Wrap Text
Unaudited Condensed Consolidated Results for the six Months ended 31 August 2018
STEFANUTTI STOCKS HOLDINGS LIMITED
("Stefanutti Stocks" or "the company" or "the group")
(Registration number 1996/003767/06)
Share code: SSK ISIN: ZAE000123766
UNAUDITED CONDENSED CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2018
- Revenue R5,1 billion
- Operating profit R125 million
- Cash at end of period R964 million
- Current order book R12,8 billion
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Restated*
Unaudited Restated* twelve
six months six months months
ended ended ended
% Increase/ 31 August 31 August 28 February
R'000 (Decrease) 2018 2017 2018
Revenue (1) 5 131 604 5 189 505 10 438 672
Contract revenue (1) 5 095 398 5 153 450 10 363 522
Earnings before interest, taxation,
depreciation and amortisation
(EBITDA) 20 240 853 200 140 345 567
Depreciation and amortisation (116 044) (90 363) (184 435)
Impairment of assets - - (667 114)
Operating profit/(loss) before
investment income 14 124 809 109 777 (505 982)
Investment income 20 982 23 004 49 113
Share of profits of equity-accounted investees 38 339 12 338 41 388
Operating profit/(loss) before finance costs 184 130 145 119 (415 481)
Finance costs (50 201) (36 010) (82 842)
Profit/(Loss) before taxation 133 929 109 109 (498 323)
Taxation (29 830) (35 668) (48 710)
Profit/(Loss) 104 099 73 441 (547 033)
Other comprehensive income 111 498 23 748 (45 148)
Exchange differences on translation of
foreign operations (may be reclassified
to profit/(loss)) 111 498 23 748 (35 697)
Reclassification from foreign currency
translation reserve - - (9 451)
Total comprehensive income 215 597 97 189 (592 181)
Profit/(Loss) attributable to:
Equity holders of the company 103 952 74 826 (542 593)
Non-controlling interest 147 (1 385) (4 440)
104 099 73 441 (547 033)
Total comprehensive income
attributable to:
Equity holders of the company 223 337 94 477 (584 329)
Non-controlling interest (7 740) 2 712 (7 852)
215 597 97 189 (592 181)
Earnings per share (cents) 41 61,76 43,65 (317,77)
Diluted earnings per share (cents) 39 55,27 39,78 (288,49)
Commentary to the statement of profit or loss and other comprehensive income
Headline earnings reconciliation Aug 2018 Aug 2017 Feb 2018
Profit/(Loss) after taxation attributable to
equity holders of the company 103 952 74 826 (542 593)
Adjusted for:
Profit on disposal of plant and equipment (3 250) (5 398) (12 942)
Tax effect 802 1 550 3 699
Impairment of assets - - 667 114
Headline earnings 101 504 70 978 115 278
Number of weighted average shares in issue 168 319 772 171 413 490 170 748 789
Number of diluted weighted average shares
in issue 188 080 746 188 080 746 188 080 746
Headline earnings per share (cents) 46 60,30 41,41 67,51
Diluted headline earnings per share (cents) 43 53,97 37,74 61,29
* Prior period amounts have been restated, refer to adoption of new accounting standards.
DISAGGREGATION OF REVENUE
Revenue can be further disaggregated as follows:
Unaudited Restated Restated
six months six months twelve months
ended ended ended
31 August 31 August 28 February
2018 2017 2018
Geographical R'000 R'000 R'000
Within South Africa 3 906 878 3 696 745 7 402 560
Construction & Mining 2 015 772 1 710 536 3 400 719
Building 1 398 919 1 445 146 3 079 207
M&E 492 187 541 063 922 634
Outside South Africa 1 188 520 1 456 705 2 960 962
Construction & Mining 833 784 640 112 1 567 243
Building 265 968 816 593 1 293 756
M&E 88 768 - 99 963
Total 5 095 398 5 153 450 10 363 522
Sector
Private 3 623 882 3 289 663 6 635 226
Construction & Mining 1 786 829 1 169 942 2 656 157
Building 1 256 098 1 631 744 3 046 472
M&E 580 955 487 977 932 597
Public 1 471 516 1 863 787 3 728 296
Construction & Mining 1 062 727 1 180 706 2 311 805
Building 408 789 629 995 1 326 491
M&E - 53 086 90 000
Total 5 095 398 5 153 450 10 363 522
STATEMENT OF FINANCIAL POSITION
Unaudited Restated* Restated*
31 August 28 February 28 February
R'000 2018 2018 2017
ASSETS
Non-current assets 2 423 131 2 287 678 2 563 278
Property, plant and equipment 1 563 118 1 483 727 1 212 248
Equity-accounted investees 266 183 209 181 189 860
Goodwill and intangible assets 457 927 460 506 1 087 133
Deferred tax assets 135 903 134 264 74 037
Current assets 4 599 135 4 057 226 3 960 020
Other current assets 3 595 994 3 104 386 2 757 091
Taxation 19 256 10 786 44 496
Bank balances 983 885 942 054 1 158 433
Total assets 7 022 266 6 344 904 6 523 298
EQUITY AND LIABILITIES
Capital and reserves 2 000 552 1 790 251 2 390 790
Share capital and premium 1 008 083 1 013 379 1 021 737
Other reserves 229 786 110 401 181 515
Retained earnings 774 149 670 197 1 183 412
Equity holders of the company 2 012 018 1 793 977 2 386 664
Non-controlling interest (11 466) (3 726) 4 126
Non-current liabilities 405 933 480 320 366 388
Other financial liabilities 403 795 478 659 346 460
Deferred tax liabilities 2 138 1 661 19 928
Current liabilities 4 615 781 4 074 333 3 766 120
Other current liabilities** 2 639 856 2 186 120 2 079 542
Excess billings over work done 1 112 966 1 110 870 1 210 055
Provisions 747 792 657 470 420 400
Taxation 95 681 93 710 56 121
Bank balances 19 486 26 163 2
Total equity and liabilities 7 022 266 6 344 904 6 523 298
** Including interest-bearing liabilities of 307 451 278 600 328 794
Commentary to the statement of financial position
Total number of net shares in issue 167 368 215 169 485 204 172 241 569
Net asset value per share (cents) 1 202,15 1 058,49 1 385,65
Net tangible asset value per share (cents) 928,55 786,78 754,48
STATEMENT OF CASH FLOWS
Unaudited Unaudited
six months six months
ended ended Audited
31 August 31 August 28 February
R'000 2018 2017 2018
Cash generated from operations 218 420 266 663 322 410
Interest received 20 092 21 513 48 379
Finance costs (47 853) (24 597) (49 157)
Dividends received 26 833 2 436 21 805
Taxation paid (49 411) (20 005) (56 747)
Cash flows from operating activities 168 081 246 010 286 690
Expenditure to maintain operating capacity (4 521) (17 468) 10 381
Expenditure for expansion (7 945) (47 354) (85 798)
Cash flows from investing activities (12 466) (64 822) (75 417)
Treasury shares acquired (5 296) (5 228) (8 358)
Movements on long- and short-term financing (169 615) (67 219) (415 042)
Cash flows from financing activities (174 911) (72 447) (423 400)
Net (decrease)/increase in cash for the period (19 296) 108 741 (212 127)
Effect of exchange rate changes on cash and
cash equivalents 67 804 (4 194) (30 413)
Cash and cash equivalents at beginning of year 915 891 1 158 431 1 158 431
Cash and cash equivalents at the
end of the period 964 399 1 262 978 915 891
Segment information Construction Reconciling
31 August 2018 (Unaudited) & Mining Building M&E segments^ Total
Contract revenue 2 849 556 1 664 887 580 955 - 5 095 398
Intersegment contract revenues - 5 729 26 881 - 32 610
Reportable segment profit/(loss) 67 860 38 378 6 267 (8 406) 104 099
Reportable segment assets 4 040 417 1 850 251 584 228 547 370 7 022 266
Reportable segment liabilities 2 819 146 1 556 546 353 459 292 563 5 021 714
Segment information
31 August 2017 (Restated)
Contract revenue 2 350 648 2 261 739 541 063 - 5 153 450
Intersegment contract revenues 33 456 - 23 659 - 57 115
Reportable segment profit/(loss) 59 979 28 113 2 531 (17 182) 73 441
Reportable segment assets 3 826 598 1 917 373 630 888 1 025 472 7 400 331
Reportable segment liabilities 2 679 239 1 497 399 333 618 407 324 4 917 580
Segment information
28 February 2018 (Restated)
Contract revenue 4 967 962 4 372 963 1 022 597 - 10 363 522
Intersegment contract revenues 2 764 - 61 325 - 64 089
Reportable segment profit/(loss) 76 239 1 294 9 675 (634 241) (547 033)
Reportable segment assets 3 676 759 1 560 158 520 496 587 491 6 344 904
Reportable segment liabilities 2 635 404 1 330 342 295 844 293 063 4 554 653
^ Other segments comprise segments that are primarily centralised in nature i.e. the group's headquarters.
STATEMENT OF CHANGES IN EQUITY
Foreign Attributable
Share-based currency Revaluation to equity Non-
Share capital payments translation surplus Retained holders of controlling Total
R'000 and premium reserve reserve reserve earnings the company interest equity
Balance at 28 February 2017 as previously reported 1 021 737 28 145 33 176 120 194 1 235 000 2 438 252 4 126 2 442 378
Change in accounting policy - IFRS 9 - - - - (32 723) (32 723) - (32 723)
Change in accounting policy - IFRS 15 - - - - (18 865) (18 865) - (18 865)
Balance at 28 February 2017 restated* 1 021 737 28 145 33 176 120 194 1 183 412 2 386 664 4 126 2 390 790
Treasury shares acquired (5 228) - - - - (5 228) - (5 228)
Realisation of reserve - (28 145) - - 28 145 - - -
Total comprehensive income - - 19 651 - 74 826 94 477 2 712 97 189
Profit - - - - 74 826 74 826 (1 385) 73 441
Other comprehensive income - - 19 651 - - 19 651 4 097 23 748
Balance at 31 August 2017 restated* 1 016 509 - 52 827 120 194 1 286 383 2 475 913 6 838 2 482 751
Treasury shares acquired (3 130) - - - - (3 130) - (3 130)
Realisation of reserve - - - (1 233) 1 233 - - -
Total comprehensive income - - (61 387) - (617 419) (678 806) (10 564) (689 370)
Loss - - - - (617 419) (617 419) (3 055) (620 474)
Other comprehensive income - - (61 387) - - (61 387) (7 509) (68 896)
Balance at 28 February 2018 restated* 1 013 379 - (8 560) 118 961 670 197 1 793 977 (3 726) 1 790 251
Treasury shares acquired (5 296) - - - - (5 296) - (5 296)
Total comprehensive income - - 119 385 - 103 952 223 337 (7 740) 215 597
Profit - - - - 103 952 103 952 147 104 099
Other comprehensive income - - 119 385 - - 119 385 (7 887) 111 498
Balance at 31 August 2018 unaudited 1 008 083 - 110 825 118 961 774 149 2 012 018 (11 466) 2 000 552
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited condensed consolidated results for the period ended 31 August 2018 (results for the period) have been
prepared in accordance with and containing the information required by International Accounting Standard (IAS) 34:
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and are in compliance with the Listings Requirements of the JSE Limited. Except as described below, the accounting
policies as well as the methods of computation used in the preparation of the results for the period ended 31 August 2018
are in terms of International Financial Reporting Standards (IFRS) and are consistent with those applied in the audited
annual financial statements for the year ended 28 February 2018. The group has adopted IFRS 9: Financial Instruments,
IFRS 15: Revenue from Contracts with Customers and IFRS 16: Leases with effect from 1 March 2018.
There is no significant difference between the carrying amounts of financial assets and liabilities and their fair values.
The fair value measurement for land and buildings are categorised as a level 3, based on the valuation method of income
capitalisation using unobservable inputs i.e. market capitalisation rates and income/expenditure ratio. The results are
presented in Rand, which is Stefanutti Stocks' functional currency.
The company's directors are responsible for the preparation and fair presentation of the unaudited condensed consolidated
results. These results have been compiled under the supervision of the Chief Financial Officer, AV Cocciante, CA(SA).
ADOPTION OF NEW ACCOUNTING STANDARDS
The impact of the new accounting standards on the groups' financial statements are as follows:
IFRS 9: Financial Instruments
IFRS 9 sets out requirements for recognition and measurement of financial assets and liabilities. This standard replaces
IAS 39: Financial Instruments: Recognition and Measurement.
IFRS 9 is applied retrospectively to each prior reporting period resulting in the restatement of comparative reporting
periods. While the classification and measurement remain unaffected, the impairment model adjustment did impact the group.
IFRS 9 replaces the 'incurred loss' model with an 'expected credit loss' (ECL) model, thereby requiring an impairment of
the carrying amounts of financial assets. This new model applies to financial assets measured at amortised cost and
contract assets. The ECL model recognises an impairment allowance on financial assets and is calculated considering
possible future losses based on past experience as well as future economic factors. In terms of IFRS 9, the group applied
the simplified approach and measured the impairment allowance on the lifetime of trade receivables and contract assets.
Impairment allowances are deducted from the carrying amounts of the assets.
IFRS 15: Revenue from Contracts with Customers
IFRS 15 establishes a single and comprehensive framework which sets out how and when revenue should be recognised.
Revenue will now be recognised when control over the goods or services is transferred to the customer. It replaces
IAS 18: Revenue, IAS 11: Construction Contracts and related interpretations.
The group has adopted IFRS 15 and applied it retrospectively to each prior reporting period presented subject to practical
expedients as defined in the Standard. This resulted in the restatement of comparative reporting periods.
A contract modification is a change in the scope or price of a contract and is recognised as an adjustment to revenue at
the date of the contract modification. In estimating the value of the adjustment to revenue, a higher probability threshold
in recognising revenue has to be applied. In applying these higher thresholds, certain revenue that was recognised
previously had to be reversed.
In certain circumstances, the change from an output method to an input method, to measure progress of the transfer of
control of goods and services constitutes a better reflection of transfer of control. This change in approach resulted in a
difference in revenue recognised.
IFRS 16: Leases
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and replaces
IAS 17: Leases and related interpretations.
The group early adopted IFRS 16 with effect from 1 March 2018, by applying it retrospectively with the cumulative effect
recognised at the date of initial application. This resulted in no restatement of comparative reporting periods, instead
recognising the cumulative effect as an adjustment to the Statement of Financial Position as on 1 March 2018. The
cumulative effect is the recognition of right-of-use assets to the value of R36 million as well as a corresponding right-
of-use liability.
The following table summarises the impact of the adoption of IFRS 9, IFRS 15 and IFRS 16 on the results of the
comparative reporting periods:
Previously
reported IFRS 9 IFRS 15 Restated
February 2017 R'000 R'000 R'000 R'000
Non-current assets
Deferred tax assets 58 802 15 235 - 74 037
Current assets
Contracts in progress 414 525 - (10 000) 404 525
Trade and other receivables 2 256 514 (49 035) - 2 207 479
Non-current liabilities
Deferred tax liabilities 24 452 (1 077) (3 447) 19 928
Current liabilities
Excess billings over work done 1 197 743 - 12 312 1 210 055
Retained earnings 1 235 000 (32 723) (18 865) 1 183 412
Adjustments Restated Restated
Previously February 28 February 1 March
reported 2017 IFRS 9 IFRS 15 2018 IFRS 16 2018
February 2018 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Non-current assets
Property, plant and equipment - - - - - 35 898 35 898
Deferred tax 98 610 19 759 1 347 14 548 134 264 - 134 264
Current assets
Contracts in progress 465 067 (10 000) - (46 202) 408 865 - 408 865
Trade and other receivables 2 601 208 (49 035) (2 930) - 2 549 243 - 2 549 243
Non-current liabilities
Lease liabilities - - - - - 35 898 35 898
Current liabilities
Excess billings over work done 1 092 801 12 312 - 5 757 1 110 870 - 1 110 870
Retained earnings 760 779 (51 588) (1 583) (37 411) 670 197 - 670 197
Group profile
Stefanutti Stocks is a construction company operating throughout South Africa, sub-Saharan Africa and the United Arab
Emirates with multi-disciplinary expertise including concrete structures, marine construction, piling and geotechnical
services, roads and earthworks, bulk pipelines, open pit contract mining and surface mining related services, all forms of
building works, including affordable housing, and mechanical and electrical installation and construction.
OVERVIEW OF RESULTS
The Board of Directors report that the group's performance continues to reflect the impact of operating within a demanding
trading environment. Contract revenue from operations reduced to R5,1 billion compared to the previous period (restated
Aug 2017: R5,2 billion). However, operating profit increased from R110 million in the previous period to R125 million in
the current period. This excludes the United Arab Emirates operation, which contributed R38 million (restated Aug 2017:
R16 million) towards the share of profits of equity accounted investees.
As a result of the above, earnings per share and headline earnings per share increased by 41% and 46% from the
comparative period to 61,76 cents (restated Aug 2017: 43,65 cents) and 60,30 cents (restated Aug 2017: 41,41 cents)
respectively.
The group's order book is currently R12,8 billion of which R3,8 billion arises from work beyond South Africa's borders.
Capital expenditure for the period amounted to R34 million (restated Aug 2017: R255 million). In terms of IFRS 16, an
additional R62 million (restated Aug 2017: Nil) of plant and equipment has been capitalised for the period. These items
are not owned by the group but are rented from suppliers with limited liability. The increase in the prior year's capital
expenditure, with the capitalisation of plant and equipment in terms of IFRS 16 has resulted in an increase in depreciation
to R113 million (restated Aug 2017: R86 million) and finance costs to R50 million (restated Aug 2017: R36 million). Due to
the lower capital expenditure during the current period, including the impact of IFRS 16, interest-bearing liabilities have
reduced to R731 million (restated Feb 2018: R783 million).
As a result of market conditions, the group is experiencing an increase in delayed payments from clients. This continues to
negatively impact on trade and other receivables and payables. Cash generated from operations declined to R218 million
(Aug 2017: R267 million). Notwithstanding an increase in working capital of R103 million (Aug 2017: R43 million), the
group's overall cash increased to R964 million (restated Feb 2018: R916 million).
The company, continues to repurchase its own shares, and during the period purchased 2 116 989 shares, at an average
price of R2,50 per share. This repurchase is in terms of a resolution passed at the company's Annual General Meeting,
these shares will not be cancelled and will be accounted for as treasury shares.
The effect of the weakening of the Rand on the translation of certain foreign operations resulted in R111 million profit
(restated Aug 2017: R24 million profit) being recognised in other comprehensive income.
Review of operations
Construction & Mining
Construction & Mining's contract revenue increased to R2,8 billion (restated Aug 2017: R2,4 billion) with an improved
operating profit of R111 million (restated Aug 2017: R92 million) at a similar operating profit margin of 3,9% (restated Aug
2017: 3,9%).
Within the business unit, the Roads & Earthworks, Mining Services and Swaziland divisions delivered good results.
The number of tender enquiries and awards received from the mining sector has increased, whilst limited infrastructure
work has been secured from the public sector. As a consequence of less public infrastructure spend, combined with a
policy of increased fragmentation of civil contracts, the civils operations' order book and operating profit
margins remain under pressure and it has not performed to expectations.
The long outstanding amounts due from the governments of Zambia and Nigeria continue to be a source of concern. The
outstanding amounts are not in dispute and periodic payments are being received. In both Nigeria and Zambia work will
only recommence on affected contracts once all outstanding amounts have been received.
Construction & Mining's order book at August 2018 was R8,5 billion (Aug 2017: R7,9 billion).
Building
The Building business unit's contract revenue has reduced to R1,7 billion (restated Aug 2017: R2,3 billion) with a
contraction in operating profit to R6 million (restated Aug 2017: R22 million). The profit of the equity accounted United
Arab Emirates operation is excluded from this operating profit.
Within this business unit, the Mozambique and Coastal divisions continue to deliver positive results.
However, despite scaling down and restructuring the Inland division, it continues to underperform due to the ongoing
reduction in available work and not being able to recover holding costs. Furthermore, delayed payments from government
in the social housing sector, continue to negatively affect the divisions working capital.
This business unit is pursuing a number of contractual claims and compensation events on a large public sector project
in South Africa, which also impacts on the conversion of work in progress into cash.
Building's order book at August 2018 was R3,6 billion (Aug 2017: R3,7 billion) excluding the United Arab Emirates order
book of R700 million (Aug 2017: R1,1 billion).
Mechanical & Electrical
Mechanical & Electrical's turnover and operating profit increased to R581 million (restated Aug 2017: R541 million) and
R8 million (restated Aug 2017: R1 million) respectively.
The Mechanical division's order book has increased due to awards of surface mining related projects.
The ongoing shortage of work in the traditional petrochemical market is negatively affecting the Oil & Gas division's
financial performance. This has resulted in the Electrical & Instrumentation division being incorporated into the
Mechanical division. In addition, the contract which was cancelled by a client in the previous financial year, has been
referred to arbitration. The hearing is scheduled for the first quarter of 2019 and at this stage the financial impact thereof
cannot be quantified.
Subsequent to August 2018, the Oil & Gas division has been informed of a claim against it from a multinational client for
deemed damages incurred prior to completion of a project, which the group is assessing.
Mechanical & Electrical's order book at August 2018 was R900 million (Aug 2017: R600 million).
Safety
Management and staff remain committed to enhanced health and safety policies and procedures, and together strive to
constantly improve the group's safety performance. The group's Lost Time Injury Frequency Rate (LTIFR) at August 2018
was 0,06 (Feb 2018: 0,11) and the Recordable Case Rate (RCR) was 0,37 (Feb 2018: 0,54).
Outlook and strategy
As has already been widely reported, the South African construction market remains at an historic low. A continuing
slowdown in construction activity coupled with an aggressive contracting environment will result in operating profit
margins remaining under pressure in the short to medium term.
The group has improved to a level 2 Broad-Based Black Economic Empowerment contributor measured in terms of the
new Construction Sector scorecard. Notwithstanding, there is increasing pressure from the local market to improve our
level of black ownership. The group is assessing various options in order to address this requirement.
The group's order book has reduced to R12,8 billion from R14,3 billion since the last report. In the short term there are
opportunities in the local market which include surface mining related services, selected open pit mining contracts, urban
developments, petrochemical tank farms, smaller oil and gas projects, pipelines, water and sanitation treatment plants as
well as warehouses and some design and construct opportunities in the building sector.
Uncertainty exists with respect to the recently announced Government Stimulus Package. Depending on the detail relating
to its implementation, this could create opportunities for various divisions within the group.
Cross-border opportunities exist in road and bridge construction, bulk pipelines, marine and mixed-use building projects
and will be prudently considered.
Our multi-disciplinary and geographically diversified business structure continues to enable the group to remain a
strong competitor in the markets in which it operates. The group also continues to seek opportunities both in Southern
Africa and, on a more selective basis, further afield in sub-Saharan Africa. With the challenges being experienced in
construction markets, management constantly reviews and aligns each business unit and its respective divisions to
ensure their ongoing sustainability.
Industry related matters
With respect to the civil claim received from the City of Cape Town (Green Point Stadium), a trial date has been set for
the first quarter of 2020. The group remains confident it can defend this claim.
The group's results have been negatively affected by the disruptive activities of certain communities and the emergence
of informal business forums in certain areas of South Africa where we operate.
Dividend declaration
Notice is hereby given that no dividend will be declared (Aug 2017: Nil).
Subsequent events
Other than the matters noted above, there were no other material reportable events which occurred between the
reporting date and the date of this announcement.
Changes and proposed changes to the board of directors
Mafika Mkwanazi retired by rotation at the company's Annual General Meeting and did not offer himself for re-election.
The Board expresses its appreciation to Mafika for his valued contributions and guidance over the years and wishes him
all the best for the future.
In line with the announcement released on SENS on 28 June 2018, shareholders are reminded of the following proposed
changes to the board:
- Kevin Eborall will retire as board chairman and a director with effect from 31 May 2019. Zanele Matlala, currently
chairman of the Audit, Governance and Risk Committee, will be appointed as board chairman on 1 June 2019 and at
the same time step down as chairman of this committee.
- Willie Meyburgh will retire from Stefanutti Stocks as CEO on 31 May 2019. Russell Crawford, currently CEO Designate
reporting to CEO Willie, will be appointed as CEO and director of the company with effect from 1 June 2019.
Appreciation
We would like to thank the board, the management team and all of our employees for their continuous commitment and
dedication in this challenging environment. We also express our gratitude to our customers, suppliers, service providers
and shareholders for their ongoing support.
On behalf of the board
Kevin Eborall Willie Meyburgh
Chairman Chief Executive Officer
Published on 8 November 2018
Directors
Non-executive directors
KR Eborall (#) (Chairman), HJ Craig (#), ZJ Matlala (#), B Harie (#), B Silwanyana (#), J Poluta (alternate to B Silwanyana), DG Quinn
(#) Independent
Executive directors
W Meyburgh (Chief Executive Officer), AV Cocciante (Chief Financial Officer)
Registered office
Protec Park, Corner Zuurfontein Avenue and Oranjerivier Drive, Chloorkop, 1619
(PO Box 12394, Aston Manor, 1630)
Corporate advisor and sponsor
Bridge Capital Advisors Proprietary Limited
50 Smits Road, Dunkeld, Illovo, 2196
(PO Box 651010, Benmore, 2010)
Transfer secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)
Auditors
Mazars
Mazars House, 54 Glenhove Road, Melrose Estate, Johannesburg, 2196
(PO Box 6697, Johannesburg, 2000)
Company secretary
W Somerville
20 Lurgan Road, Parkview, 2193
This announcement together with the investor presentation is available
on the company's website.
www.stefanuttistocks.com
Date: 08/11/2018 07:05:00 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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