Reviewed Provisional Group Results for the year ended 30 June 2019 CAXTON & CTP PUBLISHERS & PRINTERS LIMITED Incorporated in the Republic of South Africa Registration number: 1947/026616/06 Share code: CAT ISIN: ZAE000043345 Preference share code: CATP ISIN: ZAE000043352 REVIEWED PROVISIONAL GROUP RESULTS FOR THE YEAR ENDED 30 JUNE 2019 Reviewed Audited for the year for the year ended ended 30 June 30 June 2019 2018 Reviewed group results % Change R’000 R’000 Revenue (0.2%) 6 320 895 6 333 921 Pro t from operating activities before depreciation and amortisation (13.9%) 653 660 759 475 Pro t for the year (12.4%) 355 330 405 750 Cash, cash equivalents and listed preference shares 9.9% 1 758 104 1 599 194 Earnings per share (cents) (12.0%) 86.7 98.5 Headline earnings per share (cents) (6.8%) 101.6 109.0 Net asset value per share (cents) 1.4% 1 484 1 464 Declared dividend per share (cents) 0.0% 60.0 60.0 Commentary The Caxton group has shown some resilience by posting a relatively small decline in headline earnings (6.8%) against the backdrop of a stagnant economy, a declining retail sector and continued changes in the highly competitive media landscape. Revenues ended marginally down and with raw material input prices continuing to rise with limited opportunity to recover those from customers, we experienced a reduction in margins that was somewhat offset through the continued focus on staff and operating expenses. The previously reported upon transaction in which our shares in Private Property South Africa were sold to our associate, Cognition Holdings, resulted in an accounting loss of R37.2 million . A decision was made to impair a printing press as there is no certain prospect that this capacity can be utilised in the short to medium term. This resulted in a net impairment of R26.1 million. Net finance income increased from R114.7 million to R133.3 million, as a result of a dividend being received for the rst time from our Novus investment and increased interest income due to higher cash balances over the reporting period. Profit before tax declined by 16.5% and pro t after tax by 12.4% resulting in earnings per share of 86.7 cents (2018: 98.5 cents), a decline of 12.0%, and headline earnings per share of 101.6 cents (2018: 109.0 cents), a decline of 6.8%. Cash and cash equivalents including listed preference shares increased by R158.9 million ending on R1 758.1 million and remains an important asset on our balance sheet to fund new growth opportunities. The group will continue to manage its business in as tight a manner as possible in a trading environment that is unlikely to change in the medium term. Having said this, we are most fortunate to have a strong balance sheet that can be effectively used to acquire businesses that can drive growth and diversification. Statement This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or complete details. The full announcement will be released on 19 September 2019 and can be found on the company’s website at https://caxton.co.za/about/announcements/ and also on the following link: https://senspdf.jse.co.za/documents/2019/JSE/ISSE/CAT/CATAR2019.pdf The full announcement is available at the Company’s registered office and the offices of the sponsor during office hours. Any investment decision should be based on the full announcement published on the Company’s website. By order of the board 19 September 2019 Executive Directors: TD Moolman, PG Greyling, TJW Holden Non-Executive Directors: PM Jenkins, ACG Molusi, NA Nemukula, T Slabbert, J Phalane Transfer Secretaries: Computershare Investor Services Proprietary Limited Registered Office: 28 Wright Street, Industria West, Johannesburg Sponsor: Arbor Capital Sponsors Proprietary Limited Company website: www.caxton.co.za Date: 19/09/2019 01:45:00 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.