CIL : Abridged audited results for the 4 months ended 31 Dec 2019, change to board and notice of AGM:
Abridged audited results for the 4 months ended 31 Dec 2019, change to board and notice of AGM

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


CIG is a leading pan-African infrastructure-focused group with a diversified portfolio in Power, Building Materials, Oil & Gas and Rail. The group's footprint
spans South Africa, sub-Saharan Africa and the Middle East.

- Revenue to 31 December 2019* was R955,4 million (31 August 2019**: R3,169 million)
- Net loss to 31 December 2019* was R284,1 million (31 August 2019**: R1,343 million)
- Loss was 71 cents per share to 31 December 2019* (31 August 2019**: 398 cents per share)
- Headline loss was 72 cents per share to 31 December 2019* (31 August 2019**: 366 cents per share)
- Net overdraft was R39,6 million at 31 December 2019 (31 August 2019: R98,2 million cash on hand)
- Despite the decrease in cash, cash generated from operations was R53,4 million (31 August 2019: R326,4 million outflow).

The group changed its year-end from August to December. The results therefore relate to a four-month trading period ended 31 December 2019, with
comparative period being the 12-month trading period ended 31 August 2019.
* Four-month trading period ended 31 December 2019
** 12-month trading period ended 31 August 2019

CIG continued to trade in extremely difficult macroeconomic conditions, with pressure on all businesses. The group has initiated interventions to respond
to these conditions, which resulted in most businesses trading in line with board and management expectations.

The group's most challenging business remains Consolidated Power Projects ("CONCO"). Although the positive impact of focused management and
operational execution oversight has started to materialise, this could not fully negate the costs associated with an overhead structure that is oversized
relative to the level of current market activity. The results were further impacted by material finance charges on interest-bearing borrowings.

Conlog was impacted by higher than budgeted operating costs, including sizeable once-off following the relocation of the office and manufacturing
operation in November 2019 and the requirement to operate two manufacturing plants simultaneously for a period. Sales were delayed as a result of the
implementation of the company's improved financial risk management strategy of not accepting sales orders without appropriate payment guarantees to
protect working capital.

Although Building Materials continued to be impacted by the slowdown in the construction industry in South Africa, the benefits of a restructuring
programme have started to improve earnings and cash flow.

The 30.5% associate, Angola Environmental Servicos Limitada ("AES") in Oil & Gas performed in line with expectations and delivered cash returns in the

The Rail cluster delivered a performance ahead of budget, breaking into a positive trading position for the four months ended 31 December 2019
following losses in the 12 months to August 2019.

With the group's financing restructure near completion, the board will focus its attention on CIG's portfolio of businesses. Each business will be critically
evaluated for value-enhancing opportunities to ensure the most optimal strategy is pursued in current market conditions.

Although the group's turnaround will take some time, a solid platform for growth has been established this year, which management believes has placed
CIG on the right track for recovery. The debt restructure was concluded on favourable terms for the group, the executive team and board reconstituted,
and there is a renewed focus on active cash flow and liquidity management.

The group's key objectives for 2020 include:
- Finalising agreements with lenders
- Rightsizing the CONCO business
- Implementing a strategy to ensure the refocused engineering, procurement and construction (EPC) businesses will extract opportunities in the South
  African EPC market and build a sustainable platform to meet power requirements across Africa
- Capitalising on increasing renewable energy opportunities
- Diversification of the Conlog business across geographies
- Successfully resolving the licensing of AES and other matters in Angola

An annual integrated report, containing the summarised audited annual financial statements for the 12 months ended 31 August 2019 and the four
months ended 31 December 2019, has been published and distributed to shareholders on 28 February 2020 and is available on the company's website at The audited annual financial statements for the four months ended 31 December 2019 on which the
auditors expressed an unmodified opinion, with a material uncertainty related to going concern, has been published on the company website at The key audit matter of most significance in forming the opinion include estimation uncertainty involved in
accounting for construction contracts.

The notice of annual general meeting was also distributed on 28 February 2020 and the annual general meeting will be held at 14:00 on Monday, 23 March
2020 at the registered offices of the company, First Floor, 30 Melrose Boulevard, Melrose Arch, 2196. The last day to trade in order to be eligible to
participate in and vote at the annual general meeting is Tuesday, 10 March 2020 and the record date for voting purposes is Friday, 13 March 2020.

Kevin Kariuki will be retiring at the upcoming annual general meeting and will not seek re-election due to a recent executive appointment that could result
in a potential conflict.

This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not
contain full or complete details. The full announcement was released on SENS on 28 February 2020, and can be found on the company's website at and on the JSE's website at

Copies of the full announcement may also be requested at the company's registered office and the offices of the sponsor, at no charge, on Mondays to
Fridays during office hours. Any investment decision should be based on the full announcement published on SENS and the company's website.

Any forward-looking statements included in this results announcement involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the group to differ materially from any future results, performance or achievements expressed
or implied by such forward-looking statements. Any reference to forward-looking information included in this results announcement does not constitute
earnings forecast and has not been reviewed or reported on by the group's external auditors.

By order of the board

Michael Wilkerson              Raoul Gamsu
Chairman                       Chief Executive Officer

28 February 2020

Non-executive chairman: M Wilkerson+
Lead independent non-executive director: R Hogarth*
Non-executive directors: T Hudson+, A Mazhar^, Q McLean^^, S Melnick~
Independent non-executive directors: K Bucknor#, K Kariuki**, J Nwokedi*, J Beck^^
Executive directors: R Gamsu* (CEO), C Teixeira* (CFO)

* South African + American ^ Pakistani ^^ Canadian ~ British # Ghanaian ** Kenyan

Business and postal address: First Floor, 30 Melrose Boulevard, Melrose Arch 2196
PO Box 651455, Benmore, Johannesburg 2010
Telephone: 011 280 4040
Facsimile: 086 748 9169
Company secretary: CIS Company Secretaries Proprietary Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited
Sponsor: Java Capital
Auditor: PricewaterhouseCoopers Inc.

Date: 28-02-2020 02:21:00
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