Wrap Text
Reviewed condensed consolidated annual group results for the year ended 31 August 2019 and change of financial year
Consolidated Infrastructure Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
Debt company code: CIG
("CIG" or "the group" or "the company")
Short-form announcement: Reviewed condensed consolidated annual group
results and change to financial year end for the year ended 31 August 2019
CIG is a leading pan-African infrastructure-focused group with a
diversified portfolio in Power, Building Materials, Oil & Gas and Rail.
The group's footprint spans South Africa, sub-Saharan Africa and the
Middle East.
- Disappointing results for the year after a difficult first six months
to 28 February 2019.
- Some improvement in operating results from its building materials
and prepaid power businesses.
- Group revenue largely unchanged at R3,169 million.
- After-tax loss for the group is R1,343 million.
- Loss per share of R3,98.
- Headline loss per share is R3,66.
- Despite the material operating loss, only R326,4 million of cash
was utilised in operations.
- Impacted by a tough macroeconomic environment, especially in the
engineering, procurement and construction businesses.
- Results should be considered in the context of the adoption of IFRS
15 "Revenue from Contracts with Customers" which, along with the
correction of various errors and reclassifications, impacted
comparative information and prior year opening retained earnings.
- CIG will change its financial year-end from 31 August to 31 December.
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 was released
on SENS on 2 December 2019, and can be found on the company's website at
https://www.ciglimited.co.za/annual-results/ and on the JSE's website at
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/CIL/FY2019.pdf
Copies of the full announcement may also be requested at the company's
registered office, at no charge, on Mondays to Fridays, during office hours.
Any investment decision should be based on the full announcement published
on SENS and the company's website.
By order of the board
Michael Wilkerson Raoul Gamsu Johannesburg
Chairman Chief Executive Officer 2 December 2019
Non-executive chairman: M Wilkerson#
Lead independent non-executive director: R Hogarth*
Non-executive directors: T Hudson#, A Mazar^, Q McLean@, S Melnick&
Independent non-executive directors: K Bucknor+, K Kariuki$, J Nwokedi*,
C Hess*, J Beck@
Executive directors: RD Gamsu* (CEO), CMF Teixeira* (CFO)
* South African # American ^ Pakistanian @ Canadian & British
+ Ghanaian $ Kenyan
Business and postal address: First Floor, 30 Melrose Boulevard, Melrose
Arch 2196.
PO Box 651455, Benmore, Johannesburg 2010
Telephone: 011 280 4040
Facsimile: 086 748 9169
Company secretary: CIS Company Secretaries Proprietary Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited
Sponsor: Java Capital
Auditor: PricewaterhouseCoopers Inc.
Investor relations: Singular Systems IR
www.ciglimited.com
Date: 02-12-2019 07:15:00
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