Wrap Text
Reviewed condensed interim financial statements for the six months ended 31 August 2018 & cash dividend declaration
GAIA Infrastructure Capital Limited
(previously GAIA Capital Proprietary Limited)
Incorporated in the Republic of South Africa
(Registration number 2015/115237/06)
Share Code: GAI ISIN: ZAE000210555
("GAIA" or "the Company")
Reviewed condensed interim financial statements
for the six months ended 31 August 2018 and cash dividend declaration
Salient features
- Tangible Net Asset Value* ("TNAV") per share at R10.17
- Interim cash dividend declaration of 24.84 cents
- Asset diversification through exercise of an option, on conversion of a convertible loan,
into solar PV assets
- Earnings received by GAIA's wholly owned subsidiary from underlying investments increased
to R28.9 million
- Headline earnings per share down to 7 cents per share
- Strong pipeline of investment opportunities yielding above target investment return
* Pre-interim dividend payment.
FINANCIAL COMMENTARY
GAIA's revenue is generated from dividend income, interest income and fair value movement on the
investment portfolio. The Company's investments are held through a wholly owned subsidiary, GAIA
Financial Services (RF) Proprietary Limited ("GFS"). GFS's revenue was down 37% to R14.4 million,
made up of dividend and interest income of R28.9 million and a fair value loss of R14.5 million.
The decrease in fair value was as a result of a change in some of the discount rates applied in
determining the fair value of the assets. This led to a lower dividend income being distributed
by GFS to GAIA.
The Company's revenue for the six months period decreased by 42.3% driven largely by a decrease in
fair value movement on the investment portfolio of GFS. Interest received on cash holdings decreased
from R2.6 million in 2017 to R0.7 million, as a final cash dividend distribution of 42 cents was
paid on 9 July 2018 and cash was also deployed to operating the Company.
Operating expenses for the period were R9.7 million (2017: R7.6 million) as the Company has
increased its internal capacity in anticipation of an increased investment portfolio. Operating
expenses as a percentage of assets under management have decreased with the acquisition of
Noblesfontein, and are expected to improve as the Company increases its investment base.
The Company's TNAV is expected to remain stable at or around the level of R10.00 per share as
the Board has resolved to pay dividends on a semi-annual basis given the predictable flow of cash
income from the investment portfolio.
ASSET PERFORMANCE OVERVIEW
Dorper Wind Farm
Net production of electricity and therefore revenue at Dorper Wind Farm has increased with better
than expected weather conditions leading to electricity produced by the wind farm being 22.7% above
P50 quarterly expectation in Q1 and 14.2% in Q2. GAIA remains confident that the project will
continue to perform according to expectations.
Noblesfontein Wind Farm
The wind farm's revenue for the period was above expectation with 8% positive variance in Q1 and
4% positive variance in Q2, as a result of good weather conditions and plant performance. The
electricity produced by the wind farm for the interim period was 5.7% above the P50 expectation due
to better than forecast weather conditions.
DIVIDEND DECLARATION
As at 28 February 2018, GAIA's TNAV was R10.53 per share, following which a final dividend of
42.0 cents per share was declared and paid in July 2018. This reduced TNAV to R10.11 per share.
For the current reporting period, the Company's earnings per share were 6.73 cents, thereby
increasing TNAV to R10.17 per share.
GAIA's dividend policy is to pay a consistent and stable inflation-linked dividend. The Board
has analysed the cash requirements of the Company and resources required to continue to pursue the
Company's strategic objectives and has resolved to maintain the dividend distribution in line with
the interim dividend paid for the previous financial year.
Notice is hereby given that the Board has declared an interim cash dividend of 24.84 cents
(19.872 cents net of dividend withholding tax) per ordinary share for the six-month period ended
31 August 2018. The dividend has been declared from income reserves. A dividend withholding tax of
20% will be applicable to all shareholders who are not exempt from or do not qualify for a
reduced rate of dividend withholding tax.
The issued share capital at the declaration date is 55 151 000 ordinary shares.
Salient dates for the dividend will be as follows:
- Last day to trade cum dividend Tuesday, 20 November 2018
- First trading day ex dividend Wednesday, 21 November 2018
- Record date Friday, 23 November 2018
- Payment date Monday, 26 November 2018
Share certificates may not be dematerialised or rematerialised between Wednesday, 21 November 2018
and Friday, 23 November 2018, both days inclusive.
This interim dividend amounting to R13.7 million has not been recognised as a liability in these
reviewed condensed interim financial results. It will be recognised in shareholders' equity for
the year ending 28 February 2019.
EVENTS AFTER REPORTING PERIOD
Asset diversification - shareholders are referred to the announcement released on the Securities
Exchange News Service on 26 October 2018, regarding the diversification of the Company's investment
portfolio through the exercise of an option, on conversion of an existing convertible loan, into
minority interests in three renewable energy projects in South Africa ("the IK Option"), namely
Jasper, Lesedi and Letsatsi solar PV farms ("Solar Energy Assets"). GAIA's resultant effective
interest in the Solar Energy Assets is 4.0% in Jasper, 5.3% in Lesedi and 5.3% in Letsatsi.
The Solar Energy Assets are operational, round 1 Renewable Energy Independent Power Producer
Procurement Programme ("REIPPPP") solar PV plants.
The IK Option was exercised on 31 October 2018.
ABOUT GAIA
GAIA is a diversified infrastructure investment holding company listed on the Main Board of the
JSE Limited. The Company was formed to facilitate the investment of long-term capital in large-scale
energy, transport and water and sanitation infrastructure projects in Southern Africa. The
investment policy is to invest in:
- operational infrastructure assets;
- investments with a target return on at least CPI plus 6%;
- investments with visible environmental, social and governance policy appreciation; and
- investments with low risk and attractive long-term, inflation-linked and predictable cash
generation profiles.
As at 31 August 2018, GAIA had two investments in its portfolio:
- an effective see-through economic interest of 25.2% in Dorper Wind Farm through an equity
interest in GAIA RE 1 Proprietary Limited; and
- an effective see-through economic interest of 20.0% in Noblesfontein Wind Farm through
C preference shares in GAIA SPV, A and B preference shares in SARGE and a receivable loan from
Noblesfontein Education Trust.
Post the exercise of the IK Option on 31 October 2018, the Company's investment portfolio is
made up of equity interests in:
- Dorper Wind Farm - 9.9%;
- Jasper Solar PV Farm - 4.0%;
- Lesedi Solar PV Farm - 5.3%;
- Letsatsi Solar PV Farm - 5.3%; and
- Noblesfontein Wind Farm - 20%.
Condensed Statement of Financial Position
as at 31 August 2018
Reviewed Reviewed Audited
31 August 31 August 28 February
2018 2017 2018
Note(s) R R R
Assets
Non-current assets
Property, plant and equipment 377 650 - 424 639
Other financial assets 2 508 444 789 511 123 029 505 789 987
Deferred tax 103 437 - 71 268
508 925 876 511 123 029 506 285 894
Current assets
Cash and cash equivalents 25 617 593 56 682 360 26 728 694
Trade and other receivables 28 557 570 1 715 466 53 703 012
54 175 163 58 397 826 80 431 706
Total assets 563 101 039 569 520 855 586 717 600
Equity and liabilities
Equity
Share capital 545 851 762 545 851 762 545 851 762
Retained income 15 273 883 18 912 920 34 728 077
561 125 645 564 764 682 580 579 839
Liabilities
Non-current liabilities
Deferred tax - 2 267 558 -
Current liabilities
Trade and other payables 1 975 093 2 281 797 5 976 495
Current tax payable 301 206 818 161 266
1 975 394 2 488 615 6 137 761
Total equity and liabilities 563 101 039 569 520 855 586 717 600
Net asset value per share (Rand) 10.17 10.24 10.53
Condensed Statement of Profit or Loss and Other Comprehensive Income
for the six months ended 31 August 2018
Reviewed Reviewed Audited
six months six months 12 months
ended ended ended
31 August 31 August 28 February
2018 2017 2018
Note(s) R R R
Revenue
Interest income 783 747 2 569 975 4 283 757
Dividend income 10 000 000 13 282 512 60 023 045
Other income 13 680 - 307 388
Net gain from financial assets at fair value
through profit or loss 2 654 803 7 442 614 (2 595 544)
Total revenue 13 452 230 23 295 101 62 018 646
Total operating expenses (9 701 853) (7 549 963) (18 455 992)
Operating profit before finance costs 3 750 377 15 745 138 43 562 654
Finance costs (3) (1 236) (1 689)
Profit before taxation 3 750 374 15 743 902 43 560 965
Taxation (41 148) (2 043 967) (346 364)
Profit for the period 3 709 226 13 699 935 43 214 601
Earnings per share
Per share information
Basic earnings per share (cents) 3 6.73 24.84 78.36
Diluted earnings per share (cents) 3 6.73 24.84 78.36
Condensed Statement of Changes in Equity
for the six months ended 31 August 2018
Share Retained Total
capital income equity
R R R
Balance at 1 March 2017 - audited 545 851 762 40 233 870 586 085 632
Profit for the period - 13 699 935 13 699 935
Dividends - (35 020 885) (35 020 885)
Balance at 31 August 2017 - reviewed 545 851 762 18 912 920 564 764 682
Profit for the period - 29 514 666 29 514 666
Dividends - (13 699 508) (13 699 508)
Balance at 1 March 2018 - audited 545 851 762 34 728 077 580 579 839
Profit for the period - 3 709 226 3 709 226
Dividends - (23 163 420) (23 163 420)
Balance at 31 August 2018 - reviewed 545 851 762 15 273 883 561 125 645
Condensed Statement of Cash Flows
for the six months ended 31 August 2018
Reviewed Reviewed Audited
six months six months 12 months
ended ended ended
31 August 31 August 28 February
2018 2017 2018
R R R
Cash flows from operating activities
Cash generated by (used in) operations 22 286 603 9 044 720 (3 078 959)
Finance costs (3) (1 236) (1 689)
Tax paid (234 281) (380 718) (1 067 494)
Cash available from operating activities 22 052 319 8 662 766 (4 148 142)
Dividends paid (23 163 420) (35 020 885) (48 720 393)
Net cash generated by/(utilised in)
operating activities (1 111 101) (26 358 119) (52 868 535)
Cash flows from investing activities
Purchase of property, plant and equipment - - (453 600)
Investment in financial asset at amortised cost - - (4 705 116)
Net cash utilised in investing activities - - (5 158 716)
Cash flows from financing activities
Prepayment of share issue expenses - (1 715 466) -
Net cash utilised in financing activities - (1 715 466) -
Total cash movement for the period (1 111 101) (28 073 585) (58 027 251)
Cash at the beginning of the period 26 728 694 84 755 945 84 755 945
Total cash at the end of the period 25 617 593 56 682 360 26 728 694
CORPORATE INFORMATION
GAIA Infrastructure Capital Limited is a public company incorporated and domiciled in South Africa.
The interim financial statements for the period ended 31 August 2018 were authorised for issue in
accordance with a resolution of the directors on 1 November 2018.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these reviewed interim
financial statements are set out below.
1.1 Basis of preparation
The interim financial statements are prepared in accordance with and contain the
information required by:
- International Financial Reporting Standard ("IAS") 34 Interim Financial Reporting;
- the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee;
- the Financial Pronouncements as issued by the Financial Reporting Standards Council;
- the requirements of the Companies Act of South Africa, 71 of 2008, as amended; and
- the Listings Requirements of the JSE Limited.
The accounting policies applied in the preparation of these interim financial statements
are in terms of International Financial Reporting Standards and are consistent with those
applied in preparation of the Company's previous annual financial statements.
The interim financial results have been prepared on the basis of accounting policies
applicable to a going concern. The basis presumes that funds will be available to finance
future operations and that the realisation of assets and settlement of liabilities,
contingent obligations and commitments will occur in the ordinary course of business.
Sarah Keene CA(SA), Executive Financial Manager, prepared these interim financial
statements for the six months ended 31 August 2018 under the supervision of
P Lebina CA(SA), Interim Finance Director.
The directors take full responsibility for the preparation of the interim financial
statements and for correctly extracting the financial information, from the reviewed
condensed interim financial statements for inclusion in the announcement.
The reviewed condensed interim financial results for the six months ended 31 August 2018
were reviewed by the Company's external auditor, Deloitte & Touche. A copy of their
unmodified review conclusion is available for inspection at the Company's registered
office. Any reference to future financial performance included in this announcement,
has not been reviewed or reported on by the external auditor. The auditor's report does
not necessarily report on all the information contained in this announcement.
Shareholders are therefore advised that, in order to obtain a full understanding of the
nature of the auditor's engagement, they should obtain a copy of the auditor's report
together with the accompanying financial information from the Company's registered office.
1.2 New standards and interpretations
The Company has chosen not to early adopt the following standards and interpretations,
which have been published and are mandatory for the Company's accounting periods
beginning on or after 1 March 2018 or later periods:
- IFRS 15 Revenue From Contracts with Customers; and
- IFRS 16 Leases.
The effects of the statements will not have a material impact on the Company's
financial statements.
The statements will be applied to the 2019 and 2020 financial years, respectively, as
they become mandatory.
Notes to the Condensed Financial Statements
for the six months ended 31 August 2018
Reviewed Audited
six months 12 months
ended ended
31 August 28 February
2018 2018
R R
2. FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT OR LOSS
At fair value through profit or loss - designated
GAIA Financial Services (Pty) Limited 503 739 673 501 084 871
GAIA Financial Services interest in Dorper
The Dorper Acquisition was concluded on 20 December 2016. The Company funded the acquisition of
its effective see-through economic interest of 25.2% of Dorper, through a R501 million loan to
GAIA Financial Services. The loan was financed using the proceeds from the partial disposal of
the Company's unit trust investment. This loan is interest-free, unsecured and has no fixed
terms of repayment.
The acquisition entailed the subscription for the ordinary shares in GAIA RE 1 equal to 34.9%
(R265 036 179) economic and voting interest of the issued share capital and the advancing of a
convertible loan (R235 963 821) to GAIA RE 1 which effectively gave the Company an economic
interest of 84.2% in GAIA RE 1.
The convertible loan was able to be settled in one of two ways, conversion of the convertible
loan into indirect minority interests in three (3) additional Solar Energy Assets by the Group
or the conversion of the convertible loan into additional ordinary shares in GAIA RE 1 which
holds a 30% shareholding in Dorper. The option to acquire the minority interests in the Solar
Energy Assets was exercised on 31 October 2018.
Post implementation of the IK Option, GAIA Financial Services holds 33% in GAIA RE 1 which
holds 30% of the issued share capital in Dorper, and effective interests of 16.2% in each of
Lesedi and Letsatsi and 12.1% in Jasper solar PV farms.
GAIA Financial Services interest in Noblesfontein Wind Farm
On 19 September 2017 GAIA Financial Services acquired C Preference Shares GAIA SPV (RF)(Pty)
Limited ("GAIA SPV") for an aggregate subscription price of R130 million and, as a result,
acquired an effective economic interest of 13.001% in the combined distributions linked to the
ordinary shares and shareholder loan claims against Noblesfontein Wind Farm.
In addition, GAIA Financial Services entered into funding agreements with SARGE whereby GAIA
Financial Services subscribed for A Preference Shares and B Preference Shares in SARGE for an
aggregate subscription price of R57 493 127. As a result of the SARGE Transaction, GAIA
Financial Services acquired a further effective economic interest of 7.03% of the distributions
linked to the ordinary shares in the Noblesfontein Wind Farm.
GAIA Financial Services was granted an irrevocable call option ("Call Option") in terms of
which GAIA Financial Services had an option to purchase all of the ordinary shares in GAIA SPV
for a purchase price of R100. The option was exercised on 2 August 2018.
GAIA Financial Services obtained funding to facilitate, inter alia, its subscription for the
by it, of A Preference Shares and B Preference Shares to RMBIA for an aggregate subscription
price of approximately R188 million in terms of the GAIA Financial Services Preference Share
Subscription Agreement.
The Company extended a loan to the Noblesfontein Educational Trust, having taken it over from
the previous shareholder at an interest rate, and with repayment terms more beneficial than
market rates and terms, in order to benefit the beneficiaries of the trust, being members of
the local Noblesfontein community.
Audited
Six months 12 months
ended ended
31 August 28 February
2018 2018
R R
Loans and receivables
Noblesfontein Educational Trust 4 705 116 4 705 116
The loan shall accrue interest at a rate equal to the aggregate of
CPI plus 7% net of taxes applied as a nominal annual compounded
monthly in arrears rate, and calculated on the loan outstanding
principal for that interest period. The loan is secured by a
cession of any shares held by Noblesfontein Educational Trust in
Noblesfontein Wind Farm.
Total other financial assets 508 444 789 505 789 987
Non-current assets
Designated as at fair value through profit or loss 503 739 673 505 789 987
Loans and receivables at amortised cost 4 705 116 -
508 444 789 505 789 987
Valuation of underlying renewable assets
The value of the investment in the ordinary shares of Dorper was determined using the
discounted cash flow valuation model.
Assumptions and inputs used in valuation techniques include long-term CPI forecast and
determination of an investor premium used in estimating discount rates.
The value of the investments in the preference shares in SARGE and GAIA SPV are also calculated
using the discounted cash flow valuation model. The assumptions and inputs used include CPI
rate, prime rate and JIBAR.
The objective of valuation techniques is to arrive at a fair value measurement that reflects
the prices that would be received to sell the investments in underlying renewable assets in an
orderly transaction between market participants at the measurement date.
The Company uses valuation models that were developed by experienced independent third parties
during the bidding process for the rights of the project. These models have been developed
from recognised valuation models and developers' experience regarding the valuation of
renewable energy projects.
Some of the significant inputs into the discounted cash flow model may not be observable in
the market and are derived from market prices or rates or are based on assumptions. This
valuation model therefore requires additional management judgement and estimation in
determination of fair value.
In the valuation for the investment in Dorper, and the preference shares related to
Noblesfontein, management's judgement and estimation is required for:
- selection of the appropriate valuation model to be used, in this case the discounted cash
flow model;
- assessment and determination of the expected cash flows from the investments; and
- selection of the appropriate discount rate.
The fair value estimate obtained from the discounted cash flow model will only be adjusted for
factors such as liquidity risk and model uncertainty to the extent that the Company believes
that a third-party market participant would take them into account in pricing a transaction.
No such adjustments were deemed necessary in the valuation of the investments in underlying
renewable assets.
The Company has an established control framework with respect to the measurement of fair
values.
Specific controls include:
- verification of observable pricing inputs;
- a review and approval process for new models and changes to such models;
- analysis and investigation of significant valuation movements; and
- review of unobservable inputs and valuation adjustments.
Fair value hierarchy of financial assets at fair value through profit or loss
For financial assets recognised at fair value, disclosure is required of a fair value
hierarchy which reflects the significance of the inputs used to make the measurements.
Level 1 represents those assets which are measured using unadjusted quoted prices in active
markets for identical assets.
Level 2 applies inputs other than quoted prices that are observable for the assets either
directly (as prices) or indirectly (derived from prices).
Level 3 applies inputs which are not based on observable market data. This category includes
all instruments for which the valuation technique includes inputs not based on observable
data and the unobservable inputs have a significant effect on the instrument's valuation.
This category includes instruments that are valued based on quoted prices for similar
instruments but for which significant unobservable adjustments or assumptions are required
to reflect differences between the instruments.
The table below analyses financial instruments measured at fair value at the reporting date
by the level in the fair value hierarchy into which the fair value measurement is categorised.
The amounts are based on the values recognised in the statement of financial position. All
fair value measurements below are recurring.
Reviewed Audited
six months 12 months
ended ended
31 August 28 February
2018 2018
R R
Level 3
GAIA Financial Services (Pty) Limited 503 739 673 501 084 871
As at 31 August 2018, the fair value measurement of shares held by the Company in GAIA Financial
Services is categorised into Level 3. The fair value of investments in its 100% subsidiary is
determined using unadjusted net asset value of GAIA Financial Services at the reporting date.
Reconciliation of financial assets at fair value through profit or loss measured at Level 3
Opening Gains in profit
balance or loss Total
GAIA Financial Services (Pty) Limited 501 084 871 2 654 803 503 739 673
The change in unrealised gains or losses (net gain) for the period is included in profit or
loss for financial assets held at the reporting date. These gains and losses are recognised in
profit or loss as a net gain from financial instruments at fair value through profit or loss.
Significant unobservable inputs used in measuring fair value
Significant unobservable inputs are developed as follows:
Discount rate
Represents the rate used to discount projected levered or unlevered forecast cash flows for an
asset to determine their present values. Their discounted present value cash flows are
determined as their fair value at reporting date. GAIA RE 1 uses a discount rate that
appropriately captures Dorper's stage-of-life, using South African data, substantiated by
international findings. GAIA FS used a discount rate that appropriately reflects the
Noblesfontein risk and return profile using South African data, substantiated by international
findings.
CPI/JIBAR and Prime rate
Rates are obtained from publicly available consensus views.
3. EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share is determined by dividing profit or loss attributable to the
ordinary equity holders by the weighted average number of ordinary shares outstanding during
the period. Profit or loss attributable to the ordinary equity holders is determined as profit
or loss after adjusting for the tax effect.
Reviewed Reviewed Audited
six months six months 12 months
ended ended ended
31 August 31 August 28 February
2018 2017 2018
R R R
Basic earnings per share
From continuing operations (cents per share) 6.73 24.84 78.36
Basic earnings per share was based on earnings of R3 709 226 (2017: R13 699 935) and weighted
average number of ordinary shares of 55 151 000 (2017: 55 151 000).
Reviewed Reviewed Audited
six months six months 12 months
ended ended ended
31 August 31 August 28 February
2018 2017 2018
R R R
Reconciliation of profit for the period to
basic earnings
Profit for the period attributable to equity holders
of GAIA Infrastructure Capital Limited 3 709 226 13 699 935 43 214 601
Diluted earnings per share
In the determination of diluted earnings per
share, profit or loss attributable to the equity
holders and the weighted average number of
ordinary shares are adjusted for the effects of all
dilutive potential ordinary shares.
From continuing operations (cents per share) 6.73 24.84 78.36
Diluted earnings per share is equal to earnings per share because there are no dilutive
potential ordinary shares in issue.
Headline earnings and diluted headline earnings per share
Headline earnings per share is calculated using Circular 4/2018. The calculation of headline
earnings per ordinary share is based on the weighted average of 55 151 000 (2017: 55 151 000)
ordinary shares in issue during the year, and headline earnings calculated as follows:
Headline earnings per share and diluted headline earnings per share are determined by dividing
headline earnings and diluted headline earnings by the weighted average number of ordinary shares
outstanding during a period.
Headline earnings and diluted headline earnings are determined by adjusting basic earnings and
diluted earnings by excluding separately identifiable remeasurement items. Headline earnings and
diluted headline earnings are presented after tax and non-controlling interest.
Reviewed Reviewed Audited
six months six months 12 months
ended ended ended
31 August 31 August 31 August
2018 2017 2018
R R R
Headline earnings per share (cents) 6.73 24.84 78.36
Diluted headline earnings per share (cents) 6.73 24.84 78.36
Reconciliation between earnings and
headline earnings
Basic earnings 3 709 226 13 699 935 43 214 601
Reconciliation between earnings and
headline earnings
Diluted earnings 3 709 226 13 699 935 43 214 601
4. RELATED PARTIES
Relationships
Common directors GAIA Fund Managers (Pty) Limited
Subsidiary GAIA Financial Services (RF) (Pty) Limited
GAIA Infrastructure Partners (Pty) Limited has been appointed as the Management Company ("ManCo")
of the Company and therefore has significant influence.
GAIA Infrastructure Partners (Pty) Limited holds 1 000 shares in the Company.
A management fee calculated as 0.8% of the enterprise value is paid to GAIA Infrastructure
Partners (Pty) Limited in quarterly instalments.
Reviewed Reviewed
six months six months
ended ended
31 August 31 August
2018 2017
R R
Related-party balances
Financial assets at fair value through profit or loss
GAIA Financial Services (RF) (Pty) Limited 503 739 673 511 123 029
Amounts included in trade receivable/(trade payable) regarding
related parties
GAIA Infrastructure Partners (Pty) Limited (1 246 311) (1 046 378)
GAIA Financial Services (Pty) Limited 1 051 799 -
Expenses recovered from related parties
GAIA Fund Managers (Pty) Limited 13 680 -
Management fees paid to related parties
GAIA Infrastructure Partners (Pty) Limited 2 493 681 2 142 483
Dividend income
GAIA Financial Services (RF) (Pty) Limited 10 000 000 13 282 512
Dividend receivable from related party
GAIA Financial Services (RF) (Pty) Limited 14 965 446 -
5. GOING CONCERN
The interim financial statements have been prepared on the basis of accounting policies
applicable to a going concern. This basis presumes that funds will be available to finance
future operations and that the realisation of assets and settlement of liabilities, contingent
obligations and commitments will occur in the ordinary course of business.
6 November 2018
Johannesburg
Sponsor to GAIA
Rand Merchant Bank (A division of FirstRand Bank Limited)
Company contact details
Prudence Lebina
+27 11 684 1230
prudence@gaia-ic.com
General information
Country of incorporation
and domicile
South Africa
Directors
KP Lebina (Chief Executive Officer and Interim Financial Director)
MMN Nieuwoudt (Chief Investment Officer)
KE Mbalo* (Chairman)
S Tuku*
L Mondi*
N Kimber*
T Bukula*
L de Wit
C Ferreira
B Schabort
* Independent Non-Executive
Registered office
3rd floor, Penthouse 5
4 The High Street
Melrose Arch
Johannesburg, 2196
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Bankers
FirstRand Bank Limited
Auditors
Deloitte & Touche
Transfer secretaries
Computershare Investor
Services (Pty) Limited
Rosebank Towers
15 Biermann Avenue, Rosebank
Johannesburg, 2196
Company secretary
Fusion Corporate Secretarial Services (Pty) Limited
Unit 7, Block C
Southdowns Office Park
Karee Street, Irene
Pretoria, 0169
Company registration number
2015/115237/06
Tax reference number
9473/844/17/4
Preparer
The financial statements where compiled under Prudence Lebina's supervision.
www.gaia-ic.com
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