million (2018: R79,4 million).
MINERAL RESOURCES AND MINERAL RESERVES
The total carat resource at West Coast Resources (Pty) Ltd decreased by 4%, primarily due to depletion through
mining activities. The indicated and inferred diamond resource carats decreased by 3.8% and 4% respectively,
i.e. a decrease of 202,402 carats in total.
Total carats in reserve at Somiluana Mine increased by 173% due to favourable diamond prices, lower operation unit
cost and additional resources that were re-classified from inferred to indicated. The project resource increased
by 78% due to new resource blocks that were delineated during the 2018/19 resource review, based on an increased
confidence of the geological model through drilling, bulk-sampling and grades based on actual mining.
The marine indicated and inferred diamond resource carats are 211 755 and 121 665 respectively.
The Competent Person for Trans Hex, Mr SBE Damons, has reviewed and approved the information contained in this
announcement as it pertains to mineral resources and mineral reserves. Mr Damons is an employee of Trans Hex and
serves as the Company's Mineral Resource Manager.
OPERATING PERFORMANCE
Detailed project information (unaudited)
2019 2018
Average price Average price
Average per carat Average per carat
Average Carats carats achieved Average Carats carats achieved
grade* produced per stone (US$) grade* produced per stone (US$)
South Africa
West Coast Resources 17,20 123 884 0,23 128 27,84 173 920 0,23 153
Baken - - - - 2,43 13 944 1,17 946
Bloeddrif - - - - 2,60 620 1,52 877
Shallow Water - 7 636 0,25 491 - 9 012 0,24 431
Angola
Somiluana 31,16 133 659 0,65 547 44,78 136 402 0,66 504
* Note:
1. Calculated per 100 cubic metres for South Africa and Angola, and per 100 tons for West Coast Resources (Pty) Ltd.
2. Average grade in South Africa is calculated excluding shallow water production.
West Coast Resources operations
During the year, production amounted to 123 884 carats compared to 173 920 carats in 2018.
Sales amounted to R240,5 million at an average price of US$128 per carat (2018: sales of R302,5 million at
an average price of US$153 per carat).
The average grade decreased by 38.2% to 17,2 carats/100 tons compared to 27,84 carats/100 tons in 2018 due
to lower than expected grades achieved in targeted channel blocks. The average stone size amounted to
0,23 carats per stone (2018: 0,23 carats per stone).
Angolan operations
Production at Somiluana Mine, in which Trans Hex holds a 33% stake, amounted to 133 659 carats (2018: 136 402 carats).
Total sales amounted to US$70,6 million at an average price of US$547 per carat (2018: sales of US$66,3 million at an
average price of US$504 per carat). The Group received US$1,2 million (2018: US$825 000) in dividends and US$3,5 million
(2018: US$1,6 million) from the repayment of the loan account.
Somiluana Mine is pursuing an aggressive drilling programme in order to identify new resources in calonda formation
gravels, as well as terraces and floodplains.
OUTLOOK
West Coast Resources operations
Post year-end, Trans Hex Operations (Pty) Ltd, West Coast Resources (Pty) Ltd ("WCR"), Trans Hex Diamante Ltd ("THD")
(all of which are subsidiaries of Trans Hex) and Kernel Resources (Pty) Ltd ("Kernel Resources"), (collectively,
the "Parties") entered into a process of negotiating the terms and conditions of the potential disposal of the shares
held by THD in the issued share capital of WCR ("WCR Shares"), comprising 67.2% of the WCR's issued shares, to Kernel
Resources.
In anticipation thereof and to ensure undisturbed continuity of WCR's Namaqualand operations ("Namaqualand Operations"),
the Parties entered into a management and mining services agreement, whereby WCR has, subject to the fulfilment of
suspensive conditions customary for an agreement of this nature, appointed Kernel Resources as an independent
contractor to perform management and mining services in connection with the Namaqualand Operations.
Details of the above agreement were released on SENS on 05 May and 21 May 2019 and are available on Trans Hex's
website at www.transhex.co.za/announcements/.
Shallow water operations
Production from the Shallow water operations for the 2020 financial year is expected to be in the order
of 8 000 carats, compared to 2019 financial year actual production of 7 636 carats.
Angolan operations
During the 2020 financial year, mining operations will continue on the east bank of the Luana River at Nzagi,
in the south-west at Lulau, and at other areas currently being evaluated.
Production results and geological work through drilling and bulk sampling indicate that carat production for
the 2020 financial year is expected to be in the order of 140 000 carats, compared to 2019 financial year actual
production of 133 659 carats.
Market
The rough diamond market remains weak with less goods available which is in line with lower levels of demand.
The market is expected to remain softer until Quarter 3 of the 2019 calendar year.
Further reductions in bank credit has further pressurized the sentiment in the market, yet despite less rough
diamonds being available supply and demand appear to be in balance. Quarter 1 of the 2020 calendar year will
see an increase in demand which should boost prices as factories are set to restock after the December break.
DIVIDEND
The Board has resolved not to declare a final dividend.
CHANGES TO THE BOARD OF DIRECTORS
Mr Marco Wentzel resigned as a member of the Audit and Risk Committee, effective 27 March 2018.
Mr James Gurney resigned as an Alternate Director to Mr Wentzel, effective 26 November 2018.
By order of the Board
MVZ Wentzel L Delport
Chairman Chief Executive Officer
Parow
28 June 2018
REGISTERED OFFICE
405 Voortrekker Road, Parow 7500
PO Box 723, Parow 7499
JSE SPONSOR
One Capital
www.onecapital.co.za
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
www.computershare.com/za/
COMPANY SECRETARY
Statucor (Pty) Ltd
AUDITORS
Mazars
DIRECTORATE
MVZ Wentzel (Chairman), AG Rhoda, PG Viljoen, AJ Marais,
L Delport (Chief Executive Officer), IP Hestermann (Financial Director)
www.transhex.co.za
Date: 28/06/2019 04:50:00 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.
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