DATATEC LIMITED - Condensed unaudited interim results for the six months ended 31 August 2018
18 October 2018 8:00
DTC 201810180007A
Condensed unaudited interim results for the six months ended 31 August 2018

Datatec Limited: Incorporated in the Republic of South Africa 
Registration number: 1994/005004/06 
Share code JSE: DTC 
ISIN: ZAE000017745 
("Datatec", the "Company" or the "Group")

CONDENSED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2018

Highlights
- Improved operational execution in all divisions      
- Good Logicalis performance          
- Westcon International recovery on track      
- Group revenue US$2.00 billion                 
  (H1 FY18: US$1.84 billion)      
- EBITDA US$42.6 million                
  (H1 FY18: US$7.7 million)
- Underlying* earnings per share 3.6 US cents
  (H1 FY18: loss per share 8.7 US cents from continuing operations)       
- Strong balance sheet despite weaker Rand and Brazilian Real      
     

Commentary
Jens Montanana, Chief Executive of Datatec, commented: 
"The Group's first half results came in ahead of our expectations, backed by improved operational execution 
across all divisions.

"Logicalis performed well in the first half and produced good results despite emerging market currency 
headwinds, especially in its key Latin America region. 

"Westcon International's recovery is underway and we are delivering on our commitments for this division 
with the ERP system now stable, the BPO reversal almost complete and central cost reductions on track.

"Looking ahead, we expect the improved operational and financial performance to continue for the remainder 
of the year. We are addressing the valuation gap through improved execution at Westcon International and 
the ongoing share buy-back programme. We continue to pursue small acquisitions that enhance Logicalis' 
positioning in the long term."

GROUP ACTIVITIES
Datatec is an international ICT solutions and services group operating in more than 50 countries across 
North America, Latin America, Europe, Africa, Middle East and Asia-Pacific. The Group's service offering 
spans the technology, distribution, integration and consulting sectors of the ICT market.

Datatec operates two main divisions:
- Integration and managed services - Logicalis: ICT infrastructure solutions and digital enablement 
  services; and
- Technology distribution - Westcon International: distribution of security, collaboration, networking 
  and data centre products and solutions.

The specialist activities of Consulting and Datatec Financial Services are included with the corporate 
head office functions in the "Corporate, Consulting and Financial Services" segment of the Group. 

STRATEGIC OVERVIEW 
Datatec's strategy remains to deliver long-term, sustainable and above average returns to shareholders 
through portfolio management and the development of its principal subsidiaries providing technology 
solutions and services to targeted customers in identified markets around the world.

Logicalis is the largest contributor to the Group in terms of profitability. The division also continues 
to provide the widest geographical exposure and Datatec intends to continue to develop and grow Logicalis 
globally. 

In H1 FY19, Logicalis delivered a good performance while executing on its strategy. Revenue grew by 14.4%  
and EBITDA by 37.2% in relation to H1 FY18, supported by a significant multi-year project in Latin America.

Westcon International is 90% owned by Datatec following the sale of Westcon Americas to SYNNEX Corporation 
("SYNNEX") together with 10% of Westcon International in FY18. As highlighted in the prior year, the Group's 
strategy to reshape the Westcon International business in order to restore profitability and reduce the 
central cost base which was retained after the SYNNEX transaction, is well underway.

In H1 FY19, Westcon International continued to deliver on its commitments to organisational renewal and 
restructuring. The ERP system is now stabilised after a long and disruptive multi-year implementation process. 
The BPO reversal is complete in Asia-Pacific and nearing finalisation in EMEA with in-house shared service 
centres in the Philippines and South Africa now in place to drive operational efficiency. Importantly, good 
progress has been made with the reduction in central costs to a level appropriate for the business post the 
disposal of Westcon Americas.

The quantum of the earn-out payment relating to the disposal of Westcon Americas to SYNNEX has not yet 
been agreed and the parties are currently engaged in an arbitration process through an independent accountant 
as provided for in the sale and purchase agreement. Datatec will update shareholders once this process is 
finalised.

Group revenues were US$2.00 billion in H1 FY19, up 8.7% on the US$1.84 billion revenues recorded in the 
six-month financial period ended 31 August 2017 ("the Comparable Period" or "H1 FY18"). EBITDA for 
H1 FY19 was US$42.6 million, representing a 5.5 times increase on H1 FY18: US$7.7 million.

Underlying* earnings per share ("UEPS") was 3.6 US cents in H1 FY19 compared to an underlying* loss per 
share of 8.7 US cents from continuing operations for H1 FY18 (Combined underlying* earnings per share 
H1 FY18: 1.4 US cents). 

The comparative results for H1 FY18 are reported in the form of "continuing operations" which exclude 
the Westcon Americas and Logicalis SMC business which were classified as a "disposal group" in accordance 
with IFRS 5 in the prior year. Where comparative figures are stated as "Combined" they include the 
disposal group.

The Group balance sheet is strengthened in comparison with H1 FY18 pre the disposal of Westcon Americas: 
net debt at 31 August 2018 is US$63.1 million compared to US$273.4 million at 31 August 2017. Losses arising 
from translation to presentation currency resulted in a reduction in tangible net asset value to 
US$397 million, from US$452 million at February 2018.

The Company resumed a share repurchase programme during H1 FY19 after securing a shareholder mandate at 
a general meeting on 24 July 2018. A new shareholder mandate was provided at the annual general meeting 
("AGM") on 20 September 2018 allowing the repurchase programme to continue.

CURRENT TRADING AND OUTLOOK
The Board expects the improved financial performance of H1 FY19 across all divisions to continue in 
H2 FY19. Logicalis' financial performance is expected to be maintained throughout the rest of FY19 
although its results may continue to be impacted by currency weakness especially in Latin America. 

Westcon International will benefit further from the reorganisation, targeting monthly operating 
profitability by early next year.

The Company will continue with its general share repurchase programme, subject to market conditions.

GROUP RESULTS
Revenue
Group revenues for the period were US$2.00 billion (H1 FY18: US$1.84 billion) and are shown below. 

Contribution to Group revenue
                                      H1 FY19   H1 FY18
Logicalis                                 39%       37%
Westcon International                     60%       62%
Consulting and Financial Services          1%        1%   
Total                                    100%      100%

Revenue % contribution by geography
                                      H1 FY19   H1 FY18
North America                             10%       10%
Latin America                             13%       11%  
Europe                                    48%       51%
Asia-Pacific                              21%       18%
Middle East and Africa ("MEA")             8%       10%
Total                                    100%      100%

Group gross margins in H1 FY19 were 15.9% (H1 FY18: 16.2%). Gross profit was US$319.4 million 
(H1 FY18: US$299.4 million).

Contribution to Group gross profit
                                      H1 FY19   H1 FY18
Logicalis                                 59%       57%
Westcon International                     38%       41%
Consulting and Financial Services          3%        2%   
Total                                    100%      100%

Gross profit % contribution by geography
                                      H1 FY19   H1 FY18
North America                             17%       17%
Latin America                             18%       16%  
Europe                                    40%       43%
Asia-Pacific                              19%       18%
Middle East and Africa                     6%        6%
Total                                    100%      100%


Overall operating costs were US$276.8 million (H1 FY18: US$291.7 million). Included in the operating 
costs are total restructuring costs of US$9.4 million (H1 FY18: US$4.9 million). EBITDA was 
US$42.6 million (H1 FY18: US$7.7 million) and EBITDA margin was 2.1% (H1 FY18: 0.4%).

Operating profit was US$24.1 million contrasting with a US$19.0 million operating loss in H1 FY18. 

The net interest charge decreased slightly to US$9.6 million (H1 FY18: US$9.9 million) and profit 
before tax was US$13.9 million (H1 FY18: US$28.5 million loss before tax). 

A tax charge of US$7.3 million has arisen on half year profits of US$13.9 million. The effective 
tax rate of 52.7% continues to be adversely affected by losses arising in Westcon International's 
UK, Africa and Asia operations for which no deferred tax assets have been recognised. As at 
31 August 2018, there are estimated tax loss carry forwards of US$203.2 million with an estimated 
future tax benefit of US$45.1 million, of which only US$13.1 million has been recognised as a
deferred tax asset.

Underlying* earnings per share were 3.6 US cents (H1 FY18: loss per share 8.7 US cents). Headline 
earnings per share were 0.7 US cents (H1 FY18: loss per share 14.4 US cents). For H1 FY18, the 
Combined underlying* earnings per share were 1.4 US cents and the Combined headline loss per 
share was 5.8 US cents.

Cash
The Group utilised US$21.7 million of cash in operations during H1 FY19 (H1 FY18: US$29.3 million cash 
generated from operations) and ended the period with a net debt of US$63.1 million (FY18: US$6.4 million, 
H1 FY18: US$273.4 million). The net debt has been calculated as: cash of US$86.3 million 
(FY18: US$161.3 million); short-term borrowings and current portion of long-term debt of US$105.9 million 
(FY18: US$106.0 million); and long-term debt of US$43.5 million (FY18: US$61.7 million). 

Acquisitions
Effective 17 July 2018, Analysys Mason Limited acquired 100% of the issued share capital of Access 
Markets International-Partners (AMI-Partners) based in the US for US$3.6 million; a SMB ICT focused 
global research and consulting firm that specialises in go-to-market (GTM) opportunity assessment, 
tracking buying behaviour, customer segmentation, channel partner ecosystem dynamics and sales 
enablement enhanced with predictive analytics.

As a result of this acquisition, goodwill and other intangible assets increased by US$2.1 million. 
None of the goodwill recognised is expected to be deductible for income tax purposes. The revenue and 
EBITDA included from this acquisition in H1 FY19 are negligible. The fair value assessment of assets 
and liabilities acquired and the amounts recognised as goodwill and intangible assets have only been 
determined provisionally due to the timing of the acquisition.

Liquidity
The Group is expected to generate sufficient cash to settle liabilities as they fall due. Working 
capital remains well controlled. Trade receivables and inventory are of a sound quality and adequate 
provisions are held against both.

Net working capital days improved in both Logicalis and Westcon International as detailed in the 
divisional reviews below.

Shareholder distributions: dividend policy and share repurchases 
The Group's policy is to maintain a fixed three times cover relative to underlying* earnings when 
declaring dividends. The level of underlying* earnings in H1 FY19 would only support a small dividend 
under this policy and as a result, no interim dividend for FY19 is declared.

The Board has instituted a structured programme of general share repurchases in order to return cash 
to shareholders. In the period ended 31 August 2018, 4 249 064 shares were repurchased and a further 
721 948 were purchased in September 2018 up to the Company's AGM on 20 September 2018. The repurchases 
effected during the Company's closed period was undertaken under a fixed mandate to the Company's 
broker in accordance with paragraph 5.72(h)of the JSE Listings Requirements and notified to the JSE 
prior to the commencement of the closed period. In total 4 971 012 shares (being 2.06% of the 
Company's issued share capital) were repurchased up to 19 September 2018 at a cost of US$8.1 million 
and were thereafter cancelled. A new shareholder mandate was provided at the AGM on 20 September 2018 
allowing the repurchase programme to continue under the fixed mandate to the Company's broker until 
the end of the closed period today and thereafter at the Company's discretion. Between 20 September 2018 
and 16 October 2018, 3 162 431 shares were repurchased.

The Company has limited the shareholder mandates for repurchase to 5% of the issued share capital 
having obtained legal advice that section 48(8) of the South African Companies Act 71 of 2008 
("Companies Act") would be applicable to a general repurchase of shares undertaken in accordance with 
the JSE Listings Requirements.

Section 48(8) of the Companies Act stipulates that any decision by the board of directors of a company 
that involves the repurchase of more than 5% of the company's issued securities of a particular class 
must be approved by a special resolution of the shareholders of the company compliant with sections 
114 and 115 of the Companies Act, which require inter alia an independent expert report on the repurchase.

The Department of Trade and Industry in South Africa has recently proposed changes to the Companies 
Act among which is a proposal to specifically exclude share repurchases undertaken on a recognised 
stock exchange from the scope of section 48(8). The proposed changes to the Companies Act will align 
the Companies Act to the JSE Listings Requirements in this regard, which will allow general share 
repurchases up to 20% of the issued share capital. These proposals are currently available for public 
comment.

Foreign exchange translation
Losses of US$68.8 million (H1 FY18: US$8.5 million gains) arising on translation to presentation currency 
are included in total comprehensive loss of US$59.4 million (H1 FY18: loss US$0.3 million). The bulk of 
these losses arise from weakening in the Rand/US$ exchange rate from 11.76 at FY18 to 14.74 at H1 FY19 
and weakening in the Brazilian Real/US$ exchange rate from 3.25 at FY18 to 4.05 at H1 FY19.

Divisional reviews
LOGICALIS 
Logicalis accounted for 39% of the Group's revenues (H1 FY18: 37%). 
Logicalis is an international multi-skilled solution provider providing digital enablement services to 
help customers harness digital technology and innovative services to deliver powerful business outcomes.
 
Revenue from operations increased by 14.4% to US$775.5 million (H1 FY18 US$677.6 million). Services 
revenues were up 18.8% with growth in both professional services and annuity revenue. Revenue contribution
by geography is shown below:

Logicalis revenue % contribution by geography
                                      H1 FY19   H1 FY18
North America                             25%       27%
Latin America                             32%       30%  
Europe, Middle East and Africa            27%       31%
Asia-Pacific                              16%       12%        
Total                                    100%      100%

Revenue increased across all regions in absolute terms. 

The improvement in Europe was driven mainly by Germany and Spain. Latin America showed improvement notably 
in Brazil which was supported by a large multi-year deal, despite currency headwinds. North America also 
returned to growth and Asia-Pacific benefited from the impact of M&A activity in Indonesia in H2 FY18.

Revenues from product were up 11.7% driven by Latin America, with increases in Cisco, partially 
offset by decreases in HPE and IBM.

Logicalis' gross margins were 24.3% (H1 FY18: 25.3%). This reduction was driven in part by a large 
multi-year Latin American contract and the Asia-Pacific acquisition. 

Gross profit was up 10.2% to US$188.8 million (H1 FY18: US$171.4 million). 

Logicalis' gross profit contribution by geography is shown below:

Logicalis gross profit % contribution by geography
                                      H1 FY19   H1 FY18
North America                             28%       29%
Latin America                             30%       28%  
Europe, Middle East and Africa            27%       30%
Asia-Pacific                              15%       13%  
Total                                    100%      100%

EBITDA was US$38.7 million (H1 FY18: US$28.2 million), with a corresponding EBITDA margin of 5.0% 
(H1 FY18: 4.2%). Operating profit was US$25.6 million (H1 FY18: US$16.0 million). Logicalis has 
operations in Argentina. During the course of the current financial period, the country has entered 
into hyperinflation. As this affected two months of the results, the impact was not considered to be 
material for the H1 FY19 results. The impact of any hyperinflationary adjustments for the full year 
can only be determined based on the year-end inflation indices.

The net interest charge increased by US$3.2 million, partly as a result of higher working capital 
utilisation in Latin America on the large multi-year project.

Net debt of US$164.1 million (FY18: US$139.5 million, H1 FY18: US$78.0 million) consisted of: net overdrafts 
of US$31.0 million (FY18: US$7.1 million net cash); short-term borrowings and current portion of long-term 
debt of US$103.8 million (FY18: US$102.4 million); and long-term debt of US$29.3 million (FY18: US$44.2 million). 
The increase in net debt compared to FY18 was driven by seasonal outflows associated with the Americas and 
the temporary working capital requirements associated with the large multi-year Latin American contract. 
The temporary elevated working capital requirements of the contract are expected to unwind from FY20 onwards.

Logicalis continues to have a contingent liability in respect of a possible tax liability at its subsidiary 
in Brazil.

In September 2018, Logicalis completed the acquisition of Coasin Group, which was originally announced on 
15 May 2018. Coasin Group is a Chilean ICT system integrator offering technological solutions to industries 
such as mining, financial services, telecommunications and retail, with operations both in Chile and Peru. 
Logicalis also acquired Clarotech, a South African IP telephony (IPT) cloud and managed services business, 
offering Open Source IPT solution as a managed cloud service. In October 2018, Logicalis' Australian operation, 
Thomas Duryea Logicalis acquired CNI, a Microsoft Certified Gold Partner.

Logicalis will continue with its strategy of making smaller bolt-on acquisitions. These will be financed 
using its own balance sheet.

Digital innovation is accelerating; business technology is undergoing a major shift. Logicalis is 
transitioning itself into a digital enabler for its customers, driven by the expansion of data, the rise 
of mobile and the cloud and many opportunities exist to tap into themes such as security to augment its 
strong networking heritage. 

Logicalis is also investing in areas such as business intelligence and data analytics to grow its data centre
infrastructure offerings for customers. Cloud continues to be a key feature in the business and IT strategies 
of customers and Logicalis is well positioned to support customers regardless of their cloud strategy. 

Logicalis remains confident about the prospects for the industry and its positioning within it. 
Emerging markets currencies are expected to remain volatile over the short term.

WESTCON INTERNATIONAL
Westcon International accounted for 60% of the Group's revenues (H1 FY18: 62%). 

Westcon International is a value-added specialty distributor of industry leading cyber security and network
infrastructure, unified communications products, data centre solutions and channel services with a global 
network of service providers, systems integrators and speciality resellers. Westcon International has 
operations in 50-plus countries. The company goes to market under the Westcon and Comstor brands. 
Westcon International's portfolio of market-leading vendors includes: Cisco, Avaya, Juniper, Check 
Point, F5, Palo Alto and Symantec.

Westcon International's revenues increased by 5.1% to US$1 206.6 million (H1 FY18: US$1 148.0 million) 
with higher revenue in Europe and double-digit growth in Asia-Pacific offset by lower sales in MEA. 

Westcon International's gross profit increased by 0.7% to US$121.7 million (H1 FY18: US$120.9 million) 
with increases in Europe and Asia-Pacific offset by lower profit in MEA. Gross margins decreased to 10.1% 
(H1 FY18: 10.5%) largely driven by lower margins in Asia-Pacific.

Westcon International revenue % contribution by geography
                                      H1 FY19   H1 FY18
Europe                                    62%       64%
Asia-Pacific                              25%       21% 
Middle East and Africa                    13%       15%
Total                                    100%      100%
        
Westcon International gross profit % contribution by geography
                                      H1 FY19   H1 FY18
Europe                                    60%       60%
Asia-Pacific                              27%       26% 
Middle East and Africa                    13%       14%
Total                                    100%      100%

Westcon International revenue % by technology category
                                      H1 FY19   H1 FY18
Security                                  31%       26%
Networking                                28%       29% 
Unified communications                    24%       27%
Data centre and other                     17%       18%
Total                                    100%      100%

Operating expenses decreased to US$115.8 million (H1 FY18: US$132.9 million) with lower expenses across 
all regions except Europe. The 12.9% decrease is primarily driven by lower central costs offset by higher 
restructuring costs. Operating expenses also benefited from US$15.0 million of central costs which were 
accrued against the profit on disposal of Westcon Americas to SYNNEX in the prior year, representing 
costs incurred in terms of the transitional service obligations to SYNNEX during H1 FY19. Group costs 
(before this US$15.0 million reallocation) were US$20.8 million (H1 FY18: US$30.6 million).

Restructuring expenses of US$9.3 million (H1 FY18: US$2.5 million) were incurred, mainly as a result of 
costs associated with the termination of the BPO in Europe, MEA and Asia-Pacific coupled with continued 
cost-cutting initiatives particularly at the central cost base. EBITDA was US$5.9 million (H1 FY18: 
US$12.0 million loss) with improved results across all regions except Europe (which was impacted by 
US$7 million restructuring costs).

Net working capital days decreased to 26 days (FY18: 35 days) primarily due to a significant improvement 
in DSO in both Europe and Asia-Pacific. The improvement in net working capital days, partially offset by 
US$8.2 million of capital expenditures resulted in a decrease in net debt to US$75.8 million 
(FY18: US$131.8 million, H1 FY18: US$207.5 million). 

The net debt consisted of: net overdrafts of US$61.4 million (FY18: US$113.8 million); short-term borrowings 
and current portion of long-term debt of US$0.7 million (FY18: US$0.9 million); and long-term debt of 
US$13.7 million (FY18: US$17.1 million). 

CORPORATE, CONSULTING AND FINANCIAL SERVICES
This segment accounted for 1% of Group's revenues (H1 FY18: 1%).

The Consulting unit comprised: Analysys Mason, a provider of strategic, trusted advisory, modelling 
and market intelligence services to the telecoms, media and technology industries.

Consulting revenues were US$22.4 million (H1 FY18: US$18.5 million) and EBITDA was US$2.2 million 
(H1 FY18: US$0.9 million). 

Datatec Financial Services is in a development phase of its business providing financing/leasing solutions 
for ICT customers. The business recorded revenues of US$0.2 million in H1 FY19 (H1 FY18: US$0.7 million) 
and an EBITDA loss of US$1.0 million (H1 FY18: US$0.8 million).

Corporate includes the net operating costs of the Datatec head office entities which were US$8.1 million 
(H1 FY18: US$8.6 million). These costs include the remuneration of the Board and head office staff, 
consulting and audit fees. In H1 FY19, foreign exchange gains were US$4.9 million (H1 FY18: US$0.1 million). 

As at 31 August 2018, Datatec head office entities held cash of US$171.1 million of which US$71.0 million 
(the equivalent of R1 046.1 million) is held in South Africa and subject to the SA Reserve Bank regulations. 
These cash balances resulted in interest receivable in the Corporate segment increasing US$3.5 million 
above the Comparable Period.

SUBSEQUENT EVENTS 
Effective 3 September 2018, Logicalis acquired Clarotech, an IPT cloud and managed services 
business based in Cape Town.

Effective 3 September 2018, Logicalis completed the acquisition of Coasin Chile S.A., a Chilean ICT services 
and solutions provider, which also owns 100% of C2 Mining Solutions S.A.C. based in Peru.

Effective 8 October 2018, Logicalis acquired Computer Network Integration Pty. Ltd (CNI), a Microsoft 
Certified Gold Partner based in Melbourne, Australia.

CHANGES TO THE BOARD (previously announced)  
Ekta Singh-Bushell was appointed to the Board as an independent non-executive director with effect 
from 1 June 2018.

On 20 September 2018, Chris Seabrooke and Nick Temple retired from the Board.

REPORTING
This interim financial report was prepared in accordance with and containing the information required by 
IAS 34: Interim Financial Reporting and the SAICA Financial Reporting Guides as issued by the Accounting 
Practices Committee, and Financial Reporting pronouncements as issued by the Financial Reporting Standards 
Council. This interim report complies with the Listings Requirements of the JSE Limited and the requirements 
of the Companies Act, No 71 of 2008, of South Africa. This report was compiled under the supervision of 
Ivan Dittrich CA(SA) (Chief Financial Officer).

The accounting policies applied in the preparation of these interim financial statements are in terms of IFRS 
and are consistent with those accounting policies applied in the preparation of the previous consolidated 
annual financial statements except as stated below:

The Group has applied both IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers 
using the modified retrospective approach, by recognising the cumulative effect of initially applying IFRS 9 
and IFRS 15 as an adjustment to the opening balance of equity at 1 March 2018. The adoption of the above 
standards had an immaterial impact on the Group's financial performance for H1 FY19 as well as on the opening 
reserves as at 1 March 2018.

DISCLAIMER 
This announcement may contain statements regarding the future financial performance of the Group which may be
considered to be forward-looking statements. By their nature, forward-looking statements involve risk and 
uncertainty, and although the Group has taken reasonable care to ensure the accuracy of the information 
presented, no assurance can be given that such expectations will prove to have been correct. 

The Group has attempted to identify important factors that could cause actual actions, events or results to 
differ materially from those described in forward-looking statements and there may be other factors that 
cause actions, events or results not to be as anticipated, estimated or intended. It is important to note, 
that:
(i)   unless otherwise indicated, forward-looking statements indicate the Group's expectations and have 
      not been reviewed or reported on by the Group's external auditors; 
(ii)  actual results may differ materially from the Group's expectations if known and unknown risks or 
      uncertainties affect its business, or if estimates or assumptions prove inaccurate; 
(iii) the Group cannot guarantee that any forward-looking statement will materialise and, accordingly, 
      readers are cautioned not to place undue reliance on these forward-looking statements; and  
(iv)  the Group disclaims any intention and assumes no obligation to update or revise any forward-looking 
      statement even if new information becomes available, as a result of future events or for any other 
      reason, other than as required by the JSE Limited Listings Requirements.

On behalf of the Board

SJ Davidson
Chairman

JP Montanana
Chief Executive Officer 

IP Dittrich
Chief Financial Officer

18 October 2018

DIRECTORS 
SJ Davidson# (Chairman), JP Montanana (CEO)#, IP Dittrich (CFO), O Ighodaro†, JF McCartney°, 
MJN Njeke, E Singh-Bushell°  
°American  #British  †Nigerian
* Excluding impairments of goodwill and intangible assets, profit or loss on sale of investments and 
  assets, amortisation of acquired intangible assets, unrealised foreign exchange movements, 
  acquisition-related adjustments, fair value movements on acquisition-related financial instruments, 
  restructuring costs relating to fundamental reorganisations, SYNNEX deal-related expenses and the 
  taxation effect on all of the aforementioned.


Condensed consolidated statement of comprehensive income
for the six months to 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
Revenue                                                       2 004 839          1 844 823         3 923 715    
  Continued operations                                        2 004 662          1 843 819         3 881 547    
  Revenue from acquisitions                                         177              1 004            42 168    
Cost of sales                                                (1 685 466)        (1 545 460)       (3 287 670)   
Gross profit                                                    319 373            299 363           636 045    
Operating costs                                                (265 022)          (284 602)         (586 277)   
Restructuring costs                                              (9 423)            (4 885)          (16 873)   
Share-based payments                                             (2 356)            (2 174)           (6 198)   
Operating profit before interest, tax, depreciation,       
amortisation and impairment ("EBITDA")                           42 572              7 702            26 697    
Depreciation                                                    (12 499)           (13 648)          (27 548)   
Amortisation of capitalised development expenditure                (355)            (7 209)          (11 375)   
Amortisation of acquired intangible assets and software          (5 626)            (5 828)          (12 640)   
Impairment of investment in joint venture                             -                  -            (1 000)   
Impairment of capitalised development expenditure                     -                  -           (55 112)   
Operating profit/(loss)                                          24 092            (18 983)          (80 978)   
Interest income                                                   4 456              1 705             8 670    
Finance costs                                                   (14 061)           (11 625)          (27 073)   
Share of equity-accounted investment (losses)/earnings             (620)               231              (276)   
Acquisition-related fair value adjustments                           36                 66                48    
  Fair value movements on put option liabilities                      -                  *                 *    
  Fair value adjustment on deferred and/or contingent      
  purchase consideration                                             36                 66                48    
Other income/expenses                                                24                115               257    
Profit/(loss) before taxation                                    13 927            (28 491)          (99 352)   
Taxation                                                         (7 345)              (860)          (18 465)   
Profit/(loss) for the period from continuing operations           6 582            (29 351)         (117 817)   
Profit for the period from discontinued operations                    -             18 162           159 608    
Profit/(loss) for the period                                      6 582            (11 189)           41 791    
* Less than US$1 000.                                                                                         
                                                           
Other comprehensive (loss)/income                                                                             
Items that may be reclassified subsequently to             
profit and loss                                                
Exchange differences arising on translation to             
presentation currency                                           (68 813)             8 498            13 942    
Translation of equity loans net of tax effect                     3 123                149             8 795    
Translation reserve reclassified to profit on              
disposal of foreign operation                                         -                  -            57 345    
Transfers and other items                                          (247)             2 244             2 265    
Total comprehensive (loss)/income for the period                (59 355)              (298)          124 138    
Profit/(loss) attributable to:                                                                                  
Owners of the parent                                              1 726            (12 363)           44 359    
Non-controlling interests                                         4 856              1 174            (2 568)   
                                                                  6 582            (11 189)           41 791    
Total comprehensive (loss)/income attributable to:                                                            
Owners of the parent                                            (53 359)              (296)          130 480    
Non-controlling interests                                        (5 996)                (2)           (6 342)   
                                                                (59 355)              (298)          124 138    
Earnings/(losses) per share ("EPS") (US cents)                                                                
Basic                                                               0.7               (5.8)             20.5    
  Continuing operations                                             0.7              (14.4)            (53.3)   
  Discontinued operations                                             -                8.6              73.8    
Diluted basic                                                       0.7               (5.8)             20.3    
  Continuing operations                                             0.7              (14.3)            (52.6)   
  Discontinued operations                                             -                8.5              72.9    


Salient financial features
for the six months to 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August          31 August       28 February     
US$'000                                                            2018               2017              2018    
Headline earnings/(losses)                                        1 752            (12 284)          (41 337)   
  Continuing operations                                           1 752            (30 446)          (64 604)   
  Discontinued operations                                             -             18 162            23 267    
Headline earnings/(losses) per share (US cents)                                                               
Headline                                                            0.7               (5.8)            (19.1)   
  Continuing operations                                             0.7              (14.4)            (29.9)   
  Discontinued operations                                             -                8.6              10.8    
Diluted headline                                                    0.7               (5.8)            (18.9)   
  Continuing operations                                             0.7              (14.3)            (29.5)   
  Discontinued operations                                             -                8.5              10.6    
Underlying earnings/(losses)                                      8 809              3 033           (12 156)   
  Continuing operations                                           8 809            (18 355)          (37 135)   
  Discontinued operations                                             -             21 388            24 979    
Underlying earnings/(losses) per share (US cents)                                                             
Underlying                                                          3.6                1.4              (5.6)   
  Continuing operations                                             3.6               (8.7)            (17.2)   
  Discontinued operations                                             -               10.1              11.6    
Diluted underlying                                                  3.6                1.4              (5.6)   
  Continuing operations                                             3.6               (8.6)            (17.0)   
  Discontinued operations                                             -               10.0              11.4    
Net asset value per share (US cents)                              276.8              404.3             297.0    
KEY RATIOS                                                                                                    
Gross margin (%) - continuing operations                           15.9               16.2              16.2    
EBITDA (%) - continuing operations                                  2.1                0.4               0.7    
Effective tax rate (%) - continuing operations                     52.7               (3.0)            (18.6)   
Exchange rates                                                                                                  
Average Rand/US$ exchange rate                                     13.1               13.2              13.0    
Closing Rand/US$ exchange rate                                     14.7               13.0              11.8    
Number of shares issued (millions)                                                                            
Issued                                                              239                212               243    
Weighted average                                                    243                212               216    
Diluted weighted average                                            246                214               219    
                                                                            

Condensed consolidated statement of financial position
as at 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
ASSETS                                                                                                        
Non-current assets                                              404 607            671 821           417 370    
  Property, plant and equipment                                  57 109             59 425            59 731    
  Goodwill                                                      222 580            403 530           227 321    
  Capitalised development expenditure                             6 612             84 596             1 665    
  Acquired intangible assets and software                        34 696             41 060            40 661    
  Investments                                                    25 799             27 266            26 613    
  Deferred tax assets                                            40 845             40 624            41 104    
  Finance lease receivables                                      10 143              6 819            12 283    
  Other receivables                                               6 823              8 501             7 992    
Current assets                                                2 170 519          2 966 452         2 244 228    
  Inventories                                                   288 257            256 431           238 537    
  Trade receivables                                           1 134 276          1 049 965         1 192 237    
  Current tax assets                                              8 197              7 401             9 492    
  Prepaid expenses and other receivables*                       340 175            320 906           322 241    
  Finance lease receivables                                       4 403              2 679             5 479    
  Cash resources                                                395 211            233 504           476 242    
  Assets classified as held for sale                                  -          1 095 566                 -    
Total assets                                                  2 575 126          3 638 273         2 661 598    
EQUITY AND LIABILITIES                                                                                          
Equity attributable to equity holders of the parent             660 808            855 412           721 603    
  Stated capital                                                200 499            152 396           258 461    
  Non-distributable reserves                                     96 023             66 105            45 331    
  Foreign currency translation reserve                         (112 400)          (132 030)          (58 378)   
  Share-based payment reserve                                     3 822              3 440             4 883    
  Distributable reserves                                        472 864            765 501           471 306    
Non-controlling interests                                        62 762             52 097            69 217    
Total equity                                                    723 570            907 509           790 820    
Non-current liabilities                                          98 646            119 430           120 685    
  Long-term liabilities                                          43 558             56 136            61 723    
  Liability for share-based payments                                705              3 075             1 517    
  Amounts owing to vendors                                          991                190               211    
  Deferred tax liabilities                                       25 203             40 429            30 240    
  Provisions                                                      5 596              8 413            10 685    
  Other liabilities                                              22 593             11 187            16 309    
Current liabilities                                          1 752 910          2 611 334         1 750 093    
  Trade and other payables+                                   1 299 800          1 218 685         1 296 578    
  Short-term interest-bearing liabilities                       105 884             58 944           105 999    
  Provisions                                                     18 073              5 265            16 026    
  Amounts owing to vendors                                          197              1 343             1 029    
  Current tax liabilities                                        20 090              2 378            15 561    
  Bank overdrafts                                               308 866            391 813           314 900    
  Liabilities directly associated with assets        
  classified as held for sale                                         -            932 906                 -    
Total equity and liabilities                                  2 575 126          3 638 273         2 661 598    
* Includes contract assets and contract costs identified under IFRS 15.
+ Includes contract liabilities and deferred revenue identified under IFRS 15.


Condensed consolidated statement of cash flows
for the six months to 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
Operating profit before working capital changes                  31 282             42 255            91 275    
Working capital changes                                         (62 251)           (11 754)          (60 184)   
  (Increase)/decrease in inventories                            (62 024)             3 465            28 831    
  Increase in receivables                                       (66 829)          (125 052)         (258 056)   
  Increase in payables                                           66 602            109 833           169 041    
Other working capital changes                                     9 226             (1 217)          (13 466)   
Cash (utilised in)/generated from operations                    (21 743)            29 284            17 625    
Net finance costs paid                                          (10 282)           (13 125)          (24 784)   
Taxation paid                                                   (10 479)           (14 861)          (43 446)   
Net cash (outflow)/inflow from operating activities             (42 504)             1 298           (50 605)   
Cash outflow for acquisitions                                    (2 011)            (5 262)          (10 749)   
Net cash inflow from disposal of discontinued operations              -                  -           744 832    
Additions to investments                                              -             (2 118)           (3 002)   
Additions to property, plant and equipment                      (12 978)           (13 149)          (26 004)   
Additions to capitalised development expenditure                 (5 315)           (12 433)          (20 043)   
Additions to software                                              (539)                 -            (2 668)   
Proceeds on disposal of property, plant and equipment                 -                 89               821    
Net cash (outflow)/inflow from investing activities             (20 843)           (32 873)          683 187    
Proceeds on disposal of 10% of Westcon International                  -                  -            30 000    
Share repurchases                                                (6 967)                 -           (34 629)   
Dividends paid to shareholders                                        -                  -          (244 193)   
Amounts paid to vendors                                            (886)              (210)             (609)   
Proceeds from short-term liabilities                             31 556             21 584            93 282    
Repayment of short-term liabilities                             (17 512)          (13 695)           (39 185)   
Proceeds from long-term liabilities                               6 439             39 846            51 398    
Repayment of long-term liabilities                               (8 950)           (20 414)          (31 551)   
Net cash inflow/(outflow) from financing activities               3 680             27 111          (175 487)   
Net (decrease)/increase in cash and cash equivalents            (59 667)            (4 464)          457 095    
Cash and cash equivalents at the beginning of the year          161 342           (299 852)         (299 852)   
Translation differences on cash and cash equivalents            (15 330)              (259)            4 099    
Cash and cash equivalents at the end of the period(*)            86 345           (304 575)          161 342    
Cash flows from discontinued operations                                                                         
Net cash outflow from operating activities                            -            (49 747)          (49 747)   
Net cash outflow from investing activities                            -             (2 700)           (2 700)   
Net cash inflow from financing activities                             -              8 240             8 240    
Net decrease in cash and cash equivalents                             -            (44 207)          (44 207)   
Opening cash                                                          -           (101 122)                -    
Translation differences                                               -               (937)                -    
Net decrease in cash and cash equivalents                             -            (44 207)                -    
Cash and cash equivalents at the end of the period(*)    
- discontinued operations                                             -           (146 266)                -    
Cash and cash equivalents at the end of the period(*)    
- continuing operations                                               -           (158 309)                -    
(*) Comprises cash resources, net of bank overdrafts.


Condensed consolidated statement of changes in total equity
for the six months to 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
Balance at the beginning of the period                          790 820            906 875           906 875    
  Transactions with equity holders of the parent                                                                
  Comprehensive (loss)/income                                   (53 359)              (296)          130 480    
  Special dividend                                                    -                  -          (244 193)   
  Share repurchases                                              (6 967)                 -           (34 629)   
  Share-based payments                                             (301)               722             1 784    
  Prior year IFRS 15 adjustment                                    (168)                 -                 -    
  Disposal of 10% of Westcon International       
  without loss of control                                             -                  -            13 175    
Transactions with non-controlling interests                                                                     
  Comprehensive loss                                             (5 996)                (2)           (6 342)   
  Acquisitions of additional interests from      
  non-controlling interests                                        (459)               210             6 845    
  Disposal of 10% of Westcon International       
  without loss of control                                             -                  -            16 825    
Balance at the end of the period                                723 570            907 509           790 820    


Determination of headline and underlying earnings
for the six months to 31 August 2018

                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
Profit/(loss) attributable to the equity                 
holders of the parent                                             1 726            (12 363)           44 359    
Headline earnings adjustments                                        26                 79           (80 080)   
  Impairment of capitalised development expenditure                   -                  -            55 112    
  Impairment of investment in joint venture                           -                  -             1 000    
  Profit on disposal of investment                                    -                  -          (136 341)   
  Loss on disposal of property, plant and equipment                  26                131               170    
    Tax effect                                                        -                (52)              (21)   
  Non-controlling interests                                           -                  -            (5 616)   
Headline earnings/(losses)                                        1 752            (12 284)          (41 337)   
  Continuing operations                                           1 752            (30 446)          (64 604)   
  Discontinued operations                                             -             18 162            23 267    
                                                                                                                
DETERMINATION OF UNDERLYING EARNINGS                                                                          
Underlying earnings adjustments                                  10 321             20 299            41 845    
  Unrealised foreign exchange (gains)/losses             
  (continuing and discontinued operations)                       (4 033)             4 311            11 131    
  Acquisition-related fair value adjustments                        (36)               (66)              (48)   
  SYNNEX deal-related costs                                           -              3 442                 -    
  Restructuring costs (continuing and                    
  discontinued operations)                                        9 423              6 713            18 701    
  Amortisation of acquired intangible assets             
  (continuing and discontinued operations)                        4 967              5 899            12 061    
Tax effect                                                       (1 860)            (4 650)           (9 949)   
Non-controlling interests                                        (1 404)              (332)           (2 715)   
Underlying earnings/(losses)                                      8 809              3 033           (12 156)   
  Continuing operations                                           8 809            (18 355)          (37 135)   
  Discontinued operations                                             -             21 388            24 979    


Condensed segmental analysis
for the six months to 31 August 2018
For management's internal purposes, the Group is currently organised into three operating divisions which are the
basis on which the Group reports its primary segmental information.

Principal activities are as follows:
- Westcon International: Distribution of security, collaboration, networking and data centre products and solutions;
- Logicalis: ICT infrastructure solutions and digital enablement services; and
- Corporate, Consulting and Financial Services: Includes strategic and technical consulting, capital/leasing
  business, Group head office companies and Group consolidation adjustments.

                                                               Westcon                                                               
                                                            International                                   Logicalis                
                                               Unaudited      Unaudited        Audited       Unaudited      Unaudited       Audited            
                                              Six months     Six months     Year ended      Six months     Six months    Year ended           
                                            to 31 August   to 31 August    28 February    to 31 August   to 31 August   28 February            
US$'000                                             2018           2017           2018            2018           2017          2018           
Revenue                                        1 206 631      1 147 968      2 316 650         775 515        677 650     1 563 714           
Revenue from product sales                     1 158 774      1 092 597      2 205 713         461 580        411 194       993 916           
Revenue from sales of hardware                   855 313        826 046      1 625 816         420 142        375 381       915 932           
Revenue from sales of software                   296 713        257 726        558 411          43 076         36 995        76 486           
Revenue from vendor resold services                                                                                                  
and product maintenance sales                     26 320         27 722         58 742             417            491         1 498           
Inter-segmental revenue                          (19 572)       (18 897)       (37 256)         (2 055)        (1 673)            -           
Revenue from services                             32 063         29 672         66 129         129 765         90 588       193 213           
Revenue from professional services                10 705         10 385         22 149         129 765         89 718       196 431           
Revenue from other services                       21 358         19 287         43 980               -              -             -           
Inter-segmental revenue                                -              -              -               -            870        (3 218)          
Revenue from annuity services                     15 794         25 699         44 808         184 170        175 868       376 585           
Revenue from cloud services                       15 794         25 699         44 808          22 252         15 755        35 484           
Revenue from other annuity services                    -              -              -         161 918        160 113       341 101           
                                                                                                                                              
EBITDA                                             5 859        (11 999)       (48 123)         38 698         28 186        86 165           
Reconciliation of operating profit/(loss)                                                                                            
to profit/(loss) after taxation                                                                                                      
Operating profit/(loss)                            1 037        (25 986)      (127 934)         25 564         15 968        59 483           
Interest income                                      756            679          1 609              59            839         1 444           
Finance costs                                     (6 176)        (6 160)       (12 833)         (7 882)        (5 463)      (14 227)          
Share of equity-accounted investment                                                                                                 
(losses)/earnings                                   (823)           146           (440)             64              -           (51)          
Fair value movements on put                                                                                                          
option liabilities                                     -              *              *               -              -             -           
Fair value adjustments on deferred                                                                                                   
and/or contingent purchase consideration               -              -              -              36             66            48           
Other income/expenses                               (100)             -              -               -              -             -           
Profit/(loss) before taxation                     (5 306)       (31 321)      (139 598)         17 841         11 410        46 697           
Taxation                                          (2 650)         1 681         (7 649)           (411)        (3 361)       (7 311)          
Profit/(loss) for the period from                                                                                                    
continuing operations                             (7 956)       (29 640)      (147 247)         17 430          8 049        39 386           
Profit for the period from                                                                                                           
discontinued operations                                -         17 930       (433 629)              -            232        26 340           
Profit/(loss) for the period                      (7 956)       (11 710)      (580 876)         17 430          8 281        65 726           
Total assets                                   1 124 828      2 465 006      1 088 316       1 225 067      1 121 801     1 253 824           
Total liabilities                               (951 201)    (1 909 526)      (957 802)       (879 154)      (812 352)     (890 820)          
* Less than US$1 000.

Condensed segmental analysis
for the six months to 31 August 2018 (continued)
                                                        Corporate, Consulting and                         Datatec Group
                                                           Financial Services                                 Total
                                                Unaudited      Unaudited       Audited       Unaudited      Unaudited       Audited           
                                               Six months     Six months    Year ended      Six months     Six months    Year ended          
                                             to 31 August   to 31 August   28 February    to 31 August   to 31 August   28 February           
                                                     2018           2017          2018            2018           2017          2018          
Revenue                                            22 693         19 205        43 351       2 004 839      1 844 823     3 923 715          
Revenue from product sales                              -              -             -       1 620 354      1 503 791     3 199 629          
Revenue from sales of hardware                    (16 572)       (14 870)      (26 850)      1 258 883      1 186 557     2 514 898          
Revenue from sales of software                     (5 055)        (5 700)      (10 406)        334 734        289 021       624 491          
Revenue from vendor resold services                                                                                    
and product maintenance sales                           -              -             -          26 737         28 213        60 240          
Inter-segmental revenue                            21 627         20 570        37 256               -              -             -          
Revenue from services                              22 693         19 205        43 351         184 521        139 465       302 693          
Revenue from professional services                 22 693         20 075        40 133         163 163        120 178       258 713          
Revenue from other services                             -              -             -          21 358         19 287        43 980          
Inter-segmental revenue                                 -           (870)        3 218               -              -             -          
Revenue from annuity services                           -              -             -         199 964        201 567       421 393          
Revenue from cloud services                             -              -             -          38 046         41 454        80 292          
Revenue from other annuity services                     -              -             -         161 918        160 113       341 101          
                                                                                                                                             
EBITDA                                             (1 985)        (8 485)      (11 345)         42 572          7 702        26 697          
Reconciliation of operating profit/(loss)                                                                              
to profit/(loss) after taxation                                                                                        
Operating profit/(loss)                            (2 509)        (8 965)      (12 527)         24 092        (18 983)      (80 978)         
Interest income                                     3 641            187         5 617           4 456          1 705         8 670          
Finance costs                                          (3)            (2)          (13)        (14 061)       (11 625)      (27 073)         
Share of equity-accounted investment                                                                                   
(losses)/earnings                                     139             85           215            (620)           231          (276)         
Fair value movements on put                                                                                            
option liabilities                                      -              -             -               -              *             *          
Fair value adjustments on deferred                                                                                     
and/or contingent purchase consideration                -              -             -              36             66            48          
Other income/expenses                                 124            115           257              24            115           257          
Profit/(loss) before taxation                       1 392         (8 580)       (6 451)         13 927        (28 491)      (99 352)         
Taxation                                           (4 284)           820        (3 505)         (7 345)          (860)      (18 465)         
Profit/(loss) for the period from                                                                                      
continuing operations                              (2 892)        (7 760)       (9 956)          6 582        (29 351)     (117 817)         
Profit for the period from                                                                                             
discontinued operations                                 -              -       566 897               -         18 162       159 608          
Profit/(loss) for the period                       (2 892)        (7 760)      556 941           6 582        (11 189)       41 791          
Total assets                                      225 231         51 466       319 458       2 575 126      3 638 273     2 661 598          
Total liabilities                                 (21 201)        (8 886)      (22 156)     (1 851 556)    (2 730 764)   (1 870 778)         
* Less than US$1 000.

Sales and purchases between Group companies are concluded at arm's length in the ordinary course of business. 
The inter-group sales of goods and provision of services for the period ended 31 August 2018 amounted to 
US$21.6 million (H1 FY18: US$19.9 million).

The prior period's revenue has been re-presented to reflect the impact of IFRS 15.


Capital expenditure and commitments
as at 31 August 2018
                                                              Unaudited          Unaudited           Audited     
                                                             Six months         Six months        Year ended    
                                                           to 31 August       to 31 August       28 February     
US$'000                                                            2018               2017              2018    
Capital expenditure incurred in the current period         
(including capitalised development expenditure)                  18 832             25 584            48 715    
Continuing operations                                            18 832             22 961            48 715    
Discontinued operations                                               -              2 623                 -    
Capital commitments at the end of the period                     20 526             29 359            23 129    
Lease commitments at the end of the (
continuing operations)                                          114 911            126 033           128 789    
Payable within one year                                          28 935             31 429            31 711    
Payable after one year                                           85 976             94 604            97 078    


Acquisitions made during the year
as at 31 August 2018

The following table sets out the assessment of the fair value of assets and liabilities acquired in the acquisition 
made by the Group during the period. The fair value assessments of assets and liabilities acquired and the amounts 
recognised as goodwill and intangible assets have only been determined provisionally due to the timing of the 
acquisitions and future amendments may impact classification in these categories.
                                                                                                   Unaudited     
                                                                                                  Six months     
                                                                                                to 31 August     
US$'000                                                                                                 2018    
Non-current assets                                                                                        44    
Current assets                                                                                         1 805    
Current liabilities                                                                                     (386)   
Net assets acquired                                                                                    1 463    
Goodwill                                                                                               2 098    
Fair value of acquisition                                                                              3 561    
Purchase consideration                                                                                          
Cash                                                                                                   3 357    
Deferred purchase consideration                                                                          204    
Total consideration                                                                                    3 561    
Cash outflow for acquisitions                                                                                   
Cash and cash equivalents acquired                                                                     1 346    
Cash consideration paid                                                                               (3 357)   
Net cash outflow for acquisitions                                                                     (2 011)   


Enquiries
Datatec Limited (www.datatec.com)                                            
Jens Montanana    - Chief Executive Officer      +27 (0) 11 233 3301      
Ivan Dittrich     - Chief Financial Officer      +27 (0) 11 233 3301      
Wilna de Villiers - Investor Relations Manager   +27 (0) 11 233 1013      
                                                                             
Instinctif Partners                                                          
Frederic Cornet                                  +27 (0) 11 447 3030      

Registered office: Ground Floor, Sandown Chambers, Sandown Village, 16 Maude Street, Sandown


www.datatec.com
www.westconcomstor.com
www.logicalis.com
www.analysysmason.com
www.datatecfinancialservices.com 
Date: 18/10/2018 08:00:00 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.