The impact of the reclassifications on financial assets measurement categories was as follows:
                                                                                                                                   FVOCI            cost   
                                                                                                                             (Available-      (loans and   
                                                                                                                                for-sale     receivables   
      R millions                                                                                                   FVTPL   under IAS 39)   under IAS 39)   
      Financial assets                                                                                                                                     
      Closing balance at 28 February 2018                                                                            195              21           4 081   
      Change in carrying amount due to change in measurement                                                                                               
      under IFRS 9                                                                                                     -               -             (3)   
      Opening balance at 1 March 2018                                                                                195              21           4 078   

      Transition to IFRS 9
      Changes in accounting policies from the adoption of IFRS 9 have been applied retrospectively,
      however, the group has elected not to restate comparative information. Differences between the
      carrying amounts of financial instruments as at 28 February 2018 and 1 March 2018 resulting from the
      initial application of IFRS 9 are recognised in retained earnings. Accordingly, information relating to
      28 February 2018 does not reflect the requirements of IFRS 9 but rather those of IAS 39.
      The group has elected as an accounting policy choice to not adopt the hedge accounting requirements
      of IFRS 9, but rather to continue applying the hedge accounting requirements of IAS 39.
      Adoption of IFRS 15
      IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is
      recognised. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.
      Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled for transferring goods or 
      services to a customer when a customer obtains control of the goods or services. For additional information about the group's accounting policy
      relating to revenue recognition, refer to the accounting policies section of the financial statements.
      On adoption of IFRS 9 and IFRS 15, the group restated its retained earnings at 1 March 2018 as follows:

      R millions                                                                                                                                    2018   
      Retained earnings - as previously reported at 28 February 2018                                                                                       
      Closing balance at 28 February 2018                                                                                                          2 543   
      Impact on the adoption of IFRS 9                                                                                                               (3)   
      Impact on the adoption of IFRS 15                                                                                                                2   
      Opening retained earnings - 1 March 2018                                                                                                     2 542   
      The nature of the changes in the accounting policies are set out below:
      Project related revenue
      Changes in the accounting policy relate to certain broadband rollout projects where goods and services were provided to customers, in terms
      of which the costs and related revenue relating to equipment delivered at the respective client site, was historically recognised on a milestone
      basis upon delivery.
      The group reviewed its contracts relating to these arrangements and in terms of IFRS 15, the goods and services were concluded to be part
      of a combined performance obligation. In addition, taking into account the guidance in IFRS 15 as it relates to uninstalled materials, the group
      resolved that the cost of the uninstalled materials (delivered equipment) be excluded from measuring the progress in these contracts. This 
      resulted in the costs (i.e. fulfilments costs) and related revenue billed to the client (contract liabilities) in respect of open contracts on adoption
      date, being deferred in the opening balance sheet and subsequently recognised during the current financial reporting period.

      Cloud services and related licences

      The group reviewed its accounting policy for the sale of cloud services (and related licences) on adoption of IFRS 15. Previously, management
      applied their judgement in determining the accounting in accordance with the "risks and rewards" approach followed under IAS 18, which resulted
      in these arrangements being accounted for by the group as the principal. One of the considerations applied in reaching this conclusion was the 
      consideration of credit risk.
      Under IFRS 15, based on the concept of "control" and the transfer thereof; and the change in the criteria to be considered when assessing
      whether an arrangement should be accounted for on a principal or agent basis, these arrangements are now accounted for by the group as 
      an agent in terms of IFRS 15. One of the previously relevant indicators, i.e. credit risk is no longer included in the guidance under IFRS 15
      further supporting the conclusion reached.

      Transition to IFRS 15
      Changes in accounting policies from the adoption of IFRS 15 have been applied retrospectively, however,
      the group has elected not to restate comparative information. The cumulative impact of IFRS 15 is
      recognised as an adjustment in retained earnings, on 1 March 2018. Accordingly, information relating
      to 28 February 2018 does not reflect the requirements of IFRS 15 but rather those of IAS 18.
      The group applied the following practical expedients when applying IFRS 15:
      1. The group has elected to apply IFRS 15 only to contracts that are not completed as at the date of initial application.

      2. For contracts that were completed that had variable consideration, the transaction price at the date that the contract was completed was 
         used, rather than estimating variable consideration amounts.
      3. For contracts that were modified before the adoption date, the contracts were not restated for these contract modifications and instead, the 
         aggregate effect of all modifications that occurred before the adoption date were considered in aggregate when identifying the satisfied and 
         unsatisfied performance obligations, determining the transaction price and allocating the transaction price to the satisfied and unsatisfied 
         performance obligations.
      4. For all reporting periods presented before the date of initial application, we have elected not to disclose the amount of the transaction price 
         allocated to the remaining performance obligations and an explanation of when we expect to recognise that amount as revenue.
      5. We have elected when, at contract inception, the period between the transfer of a promised good or service and payment for that good or 
         service will be one year or less, not to account for the effects of the time value of money; and


      The group is required to adopt IFRS 16 Leases from 1 March 2019. The group has made an initial
      assessment of the impact that the standards will have on its financial statements and is in the process of
      quantifying the impact on equity as at 1 March 2019. Further the group is in the process of implementing
      changes to its processes relating to leases.

      IFRS 16 Leases

      IFRS 16 was issued in January 2016. It will result in almost all leases being recognised on the statement of
      financial position by lessees, as the distinction between operating and finance leases is removed. Under
      the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are
      recognised. Practical expedients are available for short-term and low-value leases. Lessors continue
      to classify leases as operating or finance, with IFRS 16's approach to lessor accounting substantially
      unchanged from its predecessor, IAS 17 Lease (IAS 17).

      The group expects that the most significant impact of the new standard will result from its current
      property and network site operating leases. As at the reporting date, the group has non-cancellable
      operating lease commitments of R481 million. Of these commitments, approximately R73 million relates to
      non-lease components of operating leases which will continue to be recognised as an expense in profit
      or loss as they are incurred.

      For lease commitments (excluding non-lease components, short-term and low-value leases) the group
      will recognise lease liabilities, representing the present value of the future minimum lease payments
      discounted at a rate appropriate and after taking into account the lease term, value, economic
      environment and security over the asset applicable, on 1 March 2019, and corresponding right-of-use
      assets in respect of these leases, adjusted for prepayments recognised as at 28 February 2019.

      On adoption of IFRS 16 operating lease costs (other than short-term and low value lease) will no longer
      be recognised as part of operating expenses. The group intends to apply a threshold of R100 000
      for assessing what constitutes low-value assets. For the year ended 28 February 2019 the group has
      recognised lease expenses of R176 million. Of these operating lease expenses, approximately R39
      million relates to non-lease components of operating leases which will continue to be recognised as an
      expense in operating expenses as they are incurred.

      As a result of the new accounting rules, EBITDA (as defined) used to measure segment results is expected
      to increase, as the total operating lease payments were previously included in EBITDA (as defined) under
      IAS 17. The group will recognise depreciation on the right-of-use assets and interest on the lease liabilities
      over the lease term in profit or loss - these charges are excluded from EBITDA (as defined).

      Due to the impact of reducing finance charges over the life of the lease, the impact on earnings
      will initially be dilutive, before being accretive in later periods. Furthermore, leases denominated in
      currencies that are not the functional currency of the operation will increase foreign exchange exposure.
      Therefore, the group expects that net profit after tax may decrease for 2019 as a result of adopting the
      new standards.

      Cash generated from operations will increase, as lease costs will no longer be included in this category
      of cash flows. Interest paid will increase, as it will include the interest portion of the lease liability
      repayments. This is expected to have a net positive impact on net cash generated from operating
      activities. Net cash used in financing activities will increase, as the capital portion of lease liability
      repayments will be included within repayment of borrowings.

      The group's activities as a lessor are not material and hence the group does not expect any significant
      impact on the financial statements. However, some additional disclosures will be required in the next
      reporting period.

      The Group will apply the standard using the modified retrospective approach on 1 March 2019 with
      optional practical expedients and will apply its election consistently to all of its leases. 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. Right-of-use assets
      will be measured at the amount of the lease liability on adoption (adjusted for any prepaid lease
      expenses). The group has elected to apply the practical expedient to not reassess the lease definition.

      Other standards

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

      -    IFRIC 23 Uncertainty over Income Tax Treatments.


      An operating segment is a component of the group that engages in business activities from which it may
      earn revenues and incur expenses, including revenues and expenses that relate to transactions with any
      of the group's other components. The group determines and presents operating segments based on the
      information that is internally provided to the group's executive committee and board of directors, who
      is the group's chief operating decision-makers ("CODM"). An operating segment's operating results are
      reviewed regularly by the CODM to make decisions about resources to be allocated to the segment and
      assess its performance, and for which discrete financial information is available. Segment results that
      are reported to the CODM include items directly attributable to a segment as well as those that can be
      allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the
      group's headquarters and the subgroup's headquarters).

      The segmental information has been prepared to highlight the continuing and discontinued operating segments. 
      This provides more insight into revenue and earnings before interest, tax, depreciation and amortisation before capital 
      items (EBITDA before capital items), disclosed in the statement of comprehensive income.

      The below is categorised in accordance with the group's reporting segments. The segment revenues and
      earnings before interest, tax, depreciation, amortisation and capital items (EBITDA and capital items) by
      each of the group's reportable segments are the key performance measures reviewed by the CODM and
      are summarised as follows:
                                                                                                   Revenue                EBITDA before capital items
                                                                                                            Growth                                Growth   
      R millions                                                                           2019      2018        %        2019            2018         %   
      Altron Nexus                                                                        1 185     1 155        3         123              80        54   
      Altron Bytes Document Solutions                                                     1 498     1 353       11          77              70        10   
      Altron Bytes Managed Solutions                                                      1 168     1 027       14          78              74         5   
      Altron Bytes People Solutions                                                         458       438        5          29              29             
      Bytes Secure Transaction                                                                                                                             
      Solutions                                                                           1 141     1 073        6         289             253        14   
      Bytes Systems Integration                                                           2 027     1 897        7         119             123       (3)   
      Altron Karabina                                                                       105         -                   10               -             
      Altron ICT South African                                                                                                                             
      operations                                                                          7 582     6 943        9         725             629        15   
      Bytes Technology Group UK                                                           6 373     6 088        5         368             206        79   
      Other international operations                                                        285       244       17           7              16      (56)   
      Altron ICT international                                                                                                                             
      operations                                                                          6 658     6 332        5         375             222        69   
      Corporate and consolidation                                                                                                                          
      (other)                                                                                 -         -                   29              33      (12)   

                                                                                                     Revenue               EBITDA before capital items
                                                                                                              Growth                              Growth   
      R millions                                                                             2019      2018        %       2019           2018         %   
      Altron ICT                                                                           14 240    13 275        7      1 129            884        28   
      Altron Netstar*                                                                       1 521     1 378       10        582            490        19   
      Altron Arrow                                                                            499       560     (11)         29             33      (12)   
      Corporate and consolidation                                                                                                                          
      (other)                                                                               (537)     (470)     (14)      (107)           (94)      (14)   
      Normalised continuing                                                                                                                                
      operations                                                                           15 723    14 743        7      1 633          1 313        24   
      Foreign currency gains on                                                                                                                            
      deferred acquisition liability                                                                                                         6             
      Retrenchment and                                                                                                                                     
      restructuring costs                                                                                                  (26)           (77)             
      Acquisition related costs                                                                                                            (8)             
      Continuing operations                                                                                                                                
      as reported                                                                          15 723    14 743        7      1 607          1 234        30   
      Altech Multimedia                                                                       775       974     (20)         15             44      (66)   
      Altech Autopage                                                                           -         -                   5           (23)       122   
      Powertech Group                                                                         427     1 964     (78)         34           (13)       362   
      Discontinued operations                                                               1 202     2 938     (59)         54              8       575   
      Altron Group                                                                         16 925    17 681      (4)      1 661          1 242        34   
      Segment EBITDA before capital items can be reconciled to operating profit before capital items as
      R millions                                                                                                                            2019    2018   
      EBITDA before capital items                                                                                                          1 661   1 242   
      Reconciling items:                                                                                                                                   
      Depreciation                                                                                                                         (179)   (149)   
      Amortisation                                                                                                                         (134)   (103)   
      Amortisation of costs incurred to fulfil contracts*                                                                                  (253)   (199)   
      Total operating profit before capital items                                                                                          1 095     791   
      Discontinued operations profit before capital items                                                                                   (54)     (8)   
      Continuing operations profit before capital items                                                                                    1 041     783   
      * Costs incurred to obtain contracts and capital rental devices have been reclassified to amortisation.
        The expense was previously included in operating costs before capital items.

      Revenues/EBITDA before capital items from segments below the quantitative thresholds
      are attributable to smaller operating segments of the Altron group.
      None of those segments have met any of the quantitative thresholds for determining reportable
      segments for the reportable periods.
      Quantitative thresholds have been calculated based on totals for the Altron group and not per


      During the current year, the group undertook a detailed review of the contracts with customers
      and vendors in respect of specific business operations. Upon conclusion of this process, the group
      discovered that the terms and conditions of certain contracts had not been correctly accounted for
      historically. As a consequence, these contracts had an impact on the presentation and disclosure of the
      prior year balances.

      Matters identified 

      The group sells goods under finance lease arrangements in certain parts of its business. As part of these
      transactions, the group enters into back-to-back arrangements with an external party to receive cash
      from the transaction on day one. As the customer settles the monthly lease instalments with the group,
      the group settles its monthly instalments with the external financier. In previous years, the finance lease
      asset and the finance lease liability were set off on presentation in the balance sheet. Upon analysis
      of the IFRS requirements for set off, i.e. that the group currently has a legally enforceable right to set off
      the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the
      liability simultaneously, were not met. Due to the offset requirements not being met in accordance with
      the requirements of IFRS, the finance lease asset and finance lease liability needed to be presented
      separately on the balance sheet and as a result the comparative balances were accordingly restated.

      The group enters into arrangements in terms of which it acts as a clearing/collecting agent on behalf of certain merchants.
      In terms of these arrangements, the group collects the cash on behalf of the merchant which is paid into the group's bank account,
      after which it is paid over by the group to the merchant immediately once the payment clears the bank account. In prior years, the 
      group netted the amounts received into its bank account and the amounts payable to the merchant when presenting its balance
      sheet. Upon reflection, it was concluded that the balance sheet presentation as previously applied was not appropriate and the cash
      received as well as the payable to the merchant should have been included on a gross basis, resulting in the comparative balances
      being restated. As this arrangement had an impact on the cash on hand balances maintained by the group, the statement of cash
      flow has been restated to reflect the impact of the additional cash on hand at the end of the preceeding reporting periods.

      The above has been corrected by updating each of the affected financial statement line items for the prior period noted below. 
      The corrections did not have an impact on the consolidated statement of comprehensive income:

                                                                          Year ended 28 February 2017               Year ended 28 February 2018
                                                                              As                                        As                                 
                                                                      previously                                previously                                 
      R millions                                                        reported       Adjustments   Restated     reported        Adjustments   Restated   
      Statement of                                                                                                                                         
      financial position                                                                                                                                   
      Non-current assets                                                                                                                                   
      Finance lease assets                                                    98                89        187          113                 77        190   
      Current assets                                                                                                                                       
      Trade and other                                                                                                                                      
      receivables                                                          3 270                90      3 360        2 669                 83      2 752   
      Cash and cash                                                                                                                                        
      equivalents                                                            768               299      1 067        1 373                173      1 546   
      Loans                                                                1 413                89      1 502        1 923                 77      2 000   
      Current liabilities                                                                                                                                  
      Loans                                                                  314                90        404          312                 83        395   
      Trade and other                                                                                                                                      
      payables                                                             3 582               299      3 881        3 177                173      3 350  
                                                                                                                              28 February 2018
      R millions                                                                                                   reported       Adjustments   Restated   
      Cash flow (Extract)                                                                                                                                  
      Cash flows from operating activities                                                                                                                 
      Cash generated from operations                                                                                    936               126      1 062   
      Cash flow                                                                                                                                            
      CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                                 
      Cash generated from operations                                                                                    936               126      1 062   
      CASH FLOWS USED IN FINANCING ACTIVITIES                                                                                                              
      Loans advanced                                                                                                     67             (128)        195   
      Loans repaid                                                                                                    (627)               128      (755)   
      Net decrease in cash and cash equivalents                                                                       (549)               126      (423)   
      Net cash and cash equivalents at the beginning of the year                                                        329               173        502   
      Net cash and cash equivalents at the end of the year                                                            (204)               299         95   
      R Millions                                                                                            2019  2018
      Non-cancellable operating leases                                                              
      At year-end the group had outstanding commitments under non-cancellable                       
      operating leases, which fall due as follows:                                                  
      Within one year                                                                               
      Property                                                                                               114   155   
      Plant, equipment and vehicles                                                                           13    22   
                                                                                                             127   177   
      One to five years                                                                                                  
      Property                                                                                               250   252   
      Plant, equipment and vehicles                                                                           15    48   
                                                                                                             265   300   
      Property                                                                                                44    35   
      Plant, equipment and vehicles                                                                           45     1   
                                                                                                              89    36   
      Total                                                                                                  481   513   
      Capital commitments                                                                           
      Significant capital expenditure authorised and contracted for at the end of the               
      reporting period but not recognised as liabilities are as follow:                             
      Property, plant and equipment                                                       6     -   
                                                                                          6     - 


      During the current year, the group renegotiated its long-term debt financing with the banks at more
      favourable terms. A long-term facility of R2 billion was granted to the group of which R1.3 billion was
      drawn at 28 February 2019. The previous drawn facility of R1.2 billion was settled on 28 February 2019.

      The remaining undrawn facility at year-end is R700 million. At year-end, R267 million is repayable within
      12 months and R1 033 million repayable after 12 months.

      During the current year the group acquired property, plant and equipment at a cost of R190 million, consisting 
      mainly of land, buildings and leasehold improvements, motor vehicles, furniture and equipment and IT equipment 
      and software. During the current year the group disposed of property, plant and equipment with a carrying amount of 
      R43 million, consisting mainly of land, buildings and leasehold improvements and motor vehicles, furniture and equipment. 


R millions                                                                                                                                  2019    2018   
Total operations                                                                                                                                           
Depreciation and amortisation*                                                                                                               566     451   
Net foreign exchange (profits)/losses                                                                                                       (11)      43   
Cashflow movements                                                                                                                                         
Capital expenditure (including intangibles)                                                                                                  283     278   
Net additions to costs to fulfil contracts                                                                                                  (42)      58   
Additions to costs to fulfil contracts                                                                                                       246     257   
Amortisation of costs incurred to fulfil contracts during the year                                                                         (353)   (199)   
Contract costs written off                                                                                                                  (35)       -   
Lease commitments                                                                                                                            481     513   
Payable within the next 12 months:                                                                                                           127     180   
Payable thereafter:                                                                                                                          354     333   
Weighted average number of shares                                                                                    (millions)              371     370   
Diluted average number of shares                                                                                     (millions)              374     373   
Shares in issue at the end of the year                                                                               (millions)              371     371   
EBITDA margin                                                                                                               (%)              9,8     7,0   
ROCE                                                                                                                        (%)             21,4    17,8   
ROE                                                                                                                         (%)             21,3    16,7   
ROA                                                                                                                         (%)             12,0     9,9   
RONA                                                                                                                        (%)             17,3    14,9   
Current ratio                                                                                                                              1,1:1   1,1:1   
Acid test ratio                                                                                                                            0,9:1   0,9:1   

* Amortisation of contract costs and capital rental devices have been reclassified from operating expenses to
  depreciation and amortisation.


4 Sherborne Road, Parktown 2193

PO Box 981, Houghton 2041

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