To view the PDF file, sign up for a MySharenet subscription.

PPC LIMITED - Reviewed Condensed Consolidated Financial Statements

Release Date: 27/06/2019 17:30
Code(s): PPC PPC003     PDF:  
 
Wrap Text
Reviewed Condensed Consolidated Financial Statements

PPC Ltd 
(Incorporated in the Republic of South Africa) 
(PPC or company or group)
Company registration number: 1892/000667/06 
JSE code: PPC
JSE ISIN: ZAE 000170049 
ZSE code: PPC
JSE code: PPC003
JSE ISIN: ZAG000117524

REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL HIGHLIGHTS
- Headline earnings per share increased 33% to 20 cents
- Basic earnings per share up 60% at 16 cents
- Group revenue increased 1% to R10,4 billion
- Group reported EBITDA increased by 4% to R1,9 billion
- Group overheads reduced by 19% or R260 million

COMMENTARY
Johan Claassen, CEO, said: "PPC has been able to produce a solid set of results, by delivering on its strategic
priorities. The group has been successful in executing on its FOH-FOUR strategic priorities, with key focus areas being
financial, operational, human capital and customers. This has resulted in significant cost savings, as part of our R70/tonne
savings initiatives. These actions will position the group well for the future. In the Rest of Africa (RoA), the Zimbabwe
results were impacted by the change in functional currency, which reduced revenue and EBITDA contributions. Pleasingly,
the Democratic Republic of Congo (DRC) business achieved positive EBITDA in a challenging market. In Rwanda, the
business achieved increased output benefiting from the debottlenecking in the first half of the financial year. Positive free
cash flow generated was used to repay debt obligations, which remained within targeted levels. The group's liquidity
position was well managed with a smoother debt maturity profile". 

Johannes Theodorus Claassen
Chief executive officer

MAJOR ACHIEVEMENTS IN THE year
- Group overheads reduced by 19% or R260 million
- Group EBITDA increased by 4% to R1,9 billion
- DRC contributed EBITDA of R108 million 
- EBITDA cash conversion ratio 1,0 times

GROUP PERFORMANCE 
Group revenue increased by 1% to R10 409 million (March 2018: R10 271 million) supported by a 1% increase in overall
cement volumes to 5,9 million tonnes. 

Cost of sales increased by 6% to R8 399 million (March 2018: R7 924 million) compared with the previous year. The
higher cost of sales is attributed to DRC, southern Africa cement and the materials division. The southern African cement
and materials businesses experienced above inflation input cost pressures, as well as once-off unplanned maintenance
costs. The DRC was fully accounted for in the period for the first time. The business benefited from the restructuring 
of the PPC head office and the R70/tonne cost savings initiatives in southern Africa. Group overheads decreased significantly
by 19%, resulting in a cost reduction of R260 million. As a result, group EBITDA increased by 4% to R1 946 million
(March 2018: R1 880 million) at an EBITDA margin of 18,7% (March 2018: 18,3%). In addition, the DRC business made a 
positive EBITDA contribution of R108 million. 

Finance costs increased marginally by 1% to R681 million (March 2018: R675 million). Lower finance charges in South
Africa were offset by higher finance costs in RoA. South Africa's finance costs decreased by 31% to R234 million (March
2018: R337 million), while RoA's finance costs increased by 33% to R447 million (March 2018: R338 million). The DRC
accounted for the majority of the increase in RoA finance charges. 

Taxation declined by 97% to R6 million in the current year (March 2018: R205 million).

The basic earnings per share of 16 cents per share was outside the previously published range as reported on 21 June 2019, 
due to the fair value loss on the Zimbabwe government bonds.

Net movement in cash and cash equivalents excluding the investment in government bonds and the stock market of 
R324 million in Zimbabwe, was an inflow of R126 million (March 2018: outflow of R59 million). This was aided by improved
working capital management which resulted in a release of R63 million, and a 54% reduction in cash taxation paid of 
R151 million (March 2018: R330 million). Capital investments in property, plant and equipment decreased by 16% to 
R773 million (March 2018: R921 million). 

Gross debt increased from R4 682 million in March 2018 to R5 002 million at the end of March 2019. Rand weakness
increased gross debt by R630 million. Net debt to EBITDA for March 2019 was 2,3 times (March 2018: 2,0 times). Excluding 
the investment of R324 million in government bonds and the Zimbabwe Stock Market, net debt to EBITDA would have been 
2,2 times, which is within target range.
 
CEMENT SOUTHERN AFRICA
In southern Africa (including Botswana), cement volumes declined by 2% to 3%. Volume declines were experienced in
South Africa against the backdrop of a challenging market, where both the consumer segment and construction industry came
under pressure. Cement imports increased by 84% to 1,0 million tonnes for calendar year 2018, albeit off a relatively low
base. Imports received via Durban increased by 89% to more than 600 000 tonnes, while imports received in the Cape rose
by 48% to 209 000 tonnes. Continued increase in the production of blended product contributed to a more competitive
inland market. 

Realised average selling prices for southern Africa increased by 1% to 2%, as the business continued with its drive of
increasing cement prices to recover operational costs. Selling prices were increased by 8 to 12% in January 2019. The
full benefit is expected to be realised in the new financial year. 

Overall, revenue for Cement southern Africa declined by 1% to R5 431 million (March 2018: R5 499 million).

Cost of sales rose by 6%, driven primarily by a 10% increase in distribution costs on a per tonne basis. This was a
result of a 30% increase in fuel prices for the period under review. All other production costs were well controlled
within the 5% to 7% range. 

The combination of lower revenue growth and an increase in costs resulted in EBITDA contracting by 20% to R957 million
(March 2018: R1 200 million) and margins declining from 21,8% to 17,6%. Non-recurring items relating to commissioning
of SK9 and the unplanned Dwaalboom shutdown amounted to R78 million. Excluding these non-recurring items the
like-for-like EBITDA margins were 19%.

The business has made good progress in terms of the R70/tonne saving initiatives. Cumulatively, the business has
achieved R60/tonne in savings since October 2017. This comprises R40/tonne in cost efficiencies and R20/tonne in 
overhead reduction. PPC will continue to drive operational cost efficiencies in order to achieve targeted savings. 

MATERIALS BUSINESS
The materials business remains an integral part of the cement route-to-market strategy. Revenue increased by 7% to 
R2 152 million (March 2018: R2 010 million) and the business generated EBITDA of R140 million (March 2018: R192 million).

Lime 
The lime division grew revenue by 4% to R834 million (March 2018: R801 million), with higher prices in certain
products compensating for volume declines of 6%. Lime has significant exposure to the steel and allied sectors, where 
volumes remain constrained. EBITDA contracted by 9% to R123 million (March 2018: R135 million), due to lower volumes, 
higher input costs and higher maintenance costs. 

Aggregates and readymix
Revenue increased by 9% to R1 318 million (March 2018: R1 209 million), supported by higher prices and marginally
improved volumes in all segments. EBITDA contracted to R17 million (March 2018: R57 million), due to higher fuel and
maintenance costs. The market remains competitive due to a muted construction industry. 

REST OF AFRICA CEMENT
Revenue increased by 2% to R2 826 million (March 2018: R2 762 million) on volume growth of 10%. Volumes were supported
by ramp up of DRC and positive contribution from Rwanda post the debottlenecking in the first half of the financial
year. The difficult trading conditions in Zimbabwe had an adverse impact on overall volume growth and price realisation.
EBITDA increased by 10% to R810 million (March 2018: R736 million), and EBITDA margins improved from 26,7% to 28,7%.
Non-recurring items relating to the CIMERWA debottlenecking amounted to R100 million. Excluding this amount, EBITDA 
margins are within the guidance range of 30% to 35%. 

Zimbabwe
The published results for PPC Zimbabwe for the first half of the 2019 financial year were based on an exchange rate of
1RTGS$:1US$. The reported results of PPC Zimbabwe being consolidated in PPC group from 1 October 2018 to March 2019,
were based on the commercial exchange rate of 3,5RTGS$:1US$. 

Revenue declined by 20% to R1 447 million (March 2018: R1 813 million) against the backdrop of a weaker cement market,
clinker shortages and a depreciation in the functional currency in the second half of the financial year. The
successful implementation of our route-to-market strategy has enabled PPC to offset some of these headwinds, with 
volumes declining by 5%. 

EBITDA contracted by 20% to R461 million (March 2018: R573 million), however, margins were maintained at 32%. PPC
Zimbabwe is operationally self-sufficient and continues to drive local procurement and exports to reduce forex 
requirements.

PPC Zimbabwe continues to service its debt obligations with in-country cash resources. Legacy debt has been registered
with the Reserve Bank of Zimbabwe and will be settled on a 1:1 basis. Management has implemented contingency measures
to mitigate the impact of the liquidity challenges.

Rwanda 
CIMERWA achieved revenue growth of 10% to R885 million (March 2018: R804 million) on the back of a 5% increase in
volumes. Revenues were supported by higher realised cement prices in US dollar. EBITDA declined by 9% to R246 million 
(March 2018: R270 million). EBITDA was impacted by the planned shutdown as a result of the debottlenecking, and additional
costs related to clinker imports during the shutdown period. This resulted in a non-recurring EBITDA impact of
approximately R100 million. Clinker production returned to normalised levels following the completion of phase 1 of 
the project, and the debottlenecking will allow for higher capacity utilisation going forward. 

The outlook for economic growth remains positive, with forecast GDP growth of more than 7% in 2019, supported by all
major economic sectors. CIMERWA remains well positioned to benefit from growth in the region. 

DRC
PPC Barnet achieved revenue of R494 million in the period (March 2018: R144 million), driven by a ramp up in
production output. Route-to-market initiatives supported the company in achieving a market share of 25% to 30% for the 
period. Pricing remains constrained due to overcapacity and muted demand. The company achieved an EBITDA of R108 million 
(March 2018: R(105) million), at a margin of 22%. EBITDA benefited from stringent cost control and entrenchment of
route-to-market strategies. 

The post-election backdrop should create a platform to unlock latent cement demand. Economic GDP growth in the DRC is
projected to increase by 4,3% in 2019, primarily supported by mining activity. 

Ethiopia
Habesha, which is still in the ramp-up phase, reported an equity-accounted loss of R67 million for the period. While
Habesha achieved volumes of more than 500 000 tonnes, the business performance was constrained by sub-optimal plant
performance and pricing challenges. A quick results action plan is being implemented to resolve the operational challenges. 

Ethiopia remains a compelling investment proposition for PPC in the long term, supported by low cement per capita
consumption and higher projected GDP growth rates of above 7%. 

OUTLOOK
The operating environment in South Africa remains challenging, given weak demand and competitive pressures. PPC is
committed to achieving sustainable price increases, optimising operational efficiencies and a reduction in financial
leverage. In addition, PPC will continue to focus on achieving its R70/tonne profitability initiatives and continue to  
assess opportunities to refine our network and optimise our support structure. 

In Zimbabwe, the business continues to focus on cash preservation, self-sufficiency and optimising operations. In
Rwanda, CIMERWA is expected to capitalise on the investment to expand capacity, with an anticipated growth in output. 
The ramp up in the DRC continues, with a focus on maximising EBITDA. PPC Barnet remains well positioned to take advantage 
of growth in that market.

DIVIDEND
The board has decided not to declare a dividend to shareholders. 

RESULTS PRESENTATION
PPC will be hosting an analyst's results presentation today in Johannesburg at the JSE Auditorium, 1 Exchange Square,
2 Gwen Lane, Sandown at 10:00 SAST. The presentation will be webcast live and can be accessed via
https://www.corpcam.com/PPC28062019. The results presentation and a copy of this announcement will be 
available on the company's website www.ppc.africa.

Sandton
27 June 2019

Sponsor
Merrill Lynch South Africa (Pty) Ltd

PPC
Anashrin Pillay 
Head investor relations
Tel: +27 (0) 11 386 9000

Financial communications adviser
Instinctif Partners
Gift Dlamini
Tel: +27 (0) 11 050 7536


REVIEWED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2019
                                                                       Year ended        Year ended                  
                                                                         31 March          31 March                  
                                                                             2019              2018                 
                                                                         Reviewed           Audited            %    
                                                        Notes                  Rm                Rm       change    
Revenue                                                     2              10 409            10 271            1    
Cost of sales                                                               8 399             7 924            6    
Gross profit                                                                2 010             2 347          (14)    
Administrative and other operating expenditure                              1 083             1 343          (19)    
Operating profit before item listed below:                                    927             1 004           (8)    
Empowerment transactions IFRS 2 charges                                        33                48                 
Operating profit                                                              894               956           (6)    
Fair value and foreign exchange (loss)/gains              3.1                  (9)              143                 
Finance costs                                               4                 681               675            1    
Investment income                                                              95                52                 
Profit before equity-accounted earnings                                       299               476          (37)    
Loss from equity-accounted investments                                        (67)              (60)                 
Impairments                                                 5                 (82)             (174)                 
Profit before taxation                                                        150               242          (38)    
Taxation                                                    6                   6               205          (97)    
Profit for the year                                                           144                37          289    
Attributable to:                                                                                                    
Shareholders of PPC Ltd                                                       235               149           58    
Non-controlling interests                                                     (91)             (112)          19    
Other comprehensive profit/(loss), net of taxation                                                                  
Items that will be reclassified to profit or loss                           1 304              (598)         318    
Translation of foreign operations                         3.2               1 304              (598)         318    
Total comprehensive profit/(loss)                                           1 448              (561)                 
Attributable to:                                                                                                     
Shareholders of PPC Ltd                                                     1 453              (347)         519    
Non-controlling interests                                                      (5)             (214)          98    
EARNINGS PER SHARE (CENTS)                                  7                                                       
Basic                                                                          16                10           60    
Diluted                                                                        16                10           60    


REVIEWED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 March 2019
                                                                                       31 March         31 March    
                                                                                           2019             2018*    
                                                                                       Reviewed          Audited     
                                                                         Notes               Rm               Rm    
ASSETS                                                                                                              
Non-current assets                                                                       14 776           12 910    
Property, plant and equipment                                                8           12 587           11 393    
Goodwill                                                                     9              236              230    
Other intangible assets                                                     10              558              557    
Equity-accounted investments                                                                149              182    
Other non-current assets*                                                   11              333              297    
Financial assets*                                                           11              582                6    
Deferred taxation assets                                                    17              331              245    
Non-current assets held for sale                                            12               92               34    
Current assets                                                                            3 071            3 262    
Inventories                                                                               1 276            1 182    
Trade and other receivables*                                                13            1 166            1 151    
Taxation receivable*                                                                        177               93    
Cash and cash equivalents                                                   14              452              836    
Total assets                                                                             17 939           16 206    
EQUITY AND LIABILITIES                                                                                              
Capital and reserves                                                                                                
Stated capital                                                              15            3 943            3 984    
Other reserves                                                                            2 251              967    
Retained profit                                                                           3 031            2 817    
Equity attributable to shareholders of PPC Ltd                                            9 225            7 768    
Non-controlling interests                                                                   115              120    
Total equity                                                                              9 340            7 888    
Non-current liabilities                                                                   5 739            5 909    
Provisions                                                                  16              427              526    
Deferred taxation liabilities                                               17              955            1 042    
Long-term borrowings                                                        18            4 064            4 079    
Other non-current liabilities                                               19              293              262    
Current liabilities                                                                       2 860            2 409    
Short-term borrowings                                                       18              938              603    
Trade and other payables*                                                   20            1 919            1 735    
Taxation payable*                                                                             3               71    
Total equity and liabilities                                                             17 939           16 206    
* Represented for enhanced disclosure.


REVIEWED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2019
                                                                                     Year ended       Year ended     
                                                                                       31 March         31 March     
                                                                                           2019             2018    
                                                                                       Reviewed          Audited     
                                                                         Notes               Rm               Rm    
Cash flow from operating activities                                                                                 
Operating cash flows before movements in working capital                                  1 917            1 889    
Working capital movements                                                                    63              411    
Cash generated from operations                                                            1 980            2 300    
Finance costs paid                                                                         (618)            (592)    
Investment income received                                                                   46               52    
Taxation paid                                                                              (151)            (330)    
Cash available from operations                                                            1 257            1 430    
Dividends paid                                                                               (4)               -    
Net cash inflow from operating activities                                                 1 253            1 430    
Cash flow from investing activities                                                                                 
Acquisition of additional shares in an equity-accounted investment                            -              (42)    
Investment in Zimbabwe government bonds                                                    (310)               -    
Investment in Zimbabwe Stock Market                                                         (14)               -    
Investment in intangible assets                                                             (24)              (6)    
Investment in property, plant and equipment                                                        
(adjusted for capital expenditure accruals)                                                (773)            (921)    
Proceeds from disposal of property, plant and equipment                                       9               29    
Other investing activities                                                                   12               28    
Net cash outflow from investing activities                                               (1 100)            (912)    
Cash flow from financing activities(a)                                                                              
Net borrowings repaid before repayment of the notes                         18             (290)            (597)    
Proceeds from the sale of shares held by consolidated BBBEE entity                            -               36    
Purchase of PPC Ltd shares in terms of the FSP share incentive sche         15              (41)             (16)    
Repayment of notes                                                                          (20)               -    
Net cash outflow from financing activities                                                 (351)            (577)    
Net movement in cash and cash equivalents                                                  (198)             (59)    
Cash and cash equivalents at the beginning of the year                                      836              990    
Exchange rate movements on opening cash and cash equivalents                               (186)             (95)    
Cash and cash equivalents at the end of the year                                            452              836    
(a) In 2019, the non-cash changes on borrowings amounted to R621 million arising from unfavourable 
    unrealised foreign exchange differences. Refer note 24 for the relevant currency conversions.


REVIEWED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2019
                                                    Other reserves
                                           Foreign                                                    Equity
                                          currency   Movement in         Equity              attributable to           Non-             
                              Stated   translation     financial   compensation   Retained      shareholders    controlling    Total    
                             capital       reserve         asset        reserve     profit        of PPC Ltd      interests   equity     
                                  Rm            Rm            Rm             Rm         Rm                Rm             Rm       Rm    
Balance at 31 March 2017                                                                                                     
(audited)                      3 919           891            14            559      2 668             8 051            334    8 385    
IFRS 2 charges                     -             -             -             72          -                72              -       72    
Sale of shares, treated                                                                                                      
as treasury shares, by                                                                                                       
consolidated BBBEE entity         64             -             -              -          -                64              -       64    
Shares purchased in terms of                                                                                                 
FSP incentive scheme treated                                                                                                 
as treasury shares               (72)            -             -              -          -               (72)             -      (72)    
Total comprehensive                                                                                                          
(loss)/income                      -          (496)            -              -        149              (347)          (214)    (561)    
Vesting of shares held                                                                                                       
by certain BBBEE 1 entities       73             -             -            (73)         -                 -              -        -    
Balance at 31 March 2018                                                                                                     
(audited)                      3 984           395            14            558      2 817             7 768            120    7 888    
Adjustment as a result of                                                                                                   
new standards adopted during                                                                                                 
the year (note 1)                  -             -             -              -        (17)              (17)             -      (17)   
Balance at 1 April 2018        3 984           395            14            558      2 800             7 751            120    7 871    
Dividends declared                 -             -             -              -         (4)               (4)             -       (4)    
IFRS 2 charges                     -             -             -             72          -                72              -       72    
Shares distributed to                                                                                                        
BBBEE 1 beneficiaries              -             -             -             (6)         -                (6)             -       (6)    
Shares purchased in terms                                                                                                    
of FSP incentive scheme                                                                                                      
treated as treasury shares       (41)            -             -              -          -               (41)             -      (41)    
Total comprehensive                                                                                                          
income/(loss)                      -         1 218             -              -        235             1 453             (5)   1 448    
Balance at 31 March 2019                                                                                                     
(reviewed)                     3 943         1 613            14            624      3 031             9 225            115    9 340    


SEGMENTAL INFORMATION
for the year ended 31 March 2019
The group discloses its operating segments according to the business units which are reviewed by the group 
executive committee who are also the chief operating decision-makers for the group. The group executive committee 
comprises executive directors. The operating segments are initially identified based on the products produced and 
sold and then per geographical location. The key operating segments are southern Africa cement, 
Rest of Africa cement, lime, aggregates and readymix and group shared services.
                                                                                       Cement                            
                                                          Consolidated      Southern Africa(a)      Rest of Africa(b)    
                                                     31 March  31 March     31 March  31 March     31 March   31 March   
                                                         2019      2018         2019      2018         2019       2018   
                                                     Reviewed   Audited     Reviewed   Audited     Reviewed    Audited   
                                                           Rm        Rm           Rm        Rm           Rm         Rm   
Revenue                                                                                                                  
Gross revenue                                          10 683    10 524        5 643     5 704        2 826      2 762   
Intersegment revenue(d)                                  (274)     (253)        (212)     (205)                      -   
Total revenue(e)                                       10 409    10 271        5 431     5 499        2 826      2 762   
Operating profit before item listed below                 927     1 004          570       827          331        389   
Empowerment transactions                                                                                                 
IFRS 2 charges                                             33        48            -         -            2          2   
Operating profit                                          894       956          570       827          329        387   
Fair value and foreign exchange (loss)/gains               (9)      143           10       (19)          (6)       (69)  
Finance costs                                             681       675          222       265          447        338   
Investment income                                          95        52           61        42           64         18   
Profit before equity-accounted earnings                   299       476          419       585          (60)        (2)  
Earnings from equity-accounted investments                (67)      (60)           -         -          (67)       (61)  
Impairments                                               (82)     (174)         (82)       11            -       (168)  
Profit before taxation                                    150       242          337       596         (127)      (231)  
Taxation                                                    6       205         (122)      202            7         34   
Profit/(loss) for the year                                144        37          459       394         (134)      (265)  
Attributable to:                                                                                                         
Shareholders of PPC Ltd                                   235       149          459       394          (43)      (153)  
Non-controlling interests                                 (91)     (112)           -         -          (91)      (112)  
                                                          144        37          459       394         (134)      (265)  
Basic earnings per share (cents)                           16        10           30        26           (3)       (10)  
Depreciation and amortisation                           1 019       876          387       373          479        347   
EBITDA(f)                                               1 946     1 880          957     1 200          810        736   
EBITDA margin (%)                                        18,7      18,3         17,6      21,8         28,7       26,7   
Assets                                                                                                                   
Non-current assets                                     14 776    12 910        4 405     4 272        8 427      6 817   
Non-current assets held for sale                           92        34            -         -           92         34   
Current assets                                          3 071     3 262        1 371     1 235        1 109      1 375   
Total assets                                           17 939    16 206        5 776     5 507        9 628      8 226   
Investments in property, plant and equipment              817       801          572       460          143        235   
Liabilities                                                                                                              
Non-current liabilities                                 5 739     5 909        2 137     2 181        6 032      5 608   
Current liabilities                                     2 860     2 409        1 069       796        1 330      1 186   
Total liabilities                                       8 599     8 318        3 206     2 977        7 362      6 794   
Capital commitments (refer note 21)                       321       596          262       482           17         49   
(a) Southern Africa comprises South Africa and Botswana.
(b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross-border sales from Southern Africa.
(c) Group services and other comprises group shared services, BEE and group eliminations.
(d) All sales are concluded at an arm's length. Segments are disclosed net of intersegment revenue.
(e) Revenue from external customers generated by the group's material foreign operations is as follows:
    Botswana R516 million (2018: R438 million) 
    DRC R494 million (2018: R144 million)      
    Rwanda R885 million (2018: R804 million)     
    Zimbabwe R1 447 million (2018: R1 813 million).
(f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges, depreciation, amortisation, 
    financial charges and taxation.
    
                                                                  Materials business
                                                             Lime          Aggregates and readymix  Group services and other(c)
                                                     31 March   31 March     31 March   31 March     31 March   31 March    
                                                         2019       2018         2019       2018         2019       2018     
                                                     Reviewed    Audited     Reviewed    Audited     Reviewed    Audited     
                                                           Rm         Rm           Rm         Rm           Rm         Rm    
Revenue                                                                                                                     
Gross revenue                                             896        849        1 318      1 209            -          -    
Intersegment revenue(d)                                   (62)       (48)           -          -            -          -    
Total revenue(e)                                          834        801        1 318      1 209            -          -    
Operating profit before item listed below                  86         95          (63)       (22)           3       (285)    
Empowerment transactions                                                                                       
IFRS 2 charges                                              -          -            -          -           31         46    
Operating profit                                           86         95          (63)       (22)         (28)      (331)    
Fair value and foreign exchange (loss)/gains                -          1            3         (1)         (16)        231    
Finance costs                                              38         24           27         20          (53)        28    
Investment income                                          22         18           17         15          (69)       (41)    
Profit before equity-accounted earnings                    70         90          (70)       (28)         (60)      (169)    
Earnings from equity-accounted investments                  -          -            -          -            -          1    
Impairments                                                 -          -            -        (17)           -          -    
Profit before taxation                                     70         90          (70)       (45)         (60)      (168)    
Taxation                                                   17         24           (9)        18          113        (73)    
Profit/(loss) for the year                                 53         66          (61)       (63)        (173)       (95)    
Attributable to:                                                                                                            
Shareholders of PPC Ltd                                    53         66          (61)       (63)        (173)       (95)    
Non-controlling interests                                   -          -            -          -            -          -    
                                                           53         66          (61)       (63)        (141)       (95)    
Basic earnings per share (cents)                            4          4           (4)        (4)         (11)        (6)    
Depreciation and amortisation                              37         40           80         79           36         37    
EBITDA(f)                                                 123        135           17         57           39       (248)    
EBITDA margin (%)                                        14,8       16,8          1,3        4,7                            
Assets                                                                                                                      
Non-current assets                                        309        309          629        672        1 006        840    
Non-current assets held for sale                            -          -            -          -            -          -    
Current assets                                            245        214          324        327          (22)       111    
Total assets                                              554        523          953        999        1 028        951    
Investments in property, plant and equipment               46         41           37         48           19         17    
Liabilities                                                                                                                 
Non-current liabilities                                    11         32          345        264       (2 786)    (2 176)    
Current liabilities                                       129         83          164        170          168        174    
Total liabilities                                         140        115          509        434       (2 618)    (2 002)    
Capital commitments (refer note 21)                         1          2            3         38           38         25    
(a) Southern Africa comprises South Africa and Botswana.
(b) Rest of Africa comprises Zimbabwe, Rwanda, DRC, Mozambique and cross-border sales from Southern Africa.
(c) Group services and other comprises group shared services, BEE and group eliminations.
(d) All sales are concluded at an arm's length. Segments are disclosed net of intersegment revenue.
(e) Revenue from external customers generated by the group's material foreign operations is as follows:
    Botswana R516 million (2018: R438 million) 
    DRC R494 million (2018: R144 million)      
    Rwanda R885 million (2018: R804 million)     
    Zimbabwe R1 447 million (2018: R1 813 million).
(f) EBITDA is defined as operating profit before empowerment transactions IFRS 2 charges, depreciation, amortisation, 
    financial charges and taxation.


NOTES TO THE REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2019 

1.  BASIS OF PREPARATION
    The reviewed condensed consolidated financial statements are prepared in accordance with the provisions  
    of the JSE Limited Listings Requirements for provisional reports, and the Companies Act of South Africa. 
    The Listings Requirements require the provisional reports to be prepared in accordance with the framework 
    concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS) 
    and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements 
    as issued by Financial Reporting Standards Council, and contain at a minimum the requirements of IAS 34: Interim 
    Financial Reporting. The accounting policies applied in the preparation of the reviewed condensed consolidated 
    financial statements were derived in terms of IFRS. These reviewed condensed consolidated financial statements 
    do not include all the information required for the full consolidated annual financial statements.

    The accounting policies and methods of computation used are consistent with those used in the preparation 
    of the consolidated annual financial statements for the year ended 31 March 2018, except where the group 
    has adopted new or revised accounting standards, amendments and interpretations, including the consequential 
    amendment of those standards to other standards, which became effective during the period under review.

    New standards, amendments to standards and interpretations adopted in the current financial period
    IFRS 9 Financial Instruments
    The standard became effective in the current reporting year requiring the group to make adjustments to 
    retained earnings as a result of adopting the standard.

    The impact of the adoption of this standard and the new accounting policy is disclosed below.

    IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for 
    the annual periods beginning on or after 1 January 2018, bringing together all three aspects of the 
    accounting for financial instruments: classification and measurement, impairment and hedge accounting.

    The Group has applied IFRS 9 modified retrospective approach, with the initial application date of 
    1 April 2018 with no adjustments to comparative information for the period beginning 1 April 2017.
    The effect of adopting IFRS 9 resulted in a R17 million net decrease in opening equity balances.

    The change did not have a material impact on the group's operating, investing and financing cash flows.

    (a) Classification and measurement
    Under IFRS 9, debt instruments are subsequently measured at fair value through profit or loss, amortised 
    cost, or fair value through other comprehensive income. The classification is based on two criteria: the 
    group's business model for managing the assets; and whether the instruments' contractual cash flows 
    represent "solely payments of principal and interest" on the principal amount outstanding.

    The assessment of the group's business model was made as of the date of initial application, 
    1 April 2018, and then applied retrospectively to those financial assets that were not derecognised 
    before 1 April 2018. The assessment of whether contractual cash flows on debt instruments which solely 
    comprised principal and interest was made based on the facts and circumstances as at the initial 
    recognition of the assets. Investment in government bonds, trade receivables and other loan receivables 
    previously classified as loans and receivables are held to collect contractual cash flows and give rise 
    to cash flows representing solely payments of principal and interest. These are now classified and 
    measured as debt instruments at amortised cost.

    There are no changes in classification and measurement for the group's financial liabilities.

    (b) Impairment
    The adoption of IFRS 9 has fundamentally changed the group's accounting for impairment losses for 
    financial assets by replacing IAS 39's incurred loss approach with a forward looking expected credit loss 
    (ECL) approach. IFRS 9 requires the group to recognise an allowance for ECLs for all debt instruments not 
    held at fair value through profit or loss and contract assets.

    Upon the adoption of IFRS 9, on 1 April 2018, the group recognised additional impairment of R23 million, 
    predominately relating to the ECL on trade receivables. This resulted in a net decrease in equity of 
    R17 million (post-tax) as at 1 April 2018.

    Refer note 11, 13 and 14 for ECL assessment performed as at 31 March 2019.

    IFRS 15 Revenue from Contracts with Customers
    On 1 April 2018 the group implemented IFRS 15 Revenue from Contracts with Customers which replaced 
    IAS 18 Revenue. Revenue comprises the consideration received or receivable on contracts entered into with 
    customers in the ordinary course of the entity's activities. Revenue is shown net of taxes, cash discounts, 
    settlement discounts and rebates given to customers. Revenue is recognised as the amount of the transaction 
    prices allocated to each performance obligation and this is determined by the amount that depicts the 
    consideration to which the entity expects to be entitled in exchange for transferring the goods and 
    services promised to the customer.

    Revenue is recognised on the sale of goods when control is transferred to the customer. Revenue from 
    providing services is recognised when the service has been performed.

    The group aligned its measurement and recognition principles of revenue with that of IFRS 15 upon adoption. 
    There is no material impact on the measurement and recognition of revenue.

    New standards, amendments to standards and interpretations to be adopted in the next financial period
    IFRS16 Leases is effective for years commencing on or after 1 January 2019. The standard will be adopted 
    by the PPC group for the financial reporting period commencing 1 April 2019. The group has completed an 
    initial assessment of the potential impact of the adoption of IFRS 16 on its consolidated financial 
    statements.

    IFRS 16 requires a lessee to recognise a right-of-use asset and lease obligations for all leases except 
    for short-term leases, or leases of low-value assets which the leases may be treated similarly to 
    operating leases under the current standard IAS 17 if the exceptions are applied. A lessee measures 
    its lease obligation at the present value of future lease payments, and recognises a right-of-use asset 
    initially measured at the same amount as the lease obligation including costs directly related to entering 
    into the lease. Right-of-use assets are subsequently treated in a similar way to other assets such as 
    property, plant and equipment or intangible assets dependent on the nature of the underlying item.

    PPC group has various rental agreements in place. In accordance with the above, right-of-use assets and 
    lease obligations (liabilities) associated to these rentals would be recognised in the statement of 
    financial position.                                                                           

    The group currently recognises the rental expense of the properties on a straight-line basis over the 
    lease term. Upon the adoption of IFRS 16, the group's operating lease charge in profit or loss will be
    replaced by a depreciation charge in respect of the corresponding right-of-use assets, as well as an 
    interest charge relating to the respective lease liabilities, which may in aggregate be different to 
    the current operating lease charge.                                                                           

    PPC group will account for all leases under a single on-balance sheet model in a similar manner to 
    finance leases under IAS 17, with the exception of the short-term and low-value leases. The group has 
    prepared an impact assessment on each subsidiary.

    Based on the assessment performed, the estimated impact of IFRS 16 on the group's 2020 financial year-end
    will be the following:                                                                            
    - The group will recognise a potential right-of-use asset of R92 million and a corresponding lease liability 
      of R92 million                                                                           
    - The group will be required to separately recognise the interest expense on the lease liability and the 
      depreciation expense on the right-of-use asset. PPC group will potentially recognise depreciation of 
      R22 million and an interest expense of R10 million. The depreciation of the asset is based on the lower 
      of the remaining lease period or the useful life of the asset

    Management continues to assess the implications of the remaining insignificant individual leases in which 
    the group is the lessee, which may cause the final impact to differ from the estimates provided above.

    Change in accounting estimate
    During the year, the group reassessed the useful lives of its property, plant and equipment as required 
    by IAS 16 Property, Plant and Equipment. The useful lives of the assets were adjusted to reflect more 
    appropriately the pattern of the consumption of the future economic benefits embodied in the assets 
    concerned. In accordance with IAS 16 Property, Plant and Equipment, this reassessment represents a change 
    in an accounting estimate and is therefore applied prospectively in terms of IAS 8 Accounting Policies, 
    Changes in Accounting Estimates and Errors. The impact of the change in applying the adjusted useful 
    lives for the year ended 31 March 2019 is a decrease in the depreciation expense of R17 million.

    All monetary information and figures presented in these financial statements are stated in rand, unless 
    otherwise indicated.

    Going concern
    At year-end, current assets of R3 071 million (2018: R3[ 262 million) exceeded current liabilities of 
    R2 860 million (2018: R2 409 million) by R211 million (2018: R853 million).

    PPC's cash flows are under pressure due to the economic environment PPC operates in as well as pricing 
    pressures in the South African market.

    Group debt position has increased since the beginning of the financial year mainly due to the weaker 
    rand/dollar closing exchange rate which was R14,42 (March 2018: R11,82).

    To mitigate the liquidity risk, management has adopted the following risk management plan:
    - Refinancing maturing debt and increasing loan facilities from R2,4 billion to R3,1 billion. The loan 
      facility of R700 million has been approved by the lenders. At the end of this report the group had 
      committed borrowing facilities of R2,4 billion and 70% (2018: 72%) of these facilities were
      utilised. In total, R731 million of the committed borrowing facilities were unutilised at the 
      reporting date. These numbers exclude project funding in Rwanda, DRC and Zimbabwe
    - The R3 billion facility, as well as the cost saving measures that the group is currently exploring 
      provides additional headroom
    - Negotiation of the DRC debt to reschedule the capital repayments for a further two years are in 
      progress with the lenders
    - The covenant ratio target for group debt to EBITDA has been favourably amended and confirmed by a 
      revised agreement between PPC and the lenders
    - Improved debtors collection measures have been implemented in order to increase cash inflows
    - Dividends due from PPC Zimbabwe and the outstanding rights offer proceeds have been invested in 
      government bonds
    
    Furthermore, despite the deteriorating economic environment and the challenges being faced with processing  
    of foreign payments by the banks in Zimbabwe. Directors believe that PPC Zimbabwe has the ability to continue 
    in operation as a going concern for the foreseeable future. The change in the Zimbabwe functional currency 
    resulted in the reduction of EBITDA by R108 million. PPC Zimbabwe has set out action plans to help ensure 
    that operations are not interrupted due to difficulties in remitting payments to foreign suppliers. 
    Through the action plans, PPC Zimbabwe is exploring various mitigation methods such as increasing export 
    sales and obtaining a trade financing mechanism facility.

    In addition to the group's current trading position and forecasts and facilities in place, the directors believe 
    that the group will be able to comply with its financial covenants and be able to meet its obligations as they 
    fall due, and accordingly have formed a judgement that it is appropriate to prepare the reviewed condensed 
    financial statements on a going concern basis.

    Change of the Zimbabwe functional currency
    Due to the deteriorating United States dollar (US$) liquidity issues in Zimbabwe the government created the 
    real time gross settlement (RTGS) as an alternative method of payment which was fixed on a 1:1 parity policy. 
    A rising black-market currency trade has resulted in the value of RTGS quickly deteriorating. On 1 October 2018 
    the Reserve Bank of Zimbabwe announced that banks must separate foreign accounts from RTGS accounts with 
    effect from 15 October 2018, thus officially recognising that actual foreign currency is different to RTGS. 
    The result of the change was a reassessment of the functional currency of the entity. In determining the 
    functional currency the entity assessed the currencies that influenced sales and expenses which revealed a 
    mix between RTGS and US$. Management then concluded that the functional currency of PPC Zimbabwe is the RTGS$.

    On 20 February 2019 the Reserve Bank of Zimbabwe announced that the RTGS would be recognised as an official 
    currency and that an interbank foreign exchange market would be established to formalise trading in RTGS 
    balances with other currencies.

    The effect of the change meant that the US$ statement of financial position, as at 30 September 2018 needed 
    to be fair valued to RTGS$. Further analysis on the currency movement between the US$/RTGS$ rate was 
    performed at 31 March 2019, and the exchange differences were recorded in profit or loss in accordance 
    with IAS 21.

    The application of the change in functional currency has been applied prospectively in our financial results
    for the 2019 reporting period. For inclusion in the condensed consolidated income statement of the group, 
    results in respect of Zimbabwe have been translated at the average US$ exchange rate for the period up to
    30 September 2018 and at the estimated RTGS$ rate for the remaining six months of the financial year. 
    For inclusion in the consolidated statement of financial position, results have been translated at the 
    estimated closing RTGS$ rate of 3,01 to US$ and an average rate of 3,5. On 1 October 2018, an opening 
    RTGS$ rate of 3,5 to the US$ was applied. The inputs considered in this estimate include the recent 
    announcement to increase the fuel price for those settling in RTGS$, global relative fuel prices and 
    the official inflation rate.

    Financial impact of the change in functional currency (FC) on the group's key performance indicators
                                                            FY2019                                              
                                                            Before        FY2019       FY2019        FY2018     
                                                         FC change*       Impact     Reported      Reported    
    EBITDA                                                   2 054          (108)       1 946         1 880    
    Profit attributable to shareholders of PPC Ltd             287           (52)         235           149    
    EPS                                                         19            (3)          16            10    
    HEPS                                                        23            (3)          20            15    
    * Assumes no change in functional currency and 1:1 conversion between RTGS$ and US$, below are the
      sensitivities performed on the RTGS$ rate.

                                                                     RTGS$3,5 to       RTGS$6       RTGS$10     
                                                                  US$ - Reported       to US$        to US$    
    Group impact                                                                                             
    EBITDA                                                                 1 946        1 867         1 844    
    Profit attributable to shareholders of PPC Ltd                           235          163           144    
    EPS                                                                       16           11            10    
    HEPS                                                                      20           15            14    

    These reviewed condensed consolidated financial statements have been prepared under the supervision of 
    MMT Ramano CA(SA), chief financial officer, and were approved by the board of directors on Monday, 
    24 June 2019. The directors take full responsibility for the preparation of these reviewed condensed 
    consolidated financial statements.

2.  REVENUE
    Adoption of IFRS 15 Revenue from Contracts with Customers
    IFRS 15 replaces IAS 11 Construction Contracts and IAS 18 Revenue. The standard requires entities to 
    identify the separate performance obligations and allocate the transaction price to the performance 
    obligations in the contract by reference to their relative stand-alone selling prices. The group's primary 
    revenue is derived from the sale of cementitious goods and as a result the group also earns incidental 
    transport revenue from delivering these goods to customers. The incidental transport revenue has always 
    been included as part of revenue earned, however, due to the adoption of IFRS 15, the aforementioned 
    streams of revenue are two separate performance obligations, which are always met at the same time.

    The group has the following revenue streams, which are all recognised at a point in time:
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
    Disaggregation of revenue                                                                                        
    Revenue from the sale of cementitious goods(a)                                          9 071           9 095    
    Revenue from transportation services                                                    1 338           1 176    
    Total revenue                                                                          10 409          10 271    
    Major goods and services per primary geographical markets                                                        
    Cementitious goods                                                                      9 071           9 095    
    Southern Africa                                                                         6 376           6 462    
    Rest of Africa                                                                          2 695           2 633    
    Transport revenue                                                                       1 338           1 176    
    Southern Africa                                                                         1 207           1 047    
    Rest of Africa                                                                            131             129    
    (a) Cementitious goods include the sale of cement, readymix, limestone, clinker, ash and aggregates.

    Timing of revenue recognition                                                                            
    Revenue from the sale of cementitious goods and transport is recognised at the same time, upon delivery, 
    as management considers it as the point the control of the goods is transferred to the customers and the
    delivery obligation is fulfilled. Payment of the transaction price is also payable immediately at 
    this point.                                                  

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
3.  FAIR VALUE AND FOREIGN EXCHANGE movements                                                       
    3.1 Fair value and foreign exchange gains                                                       
        Movements in the fair value and foreign exchange gains are recognised in                    
        the income statement and comprise the following:                                            
        Gain on remeasurement of put option liability (refer note 22)                           -             238    
        (Loss)/gain on unlisted collective investments                                         (1)              5    
        ECL on Zimbabwe government bonds                                                      (40)              -
        Gain/(loss) on translation of foreign currency denominated monetary items              32            (100)    
                                                                                               (9)            143    

        The fair value adjustment on the Zimbabwe government bonds was determined by applying an ECL of
        12,7% against the total asset recognised which resulted in an ECL of R40 million.
        
        Included in the gain/(loss) on translation of foreign currency denominated monetary items, is a gain of 
        R8 million arising from the remeasurement of the Zimbabwe assets and liabilities following the change in 
        functional currency, and a loss of R13 million (2018: R80 million) comprising the remeasurement following 
        the devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the
        discounting of the non-current VAT receivable in the DRC. Furthermore, a remeasurement loss of R16 million 
        (2018: R12 million) has been recorded against the US dollar denominated project funding in Rwanda. Also 
        included in the loss on translation of foreign currency monetary items is losses and gains made on an 
        open forward exchange contract held for capital purchases and working capital requirements.
        
        Details on foreign exchange rates can be found in note 24.

    3.2 Translation of foreign operations
        Movements in the translation of foreign operations are recognised in the 
        statement of comprehensive income. The group's foreign currency translation 
        reserve arises from the following foreign subsidiaries:                      
        PPC Zimbabwe*                                                                         886            (219)    
        CIMERWA Limitada                                                                      144            (168)    
        PPC DRC Barnet                                                                        269            (213)    
        PPC Botswana                                                                            4               -    
        PPC Mozambique                                                                          1               2    
                                                                                            1 304            (598)    
        * Included in PPC Zimbabwe is a gain of R488 million arising from the change in the functional currency.
          
        The gain recorded in the current year is due to the weakening of the rand against the functional currencies 
        of the group's subsidiaries (refer note 24).

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
4.  FINANCE COSTS                                                                                                    
    Bank and other short-term borrowings                                                       32             305    
    Notes                                                                                      10               8    
    Long-term loans and project funding                                                       569             303    
                                                                                              611             616    
    Capitalised to plant and equipment                                                          -             (23)    
    Finance costs before time value of money adjustments                                      611             593    
    Interest on penalties                                                                       3               -    
    Time value of money adjustments on rehabilitation and                                            
    decommissioning provisions and put option liability                                        67              82    
                                                                                              681             675    
    Southern Africa                                                                           234             337    
    Rest of Africa                                                                            447             338    

    The total finance costs excluding time value of money adjustments, relate to borrowings held at amortised 
    cost. For details of borrowings refer note 18.
    
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
5.  IMPAIRMENTS                                                                          
    Impairment of property, plant, equipment and intangible assets                            (82)           (182)    
    Impairment of the VAT receivable in the DRC                                                 -              (3)    
    Profit on disposal of property, plant and equipment                                         -              11    
    Gross impairments                                                                         (82)           (174)    
    Taxation impact                                                                            23              56    
    Net impairments                                                                           (59)           (118)    
    Impairment of property, plant, equipment and intangible assets                                                   

    IAS 36 states that an entity shall assess at the end of each reporting period whether there is any indication 
    that an asset may be impaired. When there are indications that an asset is impaired, a recoverable amount is 
    calculated and compared to the carrying value. During the year, an impairment of R82 million, relating to 
    property, plant and equipment was recognised (refer note 8).

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                              Rm               Rm    
6.  TAXATION                                                                                                         
    The taxation charge comprises:                                                                                   
    Current taxation                                                                            3             332    
    Current year                                                                               93             347    
    Prior years                                                                               (90)            (15)    
    Deferred taxation                                                                         (30)           (127)    
    Current year                                                                              (84)           (119)    
    Prior years                                                                                12              (8)   
    Change in taxation rate                                                                    42               -    
    In specie dividend                                                                          1               -    
    Withholding taxation                                                                       32               -    
                                                                                                6             205 
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                                %               %
    Taxation rate reconciliation                                                                                     
    A reconciliation of the standard South African                                                  
    normal taxation rate is shown below:                                                            
    Profit before taxation (excluding loss from equity-accounted investments)                   3              68    
    Prior years' taxation impact                                                               36              (7)    
    Profit before taxation, including prior years' taxation adjustments                        39              61    
    Effective rate of taxation                                                                                       
    Income taxation effect of:                                                                (11)            (33)    
    Expenditure not deductible in terms of legislation                                        (15)            (14)    
    Expenditure attributable to non-taxable income                                             (5)            (16)   
    Empowerment transactions and IFRS 2 charges not taxation deductible                        (4)             (3)   
    Fair value adjustments on financial instruments not subject to taxation                    (4)             22    
    Impact of income tax incentives                                                            58               -    
    DRC investment code ANAPI                                                                   6               -    
    Prior year adjustment for forfeitable share plan movement                                  (9)              -    
    Foreign taxation rate differential                                                          7              16    
    Deferred taxation not raised                                                               (6)            (23)    
    Change in taxation rate                                                                   (19)              -    
    ZIMRA interest reversal                                                                     5               -    
    Transfer pricing adjustment                                                               (10)            (12)   
    Withholding taxation                                                                      (15)             (3)    
    South African normal taxation rate                                                         28              28    

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                            Cents           Cents    
7.  EARNINGS AND HEADLINE EARNINGS                                                                                   
    Earnings per share                                                                                               
    Basic                                                                                      16              10    
    Diluted                                                                                    16              10    
    Headline earnings per share                                                                                      
    Basic                                                                                      20              15    
    Diluted                                                                                    20              15    
    Determination of headline earnings per share                                                                     
    Earnings per share                                                                         16              10    
    Adjusted for items below, net of taxation:                                                                       
    Impairment of property, plant, equipment and intangible assets                              3               6    
    Loss/(profit) on sale of property, plant and equipment                                      1              (1)    
    Headline earnings per share                                                                20              15    
                                                                                                     
    Headline earnings                                                                          Rm              Rm    
    Net profit for the year                                                                   144              37    
    Impairment of property, plant, equipment and intangible assets                             82             182    
    Taxation on impairment of property, plant, equipment and intangible assets                (23)            (58)    
    Loss/(profit) on sale of property, plant and equipment                                     14             (11)    
    Taxation on profit/(loss) on sale of property, plant and equipment                         (4)              2    
    Headline earnings                                                                         213             152    
    Attributable to:                                                                                                 
    Shareholders of PPC Ltd                                                                   304             231    
    Non-controlling interests                                                                 (91)            (79)    
    Cash earnings per share (cents)                                                            83              95    
    Cash earnings per share is calculated using cash available from operations                       
    divided by the total weighted average number of shares in issue for the period.                  
    Cash conversion ratio                                                                     1,0             1,2    

    Cash conversion ratio is calculated using cash generated from operations divided by EBITDA.
    
    The cash earnings per share (cents) and the cash conversion ratio are non IFRS measures as described in the 
    accounting policies of the company, which will be included in the annual financial statements for the year
    ended 31 March 2019.
    
    The difference between the number of shares in the determination of earnings and diluted earnings per share 
    relates to shares held under the forfeitable share incentive scheme that have not vested.

    For the weighted average number of shares used in the calculation, refer note 15.               
                                                                                                                  
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
8.  PROPERTY, PLANT AND EQUIPMENT                                                                                    
    Net carrying value at the beginning of the period                                      11 393          12 531    
    Additions                                                                                 793             795    
    Depreciation                                                                             (952)           (798)    
    Disposals                                                                                 (23)            (18)    
    Other movements                                                                          (127)            (24)    
    Impairments (refer note 5)                                                                (82)           (165)    
    Translation differences                                                                 1 585            (928)    
    Net carrying value at the end of the year                                              12 587          11 393    
    Comprising:                                                                                                      
    Freehold and leasehold land, buildings and mineral right                                2 233           1 567    
    Decommissioning assets                                                                     68             133    
    Plant, vehicles, furniture and equipment                                               10 286           9 693    
                                                                                           12 587          11 393    
    Property, plant and equipment pledged as security:                                                               
    DRC                                                                                     3 475           3 111    
    Rwanda                                                                                  1 492           1 321    
    Zimbabwe                                                                                2 372           2 028    
                                                                                            7 339           6 460    
    For details on capital commitments, refer note 21.

    Cost capitalisation
    Significant judgement is required in identifying costs to be capitalised to a project during the construction, 
    testing and ramp-up phases. Judgement is further required to identify indirect costs that could be capitalised.
    Revenue and the related cost of sales generated during the pre-commissioning phase are capitalised to the plant.

    The cost of an item of property, plant and equipment is recognised as an asset if it meets the following 
    requirements:
    - It is probable that future economic benefits associated with the item will flow to the entity; and
    - The cost of the item can be measured reliably

    The cost of an item of PPE comprises:
    - Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discount 
      and rebates
    - Any costs directly attributable to bringing the asset to the location and condition necessary for it to 
      be capable of operating in the manner intended by management
    - The initial estimate of the costs of dismantling and removing the item and restoring the site on which it 
      is located, the obligation for which an entity incurs either when the item is acquired or as a consequence 
      of having used the item during a particular period for purposes other than to produce inventories during 
      that year (IAS 16.16)                                                  

    During the current year, the Slurry Kiln 9 (SK9) was commissioned. The total costs capitalised into the 
    project amounted to R1,4 billion. In accordance with IAS 16, profits of R18 million earned during the 
    testing phase, comprising revenue (R74 million) less cost of sales (R56 million), has been written off 
    against the capitalised cost of the project.                                                  

    Impairment assessment - PPC Cement SA
    IAS 36 provides that if there is an indication that an asset may be impaired, the recoverable amount of the 
    asset (or, if appropriate, the cash-generating unit (CGU)) is determined. The recoverable amount of the CGU 
    was determined to exceed the carrying amount. As the cement industry is a cyclical environment, manufacturers 
    will go through troughs where some of the assets (kilns) will be idle when demand is down, however, maintenance 
    on these assets will continue to ensure that when the market conditions improve they are in a position to take 
    advantage. As a result it is quite key in this industry to review individual assets that form part of a CGU 
    separately.                                                  

    As at the end of the March 2019 financial year, a few of the PPC cement kilns were not in use due to market 
    constraints. The cement industry is, however, a cyclical environment and the demand can pick up at any time 
    when the market conditions become favourable.                                                  

    PPC Cement SA identified the assets that are no longer in use but still have a carrying amount. In applying 
    the requirements of IAS 36, PPC Cement SA decided to impair these assets. They will be derecognised from the 
    fixed assets registers once a decision to scrap the assets has been taken. The total impairment recognised on 
    these assets is R82 million and is reflected under the Cement southern Africa segment in the segmental 
    analysis.                                                  

    Impairment assessment - Zimbabwe
    As a result of the current economic environment, liquidity challenges and the change in functional currency 
    in Zimbabwe, an impairment assessment was undertaken. In spite of the economic challenges, the financial 
    performance of the business has been above our internal forecasts and prior year before the impact of the 
    change in functional currency. The inclusion of the Harare mill has improved cash flows.

    In performing the impairment review, a value-in-use methodology was applied. Cash flow projections were 
    based on financial forecasts approved by management applying a 19% (2018: 16%) US dollar discount rate. 
    The cash flow projections during the forecast period are based on similar pricing and margins to those 
    currently being achieved by the business and takes into consideration the future trends within the 
    industry, geographical location and expected growth in neighbouring countries. The values used reflect 
    past experiences while the economic growth rates of approximately 3% per annum (2018: 2% per annum) are 
    management's best estimates that have been prepared using leading financial institutions' forecasts.

    Following the impairment assessment review, the recoverable amount of PPC Zimbabwe was calculated to 
    be higher than its carrying amount resulting in no impairment. There are no indications that any 
    reasonable possible change in the key assumptions on which the recoverable amount has been calculated 
    would cause the carrying amount to exceed the recoverable amount of this CGU.

    Impairment assessment - DRC
    PPC, in partnership with the Barnet group and International Finance Corporation (IFC), completed the 
    construction of a 1,2 million tonnes per annum integrated cement plant for approximately US$300 million in 
    the DRC, near Kimpese in Kongo Central province in western DRC, 230km south-west of the capital Kinshasa.

    Following impairment indicators being identified, management performed an impairment assessment. IAS 36 
    Impairment of Assets provides two options for assessing recoverable amounts and states that the 
    recoverable amount is the higher of the fair value less cost to sell or value in use.

    In performing the impairment review, a value-in-use methodology was applied. Cash flow projections 
    were based on financial forecasts approved by management applying a 17% (2018: 17%) US dollar discount 
    rate. The cash flow projections during the forecast period are based on similar pricing and margins to
    those currently being achieved by the business and takes into consideration the future trends within 
    the industry, geographical location and expected growth in neighbouring countries. The values used 
    reflect current industry performance and experiences while the economic growth rates of approximately 
    5% per annum (2018: 4% per annum) are management's best estimates that have been prepared using leading 
    financial institutions' forecasts.                                                  

    The DRC general elections were successfully held in December 2018, thereby improving the political 
    stability, market confidence and subsequently the economic prospects.

    Cement consumption grew by 43% to 539 000 tonnes from 378 000 tonnes. The country currently has a 
    cement import ban in place and no exports have been recorded by the BCC since mid-2015. There is also 
    a new 0,6 million tonne plant being constructed by Diamond cement in the DRC (Brazzaville). The IFC 
    suggests that the country will reach a cement supply deficit by 2022.

    Sales volumes have been softer than expected due to a number of external factors (economic, political, 
    market activities of competitors some of whom are new entrants in the market). However, PPC Barnet DRC 
    has in the past few months slowly improved the sales volume and subsequently revenue.

    Real GDP growth was an estimated 4,0% in 2018, up from 3,7% in 2017, due to higher commodity prices 
    and greater mining production. The primary sector continued to be the key driver of growth, sustained 
    by a dynamic extraction sector.                              

    Following the impairment assessment review, no further impairment was recognised as the calculated 
    recoverable amount approximates the carrying amount.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
9.  GOODWILL                                                                                                         
    Net carrying value at the beginning of the year                                           230             237    
    Translation differences                                                                     6              (7)    
    Net carrying value at the end of the year                                                 236             230    
    Goodwill, net of impairments, is allocated to the following CGUs:                                 
    CIMERWA Limitada             (Rest of Africa cement segment)                               31              25    
    Cement SA (Pty) Limited      (Southern Africa cement segment)                              78              78    
    Readymix                     (Aggregates and readymix segment)                            127             127    
                                                                                              236             230    
    
    Refer to note 22 for fair value hierarchy on goodwill.

    CIMERWA Limitada (CIMERWA)
    The recoverable amount for this CGU of R2 557 million (2018: R1 094 million) was determined based on a 
    value-in-use calculation, using cash flow projections based on financial forecasts approved by management 
    and covering an initial seven-year period and a post-forecast period of 13 years, bringing the total period 
    of the cash flows to 20 years from the report date. The company's budgeting cycle time horizon is seven years 
    and management believes this should provide a more accurate base for the value-in-use calculation. A Rwandan 
    franc discount rate of 17% (2018: 18%) was used in the valuation.

    Cash flow projections during the forecast period of seven years were based on improved margins and profitability, 
    following the commissioning of the new plant in September 2015, taking cognisance of an appropriate ramp-up period.
    Selling prices and cost of sales were forecast to increase at applicable inflation rates varying between 5,1% and 
    5,4% (2018: 5% and 6%), impacted by anticipated competitor activity in the earlier phase of the planning horizon. 
    The cash flows post the forecast period had been extrapolated using specific growth rates of 7,3% (2018: 6,7%) per 
    annum which is in line with the real inflation rate in Rwanda. The forecast period was limited to the life of mine, 
    currently estimated at 20 years.

    The forecast takes into consideration the future trends within the industry, geographical location and expected 
    growth in neighbouring countries. The values used reflect past experiences while the economic growth rates are 
    management's best estimates that have been prepared using leading financial institutions' forecasts.

    In both the current and prior reporting periods, the recoverable amount was deemed to be higher than the current 
    carrying value, resulting in no impairment being charged against profit and loss. CIMERWA is included under 
    Cement Rest of Africa in the segmental analysis.

    There are no indications that any reasonable possible change in the key assumptions on which the recoverable amount 
    has been calculated would cause the carrying amount to exceed the recoverable amount of this CGU.

    PPC Cement SA (Pty) Ltd
    During the year PPC Cement SA (Pty) Ltd and Safika were integrated into one entity PPC Cement SA (Pty) Ltd. Therefore, 
    for purposes of impairment testing, the goodwill is allocated to the integrated Cement SA entity.

    The recoverable amount of R7 495 million (2018: R11 114 million) for the combined Cement SA CGUs was determined based 
    on value-in-use calculations, using cash flow projections based on financial forecasts approved by management and 
    covering an initial seven-year period. The company's budgeting cycle time horizon is seven years and management 
    believes this should provide a more accurate base for the value-in-use calculation. A discount rate of 13% 
    (2018: 13%) and terminal growth rate of 5,6% (2018: 5,5%) have been used in the valuation.

    Cash flow projections during the forecast period are based on similar pricing and margins to those currently being 
    achieved by the businesses. Selling prices and cost of sales are forecast to increase at rates linked to local 
    inflation forecasts varying between 6% and 10% (2018: 6% and 10%). The values used reflect past experiences 
    while the economic growth rates of approximately 2% (2018: 2%) per annum are management's best estimates that 
    have been prepared using leading financial institutions' forecasts.

    In both the current and prior reporting periods, the recoverable amount was deemed higher than the current carrying 
    value, resulting in no impairment being charged against profit and loss. The Cement SA CGU is included under 
    Cement Southern Africa in the segmental analysis.

    There are no indications that any reasonable possible change in the key assumptions on which the recoverable 
    amount has been calculated would cause the carrying amount to exceed the recoverable amount of this CGU.

    Readymix
    During the 2017 reporting period the PPC group undertook to re-organise the manner in which it discloses its 
    operating segments according to the business units which are reviewed by the group executive committee. One 
    of these key segments is aggregates and readymix. Included in the readymix segment is the Pronto, 3Q Mahuma 
    and Ulula Ash.

    Applying judgement, management was of the opinion that the natural synergy between the operations of Pronto, 
    3Q Mahuma and Ulula Ash, will result in a greater total competitive advantage for the group and should 
    therefore be considered as one CGU. Assessed as its own group of assets, the readymix business operation can 
    be seen to generate revenue and incur expenses which are independent of other groups of assets within the 
    PPC group. This can also be substantiated further by the manner in which the group discloses the performance 
    of its different business units in its segmental information.

    Therefore, for purposes of impairment testing, the goodwill is allocated to the combined readymix CGU. 
    They represent the lowest level within the entity at which goodwill is monitored for internal 
    management purposes.

    The recoverable amount of R816 million (2018: R453 million) for the CGU was determined based on value-in-use 
    calculations, using cash flow projections based on financial forecasts approved by management and covering an 
    initial seven-year period, which is in line with the company's budgeting cycle time horizon as management 
    believes this should provide a more accurate base for the value-in-use calculation. A discount rate of 14% 
    (2018: 16%) and terminal growth rate of 2% (2018: 5,5%) have been used in the valuation.

    Cash flow projections during the forecast period are based on similar pricing and margins to those currently 
    being achieved by the business, noting that selling prices achieved during the year are below last year. 
    Selling prices and cost of sales are forecast to increase at rates linked to local inflation forecasts and 
    vary between 6% and 10% (2018: 5% and 9%). The values used reflect past experiences while the economic 
    growth rates of approximately 2% (2018: 2%) per annum are management's best estimates that have been 
    prepared using leading financial institutions' forecasts.

    Following the goodwill impairment assessment review, the recoverable amount of readymix was calculated to 
    be higher than its carrying amount resulting in no impairment to goodwill.

    It is estimated that a decrease in net cash flows by 45% (2018: 4%) would result in the carrying amount 
    exceeding the recoverable amount.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
10. OTHER INTANGIBLE ASSETS                                                                                          
    Balance at the beginning of the year                                                      557             677    
    Disposals                                                                                   -               -    
    Additions                                                                                  24               6    
    Amortisation                                                                              (67)            (78)    
    Impairments (refer note 5)                                                                  -             (17)    
    Translation differences                                                                    44             (31)    
    Balance at the end of the year                                                            558             557    
    Comprising:                                                                                                      
    Right of use of mineral assets                                                            193             166    
    ERP development and other software                                                        106             105    
    Brand and trademarks and customer relationships                                           259             286    
                                                                                              558             557    
11. FINANCIAL AND OTHER NON-CURRENT ASSETS                                                                           
    Investment in Zimbabwe government bonds                                                   279               6    
    Investment in the Zimbabwe Stock Market                                                    14               -    
    PPC Zimbabwe financial asset                                                              289               -
    Financial assets                                                                          582               6    
    Unlisted collective investment                                                            141             134    
    VAT receivable                                                                            101             104    
    Long-term receivable                                                                       91              59    
    Other non-current assets                                                                  333             297    

    Investment in Zimbabwe government bonds
    The investment in government bonds of R277 million relates to the dividends declared by PPC Zimbabwe, 
    a subsidiary of PPC Ltd, to PPC Ltd for R232 million (2018: R66 million) and the rights issue proceeds 
    of R85 million (2018: R82 million) which is invested in the 7% Zimbabwe government bonds for a period of 
    one year. Per the Zimbabwe exchange control guidelines, these are treated as legacy debts and dividends 
    pre-20 February 2019 (date of publication of Statutory Instrument 33). The investment was registered with 
    the Zimbabwean authorities in accordance with Statutory Instrument 33 and therefore qualify for the 1:1
    conversion of US$ to RTGS$. The remaining R2 million represents treasury bills issued in exchange for the 
    funds previously expropriated by the Reserve Bank of Zimbabwe.

    In accordance with the requirements of IFRS 9, an ECL assessment was performed on the Zimbabwe government 
    bonds taking into account a range of expected default rates on government bonds with similar credit
    profiles, which resulted in an ECL of R40 million.
    
    In assessing the ECL default rate, the following was considered:
    - The historical average recovery rate for sovereign bonds measured by Moody's in their Sovereign
      Default and Recovery Rates Study 1983 ? 2016 is 65%
    - The recovery rate is measured by the ratio of the present value of cash flows received as a result of 
      the distressed exchange versus those initially promised, discounted using yield to maturity immediately 
      prior to default
    - This methodology closer reflects IFRS 9 
    - Sub-Saharan African countries comprise a significant portion of sovereign defaults. The most recent 
      at time of publication of the report was the 2016 by Mozambique where there was a loss of 
      approximately 12%
      
    Based on the above it was determined that an ECL of 12,7% was deemed appropriate.

    As a result of the uncertainty around the expatriation of funds from Zimbabwe, the investment in government 
    bonds has been classified as non-current.

    Investment in the Zimbabwe Stock Market
    The investment in the stock market relates to the investment in PPC Ltd and Old Mutual shares in Zimbabwe 
    on the Zimbabwe Stock Exchange. This investment is held in RTGS$. The market value as at 31 March 2019 was 
    RTGS$2,9 million (R14 million). As a result of the uncertainty around the expatriation of funds from Zimbabwe, 
    the investment in the Zimbabwe Stock Market has been classified as non-current.

    PPC Zimbabwe financial asset
    The PPC Zimbabwe financial asset arose as a result of the US$ denominated Zimbabwe loan (refer note 18).
    The loan was registered with the Zimbabwean authorities in accordance with Statutory Instrument 33
    and therefore qualify for the 1:1 conversion of US$ to RTGS$. The financial asset recognised represents
    the difference between the closing RTGS$ rate of 3,01 and the rate of 1, being the rate approved by the
    Zimbabwean authorities for the settlement of this loan. Fair value disclosure with regards to this 
    financial instrument has been disclosed in note 22.

    Unlisted collective investment
    This comprises an investment by the PPC Environmental Trust in the Old Mutual Capital Builder Portfolio, 
    with the fair value being calculated using the ruling prices on 31 March 2019. Put options are also held 
    over the value of the investments in order to protect the capital of the portfolio. At 31 March 2019, the 
    value of the put options were not material. During the year, a further R9 million (2018: R7 million) was 
    reinvested into the unit trusts. These funds are held to fund PPC's South African environmental obligations. 
    Refer note 14 for the restricted cash.

    VAT receivable
    The group incurred VAT during the construction of the plant in the DRC. In the 2017 financial year, 
    management received a letter from the DRC Finance Department which indicates that the VAT needs to be paid 
    to PPC Barnet DRC on condition that the money is utilised for discharge of local suppliers and local 
    salary obligations. The letter did not, however, state when the payments will be initiated. As a result 
    of the uncertainty around the timing of receipt of the funds, the VAT receivable has been classified as 
    non-current.                                                      

    During the year, a loss of R13 million (2018: R80 million) comprising the remeasurement following 
    devaluations of the Congolese franc against the US dollar and a fair value adjustment relating to the 
    non-current VAT receivable was recorded and is reflected in fair value and foreign exchange gains/(losses) 
    in the income statement (refer note 3). Refunds amounting to R12 million (2018: R11 million) were received 
    during the year. An amount of Rnil (2018: R3 million) assessed to be irrecoverable was impaired during 
    the year.

    Long-term receivable
    When the plant in the DRC was being constructed, PPC Barnet DRC entered into an agreement whereby PPC and 
    the local power corporation would build the necessary power facility to supply electricity. In terms of 
    this agreement, the portion initially contributed by PPC would be repaid through electrical usage of the 
    plant. When PPC pays the power corporation, a portion of the amount owing is withheld and offset against 
    this non-current asset.

    Refer note 22 for classification of the financial assets and liabilities.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
12. NON-CURRENT ASSETS HELD FOR SALE                                                                                 
    Assets classified as held for sale                                                         92              34    

    In September 2015, the PPC Zimbabwe board approved the disposal of houses at its Colleen Bawn and Bulawayo 
    factories which was anticipated to be finalised in 12 months. The disposal has been delayed due to the 
    government processing of the sectional title deeds and is now anticipated to be completed during the 2020 
    financial year. The houses have already been allocated to the employees through a systematic process and 
    the agreements of sale have been drafted and are with the lawyers. It is management's view that the 
    outstanding processes will be completed by September 2019. In the current year, a valuation of the houses 
    was performed by an independent valuator and a fair value gain of R48 million was recognised for the houses. 
    The fair value was estimated based on the market prices of similar properties. The movement from prior 
    year was also impacted by the exchange rate movements (refer note 24).

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
13. TRADE AND OTHER RECEIVABLES                                                                                      
    Trade receivables                                                                         960             958    
    Allowance for doubtful debts                                                              (43)            (58)    
    Expected credit losses                                                                     (6)              -    
    Net trade receivables                                                                     911             900    
    Mark-to-market adjustments                                                                  9               1    
    Other financial receivables                                                                97             115    
    Proceeds due from the sale of PPC shares held by consolidated BBBEE entities                -               7    
    Trade and other financial receivables                                                   1 017           1 023    
    Prepayments                                                                               149             115    
    VAT receivable                                                                              -              13    
                                                                                            1 166           1 151    
    Net trade receivables comprise                                                            911             900    
    Trade receivables that are neither past due nor impaired                                  685             704    
    Trade receivables that are past due but not impaired                                      226             196    
                                                                                                                     
    In accordance with IFRS 9, an ECL assessment was performed on trade receivables and resulted in a provision 
    of R6 million being raised at year-end.

    Refer note 22 for fair value of trade and other receivables.
    
    Please note that the tax receivable has been disclosed separately on the face of the statement of 
    financial position.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
14. CASH AND CASH EQUIVALENTS                                                                                        
    Balance at the end of the year                                                            452             836    
    Currency analysis:                                                                                               
    Botswana pula                                                                              66              51    
    Mozambican metical                                                                          2               7    
    RTGS dollar (Zimbabwe)                                                                    123               -    
    Rwandan franc                                                                              42              45    
    South African rand                                                                         62             124    
    United States dollar                                                                      157             609    
                                                                                              452             836
                                                                                              
    Cash and cash equivalents are recognised less of ECLs. During the current year, in line with the requirements 
    of IFRS 9, cash and cash equivalents were assessed for ECLs by analysing the credit rating of each financial 
    institution where PPC Ltd and its subsidiaries have invested cash. This resulted in an ECL of R6 million
    being recognised in the current year, of which R5 million relates to cash deposits held in Zimbabwe banks.

    Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three 
    months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately 
    equal to their fair value. Cash and cash equivalents at the end of the year, as shown in the consolidated 
    statement of cash flows, can be reconciled to the related items in the consolidated reporting position 
    as shown above.

    Cash and cash equivalents include cash on hand and cash on deposit. Amounts denominated in foreign 
    currencies have been translated at ruling exchange rates at year-end (refer note 24).
    
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
14. CASH AND CASH EQUIVALENTS continued
    Included in cash and cash equivalents is restricted cash:                                                        
    PPC Environmental Trust                                                                     9               8    
    PPC Zimbabwe                                                                               44              49    
                                                                                               53              57    

    Cash and cash equivalents held by the PPC Environmental Trust can only be utilised for environmental 
    obligations in South Africa and are therefore not freely available.

    In accordance with the requirements of lenders to PPC Zimbabwe, PPC Zimbabwe is required to deposit funds 
    in an escrow account which can only be used for the purposes of making capital and interest repayments 
    on the loan.                                                      

    PPC Zimbabwe
    The rand value of the gross cash balances in Zimbabwe significantly reduced to R206 million (comprising 
    RTGS$, US$, pula and rand) compared to R515 million at the end of March 2018 due to the introduction of 
    the RTGS$ with a closing exchange rate of 3,01 to the US$. The introduction of the RTGS$ as the functional 
    currency in Zimbabwe resulted in a 67% devaluation against the US$ at year-end using the official interbank 
    year end rate of US$1:RTGS$3,01. Furthermore, the decrease was also caused by the settlement of foreign 
    creditors which improved over the period and the transfer of the dividend amounts owing to PPC Ltd which 
    was invested in the Zimbabwe government bonds and listed shares in the Zimbabwe stock market.
                                                                                   
    Please refer to the table below for analysis of the Zimbabwe cash:                                              
                                                                                              US$            Rand    
    Cash on hand - 31 March 2018                                                               44             515    
    Cash on hand - 31 March 2019                                                               14             206    
    Restricted cash                                                                             3              44    
    Percentage of cash restricted                                                              7%              8%    
    Cash transferred - trading                                                                  9             118    
    Cash transferred - PPC Ltd non-resident account                                            16             220    
    Cash transferred rate                                                                     57%             66%    

    Comparatives not presented as changes in functional currency has been applied prospectively.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                           Shares          Shares     
                                                                                              000             000    
15. STATED CAPITAL                                                                                                   
    Authorised shares                                                                                                
    Ordinary shares                                                                    10 000 000      10 000 000    
    Preference shares                                                                      20 000          20 000    
    Number of ordinary shares and weighted average number of shares                                                  
    Total shares in issue at the beginning of the year                                  1 591 760       1 591 760    
    Shares issued during the year                                                           1 354               -    
    Total shares in issue before adjustments for treasury shares                        1 593 114       1 591 760    
    Shares issued in terms of the second BBBEE transaction                                (37 382)        (37 382)    
    Shares held by consolidated BBBEE trusts and trust funding SPVs                       (20 144)        (20 144)    
    Shares held by consolidated Porthold Trust (Pvt) Limited                               (1 285)         (1 285)    
    Shares purchased in terms of the FSP share incentive scheme                           (27 146)        (19 955)    
    Shares held by the consolidated Safika Trust                                           (1 354)              -    
    Total shares in issue (net of treasury shares)                                      1 505 803       1 512 994    
    Weighted average number of shares, used for:                                                                     
    Earnings and headline earnings per share                                            1 511 971       1 510 163    
    Dilutive earnings and headline earnings per share                                   1 532 949       1 531 802    
    Cash earnings per share                                                             1 511 971       1 510 163    
    Shares are weighted for the period in which they are entitled to participate in the profits of the group.
    
    Shares held by consolidated participants of the second BBBEE transaction
    Shares issued in terms of the second BBBEE transaction were facilitated by means of a notional vendor funding 
    (NVF) mechanism, with the transaction concluding on 30 September 2019. These shares participate in 20% of the 
    dividends declared by PPC during the NVF period. With the exception of the Bafati Investment Trust, entities 
    participating in this transaction are consolidated into the PPC group in terms of IFRS 10 Consolidated 
    Financial Statements.

    Shares held by consolidated BBBEE trusts and trust funding SPVs
    In terms of IFRS 10 Consolidated Financial Statements, certain of the BBBEE trusts and trust funding SPVs from 
    PPC's first BBBEE transaction are consolidated, and as a result, shares owned by these entities are carried as 
    treasury shares on consolidation.

    Shares held by consolidated Porthold Trust Pvt Limited
    Shares owned by a Zimbabwe employee trust company are treated as treasury shares.
    
    FSP share incentive scheme
    In terms of the forfeitable share plan (FSP) long-term incentive scheme, 27 134 235 shares (2018: 19 955 207) 
    are held in total for participants of this long-term incentive scheme. The shares are treated as treasury shares 
    during the vesting periods of the awards. During the year, nil shares (2018: 3 832 250 shares) vested.

    In terms of IFRS requirements, 5% (2018: 5%) of the total shares in issue are treated as treasury shares 
    following the consolidation of the various BBBEE entities, employee trusts and incentive share schemes.
    
    Shares held by the consolidated Safika Consolidated Management Trust
    Shares issued during the year in order to retain and incentivise the Safika key management employees. This 
    transaction was also facilitated through a NVF mechanism.
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
    Stated capital                                                                                                   
    Balance at the beginning of the year                                                    3 984           3 919    
    Sale of shares, treated as treasury shares, by                                 
    consolidated BBBEE entity                                                                   -              62    
    Shares purchased in terms of FSP share incentive                               
    scheme treated as treasury shares                                                         (41)            (72)    
    Vesting of shares held by certain BBBEE 1 entities                                          -               2    
    Vesting of shares held in terms of the FSP share                               
    incentive scheme                                                                            -              73    
    Balance at the end of the year                                                          3 943           3 984    
                                                                                                                      
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
16. PROVISIONS
    Decommissioning and rehabilitation                                                        395             495    
    Post-retirement healthcare benefits                                                        32              31    
                                                                                              427             526    
    Decommissioning and rehabilitation
    Group companies are required to restore mining and processing sites at the end of their productive lives 
    to an acceptable condition consistent with local regulations, and in line with group policy. PPC has set 
    up an environmental trust in South Africa to administer the local funding requirements of its decommissioning 
    and rehabilitation obligations. Currently, there are no such regulations in the other jurisdictions in which 
    the group operates for the creation of a rehabilitation trust fund. The investments in the trust fund are 
    carried at fair value through profit or loss and amount to R140 million (2018: R134 million) at year-end 
    (refer note 11).
    
    Management have assessed the discount rate applied in determining the decommissioning and
    rehabilitation provision for Cement southern Africa. In the current year there was a change in estimate, 
    which is applied prospectively. The impact of the change in discount rate applied amounted to an R89 million
    reduction to the provision for rehabilitation and decommissioning, with a R59 million reduction to cost 
    of sales and a R30 million reduction to the decommissioning asset.

    Post-retirement healthcare benefits (defined benefit plan)
    Historically, qualifying employees were granted certain post-retirement healthcare benefits. The obligation 
    for the employer to pay medical aid contributions after retirement is no longer part of the conditions of 
    employment for new employees. A number of pensioners remain entitled to this benefit, the cost of which has 
    been fully provided.

17. DEFERRED TAXATION                                                                                                
    Net liability at the end of the year comprises:                                           624             797    
    Deferred taxation asset                                                                   331             245    
    Deferred taxation liability                                                               955           1 042    
    Analysis of deferred taxation                                                                                    
    Property, plant, equipment and intangible assets                                        1 284           1 189    
    Other non-current assets                                                                   50             134    
    Current assets                                                                            (6)             (10)    
    Non-current liabilities                                                                  (111)           (124)    
    Current liabilities                                                                       (65)            (75)    
    Reserves                                                                                    4               1    
    Taxation losses                                                                          (532)           (318)    
                                                                                              624             797    

    Deferred taxation assets
    Deferred taxation assets are recognised to the extent it is probable that taxable profits will be available 
    in future periods, based on approved business plans, against which deductible temporary differences can be 
    utilised. The recognition of deferred tax assets is assessed at subsidiary level taking into account the 
    applicable legal provisions of the country in which the PPC subsidiary recognising the deferred tax asset 
    is registered. Further, the recognition of deferred tax assets take into account applicable tax rates, which 
    may vary between reporting periods.

    CIMERWA has accumulated tax losses over the last four years with a significant amount arising in 2015 from 
    claiming a 50% investment deduction on the new plant. Article 29 of law no 16/2005 capped the utilisation 
    of tax losses to a five-year period following the tax loss. A new income tax law, law no 016/2018 has been 
    gazetted repealing law no 16/2005 of 18/08/2005 on direct income tax. This new law is applicable to CIMERWA. 
    Article 32 of law no 016/2018, which came into force on 13 April 2018, states that the Rwandan Revenue 
    Authority (RRA) may authorise the taxpayer who duly applies, for their loss carried forward of more than 
    five tax periods if the tax payer fulfils requirements determined by an order of the Minister. The 
    Ministerial order was published in the official gazette on 6 May 2018 indicating that a taxpayer may apply 
    for losses to be carried forward more than five tax periods, subject to fulfilment of certain conditions. 
    The deferred taxation asset recognised in CIMERWA is also affected by the maintenance of the existing 
    shareholders. Any disposal of shares by the existing shareholders equal to or higher than 25% will result 
    in the loss of the deferred taxation asset. The government of Rwanda have indicated a proposed sale of 
    their 49% interest in CIMERWA. There has been no finalisation of the matter. An assessment of the conditions 
    indicates that the CIMERWA deferred tax of R199 million (2018: R242 million) is recoverable.

    The PPC Barnet DRC Manufacturing deferred tax asset was assessed based on the DRC's tax laws applicable at 
    2019 year-end close. The assessment of the deferred tax recoverability was based on the subsidiary's approved 
    business plans and compliance with DRC's tax laws and regulations, the recognised deferred taxation asset was 
    assessed to be recoverable.

    PPC Aggregates Quarries Botswana's deferred tax asset recoverability assessment has taken into account the 
    approved business plan and Botswana's applicable tax laws and regulations and based on the assessment, no 
    impairment was recognised during the year.

    Pronto Building Materials' deferred tax assets recoverability assessment was based on applicable 
    South African tax laws and the approved business plans and the assessment, no impairment was recognised 
    during the year.

18. LONG-TERM BORROWINGS                                                                                 
                                                                                             Year ended      Year ended    
                                                                                          31 March 2019   31 March 2018    
                                                                                               Reviewed         Audited     
    Notes         Terms                         Security                Interest rate                Rm              Rm    
    PPC 002:      Unsecured notes, issued       Unsecured               Three-month                   -              20    
    five years    under the company's                                   JIBAR plus 1,5%                                    
                  R6 billion domestic                                                                                      
                  medium-term note programme,                                                                       
                  and are recognised net of                                                                                        
                  capitalised transaction                                                                                  
                  costs                                                                                                    
    PPC 003:                                    Unsecured               Three-month                 111             111    
    five years                                                          JIBAR plus 1,48%                                   
    South Africa  R700 million amortising       Unsecured               Variable rates at           523             696    
    long-term     loan facility, maturing                               270 basis points                                   
    funding       in 2021 with capital                                  above three-                                       
                  repayments of                                         month JIBAR                                        
                  R175 million in 2019                                                                                     
                  and 2020 and R350 million                                                                                
                  in 2021                                                                                                  
                  R800 million general          Unsecured               Variable rates at           796             696    
                  banking facility expiring                             305 basis points                                   
                  in 2022                                               above three-                                       
                                                                        month JIBAR                                        
    Project                                                                                       3 201           2 889    
    funding                                                                                                                
                  US dollar denominated,        Secured by CIMERWA's    Variable at 725             353             347    
                  repayable in monthly          property, plant and     basis points above                                 
                  instalments over a 10-year    equipment               six-month US                                       
                  period, starting March                                dollar LIBOR                                       
                  2016                                                                                                     
                  Rwanda franc                  Secured by CIMERWA's    Fixed rate of 16%           408             300    
                  denominated, repayable        property, plant and                                                        
                  in monthly instalments        equipment                                                                  
                  over a 10-year period,                                                                                   
                  starting March 2016                                                                                      
                  US dollar denominated,        Secured by PPC Barnet   Six-month US              2 150           1 763    
                  capital and interest          DRC's property, plant   dollar LIBOR plus                                  
                  payable biannually            and equipment           975 basis points                                   
                  starting July 2017 ending                                                                                
                  January 2027, with a                                                                                     
                  capital repayment holiday                                                                                
                  until January 2020                                                                                       
                  US dollar denominated,        Secured by PPC          Six-month US                290             479    
                  interest payable              Zimbabwe's property,    dollar LIBOR plus                                  
                  biannually. Biannual          plant and equipment,    700 basis points                                   
                  repayments in equal           inventory and trade                                                     
                  instalments over five years   and other receivables                                                          
                  starting December 2016                                                                                   
                                                                                                  4 631           4 412    
                  Less: short-term portion of                                                      (567)           (333)    
                  long-term borrowings                                                                                     
                  Long-term borrowings                                                            4 064           4 079    
                  Add: short-term                                                                   938             603    
                  borrowings, bank                                                                                         
                  overdrafts and short-term                                                                                
                  portion of long-term                                                                                     
                  borrowings                                                                                               
                  Total borrowings                                                                5 002           4 682    
                  Maturity analysis of                                                                                     
                  total borrowings:                                                                                        
                  One year                                                                          938             603    
                  Two years                                                                         943             764    
                  Three years                                                                     1 406             836    
                  Four years                                                                        483           1 192    
                  Five and more years                                                             1 232           1 287    
                                                                                                  5 002           4 682    
                  Assets encumbered are                                                                                    
                  as follows:                                                                                              
                  Property, plant and                                                             7 339           6 460    
                  equipment (refer note 8)                                                                                 

    The group had committed borrowing facilities of R2,4 billion and utilised 70% (2018: 72%) of these facilities 
    at the date of this report. At reporting date, R731 million of borrowing facilities remain unutilised.
    These numbers exclude project funding in Rwanda, DRC and Zimbabwe.
    
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
19. OTHER NON-CURRENT LIABILITIES                                                                            
    Cash-settled share-based payment liability                                                  -               2    
    Put option liability                                                                      274             245    
    Finance lease liabilities                                                                   2               5    
    Liability to non-controlling shareholder in subsidiary company                             17              14    
                                                                                              293             266    
    Less: Short-term portion of other non-current liabilities                                   -              (4)    
                                                                                              293             262    
    
    Put option liability
    The IFC was issued a put option in September 2015 in terms of which PPC Ltd is required to purchase all or 
    part of the shares held by the IFC in PPC Barnet DRC Holdings. The put option may be exercised after six 
    years from when the IFC subscribed for the shares but only for a five-year period. The put option value 
    was calculated using the DRC's forecast EBITDA applying an earning's multiple less net debt and then 
    present valued.

    Following the valuation of the put option, no fair value adjustment has been recognised as the fair value is 
    the same as the current carrying amount.

    Forecast EBITDA is based on financial forecasts approved by management, with pricing and margins similar to those 
    currently being achieved by the business unit, albeit lower than in the prior year, while selling prices and costs 
    are forecast to increase at local inflation projections and extrapolated using local GDP growth rates averaging 5% 
    per annum (2018: 5%) taking cognisance of the plant production ramp-up and adjusted for the impact of competitor 
    activity and political environment within the country and neighbouring countries. An EBITDA multiple of 7 times 
    (2018: 7 times) was determined using comparison of publicly available information on other cement businesses 
    operating in similar territories. The present value of the put option was calculated at R274 million 
    (2018: R245 million). The increase in the liability follows the time value of money adjustments.
    
    Refer note 22 for sensitivity analysis.
    
    Liability to non-controlling shareholder in subsidiary company
    Relates to US dollar denominated interest payable on initial equity contribution into the DRC group of companies 
    by a non-controlling shareholder. The accruing of interest ceased in September 2015 and the amount payable will 
    be repaid once the external funding of the DRC has been settled.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
20. TRADE AND OTHER PAYABLES                                                                                      
    Accrued finance charges                                                                     4               8    
    Cash-settled share-based payment liability (short-term portion)                             -               2    
    Capital expenditure payables                                                               64              45    
    Finance lease liabilities                                                                   -               1    
    Other financial payables                                                                  141             156    
    Retentions held for plant and equipment                                                   316             259    
    Trade payables and accruals                                                             1 260             991    
    Trade and other financial payables                                                      1 785           1 462    
    Payroll accruals                                                                          138             248    
    VAT payable                                                                                (4)             25    
                                                                                            1 919           1 735    
    Trade and other payables, payroll accruals and regulatory obligations are payable within a 30 to 60-day period.
    
    Please note that the tax payable has been disclosed separately on the face of the statement of 
    financial position.

21. COMMITMENTS                                                                                                      
    Contracted capital commitments                                                            176             339    
    Approved capital commitments                                                              145             257    
    Capital commitments                                                                       321             596    
    Operating lease commitments                                                               121             128    
                                                                                              442             724    
    Capital commitments
    Southern Africa                                                                           304             546    
    Rest of Africa                                                                             17              50    
                                                                                              321             596    
    Capital commitments are anticipated to be incurred:
    - Within one year                                                                         321             500    
    - Between one and two years                                                                 -              96    
                                                                                              321             596    
    The decrease in commitments follows the successful commissioning of Slurry expansion project (SK9).
    
    Capital expenditure commitments are stated in current values which, together with expected price escalations, 
    will be financed from surplus cash generated and borrowing facilities available to the group.

22. FINANCIAL RISK MANAGEMENT 
    Fair value of assets and liabilities
                                                                                       Year ended      Year ended    
                                                                                    31 March 2019   31 March 2018    
                                                                                         Reviewed         Audited     
                                                               Notes       Level*              Rm              Rm    
    Financial assets                                                                                                 
    The financial assets carried at fair value are classified 
    into three categories as reflected below:
    At amortised cost                                                                                                
    Investment in Zimbabwe government bonds                       11           2              279               6    
    Trade and other financial receivables                         13           2            1 017           1 023    
    Cash and cash equivalents                                     14           1              452             836    
    At fair value through other comprehensive income                                                                 
    Investment in the Zimbabwe Stock Market                       11           1               14               -    
    At fair value through profit or loss                                                                             
    Unlisted collective investments at fair           
    value (held for trading)                                      11           2              141             134    
    PPC Zimbabwe financial asset                                  11           2              289               -
    Total financial assets                                                                  2 192           1 999    
    Level 1                                                                                   466             836    
    Level 2                                                                                 1 726           1 163    
    Non-financial assets
    Assets held for sale                                          12           2               92              34
    Goodwill#                                                      9           3              236             230
    Financial liabilities                                                                                            
    At amortised cost                                                                                                
    Long-term borrowings                                          18           2            4 064           4 079    
    Short-term borrowings                                         18           2              938             603    
    Finance lease liabilities                                     19           2                2               5    
    Liability to non-controlling shareholder          
    in subsidiary company                                         19           2               17              14    
    Trade and other financial payables                            20           2            1 785           1 462    
    At fair value through profit or loss                                                                             
    Cash-settled share-based liability                            19           2                -               2    
    Put option liability                                          19           3              274             245    
    Total financial liabilities                                                             7 080           6 410    
    Level 2                                                                                 6 806           6 165    
    Level 3                                                                                   274             245    
    # The movement in the fair value of goodwill recognised relates to foreign currency exchange differences.

    Methods and assumptions used by the group in determining fair values:
    * Level 1 -  financial assets and liabilities that are valued accordingly to unadjusted market prices 
                 for similar assets and liabilities. Market prices in this instance are readily available 
                 and the price represents regularly occurring transactions which have been concluded on an 
                 arm's length transaction.
    * Level 2 -  financial assets and liabilities are valued using observable inputs, other than the market 
                 prices noted in the level 1 methodology, and make reference to pricing of similar assets and 
                 liabilities in an active market or by utilising observable prices and market-related data.
    * Level 3 -  financial assets and liabilities that are valued using unobservable data, and requires management 
                 judgement in determining the fair value.
    
    The estimated fair value of financial instruments is determined, at discrete points in time, by reference to 
    the mid price in an active market wherever possible. Where no such active market exists for the particular 
    asset or liability, the group uses valuation techniques to arrive at fair value, including the use of prices 
    obtained in recent arm's length transactions, discounted cash flow analysis and other valuation techniques 
    commonly used by market participants.

    The fair value of cash and cash equivalents, trade and other financial receivables and trade and other financial 
    payables approximate their respective carrying amounts of these financial instruments because of the short period 
    to maturity. Where the short period to maturity is extended, the company then discounts the current carrying 
    amount using the latest available borrowing rates against the expected maturity period.
    
    The PPC Zimbabwe financial asset (refer note 11) should be valued using RTGS forward curves, however, these are
    not available. As a result of there being no other similar available market data, the financial asset has been
    valued at the year-end US$:RTGS$ exchange rate and no further fair value adjustment has been recognised.
    
    The put option liability has been calculated using EBITDA forecasts prepared by management and discounted to 
    present value.

    The fair value of derivative financial instruments relating to cash-settled share appreciation rights is determined 
    with reference to valuation performed by third-party financial institutions at reporting date, using an actuarial 
    binomial pricing model.

    This note has been refined from that reported in the prior period to only include financial instruments held at fair 
    value.

    Level 3 sensitivity analysis                                                                                    
                                                                                                        Increase/     
                                                                      Valuation             Main         decrease    
    Financial instrument                                              technique      assumptions               Rm    
    Put option liabilities                                             Earnings       EBITDA and                  
                                                                       multiple         net debt               29      
    If the key unobservable inputs to the valuation model, being estimated EBITDA and net debt, were 1% higher/lower 
    while all the other variables were held constant, the carrying amount of the put option liabilities would 
    decrease/increase by R29 million.

                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
    Movements in level 3 financial instruments                                                                       
    Financial liability                                                                                              
    Balance at the beginning of the period                                                    245             434    
    Remeasurements                                                                              -            (238)    
    Time value of money adjustments                                                            29              49    
    Balance at the end of the year                                                            274             245    
    Remeasurements are recorded in fair value adjustments on financial instruments in the income statement.

23. EVENTS AFTER THE REPORTING DATE
    Business combination
    On 4 May 2019, Habesha Cement Share Company (Habesha), a cement manufacturing company incorporated in Ethiopia
    and currently accounted in the PPC group results as an investment in associate, granted PPC and Industrial 
    Development Corporation (IDC) a right to appoint an additional board member. PPC and IDC have a 38% and 20% 
    shareholding in Habesha respectively. PPC and IDC have signed a voting agreement, in terms of which they agreed 
    to vote as a block on key matters pertaining to Habesha. Given PPC's technical knowledge and experience in the 
    cement manufacturing industry and fact that PPC has significant shareholding in Habesha compared to IDC, it is 
    likely that PPC will be a key decision-maker in terms of the voting agreement.

    Furthermore, PPC entered into an agreement with Habesha, in terms of which PPC is required to provide consulting 
    and technical services. These services, among other include:
    - Consulting services - such as developing strategic direction and objectives, providing commercial guidance and 
      aligning the policies and procedures of Habesha to those of PPC
    - Technical services - relating to finance, sales and marketing, treasury, human resources, legal and risk 
      management

    Taking into account the two agreements, management believes that PPC has control over Habesha from 4 May 2019 and 
    has the exposure to variable returns and ability to affect those returns.

    In terms of IAS 10, this is considered to be a non-adjusting post-balance sheet event as the meeting where the 
    resolution was passed to give IDC and PPC a right to appoint an additional board member took place after the 
    reporting period. The potential evidence of control therefore never existed at year-end.

    Effective from 4 May 2019, being the acquisition date, PPC will account for Habesha as a subsidiary and the 
    financial results of Habesha will be consolidated into PPC group. PPC's share of profits will remain as 38%.

    IFRS 3, sets out the extensive disclosure required for a post-balance sheet event resulting in business combination 
    but also allows non-disclosure in circumstances where certain financial information is not available.

    It should be noted that at the date of this report, the financial impact of this transaction has not be finalised
    as it is not practical to determine the amounts at the date of the report, and the applicable disclosure as 
    required by IFRS 3 B64 paragraph (e) - (k) are not yet available.
 
    PPC will, within the next 12 months, as permitted by IFRS 3 finalise the financial impact of this transaction. 
    A further update on this transaction will be disclosed in the September 2019 half-year results.
         
    Refinancing strategy
    Due to the expected liquidity constraints, in April 2019, the investment committee approved the engagement with the 
    lenders for the funding facility package to be increased from R2,4 billion to R3.1 billion. This facility has been 
    approved by the lenders and is considered to be a non-adjusting subsequent event in accordance with IAS 10.

    Movement in RTGS$:US$ rate
    At 31 March 2019, an official inter-bank rate of 3.01 between the USD and RTGS has been used in the translation 
    of the Zimbabwe results following the change in functional currency. This rate has since deteriorated to 6,32 at 
    24 June 2019, the date of approval of the reviewed condensed consolidated financial statement. This rate was 
    obtained from http://www.marketwatch.co.zw. For the sensitivty analysis on the RTGS$ rate refer note 1.

    There are no events that occurred after the reporting date, other than those listed above, that may have a 
    material impact on the group's reported financial position at 31 March 2019.

24. CURRENCY CONVERSION GUIDE
    In preparing the financial statements of the subsidiary companies, transactions in currencies other than the 
    entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the 
    dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in 
    foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair 
    value that are denominated in foreign currencies are translated at the rates prevailing at the date when the 
    fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign 
    currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which 
    they arise except for exchange differences on foreign currency borrowings relating to assets under construction 
    for future productive use, which are included in the cost of those assets when they are regarded as an adjustment 
    to interest costs on those foreign currency borrowings.

    Approximate value of foreign currencies to the rand:
                                                                            Average                 Closing
                                                                       2019       2018          2019         2018    
    Botswana pula                                                      1,32       1,28          1,34         1,22    
    US dollar                                                         13,63      13,06         14,42        11,82    
    Rwandan franc                                                      0,02       0,02          0,02         0,01    
    RTGS dollar (to the US dollar)                                     3,50        N/A          3,01          N/A    
    Mozambican metical                                                 0,20       0,22          0,23         0,19    

25. RELATED-PARTY TRANSACTIONS
    Parties are considered to be related if one party directly or indirectly has the ability to control or 
    jointly control the other party or exercise significant influence over the other party or is a member of the 
    key management of PPC group. In particular, this relates to associates, as transactions with the consolidated 
    subsidiaries are eliminated. In the ordinary course of business, PPC Group Shared Services Pty Limited, a 
    subsidiary of PPC Ltd, entered into various transactions with Habesha Cement Share Company, an associate of 
    PPC Ltd. The effect of these transactions is included in the financial performance and results of the group. 
    Terms and conditions are determined on an arm's length basis. No impairment of receivables related to the 
    amount of outstanding balances is required.                                                  
                                                                                       Year ended      Year ended    
                                                                                             2019            2018    
                                                                                         Reviewed         Audited     
                                                                                               Rm              Rm    
    The following table shows transactions with the related parties that are included                
    in the group's annual financial statements.                                                      
    Services rendered to a related party                                                                             
    Habesha Cement Share Company                                                                2               -    
    Amounts receivable from a related party                                                                          
    Habesha Cement Share Company                                                                2               -    
    Dividends received from a related party                                                                          
    Olegra Pty Limited                                                                          1               1    
       
    Refer note 23 for post-balance sheet events impacting the accounting treatment of the Habesha Cement Share 
    Company by the PPC group.

26. OTHER DISCLOSURES
    Contingent liabilities and guarantees
    A PPC group supplier has instigated legal proceedings against the group for the possible damages 
    relating to a contract. In terms of the contract, the supplier would provide certain services relating 
    to sales and marketing. The total claim is estimated at R3 million.

    Management believes that the claim has no merit, and is currently contesting the matter in court. In accordance 
    with IAS 37, no provision has been made in these financial statements.

    The total guarantees issued by the group, by means of a bank guarantee, in favour of the various suppliers was 
    R102 million (2018: R102 million). Included in this amount are financial guarantees for the environmental 
    rehabilitation and decommissioning obligations of the group to the DMR amounting to R76 million (2018: R76 million).

27. REVIEW CONCLUSION
    The reviewed condensed consolidated financial statements for the year ended 31 March 2019 have been reviewed
    by the company's external auditors, Deloitte & Touche, who expressed an unmodified review conclusion. A copy
    of the auditor's review report on the condensed consolidated financial statements is available for inspection
    at PPC's registered office. The auditor's report does not report necessarily on all the information 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. Any reference to future 
    financial performance included in this announcement has not been reviewed or reported on by the company's
    external auditors.

ADMINISTRATION
Directors
PJ Moleketi (Chairman), JT Claassen (CEO), AC Ball, N Gobodo, MF Gumbi, NL Mkhondo, T Moyo*, CH Naude, 
MMT Ramano, MR Thompson
* Zimbabwean 

Registered office
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton 2146, South Africa)

Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers, 15 Biermann Avenue, Rosebank
(PO Box 61051, Marshalltown, 2107, South Africa)

Transfer secretaries Zimbabwe
Corpserve (Pvt) Ltd
4th Floor, Intermarket Centre, Corner 1st Street/Kwame Nkrumah Avenue, Harare Zimbabwe
(PO Box 2208, Harare, Zimbabwe)

Company secretary
K Holtzhausen
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton 2146, South Africa)

Sponsor
Merrill Lynch South Africa (Pty) Ltd
The Place, 1 Sandton Drive, Sandton, South Africa
(PO Box 651987, Benmore 2010, South Africa)

DISCLAIMER 
This document including, without limitation, those statements concerning the demand outlook, PPC's expansion projects
and its capital resources and expenditure, contain certain forward looking views. By their nature, forward looking
statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward looking
statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government action, business and operational risk management. While PPC takes reasonable care to
ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special or
incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or negligence
arising in connection with a forward looking statement. This document is not intended to contain any profit forecasts or
profit estimates.

Date: 27/06/2019 05:30:00 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.

Email this JSE Sens Item to a Friend.

Share This Story