CIL 201611090003A
Reviewed provisional condensed consolidated results for the year ended 31 August 2016 (“THE YEAR”)

Consolidated Infrastructure Group Limited 
(Incorporated in the 
Republic of South Africa) 
(Registration number 2007/004935/06)
JSE share code: CIL
ISIN: ZAE000153888
("CIG" or "the group" or "the company")

Reviewed provisional condensed consolidated results 
for the year ended 31 August 2016 ("the year")

Salient features
- Revenue up 25% to R4,5 billion (2015: R3,6 billion)
- Profit up 19% to R393 million (2015: R331 million)
- HEPS up 15,7% to 255,3 cents per share (2015: 220,7 cents per 
- Power order book (excluding R2,3 billion of Round 4 RE projects)
up 22% to R5 billion (2015: R4,1 billion)
- Earnings ex-SA up to 68% (2015: 54%)
- Successfully closed R850 million Conlog acquisition 31 October

CIG continued its growth trajectory in the year with solid revenue
and profit growth despite an increasing cost base given the group's 
expansion. While business growth outside South Africa was robust, the 
South African market remained challenging. Locally projects were 
delayed due to political uncertainty and waning business confidence.

Since year-end, the group has successfully concluded the acquisition 
of electricity and smart meter provider, Conlog Proprietary Limited 
("Conlog"), from Schneider Electrical for up to R850 million and 
opened a rights offer to shareholders to fund R750 million of the 
purchase price.

Business overview
CIG is a Pan African infrastructure-focused group with a
diversified portfolio of operations including services and materials 
in power and electrical, oil and gas, building materials and the 
railway sector.

The group's wide footprint spans across South Africa, sub-Saharan
Africa and the Middle East.

Financial overview
Revenue grew by 25% to R4,5 billion from R3,6 billion for FY2015 
predominantly due to increased levels of activity within the Power 

Operating expenses increased 34% due to expanded regional investment, 
capacity building in the Power and Rail Divisions and continued 
investment in pursuing power-related investment initiatives within 
CIGenco as well as costs associated with expanding risk management 
oversight of the group's top 30 power projects.

Earnings before interest, taxation, depreciation and amortisation 
("EBITDA") grew 15% to R475 million from R414 million for the prior 
year. EBITDA margins remain within our targeted range of 10,5% to 
11,5% (2015: 11,5%).

The net interest charge increased by 90% as a result of substantial 
additional investment in working capital.

The implication of winning longer duration, larger contracts impacts 
the investment in working capital. This resulted in a disproportionate 
increase in amounts due from contract customers relative to turnover 
growth. CIG continues to adopt a conservative approach to procurement, 
ensuring successful, on time delivery of all projects. These execution 
strategies resulted in no claims being lodged in the period for delays 
or damages on existing and completed projects, but contributed to the
increased investment in working capital. Amounts due from contract 
customers consist of costs incurred plus recognised profits on 
contracts at year-end, invoiced amounts receivable on contracts plus 
retentions receivable. Due to the successful completion of milestones 
towards year-end, amounts due from contract customers contained a 
higher percentage of invoiced amounts receivable on contracts in 
comparison to the prior year. Although amounts due from contract 
customers increased, there was a satisfactory conversion of invoiced 
amounts receivable to cash. Collections for Conco, the largest 
division within the group, improved by 50% to R3 billion, when 
compared to the prior year.

Notwithstanding the increase in operational expenses above, profit 
for the year grew 19% to R393 million from the prior year's
R331 million. All of CIG's main divisions reported good bottom
line growth.

Earnings per share of 255,0 cents (2015: 222,5 cents) and headline 
earnings per share of 255,3 cents (2015: 220,7 cents) reflect a
15% year-on-year increase, respectively, despite the weighted average 
number of shares in issue having increased by 4% in FY2015.

The group's segmental analysis of profit after tax contribution is:

                                                 2016         2015
                                                    %            %

Power                                              43           45  
Oil and Gas                                        35           33
Building Materials                                 11           12
Rail                                                3            3
Corporate                                           8            7

CIG continues to deliver high growth across its major sectors. To 
mitigate the risks inherent therein, extensive executive and 
management time is dedicated to risk management. In the year actions 
were taken to minimise risk which negatively impacted on project 
profitability but at the same time positively impacted on deadlines 
and delivery.

Funding strategy
The group focuses on ensuring that it mitigates short-term liquidity 
risk by reducing the refinancing risk that arises over the 
next 12 months.

The group reported a net cash balance for the year of R558 million 
(August 2015: R482 million) and had unutilised working capital 
facilities of R400 million at year-end. The cash balance and 
facilities on hand are sufficient to meet the short-term operational 
requirements, the settlement of current financial and instalment sale 
liabilities of R67 million and the final payment of up to R150 million 
for the acquisition of Conlog. The group had unutilised facilities of 
R1,5 billion for performance bonds and guarantees at year-end which 
is sufficient to meet current requirements.

The group continues to engage with its financiers to periodically 
reviewed to ensure that sufficient facilities are in place to meet 
operational requirements. The group is currently negotiating a 
further increase in facilities in line with an expected increase
in activity levels.

The group had reported a 13,5% net debt-to-equity ratio at year-end 
(August 2015: 7,8%). Management is satisfied that a maximum 
debt-to-equity ratio of 30% to 40% is an appropriate tolerance level. 
Interest cover as measured against EBITDA remained at a satisfactory 
level of 4,4 times. The net cash on hand, unutilised facilities and 
low levels of net debt provide sufficient comfort on the ability to 
fund growth.

Participation continued in our medium-term note programme. On
28 July 2016, CIG part-redeemed note CIG03 for R95 million, scheduled 
to mature on 30 June 2017. CIG also issued four further notes in the 
year for a combined value of R430 million. To date R960 million of 
medium-term notes have been issued as part of the R1 billion 
programme. The group will consider increasing the size of the 
programme over time, in order to balance its funding requirements 
between working capital funding obtained through traditional banking 
relationships and the issuing of medium-term notes. The issuing of 
additional equity will be considered where appropriate.

The group has maintained a consistent Moody's credit rating of

Conlog acquisition
Conlog designs, develops, manufactures, markets and distributes
prepaid and smart electronic metering devices and solutions. The 
company provides services to utilities and municipalities such as 
revenue management, revenue protection, prepayment with smart load 
control and load management. The importance of prepaid meters has 
been demonstrated across the African continent with benefits for 
revenue certainty for cash-starved utilities.

The purchase consideration comprises an initial payment of
R700 million paid on closing (31 October 2016), together with a 
deferred consideration and an earn-out component of between
R50 million and R150 million, depending on Conlog's 2016 adjusted
EBITDA, to be paid in 2017.

The initial payment and guaranteed deferred payment will be funded by 
a fully underwritten claw-back rights offer currently underway (see 
below). Any purchase consideration in excess of the initial payment 
and the guaranteed deferred payment will be funded from CIG's 
existing cash resources.

At the general meeting of shareholders on 15 September 2016 
shareholders placed an additional 15 million ordinary shares under 
the control of CIG's directors for the purposes of giving effect
to the R750 million claw-back rights offer. The offer comprises
38 860 102 rights offer shares at a price of R19,30 in the ratio of 
23,80682 rights offer shares for every 100 existing shares.

The audited profit after taxation attributable to Conlog for the year 
ended December 2015 was R161 million.

On a pro-forma basis, using Conlog's 2015 audited results and
CIG's 2016 reviewed results, the enhancements on CIG's revenue and 
profit after tax would have been an additional 13% and 41%, 
respectively, while CIG would have realised a 13% enhancement in 
headline earnings per share based on the additional shares to be 
issued in terms of the rights offer. However, CIG is of the
opinion that the currency devaluation in 2015 had an extraordinary
impact and enhanced the audited earnings. After eliminating these 
foreign exchange gains, the impact on earnings per share would be an 
enhancement of between 5% and 10%.

Divisional overview
Revenue up 27% to R3,8 billion
EBITDA up 31% to R364 million
Order book (excluding R2,3 billion of Round 4 RE projects) up 22%
to R5 billion

Consolidated Power Projects Proprietary Limited ("Conco"), a market 
leader in the supply of substations and high voltage electrification 
work, continued to expand its footprint across the African continent 
and generated R1,85 billion of revenue ex-South Africa. The 
international order book grew by 92% to R2,3 billion.

Conco's expanded presence is improving its ability to source new 
projects and become established as a preferred supplier. Demand for 
electrification remained high particularly in East and Southern 

In South Africa, business performance was adversely affected by the 
low level of awards by municipalities and a delay to Round 4
Renewable Energy Programme. On the upside, work obtained from
Eskom increased considerably.

The proposed acquisition of an equity interest in the Conco South 
Africa business by our highly experienced team of black engineers and 
managers - led by the operation's managing director Mr Slu Gesha - 
remains a key objective. This should be concluded in FY2017.

Consolidated Energy Solutions provides protection and automation 
schemes, motor control systems and solar PV projects and performed 
well, with growth in revenue and EBITDA. The division won a number of 
long-term annuity contracts in the year, which will boost revenue and 
profit from 2017.

Consolidated Power Maintenance maintains renewable energy sites and 
transmission substations. The business underperformed and reported a 
loss for the year due to insufficient new contract wins, 
over-investment in resources and an inadequate response to the soft 
market conditions. In order to improve the performance going forward, 
the business has refined its tendering model and ramped up tender 
submissions to municipalities for transmission and distribution 
maintenance work. In addition, the business increased its business 
development outside South Africa in order to target projects in the 
renewable energy sector as well as traditional transmission and 
distribution projects. CIG remains confident that the business will 
be able to gain further traction in the South African renewable 
energy sector once the initial maintenance warranty periods on 
existing projects reach their expiry dates over the next few years.

CIGenco invests in medium-sized Independent Power Producers. It 
secured two small solar PV projects in Namibia during the year and 
has further established a pipeline of other renewable energy projects 
across the continent. Two of the potential projects are currently in 
the financing phase and the intention is to secure funding for 
approximately 75% of the project costs from export credit agencies 
and commercial banks. The division did not generate revenue in 2016.

Building Materials
Revenue down 3% to R485 million
EBITDA up 11% to R96 million

Building Materials mines and manufactures a range of aggregates, clay 
bricks and concrete roof tiles. The division delivered outstanding 
results in a weak environment. It managed to sustain pricing and 
delivered a favourable product sales weighting of higher margin 
products. Cost containment was excellent and allowed the division to 
deliver profit growth despite a decline in volumes.

Oil and Gas services
Profit attributable to joint venture up 24% to R136 million

AES is a service provider to the oil and gas rigs located off the 
coast of Angola. The primary service is to collect, recycle and 
dispose of waste generated in the oil drilling process.

Profits from AES were bolstered by higher volumes processed following 
the zero discharge law brought into effect on 1 January 2016 and 
foreign currency devaluation.

While it has been challenging to remit foreign currency from Angola, 
remittances nonetheless improved by 30% for the eight months to 
August 2016 compared to the same period in 2015. CIG is currently 
earning a USD 23% cash return on its original invested cost and a 
return of 26% on the average carrying value of the investment.

Revenue up 91% to R292 million
EBITDA UP 9% to R22 million
Order book up to R550 million

Tension Overhead Electrification Proprietary Limited ("Tractionel") 
specialises in the electrification of railways and the installation 
of overhead traction equipment.

Despite the year-on-year increase in performance, the business 
performed below expectations as Transnet cut its capex budget on the 
back of weaker commodity prices and slowdown in activity at Prasa. 
The transformation of the business is well on track for it to deliver 
on an expanded order book.

Prospects remain positive in the Power Division, across South
Africa and into sub-Saharan Africa.

The order book has continued to grow substantially in absolute terms 
as well as in the average size of projects, demonstrating Conco's 
reputation for providing innovative, large scale technical solutions 
on time and on budget. Conco's improved focus across multiple sectors 
and diversified geographic base further enable the business to 
mitigate the risk of a sector or region specific downturn.

The South African market is difficult to assess, with the Eskom spend 
increasing substantially while the municipalities have curtailed 
expenditure despite the backlog of almost R39 billion.

Conco has previously won contract awards of R2,3 billion from Rounds 
4 and 4,5 of the Renewable Energy Feed-In Tariff Programme. Despite 
announced commitments by both government and Eskom to proceed, the 
commencement dates have been delayed by months. We have therefore 
excluded these contracts from the reported order book.

The group has competence in the provision of electrical Balance of 
Plant in the renewable wind sector and is working to expand its 
offerings to the solar PV market. It is pleasing that renewables work 
ex-South Africa is gaining increasing momentum and the group 
currently has orders of R350 million and has submitted 21
proposals in this regard. In the event South Africa continues to
slow or begins to curtail the roll-out of its Renewable Energy 
Programme, the impact on CIG will be mitigated by work from outside 
South Africa.

African utilities are expected to continue providing strong growth 
prospects and while awards in the oil exporting countries are
slow, the majority of the countries on the continent are oil 
importers and remain committed to the expansion of infrastructure. 
As a result, Conco International should be able to leverage the 
increasing number of quality opportunities particularly in East 
Africa, Ethiopia and Southern Africa to deliver growth.

In order to reduce the cost of funding, CIG is exploring funding 
opportunities of matching international revenues with either USD or 
Euro funding. It is anticipated that the cost of funding would be 
lower than current funding rates obtained in South Africa.

The recently acquired Conlog business is on track to exceed the 
warranted profits estimate for 2016 and the introduction to the 
company of some of Conco's clients will in the medium term enhance 
performance. Expansion of Conlog's prepaid services offering will be 
a priority going forward.

Building Materials has seen a moderate pickup in demand post 
municipal elections and the division is particularly innovative in 
sourcing new opportunities for growth. The growing trend amongst 
cement manufacturers to explore alternative strategies to deliver 
future growth could be advantageous.

The market for Oil and Gas services in the short term will remain 
flat. AES will continue to process high volumes of materials but 
rental utilisation, currently just above 50%, will be stagnant. In 
the medium term, we are encouraged that the sector seems to have
stabilised and that the oil majors are planning increased exploration 
from 2017.

The private equity partner in AES continues to explore a strategy 
with regard to the disposal of their 16,5% interest in the business. 
However this is not expected to have an impact on AES and CIG.

The recent order book gains in the Rail Division will drive growth in 
Tractionel in the short term. While further delays are expected from 
Prasa, the eventual roll-out of the new locomotive programme will 
substantially enhance the potential for new work.

In conclusion, the Group enter the new financial year with optimism 
that our geographic and sector strategies are yielding results and 
that sufficient capital is at its disposal to take advantage of 

Condensed consolidated statements of comprehensive income
                                            Reviewed       Audited
                                          Year ended    Year ended
                                           31 August     31 August
                                                2016          2015
                                               R'000         R'000
Revenue                                    4 531 640     3 603 953
Cost of sales                             (3 545 385)   (2 818 381) 
Gross profit                                 986 255       785 572
Other income                                  60 268        62 088
Operating expenses                          (588 174)     (439 098) 
Foreign exchange gain                         17 183         5 899
Earnings before interest, taxation, 
depreciation and amortisation ("EBITDA")     475 532       414 461
Depreciation                                (72 617)      (56 249) 
Profit before interest and taxation          402 915       358 212
Interest received                             45 714        33 268
Interest paid                               (153 560)      (90 250) 
Profit before taxation                       295 069       301 230
Taxation                                     (37 973)      (79 341)
Equity accounted income from joint
arrangement                                  135 789       109 517
Profit for the year                          392 885       331 406
Total profit for the period 
attributable to:
Equity holders of the parent                 395 023       330 226
Non-controlling interest                      (2 138)        1 180
Other comprehensive income: Recyclable 
in profit and loss:
Exchange rate differences on
translating foreign operations                62 982       112 502
Total comprehensive income                   455 867       443 908
Total comprehensive income attributable to:
Equity holders of company                    458 733       436 945
Non-controlling interest                      (2 866)        2 133
Basic earnings per share (cents)               255,0         222,5
Diluted earnings per share (cents)             248,1         216,3
Reconciliation of headline earnings: 
Profit attributable to ordinary
shareholders                                 395 023       330 226
Adjusted for:
Profit on disposal of property, plant
and equipment                                   (849)       (3 770) 
Impairment of fixed assets                     1 502             -
Tax effect on adjustments                       (183)        1 055
Headline earnings attributable to
ordinary shareholders                        395 493       327 511
Weighted average number of shares in
issue (000's)                                154 912       148 407
Diluted weighted average number of
shares in issue (000's)                      159 194       152 654
Headline earnings per share (cents)            255,3         220,7
Diluted headline earnings per share
(cents)                                        248,4         214,5

Condensed consolidated statements of financial position
                                            Reviewed       Audited
                                               As at         As at
                                           31 August     31 August
                                                2016          2015
                                               R'000         R'000
Non-current assets                         1 885 690     1 676 514
Property, plant and equipment                466 802       450 076
Goodwill                                     536 343       534 272
Intangible assets                             18 271        21 419
Deferred tax                                  66 768        75 070
Investment in joint arrangement              782 854       584 170
Financial assets                              14 652        11 507
Current assets                             4 870 408     3 550 357
Inventories                                  135 252       109 050
Trade and other receivables                  381 452       245 101
Amounts due from contract customers        3 734 851     2 707 486
Taxation receivable                           22 702         6 243
Cash and cash equivalents                    596 151       482 477
Total assets                               6 756 098     5 226 871
Equity and liabilities
Equity                                     3 393 272     2 675 244
Stated capital                             1 606 059     1 356 130
Share-based payment reserve                   42 875        30 643
Foreign currency translation reserve         178 834       115 124
Accumulated profits                        1 564 406     1 169 383
Non-controlling interest                       1 098         3 964
Non-current liabilities                    1 109 866       846 901
Other financial liabilities -
interest bearing                             928 321       635 514
Other financial liabilities - non-
interest bearing                              98 183        89 677
Provisions                                     8 166         8 166
Instalment sale liabilities                   19 401        22 729
Deferred tax                                  55 795        90 815
Current liabilities                        2 252 960     1 704 726
Other financial liabilities                   48 311         8 892
Trade and other payables                   1 952 588     1 427 761
Amounts received in advance                  114 075       172 645
Amounts due to contract customers             75 912        66 611
Instalment sale liabilities                   18 747        23 364
Bank overdraft                                38 226             - 
Taxation payable                               5 101         5 443
Total equity and liabilities               6 756 098     5 226 871
Number of shares in issue (000's)            156 966       148 884
Net asset value per share (cents)              2 162         1 797
Net tangible asset value per share(cents)      1 808         1 423

Condensed consolidated statements of cash flow
                                            Reviewed       Audited
                                          Year ended    Year ended
                                           31 August     31 August
                                                2016          2015
                                               R'000         R'000
Cash flows from operating activities        (418 513)     (260 203) 
Cash flows from investing activities         (72 707)     (122 152) 
Cash flows from financing activities         563 925       (89 167) 
Net increase/(decrease)in cash and
cash equivalents                              72 705      (471 522)
Effect on foreign currency translation 
reserve movement on cash balances              2 743         5 015
Cash and cash equivalents at
beginning of the year                        482 477       948 984
Cash and cash equivalents at end of
the year                                     557 925       482 477

Condensed consolidated statements of changes in equity
                                            Reviewed       Audited
                                          Year ended    Year ended
                                           31 August     31 August
                                                2016          2015
                                               R'000         R'000
Balance at beginning of the year           2 675 244     2 178 496
Issue of share capital and share
issue expenses                               249 929        45 991
Share-based payment reserve                   12 232         6 849
Total comprehensive income for the year      458 733       441 775
Non-controlling interest                      (2 866)        2 133
Balance at end of the year                 3 393 272     2 675 244

Segmental analysis
                       Reviewed      Audited   Reviewed    Audited
                      31 August    31 August  31 August  31 August  
                           2016         2015       % of       % of
                          R'000        R'000      total      total
Building Materials      485 306      499 807         11         14
Power                 3 754 730    2 951 149         83         82
Rail                    291 604      152 996          6          4
Total                 4 531 640    3 603 953        100        100

Building Materials       96 214       86 017         20         19
Power                   364 301      300 698         77         73
Rail                     21 930       20 048          4          5
Corporate                (6 913)       7 698         (1)         3
Total                   475 532      414 461        100        100

Profit after tax
Building Materials       44 950       39 346         11         12
Power                   169 063      146 879         43         44
Oil and Gas             135 789      109 517         35         33
Rail                     11 179       11 253          3          3
Corporate                31 904       24 410          8          7
Total                   392 885      331 406        100        100

                                            Reviewed       Audited
                                           31 August     31 August
                                                2016          2015
                                               R'000         R'000
Building Materials                           625 348       599 983
Power                                      3 042 585     2 394 459
Oil and Gas                                  782 850       584 170
Rail                                         171 783        96 600
Corporate                                  3 024 872     2 447 727
Total assets including group loan
accounts                                   7 647 438     6 122 939
Inter-group elimination                     (891 340)     (896 070) 
Total                                      6 756 098     5 226 871
Building materials                           448 749       460 653
Power                                      2 032 872     1 581 365
Oil and Gas                                   98 183        89 677
Rail                                          97 028        33 764
Corporate                                  1 028 320       694 573
Total liabilities including group
loan accounts                              3 705 152     2 860 032
Inter-group elimination                     (342 326)     (308 405) 
Total                                      3 362 826     2 551 627

The dividend policy was reviewed by the board. After taking into 
account prevailing circumstances and future cash requirements, all 
earnings generated by the group will be utilised to fund the 
anticipated growth in the coming year, to settle the additional 
payment due on the Conlog acquisition as well as investment 
opportunities within CIGenco. Accordingly, no dividend has been 
recommended for the year.

Basis of preparation
The reviewed provisional condensed consolidated financial statements 
for the year ended 31 August 2016 are prepared in accordance with the 
requirements of the JSE Listings Requirements for provisional reports 
and the requirements of the Companies Act of South Africa. The JSE 
Listings Requirements require 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 to also, as a 
minimum, contain the information required by IAS 34 Interim Financial 
Reporting. The accounting policies applied in the preparation of the 
provisional condensed consolidated financial statements are in terms 
of IFRS and are consistent with those applied in the previous 
consolidated annual financial statements, except for the adoption of 
new standards and interpretations which became effective in the
current year.

The group will adopt the following new standards with effect from
1 September 2016:
i)  IFRS 5 Non-current Assets Held for Sale 
ii) IFRS 7 Financial Instruments Disclosure
iii)IFRS 9 Financial Instruments - Recognition and Measurement
iv) IFRS 10 Consolidated Financial Statements 
v)  IFRS 11 Joint Arrangements
vi) IFRS 15 Revenue from Contracts with Customers
vii)IFRS 16 Leases

The impact of these new standards on group results has not yet been 

These reviewed provisional results have been prepared under the 
supervision of the group financial director, I Klitzner CA(SA). These 
provisional condensed consolidated financial statements for the year 
ended 31 August 2016 have been reviewed by the external auditor, 
Grant Thornton Johannesburg Partnership, who expressed an unmodified 
review conclusion thereon. A copy of the auditor's review report is 
available for inspection at the company's registered office together 
with the financial information identified in the auditor's report. 
The auditor's review report does not necessarily report on all the 
information contained in these financial results. 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 review report together with the accompanying financial 
information from the company's registered office.

The directors take full responsibility for the preparation of
these financial results and confirm that the financial information
has been correctly extracted from the underlying financial 

The directors and management of CIG wish to thank all staff for their 
focused efforts and loyalty. We also thank our customers, business 
partners, advisors, suppliers and our shareholders for their ongoing 

By order of the board

Frank Boner                          Raoul Gamsu
Chairman                             CEO

9 November 2016

Independent non-executive directors:
F Boner (Chairman), K Bucknor*, A Darko*, AD Dixon, R Horton, 
J Nwokedi, K Kariuki**^

Executive directors: RD Gamsu, IM Klitzner

** Kenyan
^Kevin Kariuki was appointed to the board on 15 August 2016

Registration number: 2007/004935/06

Business address:
Commerce Square, Building 2, 39 Rivonia Road, Sandhurst
Telephone: 011 280 4040
Facsimile: 086 748 9169

Business postal address:
PO Box 651455, Benmore, Johannesburg 2010

Company secretary:
CIS Company Secretaries Proprietary Limited

Transfer secretaries:
Computershare Investor Services Proprietary Limited

Java Capital

Grant Thornton Johannesburg Partnership

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The group has in good faith made reasonable effort to ensure the
accuracy and completeness of the information contained in this 
document, including all information that may be regarded as 
"forward-looking statements". Forward-looking statements may be 
identified by words such as "believe", "anticipate", "expect", 
"plan", "estimate", "intend", "project", "target". Forward-looking 
statements are not statements of fact, but statements by the 
management of the group based on its current estimates, projections, 
expectations, beliefs and assumptions regarding the group's future 
performance and no assurance can be given to this effect. The risks 
and uncertainties inherent in the forward- looking statements 
contained in this document include but are not limited to changes to 
IFRS and the interpretations, applications and practices subject 
thereto as they apply to past, present and future periods; domestic 
and international business and market conditions such as exchange 
rate and interest rate movements; changes in the domestic and 
international regulatory and legislative environments; changes to 
domestic and international operational, social, economic and 
political risks; and the effects of both current and future 
litigation. The group does not undertake to update any forward-looking 
statements contained in this document and does not assume responsibility 
for any loss or damage and howsoever arising as a result of the reliance by 
any party thereon, including, but not limited to, loss of earnings, 
profits or consequential loss or damage.

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