It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11
    Construction Contracts and IFRIC 13 Customer Loyalty Programmes.
    The group is in the process of implementing changes to our processes related to revenue recognition
    and the control activities within them. This includes the development of new policies based on the five
    step model provided in the new revenue standard, training, ongoing contract review and gathering of
    information for disclosures.

    i.   Sale of goods and rendering of services
         For the sale of goods, revenue is predominantly recognised when the goods are delivered to the
         customers' premises, which is taken to be the point in time at which the customer accepts the goods
         and the related risks and rewards of ownership transfer. Revenue is recognised at this point provided
         that the revenue and costs can be measured reliably, the recovery of the consideration is probable and
         there is no continuing management involvement with the goods.
         Under IFRS 15, revenue will be recognised when a customer obtains control of the goods. Our initial
         assessment indicates that contracts may include more performance obligations than what is currently
         recognised under IAS 18, while other areas of the business may see separate revenue streams
         combined into a single performance obligation. This may result in a change in the timing of revenue
         recognition. The group has a number of contracts that have variable transaction prices. The application
         of the constraint may change the amount and timing of revenue recognised.
    ii.  Rendering of services
         The group is involved in performing various services. Revenue is currently recognised using the
         stage-of-completion method. Under IFRS 15, the total consideration in the service contracts will be
         allocated to all services based on their stand-alone selling prices. The stand-alone selling prices will be
         determined based on the list prices at which the group sells the services in separate transactions. The
         group is in the process of re-assessing the methodologies used for measuring progress for revenues
         recognised over time. This may result in changes to the timing of revenue recognised from services
   iii.  Transition
         The group plans to adopt IFRS 15 using the cumulative effect method, with the effect of initially
         applying this standard recognised at the date of initial application (i.e. 1 March 2018). As a result, the
         group will not apply the requirements of IFRS 15 to the comparative period presented.
   iv.   Disclosures
         The group has assessed the impact of the new disclosure requirements on its financial statements and
         will be revising related accounting policies; providing additional disclosures for performance obligations,
         contract assets and contract liabilities and significant judgement and estimates related to revenue

IFRS 16 replaces existing leases guidance, including IAS 17 Leases, IFRIC 4 Determining whether an
Arrangement contains a Lease, SIC-15 Operating Leases - Incentives and SIC-27 Evaluating the Substance
of Transactions Involving the Legal Form of a Lease. The standard is effective for annual periods beginning
on or after 1 January 2019. Early adoption is permitted for entities that apply IFRS 15 at or before the
date of initial application of IFRS 16.

IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a
right-of-use asset representing its right to use the underlying asset and a lease liability representing its
obligation to make lease payments. There are recognition exemptions for short-term leases and leases of
low-value items. Lessor accounting remains similar to the current standard i.e. lessors continue to classify
leases as finance or operating leases. The group has completed an initial assessment of the potential
impact on its consolidated financial statements but has not yet completed its detailed assessment. The
actual impact of applying IFRS 16 on the financial statements in the period of initial application will depend
on future economic conditions, including the group's borrowing rate at 1 March 2019, the composition of
the group's lease portfolio at that date, the group's latest assessment of whether it will exercise any lease
renewal options and the extent to which the group chooses to use practical expedients and recognition

In addition, the nature of expenses related to those leases will now change as IFRS 16 replaces the
straight-line operating lease expense with a depreciation charge for right-of-use assets and interest
expense on lease liabilities.

i.  Determining whether an arrangement contains a lease
    The Group plans to apply the practical expedient to grandfather the definition of a lease on transition.
    This means that it will apply IFRS 16 to all contracts entered into before 1 March 2019 and identified as
    leases in accordance with IAS 17 and IFRIC 4.

ii. Transition
    As a lessee, the group will apply the standard using the modified retrospective approach with optional
    practical expedients. The lessee applies the election consistently to all of its leases. The group plans
    to apply IFRS 16 initially on 1 March 2019, using the modified retrospective approach. Therefore, the
    cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balance of
    retained earnings at 1 March 2019, with no restatement of comparative information.
    When applying the modified retrospective approach to leases previously classified as operating
    leases under IAS 17, the lessee can elect, on a lease-by-lease basis, whether to apply a number of
    practical expedients on transition. The group is assessing the potential impact of using these practical
    expedients. The group is not required to make any adjustments for leases in which it is a lessor except
    where it is an intermediate lessor in a sub-lease.

IFRS 9 Financial Instruments sets out the requirements for recognising and measuring financial assets,
financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39
Financial Instruments: recognition and measurement.

i.   Classification - Financial assets
     IFRS 9 contains a new classification and measurement approach for financial assets that reflects the
     business model in which assets are managed and their cash flow characteristics. IFRS 9 contains three
     principal classification categories for financial assets: measured at amortised cost, fair value through
     other comprehensive income ("FVOCI") and fair value through profit or loss ("FVTPL"). The standard
     eliminates the existing IAS 39 categories of held to maturity, loans and receivables and available for
     sale. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope
     of the standard are never bifurcated. Instead, the hybrid financial instrument as a whole is assessed for

     Based on its assessment, the group does not believe that the new classification requirements
     will have a material impact on its accounting for trade receivables, loans, FEC's and share linked
     incentives ("SLI") hedges that are managed on a fair value basis. At 28 February 2018, the group had
     investments classified as available-for-sale with a fair value of R206 million that are held for long-term
     strategic purposes. Under IFRS 9, the group has designated these investments as measured at FVOCI.
     Consequently, all fair value gains and losses will be reported in OCI, no impairment losses will be
     recognised in profit or loss and no gains or losses will be reclassified to profit or loss on disposal.

ii.  Impairment - Financial assets and contract assets
     IFRS 9 replaces the 'incurred loss' model in IAS 39 with a forward-looking 'expected credit loss' (ECL)
     model. This will require considerable judgement about how changes in economic factors affect ECLs,
     which will be determined on a probability-weighted basis. The new impairment model will apply to
     financial assets measured at amortised cost or FVOCI, except for investments in equity instruments,
     and to contract assets. Under IFRS 9, loss allowances will be measured on the life time ECLs basis.
     These are ECLs that result from all possible default events over the expected life of a financial

     The group will be applying a lifetime ECL model for its trade receivables and contract assets without a
     significant financing component and also, it has chosen to apply this policy for its trade receivables and contract
     assets with a significant financing component. The group is in the process of refining its impairment
     model under IFRS 9.

iii. Classification - Financial liabilities
     IFRS 9 largely retains the existing requirements in IAS 39 for the classification of financial liabilities.
     However, under IAS 39 all fair value changes of liabilities designated as at FVTPL are recognised in
     profit or loss, whereas under IFRS 9 these fair value changes are generally presented as follows:
     - the amount of change in the fair value that is attributable to changes in the credit risk of the liability
        is presented in OCI; and
     - the remaining amount of change in the fair value is presented in profit or loss.

     The group has not designated any financial liabilities at FVTPL and it has no current intention to do so.

iv.  Hedge accounting
     When initially applying IFRS 9, the group may choose as its accounting policy to continue to apply the
     hedge accounting requirements of IAS 39 instead of the requirements in IFRS 9. The group has chosen
     to apply the new requirements of IFRS 9. IFRS 9 requires the group to ensure that hedge accounting
     relationships are aligned with the group's risk management objectives and strategy and to apply a
     more qualitative and forward-looking approach to assessing hedge effectiveness. IFRS 9 introduces
     new requirements on rebalancing hedge relationships and prohibiting voluntary discontinuation
     of hedge accounting. Under the new model, it is possible that more risk management strategies,
     particularly those involving hedging a risk component (other than foreign currency risk) of a non-
     financial item, will be likely to qualify for hedge accounting. The group does not currently undertake
     hedges of such risk components.

     The group uses forward foreign exchange contracts to hedge the variability in cash flows arising from
     changes in foreign exchange rates relating to foreign currency borrowings, receivables, sales and
     inventory purchases. The group designates only the change in fair value of the spot element of the
     forward exchange contract as the hedging instrument in cash flow hedging relationships. Under IAS 39,
     the change in fair value of the forward element of the forward exchange contracts ('forward points') is
     recognised immediately in profit or loss.

     The group is in the process of re-evaluating its hedge accounting policies in terms of IFRS 9 and has
     not yet quantified the impact.

v.   Disclosures
     IFRS 9 will require extensive new disclosures, in particular about hedge accounting, credit risk and
     ECLs. The group's assessment included an analysis to identify data gaps against current processes and
     the group is in the process of implementing the system and controls changes that it believes will be
     necessary to capture the required data.

vi.  Transition
     Changes in accounting policies resulting from the adoption of IFRS 9 will generally be applied
     retrospectively, except as described below.

     - The Group will take advantage of the exemption allowing it not to restate comparative information
       for prior periods with respect to classification and measurement (including impairment) changes.
       Differences in the carrying amounts of financial assets and financial liabilities resulting from the
       adoption of IFRS 9 will generally be recognised in retained earnings and reserves as at 1 March
     - The following assessments have to be made on the basis of the facts and circumstances that exist at
       the date of initial application (1 March 2018).
       - The determination of the business model within which a financial asset is held.
       - The designation and revocation of previous designations of certain financial assets and financial
          liabilities as measured at FVTPL.
       - The designation of certain investments in equity instruments not held for trading as at FVOCI.

    The following relevant amended standards and interpretations are not expected to have a significant
    impact on the group's consolidated financial statements.

    - Annual Improvements to IFRSs 2014-2016 Cycle - Amendments to IFRS 1 and IAS 28.
    - Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2).
    - IFRIC 22 Foreign Currency Transactions and Advance Consideration.
    - IFRIC 23 Uncertainty over Income Tax Treatments.

    Net asset value per share is calculated by dividing total shareholders equity excluding non-controlling
    interest by the number of shares in issue.

    Normalised revenue and EBITDA before capital items from continuing operations have been presented to
    demonstrate the impact of material once-off costs on the group.
    The presentation of normalised revenue and EBITDA before capital items is not an IFRS requirement. 
                                                                    %        2018        2017
                                                               Change   (Audited)   (Audited)
    Continuing operations revenue                                  6%      14 743      13 892
    Autopage                                                                    -       (316)
    NOR paper                                                                   -       (271)
    Normalised operations revenue*                                11%      14 743      13 305
    EBITDA before capital items
    Continuing operations EBITDA before capital items              9%       1 035         950
    Contribution from closed businesses                                         -           6
    Foreign currency gains on deferred acquisition liability                  (6)           -
    Retrenchment and restructuring costs                                       77           -
    Acquisition related costs                                                   8           -
    Normalised EBITDA before capital items**                      17%       1 114         956
    *  Normalised revenue is stated for continuing operations adjusting for the businesses that were disposed of in the
       previous financial year
    ** Normalised EBITDA is stated for continuing operations before capital items and non-operational once-off costs
       relating to retrenchments, acquisition related costs, foreign currency profits on transaction funding as well as
       certain restructuring costs


The segment information has been prepared in accordance with IFRS 8 - Operating Segments which defines the
requirements for the disclosure of financial information of an entity's operating segments.

The standard requires segmentation based on the group's internal organisation and reporting of revenue and
EBITDA before capital items based upon internal accounting presentation.

                                               Revenue                       EBITDA before capital items      
                              February 2018  February 2017  Growth   February 2018   February 2017    Growth
Altech Radio Holdings                 1 155          1 127      2%             80               84       (5%)
Bytes Document Solutions              1 353          1 365    (1%)             70               57        23%
Bytes Managed Solutions               1 027          1 321   (22%)             74               89      (17%)
Bytes People Solutions                  438            426      3%             29               41      (29%)
Bytes Secure Transaction Solutions    1 073            992      8%            253              212        19%
Bytes Systems Integration SA Group*   1 897          1 943    (2%)            123              102        21%
Altron ICT South African operations   6 943          7 174    (3%)            629              585         8%
Bytes Technology Group UK             6 088          4 504     35%            206              171        20%
Other International operations          244            284   (14%)             16               20      (20%)
Altron ICT International operations   6 332          4 788     32%            222              191        16%
Shared Services and corporate             -              5  (100%)             33               17        94%
Altron ICT                           13 275         11 967     11%            884              793        11%
Altech Netstar                        1 378          1 224     13%            291              266         9%
Altech Arrow                            560            602    (7%)             33               40      (18%)
Corporate and financial services      (470)          (488)      4%           (94)            (143)        34%
Normalised Continuing Operations     14 743         13 305     11%          1 114              956        17%
Autopage                                  -            316       -              -                3          -
NOR Paper                                 -            271       -              -              (9)          -
Foreign currency gains on 
deferred acquisition liability            -              -       -              6                -          -
Retrenchment and restructuring costs      -              -       -           (77)                -          -
Acquisition related costs                 -              -       -            (8)                -          -
Continuing operations as reported    14 743         13 892      6%          1 035              950         9%

                                               Revenue                 EBITDA before capital items

                                   February      February                February        February
                                       2018          2017    Growth          2018            2017      Growth
Altech Multimedia                       974         1 225      (20%)           44              21        110%

Altech Autopage                           -             -                    (23)            (78)         71%

Powertech Cables                        103         1 836      (94%)            5              46       (89%)
Powertech Transformers                1 015         1 041       (2%)         (28)            (73)         62%
Powertech Battery                       344           944      (64%)           33              78       (58%)
Powertech System
Integrators                             241           583      (59%)         (11)            (52)         79%
Other Powertech Segments                261           196       33%          (12)            (52)         77%
Powertech Group                       1 964         4 600      (57%)         (13)            (53)         75%
Discontinued Operations               2 938         5 825      (50%)            8           (110)        107%
Altron Group                         17 681        19 717      (10%)        1 043             840         24%

Segment EBITDA before capital items can be reconciled to operating profit before         February    February
capital items as follows:                                                                    2018        2017
EBITDA before capital items                                                                 1 043         840
Reconciling items:
Depreciation                                                                                (149)       (136)
Amortisation                                                                                (103)        (86)
Total operating profit before capital items                                                   791         618
Discontinued operations (loss)/profit before capital items                                    (8)         110

Continuing operations profit before capital items                                             783         728

* Bytes Systems Integration and Bytes Universal Systems were merged into one segment effective 1 October 2017.

                                                                                       2018        2017
                                                                                  (Audited)   (Audited)

Depreciation                                                                            149         136
Amortisation                                                                            103          86
Net foreign exchange losses                                                              44         226

Cashflow movements
Capital expenditure (including intangibles)                                             277         314
Net additions to contract fulfilment costs                                               58          20
Additions to contract fulfilment costs                                                  257         237
Net expensing of contract fulfilment costs during the year                            (199)       (216)
Terminations of contract fulfilment costs                                                 -         (1)

Capital commitments                                                                       -          21

Lease commitments                                                                       513         465
Payable within the next 12 months:                                                      180         147
Payable thereafter:                                                                     333         318

Weighted average number of shares (millions)                                            370         338
Diluted average number of shares (millions)                                             372         340
Shares in issue at the end of the year (millions)                                       371         339
EBITDA margin                                                                          5.9%        4.3%
ROCE                                                                                  18.5%       14.5%
ROE                                                                                   16.7%       11.4%
ROA                                                                                   10.2%        8.3%
RONA                                                                                  15.5%       12.2%
Current ratio                                                                         1.1:1       1.2:1
Acid test ratio                                                                       0.9:1         1:1
Contract fulfilment costs
Contract fulfilment costs include hardware, fitment, commissions and other
costs directly attributable to the negotiation and conclusion of customer service
contracts. These costs are expensed over the expected period of the customer
service contract.

Constant Currency Pro Forma Financial Information

Basis of preparation

The purpose of the Constant Currency Pro Forma Financial Information of the Company included in the
2018 SENS Announcement is solely to illustrate the impact of the Constant Currency Pro forma
Adjustments on the Audited Financial Information as if the Constant Currency Pro forma Adjustments had
been undertaken on 1 March 2016 for purposes of the pro forma normalised revenue from continuing
operations, normalised EBITDA before capital items from continuing operations and normalised headline
earnings from continuing operations for the year ended 28 February 2017.

The constant currency adjustment was calculated by translating the prior year foreign currency amounts
for normalised revenue from continuing operations, normalised EBITDA before capital items from
continuing operations and normalised headline earnings from continuing operations for the Bytes
Technology Group UK segment into Rands using the current year average exchange rate.

The average exchange rate (Pounds) used to translate the prior year amounts was R17.18:GBP.

The Constant Currency Pro Forma Financial Information included in the message to shareholders is
prepared for illustrative purposes only, and because of its nature, it may not fairly present the issuerâEURTMs
financial results of operations.

A reasonable assurance report, prepared in terms of International Standard on Assurance Engagements
(IASE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information
included in a Prospectus, has been obtained with regard to the Constant Currency Pro Forma Financial
Information and is available for inspection at the CompanyâEURTMs registered office.

The following depicts constant currency adjustments made to the reported financial information as
reported in the segmental analysis:

Normalised revenue from continuing operations
Year ended February                                                                                   %
RâEURTMmillion                                                                      2018      2017    Change
Normalised revenue as reported (unadjusted financial information)(1)         14 743    13 305
Constant currency adjustment (pro forma adjustments)(3)                           âEUR"     (414)
Normalised revenue (pro forma financial information)                         14 743    12 891        14
Exchange rate (Pounds)                                                        17.18     18.92
EBITDA before capital items from continuing operations
Year ended February                                                                                   %
RâEURTMmillion                                                                      2018      2017    Change
Normalised EBITDA before capital items as reported 
(unadjusted financial information)(1)                                         1 114       956
Constant currency adjustment (pro forma adjustments)(3)                           âEUR"      (16)
Normalised EBITDA (pro forma financial information)                           1 114       940        19

Headline earnings from continuing operations
Year ended February                                                                                   %
RâEURTMmillion                                                                      2018      2017    Change
Normalised headline earnings as reported 
(unadjusted financial information)(2)                                           441       387
Normalised adjustments after tax(2)                                              59         4
Constant currency adjustment (pro forma adjustments)(3)                           âEUR"       (9)
Normalised headline earnings (pro forma financial information)                  500       382       19
(1) The information was obtained from the segment analysis included in the audited summarised consolidated 
    financial statements
(2) This is the sum of all the normalised adjustments in respect of the continuing operations, adjusted for 
    tax and amounts attributable to non-controlling interests, obtained from the segment analysis and note 5 
    included in the audited summarised consolidated financial statements
(3) The pro forma adjustments were calculated by converting the prior year foreign currency amounts related 
    to the Bytes Technology Group UK segment into Rands, using the average Rand/Pound exchange rate for the 
    year ended 28 February 2018.

On behalf of the board

Mike Leeming                                              Mteto Nyati
Chairman                                                  Chief Executive

10 May 2018

Mr MJ Leeming, Mr AC Ball, Mr BW Dawson, Mr GG Gelink, Dr PM Maduna, Ms DNM Mokhobo, Mr S Sithole#,
Mr SW van Graan, Dr WP Venter, Mr RE Venter

# Zimbabwean

Mr M Nyati (Chief Executive)

Mr WK Groenewald FCIS (Group Company Secretary)
For Altron Management Services Proprietary Limited

Investec Bank

Altron House
4 Sherborne Road, Parktown 2193

PO Box 981, Houghton 2041

Date: 10/05/2018 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 o