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Pinnacle Holdings Confidential
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Pinnacle Holdings Confidential
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Pinnacle Holdings Confidential
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Group
Organogram
Pinnacle Holdings Confidential
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Group
Organogram
Pinnacle Holdings Confidential
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Group
Organogram
Pinnacle Holdings Confidential
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Group
Organogram
Pinnacle Holdings Confidential
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Income Statement
Dec 2013
H1 2014
R'000
H1 2013
R'000
FY 2013
R'000
3,160,872
3,126,104
6,596,232
1.1%
Gross Profit
514,909
487,469
1,029,531
5.6%
Operating Expenses
-282,366
-258,834
-536,277
9.1%
232,543
228,635
493,254
1.7%
-8,784
-9,167
-20,753
-4.2%
223,759
219,468
472,501
2.0%
-6,851
-10,112
-18,558
-32.2%
4,776
-
-
221,684
209,356
453,943
5.9%
-59,412
-60,460
-128,263
-1.7%
Net Profit for the year
162,272
148,896
325,680
9.0%
- owners of the company
162,146
148,190
324,948
9.4%
126
706
732
95.4
93.8
205.6
Revenue
Earnings before Interest, Tax, Depreciation and Amortisation
Depreciation and Amortisation
Operating Profit before interest
Net Finance Costs
Share of Equity accounted associate income
Profit before Taxation
Taxation
- non-controlling interests
Headline Earnings (Normal and Fully Diluted)
Pinnacle Holdings Confidential
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Year on Year
Growth
-82.2%
1.7%
Dec 2013 Revenue
4,000,000
3,470,128
3,500,000
3,160,872
3,113,405 3,126,104
3,000,000
2,860,576
2,731,187
2,500,000
2,099,498
2,000,000
1,500,000
1,700,089
1,466,836
1,000,000
500,000
-
Revenue per Half Year
H1 10
Pinnacle Holdings Confidential
H2 10
H1 11
H2 11
PAGE 9
H1 12
H2 12
H1 13
H2 13
H1 14
2014 Percentages
Pinnacle Holdings Confidential
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2014 Percentages
Pinnacle Holdings Confidential
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2014 Percentages
Pinnacle Holdings Confidential
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Group
CONSOLIDATED INCOME STATEMENT
H1 2013
R'000
H2 2013
R'000
H1 2014
R'000
Year on Year
Growth
Sequential
Growth
3,126,104
3,470,128
3,160,872
1.1%
-8.9%
487,469
15.6%
542,062
15.6%
514,909
16.3%
5.6%
-5.0%
(258,834)
-8.3%
(277,443)
-8.0%
(282,366)
-8.9%
9.1%
1.8%
Operating Profit before interest
- % of revenue
219,468
7.0%
253,033
7.3%
223,759
7.1%
2.0%
-11.6%
Net Finance Costs
- % of revenue
(10,113)
-0.3%
(8,445)
-0.2%
(6,851)
-0.2%
-32.3%
-18.9%
Income Tax
- Effective Tax Rate %
(60,460)
-28.9%
(67,803)
-27.7%
(59,412)
-26.8%
-1.7%
-12.4%
Net Profit for the year
- % of revenue
148,896
4.8%
176,784
5.1%
162,272
5.1%
9.0%
-8.2%
93.8
111.8
95.4
1.7%
-14.7%
Revenue
Gross Profit
- % of revenue
Operating Expenses
- % of revenue
Headline Earnings (Normal and Fully Diluted)
Pinnacle Holdings Confidential
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ICT Distribution
CONSOLIDATED INCOME STATEMENT
H1 2013
R'000
H2 2013
R'000
H1 2014
R'000
Year on Year
Growth
Sequential
Growth
Revenue
3,050,236
3,410,865
3,107,330
1.9%
-8.9%
448,494
497,207
462,633
3.2%
-7.0%
14.7%
14.6%
14.9%
(231,483)
(251,708)
(252,335)
9.0%
0.2%
-7.6%
-7.4%
-8.1%
210,029
237,143
205,457
-2.2%
-13.4%
6.9%
7.0%
6.6%
(15,501)
(13,583)
(14,023)
-9.5%
3.2%
-0.5%
-0.4%
-0.5%
(55,633)
(58,889)
(50,389)
-9.4%
-14.4%
-28.6%
-26.3%
-26.3%
138,895
164,671
141,048
1.6%
-14.3%
4.6%
4.8%
4.5%
1,013,451
1,103,428
1,210,975
19.5%
9.7%
730,038
1,041,930
980,939
46
1,078,369
54
1,069,825
49
1,102,147
Gross Profit
- % of revenue
Operating Expenses
- % of revenue
Operating Profit before interest
- % of revenue
Net Finance Costs
- % of revenue
Income Tax
- Effective Tax Rate %
Net Profit
- % of revenue
WORKING CAPITAL
Inventory (Incl in Transit)
- Forecast Days in Inventory
Trade and Other Receivables
- Days Sales in Receivables "DSO's"
Trade and Other Payables
- Days Purchases in Payables "DPO's"
RETURN ON EQUITY
Pinnacle Holdings Confidential
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61
50
60
794,956
1,008,327
872,111
48
48
55
38.3%
39.0%
30.6%
IT Projects & Services
H1 2013
H2 2013
H1 2014
R'000
R'000
R'000
REVENUE
68,027
93,695
Gross Profit
27,320
- % of revenue
CONSOLIDATED INCOME STATEMENT
Year on Year
Growth
Sequential
Growth
94,788
39.3%
1.2%
32,850
37,404
36.9%
13.9%
40.2%
35.1%
39.5%
(17,223)
(22,095)
(24,244)
40.8%
9.7%
-25.3%
-23.6%
-25.6%
Operating Profit before interest
- % of revenue
8,680
12.8%
9,250
9.9%
11,696
12.3%
34.7%
26.4%
Net Finance Costs
- % of revenue
(61)
-0.1%
(2)
0.0%
110
0.1%
-280.3%
-5600.0%
(2,101)
-24.4%
(3,322)
-35.9%
(3,383)
-28.7%
61.0%
1.8%
6,518
9.6%
5,926
6.3%
8,424
8.9%
29.2%
42.2%
11,455
7,630
4,655
3,478
1,808
8,190
Trade and Other Receivables
21,866
24,220
37,487
Trade and Other Payables
13,889
18,398
41,022
RETURN ON EQUITY
65.4%
47.6%
59.1%
Operating Expenses
- % of revenue
Income Tax
- Effective Tax Rate %
Net Profit for the year
- % of revenue
WORKING CAPITAL
Inventory (Incl in Transit)
Pinnacle Holdings Confidential
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Structured Finance Solutions
CONSOLIDATED INCOME STATEMENT
H1 2013
R'000
H2 2013
R'000
H1 2014
R'000
Revenue
30,195
42,918
Gross Profit
- % of revenue
18,095
59.9%
Operating Expenses
- % of revenue
Year on Year
Growth
Sequential
Growth
49,818
65.0%
16.1%
22,189
51.7%
28,068
56.3%
55.1%
26.5%
(8,031)
-26.6%
(9,916)
-23.1%
(11,181)
-22.4%
39.2%
12.8%
9,997
33.1%
12,175
28.4%
16,528
33.2%
65.3%
35.8%
Income Tax
- Effective Tax Rate %
(2,916)
-29.0%
(3,456)
-28.3%
(4,629)
-28.0%
58.7%
33.9%
Net Profit for the year
- % of revenue
7,143
23.7%
8,759
20.4%
11,899
23.9%
66.6%
35.8%
Operating Profit before interest
- % of revenue
Capital & Arrears Jan 2014 Feb 2014
FINANCIAL ASSETS
Total Finance Receivables
237,785
275,986
347,981
1,361
0.60%
1,833
0.66%
2,972
0.85%
63.9%
45.1%
41.3%
Portfolio at Risk
- Portfolio at Risk
- % of Total
RETURN ON EQUITY
Pinnacle Holdings Confidential
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Portfolio at Risk
% of Total
2527
0.72%
2463
0.68%
Consolidated Statement
of Financial Position
Half year
Full year
Half year
31 Dec 2012
30 Jun 2013
31 Dec 2013
Unaudited
R'000
Audited
R'000
Unaudited
R'000
NON CURRENT ASSETS
491,332
594,636
912,063
Property Plant and equipment
168,292
186,637
209,205
97,782
129,117
131,107
Investments in Listed Shares
-
30,179
-
Investments in Associate
-
-
273,450
27,855
28,689
27,953
161,815
184,782
228,029
35,588
35,232
42,319
2,079,843
2,501,814
2,260,376
Inventories on Hand
685,103
940,655
882,414
Inventories in Transit
65,800
108,031
106,950
1,243,065
1,125,423
1,160,463
53,121
65,349
86,415
1,679
1,154
918
-
237,272
-
31,075
23,930
23,216
2,571,175
3,096,450
3,172,439
ASSETS
Intangible Assets
Long Term Loans
Finance Lease Receivables
Deferred Taxation
Current Assets
Trade and other Receivables
Finance Lease Receivables
Taxation Receivable
Short-term deposit
Cash and Cash Equivalents
TOTAL ASSETS
Pinnacle Holdings Confidential
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Asset Additions
Modrac
10,300
Bloemfontein
6,375
Durban
2,400
Pacific
2,256
X-ALT
2,319
& Internet Upgrade
Deferred Tax Asset
Infrasol
PBS
PTSMS
5,260
1,416
1,112
Provisions
Losses
Losses
Consolidated Statement of Financial Position
EQUITY AND LIABILITIES
H1 2013
FY 2013
H1 2014
Capital and Reserves
905,002
1,088,059
1,182,757
25,948
25,982
25,996
(42,166)
(41,766)
(41,766)
31,636
32,588
33,607
884,599
1,066,308
1,161,610
4,985
4,947
3,310
Non Current Liabilities
55,785
503,594
529,152
Interest Bearing Liabilities
36,566
482,075
504,584
Deferred taxation
19,219
21,519
24,568
1,610,388
1,504,797
1,460,530
Trade and Other Payables
1,055,805
1,074,736
963,276
Interest Bearing Liabilities
14,886
17,203
17,467
214,823
115,543
114,999
Deferred Revenue
11,423
14,519
14,398
Taxation Payable
7,750
12,320
11,401
305,701
270,476
338,989
2,571,175
3,096,450
3,172,439
Share Capital and Premium
Treasury Shares
Non Distributable Reserves
Accumulated Profits
Non Controlling Interests
Current Liabilities
Short Term Loan
Bank Overdrafts
TOTAL EQUITY AND LIABILITIES
Pinnacle Holdings Confidential
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Summarised Consolidated
Statement of Cash Flow
H1 2013
FY 2013
H1 2014
228,635
(196,177)
493,254
(378,331)
232,543
(108,365)
(801)
31,657
10,037
124,960
(10,737)
113,441
Net Finance Costs
(10,112)
(18,558)
(6,851)
Taxation Paid
(53,338)
(117,583)
(64,275)
Cashflows from Operating Activities
(31,793)
(11,181)
42,315
Cashflows from Investing Activities
(140,654)
(463,474)
(68,733)
Property, plant and equipment acquired
Proceeds on disposals of property, plant and equipment
Acquisition of intangible assets
(63,914)
741
(1,718)
(84,328)
8,162
(7,912)
(60,787)
42,164
(4,175)
Net Investment in finance leases receivable
Acquisition of Subsidiaries
Acquisition of Shares in Datacentrix (including deposit)
Acquisition of Non-Controlling Interests
(70,750)
(5,013)
-
(105,945)
(6,000)
(267,451)
-
(43,247)
(1,223)
(1,465)
Cashflows from Financing Activities
Interest Bearing Liabilities raised
37,070
(7,432)
368,932
439,229
(41,815)
32,936
Interest Bearing Liabilities repaid
Shares issued
Short term loans raised
99,439
(14,724)
64,720
(10,707)
14
-
-
(64,561)
-
359
(475)
-
736
(55,296)
(55,257)
(64,794)
(135,377)
(105,723)
(68,233)
998
(576)
(994)
(140,247)
(274,626)
(140,247)
(246,546)
(246,546)
(315,773)
EBITDA
Changes in working capital
Other non fund flow items
Cash Generated by Operating Activities
Short term loans repaid
Decrease in long term loans receivable
Decrease in Trust Loans
Dividends Paid
Decrease in net cash, cash equivalents and overdrafts
Net (Overdraft) / cash and cash equivalents acquired from business combinations
Net (Overdraft) / cash and cash equivalents at beginning of year
Net (Overdraft) / cash and cash equivalents at end of year
Pinnacle Holdings Confidential
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Asset Addition
Modrac
10,300
Bloemfontein
6,375
Durban
2,400
Pacific
2,256
X-ALT
2,319
& Internet Upgrade
Acquisition of NCI
Merqu Paid - 1,465
Borrowings December 2013
H1 2013
R000's
H2 2013
R000's
H1 2014
R000's
63.2%
81.4%
82.5%
- Attributable to Datacentrix
0.0%
24.7%
23.2%
- Attributable to Distribution
40.5%
36.4%
35.7%
- Attributable to Centrafin
22.7%
20.3%
23.6%
- Overdraft Facility
609,160
609,160
609,160
- Overdraft Balance
317,219
275,068
341,781
1,013,451
1,103,428
1,210,975
GEARING
Net Debt to Equity
OVERDRAFTS IN DISTRIBUTION
- Working Capital
Pinnacle Holdings Confidential
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Borrowings December 2013
H1 2013
R000's
H2 2013
R000's
H1 2014
R000's
315,000
315,000
132,261
39,401
115,543
132,307
31,868
114,999
GROUP BORROWINGS
- DMTN Programme
- Nedbank Loan
98,013
- Nedbank Preference Shares
- Depfin Investments
- Investec Short Term Loan
47,277
116,810
- FNB Property Loan
32,936
- Instalment Sale and Sundry
Total
4,175
12,510
9,940
266,275
614,715
637,050
203,983
219,558
278,860
267,451
273,450
47,277
39,401
31,868
43,776
-28,761
43,823
44,482
46,980
5,892
266,275
614,715
637,050
APPLICATION OF FUNDS
- Centrafin Finance Assets
- Acquisition of Datacentrix
- Acquisition of Axiz
- Property Finance (Samrand)
- Other Assets
Total
Pinnacle Holdings Confidential
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PTH Group Devices
Shipments
Pinnacle Holdings Confidential
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PTH Group Devices
Shipments
42%
35%
56%
Pinnacle Holdings Confidential
56%
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Pinnacle Holdings Confidential
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