ACHIEVEMENTS	CHALLENGES	OUTLOOK
Group sales revenues increased 12.6% to a record R6.9 billion Group operating profit up 60.2% to R614.0 million Group unit cash costs – cash cost per equivalent refined platinum oz well contained at R19 736/oz Group cash profit per equivalent refined platinum oz up 44.0% to R5 314/oz Group capital expenditure rose 40.1% to R1.6 billion. In addition, R336.4 million spent to date on the Booysendal aerial ropeway conveyor system Positive cash balance of R1.8 billion at year end Normalised headline earnings of R398.3 million Acquisition of Eland Platinum (R175.0 million), Tumela resource of 16.7Moz (R1.0 billion) and PGM recycling business (USD10.7 million)	Global economic outlook remains uncertain Volatile metal markets and therefore uncertain commodity prices as well as volatile exchange rates Project execution Capital allocation Cost control	Eland Platinum presentslow-cost growth proposition With the development of the Tumela resource Zondereinde’s infrastructure will be used to access additional higher grade Merensky ore Maintaining/improving our position on the sector cost curve Anticipation that growth projects will start delivering production into a rising market Annual PGM production increases to 1Moz and annual chrome concentrate production in excess of 1Mt tonnes by 2022

OVERVIEW

Northam’s financial position is strong. This is pleasing given the sustained difficult market conditions. Our growth strategy is impacted by the difficult operating environment and persistently weak metal markets. For this reason, our focus is on shallow, mechanisable, brownfields expansion. The successful execution of various projects in the group, particularly the Booysendal South project, will be critical to achieve our strategic objectives.

Given the current PGM price environment, the group’s focus has been to optimise current operations, contain costs and create a platform for further diversification into shallow mechanisable operations. The next 18 to 24 months will focus on prudent cash flow management through cost control and optimising working capital.

Against the background of prudent cash flow management, Northam has continued its capital expenditure on items which are fundamental to the group’s growth strategy. Cash flows utilised in investing activities reached the level of R2.0 billion (F2016: R1.2 billion), divided almost equally between the two group operations. Management estimates that expansionary and sustaining capital expenditure at Zondereinde will amount to R325.7 million and R198.6 million, respectively, for F2018 and R1.2 billion and R108.9 million, respectively, at Booysendal. This will ensure that Northam has the infrastructure and capacity to take advantage of the market when it recovers to sustainable levels by being first to market.

Projected capital expenditure for the next 12 months:

• Booysendal South R1.1 billion
• Booysendal North R254.4 million
• Eland Platinum acquisition R175.0 million
• Tumela mineral resource acquisition R1.0 billion
• Zondereinde R524.3 million
• PGM recycling assets USD10.7 million

Management continues to streamline and simplify the group structure in order to eliminate accounting and tax complexities, and eliminate future administrative costs associated with a complicated structure.

The restructure extends to the finance department which is positioning itself to enhance the performance of the group. A financial reporting backbone, in the form of an enterprise resource planning (ERP) platform (SAP) is being established, which facilitates the seamless integration and harmonisation of its reporting and performance analysis capabilities. This will be achieved through data digitisation, automation and an optimal structure, with clearly defined roles, manned by a capable team, in order to provide valid, timeous and accurate financial and nonfinancial information efficiently. This would enable operational management to manage costs and make effective decisions. The group services unit within the finance department, will provide the group with reporting services by acting as the glue that standardises and co-ordinates systems, policies and procedures. This will result in economies of scale, but also achieve the objective of consolidating group reporting to/from management, and for analysts, shareholders and other stakeholders. This model will allow enough flexibility to accommodate our growth aspirations.

Key financial indicators

	12 months ended 30 June 2017	12 months ended 30 June 2016	Variance
	R000	R000	%
Platinum sales revenue	3 692 945	3 731 417	(1.0)
Total sales revenue	6 865 185	6 097 070	12.6
Operating costs	(5 676 017)	(5 007 233)	(13.4)
Concentrates purchased	(404 093)	(350 514)	(15.3)
Refining including sampling and handling charges	(120 633)	(133 186)	9.4
Depreciation and write-offs	(452 584)	(403 545)	(12.2)
Change in metal inventories	402 127	180 756	(122.5)
Total cost of sales	(6 251 200)	(5 713 722)	(9.4)
Operating profit	613 985	383 348	60.2
Operating margin	8.9%	6.3%	41.3
EBITDA	967 228	843 446	14.7
EBITDA margin	14.1%	13.8%	2.2
Headline loss	(636 371)	(492 837)	(29.1)
Normalised headline earnings	389 316	444 057	(12.3)
Cash generated from operations	981 497	839 081	17.0
Capital expenditure on property, plant, equipment, mining properties and mineral reserves, including prepayments	(1 957 217)	(1 173 980)	66.7

NORMALISED HEADLINE EARNINGS

Normalised headline earnings, which is Northam’s primary method of measuring the performance of the group, have been calculated taking into account the headline loss per share adjusted for non-cash items relating to the BEE transaction. These include the preference share dividends associated with the BEE financing structure.

Stripping out these non-cash items resulted in normalised headline earnings of R398.3 million which equates to normalised earnings per share of 78.1 cents based on the total number of 509 781 212 issued shares.

This was lower than the prior year’s 87.1 cents per share owing to lower investment revenues associated with reduced cash balances, an insurance claim in the previous year, and the net foreign transaction costs incurred compared to a gain last year. Write-offs of inventory in terms of the accounting standards that require inventory to be measured at the lower of cost and net realisable value also resulted in lower operating profits than could have been achieved had metal prices been higher in F2017.

	12 months ended 30 June 2017	12 months ended 30 June 2016
	R000	R000
Headline loss	(636 371)	(492 837)
Add back:
Amortisation of liquidity fees paid on preference shares	16 390	18 088
Non-cash preference share dividends	1 017 396	918 806
Loss on derecognition of preference share liability	901	–
Normalised headline earnings	398 316	444 057
Normalised headline earnings per share (cents)	78.1	87.1
Number of shares in issue including treasury shares	509 781 212	509 781 212

Summary analysis of revenue and metal sales:

		12 months ended 30 June 2017	12 months ended 30 June 2016	Variance
				%
Total metal sold
Platinum	oz	274 062	270 194	1 4
Palladium	oz	131 962	134 101	(1.6)
Rhodium	oz	41 742	42 632	(2.1)
Gold	oz	5 815	5 466	6.4
4E	oz	453 581	452 393	0.3
Average market prices achieved and sales statistics
Platinum	USD/oz	988	964	2.5
Palladium	USD/oz	731	586	24.7
Rhodium	USD/oz	803	721	11.4
Gold	USD/oz	1 255	1 174	6.9
4E basket price	USD/oz	900	831	8.3
Average exchange rate	R/USD	13.63	14.33	(4.9)
Nickel sales	R000	171 766	162 947	5.4
Nickel sold	t	1 260	1 268	(0.6)
Average nickel market price achieved	USD/t	9 962	9 014	10.5
Chrome sales	R000	925 294	354 653	160.9
Chrome sold	t	581 385	540 624	7.5
Average chrome price achieved	USD/t	118	45	162.2
Average chrome price achieved	R/t	1 586	656	141.8
Total revenue per platinum oz sold*	R/oz	25 050	22 566	11.0
Total revenue per 4E oz sold*	R/oz	15 136	13 477	12.3

* Total revenue takes into account all sales revenue divided by total metal sold.

Revenue from external customers per metal and per segment

	Zondereinde operations	Booysendal operations	Intercompany eliminations	Total	Total
	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2016
	R000	R000	R000	R000	R000
Platinum	3 692 945	1 284 164	(1 284 164)	3 692 945	3 731 417
Palladium	1 316 374	500 433	(500 433)	1 316 374	1 122 284
Rhodium	453 084	189 076	(189 076)	453 084	442 998
Gold	99 322	19 328	(19 328)	99 322	92 151
Chrome	455 145	470 149	–	925 294	354 653
Other	378 166	111 292	(111 292)	378 166	351 617
Housing revenue	–	–	–	–	1 950
	6 395 036	2 574 442	(2 104 293)	6 865 185	6 097 070

Costs

Cost of sales increased 9.4% to R6.3 billion (F2016: R5.7 billion) following a 13.4% rise in operating costs to R5.7 billion (F2016: R5.0 billion). The increase in operating costs is mainly the result of higher on-mine operational costs, which were up 13.7%, reflecting production volume increases at Booysendal as well as labour and power increases. The value of purchased concentrate from third parties rose 15.3% to R404.1 million (F2016: R350.5 million) reflecting the 12.1% growth in volumes delivered. The 12.2% increase in the depreciation charge is attributable to the higher volumes of production as the charge is calculated on the units of production method and the higher values of property, plant and equipment in line with increasing group capital expenditure.

The change in metal inventory value of R402.1 million (F2016: R180.8 million), reflects the increase in inventories owing to the group’s current constrained metallurgical capacity. Group unit cash costs per equivalent refined platinum oz were well contained, increasing 4.6% to R19 736/oz (F2016: R18 877/oz), with the group cash profit per equivalent refined platinum oz increasing 44.0% to R5 314/oz (F2016: R3 689/oz).

With the increased capital expenditure in support of our production growth strategy, cash balances were lower, thereby impacting revenues from investment which fell 36.9% to R167.3 million (F2016: R265.3 million). Sundry income was down 52.6% at R73.4 million (F2016: R154.8 million) mainly due to the once-off receipt from a cancelled insurance contingency policy and a related insurance refund in the comparative period.

Included in finance costs, which were up 79.6% to R71.2 million, was the unwinding of the rehabilitation liability charge of R41.5 million. The interest charges of R51.8 million (F2016: R28.3 million), associated with the two domestic medium term notes of R175.0 million and R250.0 million, were fully capitalised in the year under review.

Sundry expenditure was up 42.0%, due to the higher care and maintenance costs, which now also include Eland mine, and higher corporate action costs reflecting the increased corporate activity of the group.

Operating profit increased 60.2% to R614.0 million (F2016: R383.3 million). The group’s operating profit percentage improved to 8.9% (F2016: 6.3%) reflecting higher PGM prices, strong cost control and economies of scale as group production increased.

The 10.7% increase in the cumulative non-cash preference share dividend to R1.0 billion, net of capitalised interest of R24.3 million, is due to the compounding nature of the preference share liability, and is the main reason for the group’s net loss.

Operating costs per segment

	Zondereinde operations	Booysendal operations	Intercompany	Total	Total
	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2017	Audited 12 months ended 30 June 2016
	R000	R000	R000	R000	R000
Labour	1 733 561	172 957	–	1 906 518	1 776 055
Stores	923 642	149 194	–	1 072 836	941 567
Utilities	564 702	139 196	–	703 898	638 304
Sundries and contractors	495 696	1 503 069	(6 000)	1 992 765	1 649 607
Rehabilitation	–	–	–	–	1 700
	3 717 601	1 964 416	(6 000)	5 676 017	5 007 233

SEGMENTAL REPORTING

The group has two business segments, the Zondereinde mine and the Booysendal mine. The group’s executive committee considers the performance of the Zondereinde and Booysendal mines when allocating resources and assessing the segmental performance.

Zambezi Platinum (RF) Limited has been included in the table below in order to reconcile the amounts to the reported statement of profit or loss and other comprehensive income. Zambezi Platinum (RF) Limited is not a separate operating segment as it does not engage in business activities from which it earns revenue and/or incurs expenses. In addition to this, its operating results are not regularly reviewed by the chief operating decision makers in assessing the performance of the entity.

Segmental statement of profit or loss and other comprehensive income

	Zondereinde operating segment	Booysendal operating segment	Intercompany eliminations	Zambezi and the BEE transaction	Other*	Total
12 months ended 30 June 2017	R000	R000	R000	R000	R000	R000
Sales revenue	6 395 036	2 574 442	(2 104 293)	–	–	6 865 185
Cost of sales	(6 162 574)	(2 137 031)	2 048 405	–	–	(6 251 200)
Operating costs	(3 717 601)	(1 964 416)	6 000	–	–	(5 676 017)
Mining operations	(2 909 091)	(1 482 640)	6 000	–	–	(4 385 731)
Concentrator operations	(290 863)	(339 910)	–	–	–	(630 773)
Smelting and base metal removal plant costs	(318 807)	–	–	–	–	(318 807)
Chrome processing	(20 468)	(16 415)	–	–	–	(36 883)
Selling and administration	(82 082)	(80 305)	–	–	–	(162 387)
Royalty charges	(32 169)	(12 872)	–	–	–	(45 041)
Share-based payment expenses and profit share scheme	(64 121)	(32 274)	–	–	–	(96 395)
Concentrates purchased	(2 508 386)	–	2 104 293	–	–	(404 093)
Refining including sampling and handling charges	(120 633)	–	–	–	–	(120 633)
Depreciation and write-offs	(182 650)	(271 666)	1 732	–	–	(452 584)
Change in metal inventory	366 696	99 051	(63 620)	–	–	402 127
Operating profit	232 462	437 411	(55 888)	–	–	613 985
Share of earnings from associate and joint venture	–	–	–	–	4 870	4 870
Investment revenue	126 043	48 196	(2 689)	(19 204)	14 960	167 306
Finance charges before preference shares	(72 512)	(21 542)	2 689	–	20 180	(71 185)
Net foreign exchange transaction losses	(32 564)	(14 165)	–	–	–	(46 729)
Sundry income	64 233	6 815	(7 000)	–	9 313	73 361
Sundry expenditure	(60 587)	(32 402)	1 000	–	(38 854)	(130 843)
Profit/(loss) before preference share dividends	257 075	424 313	(61 888)	(19 204)	10 469	610 765
Amortisation of liquidity fees paid on preference shares	–	–	–	(16 390)	–	(16 390)
Preference share dividends	–	–	–	(1 017 396)	–	(1 017 396)
Loss on derecognition of preference share liability	–	–	–	(901)	–	(901)
Profit/(loss) before tax	257 075	424 313	(61 888)	(1 053 891)	10 469	(423 922)
Taxation	(73 065)	(146 986)	–	–	8 030	(212 021)
Profit/(loss) for the year	184 010	277 327	(61 888)	(1 053 891)	18 499	(635 943)

12 months ended 30 June 2016	R000	R000	R000	R000	R000	R000
Sales revenue	5 966 217	1 972 883	(1 843 980)	–	1 950	6 097 070
Cost of sales	(5 718 092)	(1 796 904)	1 843 980	–	(42 706)	(5 713 722)
Operating costs	(3 464 378)	(1 541 040)	–	–	(1 815)	(5 007 233)
Mining operations	(2 691 280)	(1 166 353)	–	–	–	(3 857 633)
Concentrator operations	(285 170)	(283 461)	–	–	–	(568 631)
Smelting and base metal removal plant costs	(273 612)	–	–	–	–	(273 612)
Chrome processing	(18 175)	(11 921)	–	–	–	(30 096)
Selling and administration	(106 622)	(47 762)	–	–	–	(154 384)
Royalty charges	(34 419)	(9 864)	–	–	–	(44 283)
Share-based payment expenses and profit share scheme	(46 532)	(28 547)	–	–	–	(75 079)
Rehabilitation	(8 568)	6 868	–	–	–	(1 700)
Other	–	–	–	–	(1 815)	(1 815)
Concentrates purchased	(2 194 494)	–	1 843 980	–	–	(350 514)
Refining including sampling and handling charges	(133 186)	–	–	–	–	(133 186)
Depreciation and write-offs	(191 797)	(213 481)	–	–	1 733	(403 545)
Change in metal inventory	265 763	(42 383)	–	–	(42 624)	180 756
Operating profit	248 125	175 979	–	–	(40 756)	383 348
Share of losses from associate and joint venture	–	–	–	–	(32 253)	(32 253)
Investment revenue	111 066	163 940	(27 223)	–	17 475	265 258
Finance charges before preference shares	(33 515)	(24 131)	27 223	–	(9 211)	(39 634)
Net foreign exchange transaction profits	26 163	–	–	–	–	26 163
Sundry income	131 274	3 233	–	–	20 258	154 765
Sundry expenditure	(37 088)	(32 110)	–	–	(22 924)	(92 122)
Profit/(loss) before preference share dividends	446 025	286 911	–	–	(67 411)	665 525
Amortisation of liquidity fees paid on preference shares	–	–	–	(18 088)	–	(18 088)
Preference shares	–	–	–	(918 806)	–	(918 806)
Profit/(loss) before tax	446 025	286 911	–	(936 894)	(67 411)	(271 369)
Taxation	(162 587)	(82 866)	–	–	8 559	(236 894)
Profit/(loss) for the year	283 438	204 045	–	(936 894)	(58 852)	(508 263)

* Various subsidiaries, consolidation adjustments made as well as the capitalisation of borrowing costs.

CASH POSITION AND CASH FLOWS

Cash flows from operating activities increased to R981.5 million (F2016: R839.1 million) largely as a function of lower tax paid and the higher working capital requirements which reflect unusually high levels of inventory. The high inventory levels should normalise soon after the new furnace is commissioned at the beginning of H2 F2018.

The R2.0 billion (F2016: R1.1 billion) of cash utilised in investing activities, which includes a prepayment of R336.4 million (F2016: RNil), is higher than the comparative, reflecting the group’s growing capital expenditure programme. With the prepayment, we have secured cheaper financing from the offshore supplier of the aerial rope conveyor for Booysendal South. The major project spend is on the 20MW furnace at Zondereinde and the Booysendal South mine development.

Cash flows utilised from financing activities are lower at R250.1 million (F2016: R745.4 million) as there were no fund raising activities in F2017 compared to the previous period. In F2016 the R1.4 billion domestic medium term note was repaid whilst in the current period Northam acquired Zambezi Platinum (RF) Limited preference shares to the value of R208.7 million (F2016: RNil).

In addition to the cash and cash equivalents on hand at 30 June 2017 of R1.8 billion, the group had unutilised revolving credit facilities in place of R1.0 billion.

HOW WE DISTRIBUTE VALUE

Northam creates value for stakeholders in many ways, including increasing production and sales; increasing earnings and growth; through taxes and royalties; transformation; salaries and wages; training and development; housing and accommodation; and investing in communities in the form of local economic development, preferential procurement and corporate social investment. We recognise that stakeholders, be they shareholders, employees or communities, have certain expectations of the company, not all of which may be appropriate or possible to meet. However, we understand and manage these expectations through credible and effective stakeholder engagement.

Below is a summary of value created and distributed to various stakeholders:

	12 months ended 30 June 2017	12 months ended 30 June 2016
	R000	R000
Value distributed to employees
Salaries and wages	1 608 649	1 583 260
Contributions to retirement benefit funds	128 675	123 964
Contributions to healthcare funds	73 112	68 831
Share-based payment settlements	73 495	56 222
Total value created and distributed to employees	1 883 931	1 832 277
Value created and distributed to government
Mining and non-mining tax	70 108	140 825
Mining royalties	45 041	44 283
Pay as you earn deducted from employees	315 077	294 043
Total value created and distributed to tax authorities	LA 430 226	479 151
Value created and distributed to providers of capital
Dividends	–	–
Finance charges excluding the Zambezi preference share dividends, including amounts capitalised	122 982	39 634
Total value created and distributed to providers of capital	122 982	39 634
Value created and distributed to the broader community
Corporate social responsibility and local economic development	6 898	3 543
Black economic empowerment trust operating costs	8 546	–
Administrative costs relating to Zambezi Platinum (RF) Limited	552	3 076
Total value created and distributed to the broader community	15 996	6 619
Value utilised by the group
Depreciation and write-offs	452 584	403 545
Rehabilitation provided to meet statutory obligations (included in finance charges in the current year)	–	1 700
Total comprehensive income for the year	(635 943)	(488 441)
Total value utilised by the group	(183 359)	(83 196)
Total value added	2 269 776	2 274 485

CONSOLIDATION OF ZAMBEZI PLATINUM (RF) LIMITED INTO THE CONSOLIDATED ACCOUNTS OF NORTHAM AND THE BEE TRANSACTION

In terms of the Northam BEE transaction, Northam first issued 112 195 122 new ordinary shares on 18 May 2015 to Zambezi Platinum (RF) Limited (Zambezi), representing 22.0% of Northam’s issued share capital at a subscription price of R41 per share, for a consideration of R4.6 billion. Secondly, Zambezi acquired an additional 47 710 331 existing Northam ordinary shares from the Public Investment Corporation (PIC), also at an acquisition price of R41 per share, amounting to a consideration of R2.0 billion, representing 9.4% of the Northam issued share capital. Zambezi therefore holds a combined 31.4% interest in Northam’s issued share capital.

The transaction was financed by way of 159 905 453 new Zambezi listed preference shares, redeemable at the end of a 10-year period. These BEE preference shares are guaranteed by Northam and as a result of the guarantee consolidated into the Northam group results.

The redemption of the preference share liability will occur in part through 90% of the dividends received from Northam Platinum Limited. There is, however no obligation to settle the preference share liability during the 10 year lock-in period should no dividends be received from Northam Platinum Limited. After the lock-in period of 10 years the preference share liability will be redeemed in a bullet payment through the possible sell-off of the Northam shares owned by Zambezi into the market to realise the capital value. In the event that this is not sufficient to settle the liability, the preference share liability will be secured in terms of a financial guarantee issued by Northam. Should a liability arise under the Northam guarantee, Northam may settle this liability by capitalising Zambezi with cash and/or Northam shares before the redemption amount becomes due or making payment directly to the preference shareholders. The manner of settlement is a choice and is not contractually specified.

In terms of the preference share agreement between Zambezi and its preference shareholders, the preference shareholders will be entitled to receive dividends equal to the South African prime interest rate plus 3.5% over the 10-year period. The preference shares will be compulsorily redeemable on the day immediately preceding the 10th anniversary of the implementation date. The preference shares can only be redeemable before this date upon the occurrence of an early redemption event which is defined in the agreement. The redemption price will be equal to the preference shares’ issue price.

In terms of the preference shares agreement, the preference dividends will accumulate (compounded) at the rate mentioned above for the 10-year period. On the redemption date, Zambezi has to settle any outstanding dividends accumulated, together with the redemption price. Zambezi does not have any discretion to avoid the payment of cumulative preference dividends or the payment of the redemption price, and is therefore obliged to settle this amount by delivering cash, a variable number of Northam shares or a combination of the two.

The preference shares as well as any accumulated and unpaid preference dividends are deemed to meet the definition of a financial liability, and are accounted for as such in the statement of financial position of Zambezi, and consolidated in the financials of Northam in terms of International Financial Reporting Standards. This means that the Northam group reflects the BEE equity issued shares as treasury shares and the BEE preference shares are reflected as a liability.

KEY ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

The preparation of the company and group’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of assets or liabilities affected in future.

These estimates and assumptions are continually evaluated and are based on historical experience and expectations of future events that are believed to be reasonable under the circumstances. Comprehensive information relating to the individual estimates, assumptions and judgements made by management has been included in note 2 to the financial statements.

POST BALANCE SHEET EVENT

Subsequent to year-end, an agreement was entered into to purchase a suite of PGM recycling equipment and the associated premises from A-1 Specialized Services Inc., a recycler of PGMs. The business is located in the state of Pennsylvania, United States of America. The total value of the transaction amounts to USD10.7 million in cash.

In addition to the above, the Section 102 ministerial consent relating to the approval for the purchase of the Tumela block mineral resources from Anglo American Platinum Limited for R1.0 billion was obtained.

Apart from these transactions, there have been no other events subsequent to the year-end, which require additional disclosure or adjustment to these financial results.

OUTLOOK

The global economic outlook remains uncertain resulting in volatile metal markets and exchange rates. The group’s financial performance will depend on achieving higher metal sales prices and a stable operating performance. Management is confident that the group’s strong financial position, prudent financial controls and the development of shallow, mechanisable operations at Booysendal will place the group in a position to take advantage of improved market conditions going forward.

Cost control will remain a key focus area and management is confident it will be able to contain the unit cost increase per platinum ounce by maintaining cost control as a key focus area on the one hand, and growing the production base on the other.

We are confident that the fundamentals of the PGM markets will reassert, giving impetus to a stronger pricing environment. The perceived threats to demand are receding and South African primary supply is under pressure from underinvestment. Northam’s investment in new production through this down- cycle is intended to deliver into a rising market and therefore ultimately create value for all stakeholders.

Ayanda Khumalo
Chief financial officer
22 September 2017