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Pinnacle Holdings Confidential PAGE 1. Pinnacle Holdings Confidential PAGE 2.

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Presentation on theme: "Pinnacle Holdings Confidential PAGE 1. Pinnacle Holdings Confidential PAGE 2."— Presentation transcript:

1 Pinnacle Holdings Confidential PAGE 1

2 Pinnacle Holdings Confidential PAGE 2

3 Pinnacle Holdings Confidential PAGE 3

4 Pinnacle Holdings Confidential PAGE 4 Group Organogram

5 Pinnacle Holdings Confidential PAGE 5 Group Organogram

6 Pinnacle Holdings Confidential PAGE 6 Group Organogram

7 Pinnacle Holdings Confidential PAGE 7 Group Organogram

8 Pinnacle Holdings Confidential PAGE 8 Income Statement Dec 2013 H1 2014H1 2013FY 2013 Year on Year Growth R'000 Revenue 3,160,872 3,126,104 6,596,2321.1% Gross Profit 514,909 487,469 1,029,5315.6% Operating Expenses -282,366 -258,834 -536,2779.1% Earnings before Interest, Tax, Depreciation and Amortisation 232,543 228,635 493,2541.7% Depreciation and Amortisation -8,784 -9,167 -20,753-4.2% Operating Profit before interest 223,759 219,468 472,5012.0% Net Finance Costs -6,851 -10,112 -18,558-32.2% Share of Equity accounted associate income 4,776 - - Profit before Taxation 221,684 209,356 453,9435.9% Taxation -59,412 -60,460 -128,263-1.7% Net Profit for the year 162,272 148,896 325,6809.0% - owners of the company 162,146 148,190 324,9489.4% - non-controlling interests 126 706 732-82.2% Headline Earnings (Normal and Fully Diluted) 95.4 93.8 205.61.7%

9 Pinnacle Holdings Confidential PAGE 9 Dec 2013 Revenue

10 Pinnacle Holdings Confidential PAGE 10 2014 Percentages

11 Pinnacle Holdings Confidential PAGE 11 2014 Percentages

12 Pinnacle Holdings Confidential PAGE 12 2014 Percentages

13 Pinnacle Holdings Confidential PAGE 13 Group CONSOLIDATED INCOME STATEMENT Year on Year Growth Sequential Growth H1 2013H2 2013H1 2014 R'000 Revenue 3,126,104 3,470,128 3,160,8721.1%-8.9% Gross Profit 487,469 542,062 514,9095.6%-5.0% - % of revenue15.6% 16.3% Operating Expenses (258,834) (277,443) (282,366)9.1%1.8% - % of revenue-8.3%-8.0%-8.9% Operating Profit before interest 219,468 253,033 223,7592.0%-11.6% - % of revenue7.0%7.3%7.1% Net Finance Costs (10,113) (8,445) (6,851)-32.3%-18.9% - % of revenue-0.3%-0.2% Income Tax (60,460) (67,803) (59,412)-1.7%-12.4% - Effective Tax Rate %-28.9%-27.7%-26.8% Net Profit for the year 148,896 176,784 162,2729.0%-8.2% - % of revenue4.8%5.1% Headline Earnings (Normal and Fully Diluted) 93.8 111.8 95.41.7%-14.7%

14 Pinnacle Holdings Confidential PAGE 14 ICT Distribution Year on Year Growth Sequential Growth H1 2013H2 2013H1 2014 CONSOLIDATED INCOME STATEMENTR'000 Revenue 3,050,236 3,410,865 3,107,3301.9%-8.9% Gross Profit 448,494 497,207 462,6333.2%-7.0% - % of revenue14.7%14.6%14.9% Operating Expenses (231,483) (251,708) (252,335)9.0%0.2% - % of revenue-7.6%-7.4%-8.1% Operating Profit before interest 210,029 237,143 205,457-2.2%-13.4% - % of revenue6.9%7.0%6.6% Net Finance Costs (15,501) (13,583) (14,023)-9.5%3.2% - % of revenue-0.5%-0.4%-0.5% Income Tax (55,633) (58,889) (50,389)-9.4%-14.4% - Effective Tax Rate %-28.6%-26.3% Net Profit 138,895 164,671 141,0481.6%-14.3% - % of revenue4.6%4.8%4.5% WORKING CAPITAL 1,013,451 1,103,428 1,210,97519.5%9.7% Inventory (Incl in Transit) 730,038 1,041,930 980,939 - Forecast Days in Inventory 46 54 49 Trade and Other Receivables 1,078,369 1,069,825 1,102,147 - Days Sales in Receivables "DSO's" 61 50 60 Trade and Other Payables 794,956 1,008,327 872,111 - Days Purchases in Payables "DPO's" 48 55 RETURN ON EQUITY38.3%39.0%30.6%

15 Pinnacle Holdings Confidential PAGE 15 IT Projects & Services Year on Year Growth Sequential Growth H1 2013H2 2013H1 2014 CONSOLIDATED INCOME STATEMENT R'000 REVENUE 68,027 93,695 94,78839.3%1.2% Gross Profit 27,320 32,850 37,40436.9%13.9% - % of revenue40.2%35.1%39.5% Operating Expenses (17,223) (22,095) (24,244)40.8%9.7% - % of revenue-25.3%-23.6%-25.6% Operating Profit before interest 8,680 9,250 11,69634.7%26.4% - % of revenue12.8%9.9%12.3% Net Finance Costs (61) (2) 110-280.3%-5600.0% - % of revenue-0.1%0.0%0.1% Income Tax (2,101) (3,322) (3,383)61.0%1.8% - Effective Tax Rate %-24.4%-35.9%-28.7% Net Profit for the year 6,518 5,926 8,42429.2%42.2% - % of revenue9.6%6.3%8.9% WORKING CAPITAL 11,455 7,630 4,655 Inventory (Incl in Transit) 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 EQUITY65.4%47.6%59.1%

16 Pinnacle Holdings Confidential PAGE 16 Structured Finance Solutions CONSOLIDATED INCOME STATEMENT Year on Year Growth Sequential Growth H1 2013H2 2013H1 2014 R'000 Revenue 30,195 42,918 49,81865.0%16.1% Gross Profit 18,095 22,189 28,06855.1%26.5% - % of revenue 59.9%51.7%56.3% Operating Expenses (8,031) (9,916) (11,181)39.2%12.8% - % of revenue -26.6%-23.1%-22.4% Operating Profit before interest 9,997 12,175 16,52865.3%35.8% - % of revenue 33.1%28.4%33.2% Income Tax (2,916) (3,456) (4,629)58.7%33.9% - Effective Tax Rate % -29.0%-28.3%-28.0% Net Profit for the year 7,143 8,759 11,89966.6%35.8% - % of revenue 23.7%20.4%23.9% FINANCIAL ASSETS Total Finance Receivables 237,785 275,986 347,981 Portfolio at Risk - Portfolio at Risk 1,361 1,833 2,972 - % of Total 0.60%0.66%0.85% RETURN ON EQUITY 63.9%45.1%41.3% Capital & Arrears Jan 2014 Feb 2014 Portfolio at Risk 2527 2463 % of Total 0.72% 0.68%

17 Pinnacle Holdings Confidential PAGE 17 Consolidated Statement of Financial Position Half yearFull yearHalf year 31 Dec 201230 Jun 201331 Dec 2013 UnauditedAuditedUnaudited ASSETSR'000 NON CURRENT ASSETS 491,332 594,636 912,063 Property Plant and equipment 168,292 186,637 209,205 Intangible Assets 97,782 129,117 131,107 Investments in Listed Shares - 30,179 - Investments in Associate - - 273,450 Long Term Loans 27,855 28,689 27,953 Finance Lease Receivables 161,815 184,782 228,029 Deferred Taxation 35,588 35,232 42,319 Current Assets 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 Trade and other Receivables 1,243,065 1,125,423 1,160,463 Finance Lease Receivables 53,121 65,349 86,415 Taxation Receivable 1,679 1,154 918 Short-term deposit - 237,272 - Cash and Cash Equivalents 31,075 23,930 23,216 TOTAL ASSETS 2,571,175 3,096,450 3,172,439 Asset Additions Modrac10,300 Bloemfontein 6,375 Durban 2,400 Pacific 2,256 X-ALT 2,319 & Internet Upgrade Deferred Tax Asset Infrasol 5,260Provisions PBS 1,416Losses PTSMS 1,112Losses

18 Pinnacle Holdings Confidential PAGE 18 Consolidated Statement of Financial Position EQUITY AND LIABILITIESH1 2013FY 2013H1 2014 Capital and Reserves 905,002 1,088,059 1,182,757 Share Capital and Premium 25,948 25,982 25,996 Treasury Shares (42,166) (41,766) Non Distributable Reserves 31,636 32,588 33,607 Accumulated Profits 884,599 1,066,308 1,161,610 Non Controlling Interests 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 Current Liabilities 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 Short Term Loan 214,823 115,543 114,999 Deferred Revenue 11,423 14,519 14,398 Taxation Payable 7,750 12,320 11,401 Bank Overdrafts 305,701 270,476 338,989 TOTAL EQUITY AND LIABILITIES 2,571,175 3,096,450 3,172,439

19 Pinnacle Holdings Confidential PAGE 19 Summarised Consolidated Statement of Cash Flow H1 2013FY 2013H1 2014 EBITDA 228,635 493,254 232,543 Changes in working capital (196,177) (378,331) (108,365) Other non fund flow items (801) 10,037 (10,737) Cash Generated by Operating Activities 31,657 124,960 113,441 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 (63,914) (84,328) (60,787) Proceeds on disposals of property, plant and equipment 741 8,162 42,164 Acquisition of intangible assets (1,718) (7,912) (4,175) Net Investment in finance leases receivable (70,750) (105,945) (43,247) Acquisition of Subsidiaries (5,013) (6,000) - Acquisition of Shares in Datacentrix (including deposit) - (267,451) (1,223) Acquisition of Non-Controlling Interests - - (1,465) Cashflows from Financing Activities 37,070 368,932 (41,815) Interest Bearing Liabilities raised (7,432) 439,229 32,936 Interest Bearing Liabilities repaid - (14,724) (10,707) Shares issued - - 14 Short term loans raised 99,439 64,720 - Short term loans repaid - (64,561) - Decrease in long term loans receivable - (475) - Decrease in Trust Loans 359 - 736 Dividends Paid (55,296) (55,257) (64,794) Decrease in net cash, cash equivalents and overdrafts (135,377) (105,723) (68,233) Net (Overdraft) / cash and cash equivalents acquired from business combinations 998 (576) (994) Net (Overdraft) / cash and cash equivalents at beginning of year (140,247) (246,546) Net (Overdraft) / cash and cash equivalents at end of year (274,626) (246,546) (315,773) Asset Addition Modrac10,300 Bloemfontein 6,375 Durban 2,400 Pacific 2,256 X-ALT 2,319 & Internet Upgrade Acquisition of NCI Merqu Paid - 1,465

20 Pinnacle Holdings Confidential PAGE 20 Borrowings December 2013 H1 2013H2 2013H1 2014 R000's GEARING Net Debt to Equity63.2%81.4%82.5% - Attributable to Datacentrix0.0%24.7%23.2% - Attributable to Distribution40.5%36.4%35.7% - Attributable to Centrafin22.7%20.3%23.6% OVERDRAFTS IN DISTRIBUTION - Overdraft Facility 609,160 - Overdraft Balance 317,219 275,068 341,781 - Working Capital 1,013,451 1,103,428 1,210,975

21 Pinnacle Holdings Confidential PAGE 21 APPLICATION OF FUNDS - Centrafin Finance Assets 203,983 219,558 278,860 - Acquisition of Datacentrix 267,451 273,450 - Acquisition of Axiz 47,277 39,401 31,868 - Property Finance (Samrand) 43,776 43,823 46,980 - Other Assets -28,761 44,482 5,892 Total 266,275 614,715 637,050 Borrowings December 2013 H1 2013H2 2013H1 2014 R000's GROUP BORROWINGS - DMTN Programme 315,000 - Nedbank Loan 98,013 - Nedbank Preference Shares 132,261 132,307 - Depfin Investments 47,277 39,401 31,868 - Investec Short Term Loan 116,810 115,543 114,999 - FNB Property Loan 32,936 - Instalment Sale and Sundry 4,175 12,510 9,940 Total 266,275 614,715 637,050

22 Pinnacle Holdings Confidential PAGE 22 PTH Group Devices Shipments

23 Pinnacle Holdings Confidential PAGE 23 PTH Group Devices Shipments 56% 42% 56% 35%

24 Pinnacle Holdings Confidential PAGE 24


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