capital appreciation limited reviewed results ’18 · 2 capital appreciation limited reviewed...
TRANSCRIPT
REVIEWED RESULTS
’18
CAPITAL APPRECIATIONLIMITED
for the year ended 31 March 2018
1
2
Intr
od
uctio
n to C
AP
PR
EC
Hig
hlig
hts
for
the p
erio
d
The
op
po
rtun
ity
Fin
ancia
l pe
rform
ance
Abou
t ou
r in
vestm
ents
Pro
spe
cts
OUTLINE
1 2 3 4 5 6 7A
nne
xure
Capital Appreciation Limited Reviewed results ’182
3
AB
OU
T C
AP
ITA
L A
PP
RE
CIA
TIO
N
We o
wn
, m
an
ag
e,
inves
t in
, an
d p
rom
ote
en
terp
rise
s t
hat
inn
ovate
an
d s
eek
to
se
rve o
r p
art
ner
wit
h e
sta
bli
sh
ed
an
d
em
erg
ing
Fin
an
cia
l In
sti
tuti
on
s
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
SO
FT
WA
RE
&
SE
RV
ICE
SIN
TE
RN
AT
ION
AL
*
AU
ST
RA
LIA
* 1
7.5
% i
nte
res
t
3
4
2018
HIG
HL
IGH
TS
Capital Appreciation Limited Reviewed results ’184
5
OP
ER
AT
ION
AL
AC
CO
MP
LIS
HM
EN
TS
Com
ple
ted
an
d b
ed
de
d d
ow
n t
hre
e
acq
uis
ition
s a
nd
on
e inte
rna
tiona
l
inve
stm
en
t
Tra
nsf
err
ed
fro
m a
SP
AC
to
th
e
“So
ftw
are
an
d C
om
pu
ter
Serv
ice
s”
sect
or
on
th
e M
ain
Boa
rd o
f th
e J
SE
Go
od
gro
wth
in t
he
de
ma
nd
fo
r p
aym
en
t,
reg
ula
tory
an
d c
lou
d o
ffe
ring
s
Exp
an
de
d c
lien
t re
latio
nsh
ips in a
ll se
cto
rs
•D
ou
ble
d t
erm
ina
l e
sta
te
•C
on
tra
cts
with
ne
w c
lien
ts
Recr
uite
d a
cco
mp
lishe
d t
ale
nt
•In
cre
ase
d t
ale
nt
po
ol b
y 4
3%
•1
8 le
arn
ers
hip
s
Con
tin
ued
to
inn
ova
te w
ith
ne
w
tech
no
log
ies
Solid
ifie
d p
ipe
line
th
rou
gh F
Y2
01
9S
olid
B-B
BE
E r
ating
•S
ign
ifica
nt
incr
ea
se in g
rou
p B
EE
spe
nd
5
6
FIN
AN
CIA
L H
IGH
LIG
HT
S
Reve
nue
R 5
71 m
illio
n
EB
ITD
AR
177 m
illio
n
Pro
fit a
fter
tax
R 1
43 m
illio
n
Norm
alis
ed p
rofit
aft
er
tax
R 1
52 m
illio
n
Cash
flo
w f
rom
opera
tions
R 1
67 m
illio
n
Cash c
onvers
ion
(% o
f P
AT
)11
7%
Cash
valu
e p
er
share
33 c
ents
HE
PS
9.5
3 c
ents
NH
EP
S10.1
2 c
ents
H1
2 c
ents
H2
2 c
ents
Tota
l4 c
ents
Div
iden
ds
Equity
R 1
.392 b
illio
n
NA
V p
er
share
90 c
ents
Earn
ing
s
Cash
ava
ilable
fo
r in
vest
ment
R 5
13 m
illio
n
Capital Appreciation Limited Reviewed results ’186
7
81.6
%
18.4
%
Paym
en
ts &
P
aym
en
t In
frastr
uctu
re
So
ftw
are
&
Serv
ices
82.4
%
17.6
%
Paym
en
ts &
P
aym
en
t In
frastr
uctu
re
So
ftw
are
&
Serv
ices
DIV
ISIO
NA
L P
ER
FO
RM
AN
CE
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
SO
FT
WA
RE
&S
ER
VIC
ES
•E
xpanded c
lient
base
•S
trong p
ipelin
e•
Double
d t
he n
um
ber
of devic
es
supplie
d t
o
mark
et
•In
vest
ed in s
peci
alis
ed p
aym
ent,
tra
nsa
ctin
g
and b
illin
g p
latf
orm
•C
ontin
ued d
evelo
pm
ent
of in
nova
tive p
roduct
s•
Soft
launch
of new
Dash
pa
ypla
tform
•E
xpanded c
lient
base
•In
crease
d p
enetr
atio
n o
f exi
stin
g c
lients
•F
irst
in A
fric
a a
nd M
iddle
East
to a
chie
ve
“Adva
nce
d C
onsu
lting P
art
ner”
AW
S
acc
redita
tion
•C
ontin
ued t
o c
em
ent A
WS
leaders
hip
•D
ivers
ified r
eve
nue s
tream
to in
clude U
S$
inco
me
TU
RN
OV
ER
EB
ITD
AHIGHLIGHTS
7
8
Ku
se
niD
lam
ini
(May 2
018)
•C
hairm
an,
Mass
mart
•C
hairm
an, A
spen
Pharm
aca
re•
Form
er
CE
O,
Old
Mutu
al
SA
Err
ol K
rug
er
(May 2
018)
•D
irect
or,
Nedbank G
roup
•C
hairm
an,
Nedbank
Priva
te
Wealth
•F
orm
er
Regis
trar
of B
anks
, S
A
Rese
rve B
ank
•F
orm
er
MD
of
Superv
isio
n &
A
uth
orisa
tion,
Qata
r F
inanci
al
Centr
e R
egula
tory
Auth
ority
Re
pla
ce
s D
r D
an
Ma
tjil
a
Math
uk
an
aM
oko
ka
(May 2
018)
•D
irect
or,
Contr
act
Serv
ices
Gro
up
•D
irect
or,
Sanla
m•
Direct
or,
Pala
bora
Min
ing
•D
irect
or,
PIC
Eit
an
Neis
hlo
s(M
ay 2
018)
•C
EO
, R
eso
nance
Aust
ralia
Pro
f. H
an
oc
hN
eis
hlo
s(N
ov 2
017)
•F
ounder, A
fric
an R
eso
nance
IND
EP
EN
DE
NT
NO
N-I
ND
EP
EN
DE
NT
CH
AN
GE
S T
O T
HE
BO
AR
D O
F D
IRE
CT
OR
S
Capital Appreciation Limited Reviewed results ’188
9
THE
OPPORTUNITY
9
10
CH
AR
AC
TE
RIS
TIC
S O
F F
UT
UR
E P
AY
ME
NT
S G
LO
BA
LLY
Inn
ovati
on
s w
ill m
ake p
aym
en
ts m
ore
cash
less a
nd
in
vis
ible
als
o
en
ab
lin
g d
ata
dri
ven
en
gag
em
en
t p
latf
orm
s f
or
clien
ts
CA
SH
LE
SS
//
More
cash
will
be d
ispla
ced b
y ele
ctro
nic
tr
ansa
ctio
ns
as
paym
ents
innova
tions
make
it beneficia
l fo
r cl
ients
to u
se c
urr
enci
es
oth
er
than c
ash
BA
CK
OF
MIN
D /
/
As
more
tra
nsa
ctio
ns
beco
me v
irtu
al and
auto
mate
d, m
ore
paym
ents
pro
cess
es
beco
me in
visi
ble
to e
nd c
lients
, ch
ang
ing
th
eir n
eeds
and b
ehavi
ours
EN
GA
GE
ME
NT
//
As
paym
ents
and m
obili
ty b
eco
mes
more
in
teg
rate
d, th
e im
port
ance
of paym
ent
transa
ctio
ns
as
a p
ote
ntia
l cust
om
er
inte
ract
ion p
oin
t w
ill incr
ease
for
merc
hants
and f
inanci
al i
nst
itutions
DA
TA
DR
IVE
N /
/
With g
reate
r adoptio
n o
f ele
ctro
nic
paym
ents
, m
ore
data
will
be a
ccum
ula
ted
from
paym
ent tr
ansa
ctio
ns,
allo
win
g
financi
al i
nstit
utions,
serv
ices
pro
viders
and
merc
hants
to g
ain
gre
ate
r unders
tandin
g o
f clie
nts
and b
usi
ness
es
AC
CE
SS
TO
LO
AN
S /
/
As
more
paym
ents
are
pro
cess
ed thro
ug
h
ele
ctro
nic
rails
, financi
al in
stitu
tions’
vis
ibili
ty
into
indiv
iduals
’ and b
usi
ness
es’
cash
flo
w
and s
pendin
g p
att
ern
s w
ill incr
ease
, im
pro
ving
their a
bili
ty t
o e
xtend lo
ans
to
clie
nts
pre
viousl
y le
ss u
nders
tood
RE
DU
CE
D C
OS
TS
//
Beca
use
innova
tive s
olu
tions
build
on t
he
exi
stin
g in
frast
ruct
ure
, w
hic
h h
as
very
low
va
riable
cost
s, the c
ost
of m
akin
g e
lect
ronic
tr
ansa
ctio
ns
will
fall
as
ele
ctro
nic
paym
ents
g
ain
more
volu
me
SO
UR
CE
: D
ER
IVE
D F
RO
M W
OR
LD
EC
ON
OM
IC F
OR
UM
RE
PO
RT
Capital Appreciation Limited Reviewed results ’1810
11
MO
VE
TO
EL
EC
TR
ON
IC P
AY
ME
NT
S C
ON
TIN
UE
SS
ou
th A
fric
a
SO
UR
CE
: P
AS
A A
NN
UA
L R
EP
OR
T 2
01
6
RETAIL PAYMENTS CARD ACTIVITY
11
12
PO
S D
EV
ICE
PE
NE
TR
AT
ION
PO
S i
nsta
lled
devic
es p
er
1 0
00 p
eo
ple
510
15
525
30
35
AU
ST
RA
LIA
TU
RK
EY
SP
AIN
FR
AN
CE
UK
ITA
LY
U.S
.
CA
NA
DA
BR
AZ
IL
SO
UT
H A
ME
RIC
A
GE
RM
AN
Y
ME
XIC
O
CH
INA
RU
SS
IA
IND
IA
SO
UR
CE
: B
AN
K O
F I
NT
ER
NA
TIO
NA
L S
ET
TL
EM
EN
TS
SO
UT
H A
FR
ICA
’S
PE
NE
TR
AT
ION
IS
ON
LY
4.5
Sig
nif
ica
nt
op
po
rtu
nit
y t
o
inc
rea
se
pe
ne
tra
tio
n a
s c
os
ts
de
cli
ne
an
d v
alu
e i
nc
rea
se
s
Capital Appreciation Limited Reviewed results ’1812
13
CA
PIT
AL
AP
PR
EC
IAT
ION
GR
OW
TH
ST
RA
TE
GY
•C
ontin
ue t
o g
row
PO
S d
evi
ce e
state
•E
xist
ing c
lients
•N
ew
clie
nts
•N
ew
applic
atio
ns
•D
eplo
yment
of new
pla
tform
s a
cross
est
ate
s
•In
troduct
ion o
f new
pro
ducts
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
SO
FT
WA
RE
&
SE
RV
ICE
S
•Lic
ensi
ng o
f so
ftw
are
applic
atio
ns
for
regula
tory
com
plia
nce
•C
loud m
igra
tion o
pport
uniti
es
contin
ue
to a
ccele
rate
•In
tern
atio
nal exp
ansi
on o
f se
rvic
e
offeri
ngs
•N
ew
tech
nolo
gy
deplo
yments
(b
lock
chain
, A
I, e
tc.)
ORGANIC GROWTH ACQUISITIONS
•P
urs
ue a
ttra
ctiv
e inve
stm
ent
and a
cquis
ition o
pport
uniti
es
in P
aym
ents
& P
aym
ent
Infr
ast
ruct
ure
sect
or
in S
outh
Afr
ica, A
fric
a a
nd o
ther
inte
rnatio
nal m
ark
ets
that
(i)
exp
and o
ur
capabili
ties,
(ii)
exp
and o
ur
mark
et
opport
unity
, and (
iii)
build
on o
ur
busi
ness
models
•P
urs
ue a
ttra
ctiv
e a
cquis
ition o
pport
uniti
es
in S
oft
ware
& S
erv
ices
sect
or
in S
outh
Afr
ica
Cap
ital A
pp
recia
tio
n i
s w
ell c
ap
italised
, w
ith
th
e m
an
ag
em
en
t skills
an
d t
ech
no
log
y t
o d
rive i
t’s g
row
th s
trate
gy
13
14
AB
OU
T O
UR
INV
ES
TM
EN
TS
Capital Appreciation Limited Reviewed results ’1814
15
CA
PIT
AL
AP
PR
EC
IAT
ION
EX
EC
UT
ION
ST
RA
TE
GY
Work
with
fin
anci
al i
nst
itutions
PA
RT
NE
RIN
NO
VA
TE
EX
EC
UT
E
Cre
ate
eco
syst
em
s fo
r
colla
bora
tion
B2B
2C
Deliv
er
solu
tions
to h
elp
clie
nts
realis
e t
heir s
trate
gy
Focu
s on in
frast
ruct
ure
Sta
te o
f th
e a
rt p
roprieta
ry
tech
nolo
gy
pla
tform
s fo
r se
rvic
es
Entr
epre
neurial c
ultu
re
Hard
ware
ag
nost
ic
Inte
gra
te s
eam
less
ly w
ith
leg
acy
sys
tem
s
Serv
ice e
xcelle
nce
Alle
viate
pain
poin
ts
Use
r exp
erience
Cre
ate
eco
-sys
tem
Eng
ender
trust
Add v
alu
e
Gro
w m
ark
et
Act
as
an in
nova
tion
cata
lyst
for
clie
nts
B2B
15
16
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
SE
GM
EN
T
En
ab
les b
an
ks a
nd
co
rpo
rate
s t
o e
xtr
act
ad
dit
ion
al
valu
e a
nd
dif
fere
nti
ate
at
the p
oin
t o
f acq
uir
ing
BL
UE
CH
IPC
LIE
NT
S
Pro
vide a
nd o
pera
te
paym
ent
and
pro
cess
ing
solu
tions
for
leadin
g b
rands
and Inte
rnatio
nal
Banks
PR
OP
RIE
TA
RY
PL
AT
FO
RM
Uniq
ue, pro
prieta
ry
tech
nolo
gy
pla
tform
enablin
g r
apid
deve
lopm
ent
and
imple
menta
tion o
f
cust
om
ised c
orp
ora
te
solu
tions
acr
oss
a d
ivers
e
rang
e o
f se
ctors
EN
D-T
O-E
ND
S
OL
UT
ION
S
Desi
gn,
deve
lop,
imple
ment and
manag
e in
nova
tive,
end-t
o-e
nd s
olu
tions
there
by
enhanci
ng
and
stre
ng
thenin
g the
rela
tionsh
ips
betw
een
banks,
corp
ora
tes
and
their c
lients
CO
MP
RE
HE
NS
IVE
O
FF
ER
ING
S
Ava
ilable
on a
turn
-key
all
incl
usi
ve b
asi
s or
a
la c
art
e
UN
IVE
RS
AL
AC
QU
IRIN
G
Pio
neer
of “U
niv
ers
al
Acq
uirin
g”
by
support
ing
one
uniform
infr
ast
ruct
ure
for
financi
al a
nd
non‐f
inanci
al
transa
ctio
ns
Afr
ica
n R
eso
nan
ce
& D
ash
pay
Capital Appreciation Limited Reviewed results ’1816
17
PA
YM
EN
TS
RE
VE
NU
E M
OD
EL
MA
INT
EN
AN
CE
&
RE
PA
IRS
•G
enera
tes
month
ly
recurr
ing a
nnuity
reve
nue d
ependin
g o
n
leve
l and s
cope o
f
serv
ices
contr
acte
d
TR
AN
SA
CT
ION
S
•V
ariable
base
d o
n
transa
ctio
n typ
e a
nd
valu
e o
f tr
ansa
ctio
n
LIC
EN
SIN
G &
SO
LU
TIO
NS
•G
enera
tes
month
ly
recurr
ing a
nnuity
reve
nue d
ependent
on s
olu
tion
•F
lat fe
e
•C
om
mis
sio
n
PO
S E
STA
TE
M
AN
AG
EM
EN
T
•G
enera
tes
month
ly
recurr
ing a
nnuity
reve
nue d
ependin
g o
n
leve
l and s
cope o
f
serv
ices
contr
acte
d
PO
S D
EV
ICE
S
•S
ale
s g
enera
te g
ross
pro
fit
•R
enta
l genera
tes
month
ly r
ecurr
ing
reve
nue
•R
ela
tionsh
ip w
ith
majo
r clie
nts
subje
ct to
long-t
erm
mast
er
supply
agre
em
ents
Pre
dic
tab
le b
ut
lum
py
An
nu
ity t
ied
to
th
e
siz
e o
f th
e e
sta
teA
nn
uit
y a
nd
p
red
icta
ble
Un
lim
ite
d s
ub
jec
t to
e
sta
bli
sh
ed
e
co
no
mic
mo
dels
Un
lim
ite
d
17
18
DA
SH
PA
Y –
INN
OV
AT
ION
IN
PR
OC
ES
SIN
GC
reati
ng
new
valu
e o
pp
ort
un
itie
s t
hro
ug
h p
latf
orm
eco
syste
m
New
Eco
no
mic
Mo
del –
Pla
tfo
rm E
co
no
mic
s
•In
troduce
s bru
tal effic
iency
to tra
nsa
ctio
n p
roce
ssin
g
•U
niv
ers
al pro
cess
ing -
pro
cess
es
all
transa
ctio
n t
ypes
on a
single
pla
tform
•P
latf
orm
eco
nom
ics
drive
s boundary
, fr
ictio
nal and
transa
ctio
nal co
sts
low
er
•M
ulti
-part
y envi
ronm
ent
leads
to m
ulti
-pro
duct
opport
unity
•O
pport
unity
for
new
B2B
applic
atio
ns
–th
ose
that
don’t
exi
st a
nd t
hose
that benefit
fro
m d
igiti
satio
n
•O
pport
unity
to in
tegra
te m
ulti
ple
dis
para
te p
roduct
s on
single
pla
tform
•T
raditi
onal acq
uirin
g is
poss
ible
but
not
the f
ocu
s
•To b
e d
one in c
oopera
tion w
ith b
anki
ng c
lients
Ch
all
en
ged
Eco
no
mic
M
od
el
Tra
dit
ion
al
Pro
cessin
g
BA
SE
24
TA
ND
EM
PO
ST
ILL
ION
EVOLUTION
Capital Appreciation Limited Reviewed results ’1818
19
DA
SH
PA
Y C
OM
PL
EM
EN
TS
BA
NK
AC
QU
IRIN
G S
ER
VIC
ES
A p
osit
ive i
mp
act
on
th
e m
ark
et
Merc
hants
needs
are
evo
lvin
g
Acq
uirin
g m
ark
et and
marg
ins
under
pre
ssure
Merc
hants
are
cost
consc
ious
and v
iew
acq
uirin
g f
ees
as
a
gru
dg
e p
urc
hase
Dash
pay
deliv
ers
valu
e
to the m
erc
hant
Ass
ists
banks
to r
eta
in
merc
hants
, re
duce
churn
and r
eta
in
acq
uirin
g r
eve
nue
PA
RT
NE
R W
ITH
EX
IST
ING
BA
NK
S
19
20
ILL
US
TR
AT
IVE
DA
SH
PA
Y IM
PL
EM
EN
TA
TIO
NS
A s
oft
lau
nch
of
Dash
pay
serv
ices w
ith
vari
ou
s p
art
ner
ban
ks
PA
RT
NE
RB
AN
K *
NU
MB
ER
OF
P
RO
DU
CT
S
Reta
iler
A
Reta
iler
B
Reta
iler
C
Food
Health
care
* D
iffe
ren
t co
lou
rs r
ep
rese
nt
diff
ere
nt
ba
nks
Capital Appreciation Limited Reviewed results ’1820
21
SO
FT
WA
RE
& S
ER
VIC
ES
SE
GM
EN
T -
SY
NT
HE
SIS
BL
UE
CH
IP C
LIE
NT
S
Absa
, In
vest
ec,
Sta
ndard
Bank, H
SB
C,
Nedbank C
IB, C
itibank, R
MB
, C
apite
c,
Afg
riand o
thers
Lead
ing
pro
vid
er
of
tech
no
log
y p
rod
ucts
an
d s
olu
tio
ns w
ith
in t
he F
inan
cia
l S
erv
ices i
nd
ustr
y
CL
IEN
T C
EN
TR
IC
Deliv
ering t
he h
ighest
busi
ness
valu
e
with
a s
trong
serv
ice e
thic
TH
OU
GH
T L
EA
DE
RS
Acq
uirin
g a
nd r
eta
inin
g the b
est
soft
ware
deve
lopm
ent
skill
s
FO
CU
SE
D
Exc
lusi
ve f
ocu
s in
the f
inanci
al
serv
ices
sect
or
EX
PE
RIE
NC
ED
Hig
hly
innova
tive t
eam
with
tra
ck r
eco
rd
of only
succ
ess
ful d
eliv
ery
ST
RA
TE
GIC
RE
LA
TIO
NS
HIP
S
Key
part
ners
hip
s w
ith A
mazo
n’s
AW
S, th
e top r
ate
d p
rovi
der
of cl
oud
serv
ices
21
22
OP
ER
AT
ING
UN
ITS
WIT
HIN
SY
NT
HE
SIS
Clo
ud t
ransf
orm
atio
n to a
ssis
t th
e
Ente
rprise
in b
eco
min
g c
loud r
eady,
exe
cute
mass
mig
rations
and to h
arn
ess
the b
enefits
of public
clo
ud p
latf
orm
Fir
st
AW
S A
dvan
ced
Co
nsu
ltin
g
part
ner
in M
EA
CL
OU
D
CO
NS
ULT
ING
Deliv
ering e
xceptio
nal end-u
ser
clie
nt
exp
erience
web a
nd
mobile
touch
poin
ts f
or
financi
al
serv
ices
inst
itutions
while
main
tain
ing
info
rmatio
n s
ecu
rity
and tra
nsa
ctio
nal i
nte
grity
DIG
ITA
L
CH
AN
NE
LS
Inte
gra
tion to e
nable
reg
ula
tory
report
ing
solu
tions
for
SA
RS
(ta
x)
and S
AR
B (
bala
nce
of
paym
ents
), p
aym
ent
pro
cess
ing
and e
xchange c
onnect
ivity
PL
AT
FO
RM
IN
TE
GR
AT
ION
P
RO
DU
CT
S
SY
NT
HE
SIS
LA
BS
Art
ifici
al in
telli
gence,
blo
ckch
ain
, m
ach
ine learn
ing
Capital Appreciation Limited Reviewed results ’1822
23
FINANCIAL
PERFORMANCE
23
24
44.2
140.7
196.1
202.9
415.1
9.4
24.9
42.1
77.5
151.7
1.1
10.6
22.7
60.9
149.5
0
50
10
0
15
0
20
0
25
0
30
0
35
0
40
0
45
0
20
14
20
15
20
16
20
17
20
18
Gro
ss R
eve
nu
eE
BIT
DA
Op
era
tin
g P
rofit
FIN
AN
CIA
L P
ER
FO
RM
AN
CE
FY
‘1
4F
Y ‘1
5F
Y ‘1
6F
Y ‘1
7F
Y ‘1
8
Paym
en
ts &
Paym
en
t In
frastr
uctu
re D
ivis
ion
CA
GR
(a)
Reve
nue
75%
EB
ITD
A100%
Re
ven
ue
EB
ITD
A59%
56%
44%
41%
aC
om
po
un
d a
nn
ua
l g
row
th f
rom
FY
’14
th
rou
gh
FY
’18
.F
Y’1
8 r
es
ult
s r
efl
ec
t 11
mo
nth
s t
rad
ing
.
H1
FY
20
18
CO
NT
RIB
UT
ION
H1
5 m
on
ths a
nn
ua
lise
d v
s.
H2
H2
TE
RM
INA
LS
AT
PE
RIO
D E
ND
22 000
32 000
48 000
75 000
0
10
00
0
20
00
0
30
00
0
40
00
0
50
00
0
60
00
0
70
00
0
80
00
0
FY
'16
FY
'17
H1
FY
'18
H2
FY
'18
Capital Appreciation Limited Reviewed results ’1824
25
FIN
AN
CIA
L P
ER
FO
RM
AN
CE
CA
GR
(a)
Reve
nue
22%
EB
ITD
A28%
FY
’18 o
pera
tin
g p
rofi
t an
nu
alised
am
ou
nts
to
R36.2
m
illio
n (
wit
h 2
3%
gro
wth
),
no
twit
hsta
nd
ing
excep
tio
nal
ram
p-u
p c
osts
rela
ted
to
AW
S
Clo
ud
Mig
rati
on
pro
jects
, th
e
ben
efi
ts o
f w
hic
h w
ill b
e
reveale
d in
su
bseq
uen
t p
eri
od
s
41.6
46.1
51.9
77.6
93.1
12.6
15.9
19.8
29.9
33.9
12.4
15.6
19.4
29.4
33.2
0
10
20
30
40
50
60
70
80
90
10
0
20
14
20
15
20
16
20
17
20
18
Gro
ss
Re
ve
nu
eE
BIT
DA
Op
era
tin
g P
rofit
FY
‘1
4F
Y ‘1
5F
Y ‘1
6F
Y ‘1
7F
Y ‘1
8
So
ftw
are
& S
erv
ices D
ivis
ion
Re
ven
ue
EB
ITD
A62%
55%
45%
38%
H1
FY
20
18
CO
NT
RIB
UT
ION
H1
5 m
on
ths a
nn
ua
lise
d v
s.
H2
H2
aC
om
po
un
d a
nn
ua
l g
row
th f
rom
FY
’14
th
rou
gh
FY
’18
.F
Y’1
8 r
es
ult
s r
efl
ec
t 11
mo
nth
s t
rad
ing
.
25
26
GR
OU
P S
UM
MA
RIS
ED
STA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
(R m
illi
on
)F
Y 1
8F
Y 1
7%
incr
ease
Reve
nue
571.3
80.2
Tra
din
g p
rofit
(lo
ss)
178.3
(5.0
)
Net
finance
inco
me
38.7
80.2
Pro
fit b
efo
re t
axa
tion
200.0
60.3
Pro
fit a
fter
tax
142.9
39.2
265%
Norm
alis
ed p
rofit
after
tax
152.3
39.2
288%
Headlin
e e
arn
ings
per
share
(c
ents
)9.5
33.1
4204%
Norm
alis
ed h
eadlin
e e
arn
ings
per
share
(cents
)10.1
23.1
4222%
Num
ber
of
share
s in
iss
ue
(mill
ions)
1 5
50.0
1 2
50.0
Weig
hte
d a
vera
ge n
um
ber
of
share
s (m
illio
ns)
1 5
05.4
1 2
50.0
Acq
uis
itio
ns c
om
ple
ted
5 M
ay 2
017 a
nd
FY
’18
resu
lts r
efl
ect
on
ly e
leven
m
on
ths t
rad
ing
fo
r acq
uir
ed
bu
sin
esses
Aft
er
ad
justm
en
t fo
r am
ort
isati
on
of
inta
ng
ible
s
ari
sin
g f
rom
acq
uis
itio
ns
Cash
uti
lised
fo
r acq
uis
itio
ns, re
pu
rch
ase
of
sh
are
s a
nd
div
iden
ds
paid
305 m
illi
on
sh
are
s i
ssu
ed
as p
art
of
acq
uis
itio
n
co
nsid
era
tio
n
Capital Appreciation Limited Reviewed results ’1826
27
SU
MM
AR
ISE
D S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
N
(R m
illi
on
)31 M
ar
2018
31 M
ar
2017
Tota
l ass
ets
1 4
71.7
1 0
48.8
Non-c
urr
ent
ass
ets
864.4
0.2
Cash
and c
ash e
quiv
ale
nts
513.2
1047.8
Oth
er
ass
ets
94.1
0.8
Equity
1 3
92.3
1 0
42.8
Non-c
urr
ent
liabili
ties
35.7
0
Curr
ent
liabili
ties
43.7
6.0
To
tal
eq
uit
y a
nd
lia
bilit
ies
1 4
71.7
1 0
48.8
NA
V p
er
sh
are
(cen
ts)
90.0
83.4
Cash
valu
e p
er
sh
are
(cen
ts)
33.0
83.8
Ari
sin
g o
n a
cq
uis
itio
n:
•G
oo
dw
ill o
f R
728.6
m
illi
on
•Id
en
tifi
ab
le
inta
ng
ible
s o
f R
83.3
m
illi
on
, le
ss
am
ort
isati
on
of
R12.2
m
illi
on
27
28
CA
SH
FL
OW
(K
EY
FE
AT
UR
ES
)
(R m
illio
n)
FY
18
FY
17
Cash
flow
(outflo
w)
from
opera
tions
166.9
(18.8
)
Acq
uis
ition o
f subsi
dia
ries
net
of
cash
acq
uired
(553.0
)-
Purc
hase
of an a
ssoci
ate
(30.2
)-
Repurc
hase o
f 55 6
20 0
00 o
rdin
ary
share
s (t
reasu
ry s
hare
s)(4
1.4
)-
Div
idends
paid
(30.4
)-
Cash
and c
ash e
quiv
ale
nts
at end o
f period
513.2
1 0
47.8
Cash
co
nvers
ion
–11
7%
o
f P
AT
Avera
ge p
rice o
f re
pu
rch
ase 7
4.4
cen
ts
per
sh
are
Capital Appreciation Limited Reviewed results ’1828
29
PROSPECTS
29
30
A
cce
lera
ted g
row
th in P
OS
devic
e e
state
as
penetr
atio
n
incr
eases
in
banki
ng a
s w
ell
as
SM
E s
ecto
r
In
troduct
ion o
f new
pla
tform
s w
ill g
enera
te s
trong g
row
th
H
ealth
y new
pro
duct
pip
elin
e
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
SO
FT
WA
RE
& S
ER
VIC
ES
R
egula
tory
com
plia
nce
re
quirem
ents
S
trong a
nd g
row
ing a
doptio
n
of C
loud-b
ase
d s
olu
tions
F
urt
her
inte
rnatio
nal
exp
ansi
on,
esp
eci
ally
Afr
ican
hub
S
ignifi
cant
opport
unity
in n
ew
te
chnolo
gie
s
•A
bro
ad r
ange o
f org
anic
as
well
as
acq
uis
itive
gro
wth
opport
uniti
es
ava
ilable
to C
AP
PR
EC
•A
cquis
itive
activ
ity w
ill d
epend o
n s
trate
gic
fit
as
well
as
valu
atio
ns
•R
obust
org
anic
gro
wth
antic
ipate
d f
rom
subsi
dia
ries,
to r
eite
rate
:
GROWTH OPPORTUNITIES
PR
OS
PE
CT
SC
ap
ital A
pp
recia
tio
n i
s w
ell
cap
itali
sed
, w
ith
th
e m
an
ag
em
en
t skil
ls a
nd
te
ch
no
log
y t
o d
rive i
t’s g
row
th s
trate
gy
Capital Appreciation Limited Reviewed results ’1830
31
OU
R I
NV
ES
TM
EN
T C
AS
E
•A
tru
ste
d p
art
ne
r to
a s
tron
g n
etw
ork
of la
rge
fin
an
cial i
nst
itutio
ns
•C
lien
ts a
re w
ell
capitalis
ed
an
d e
sta
blis
he
d
•C
lien
ts a
lrea
dy
ha
ve a
pre
sen
ce in
Afr
ica –
pro
vid
ing the
po
ten
tial a
bili
ty fo
r C
AP
PR
EC
to
expa
nd
reg
iona
lly w
ith t
he
m
•F
ou
nd
ers
with
a v
ery
str
on
g n
etw
ork
of re
lation
ship
s o
n w
hic
h to
bu
ild futu
re b
usin
ess
•W
ell-
esta
blis
hed F
inTe
ch s
ub
sidia
ries w
ith s
tron
g tra
ck r
ecord
s
•In
nova
tion
•Q
ualit
y exe
cutio
n
•F
inanci
al perf
orm
ance
•A
str
on
g b
ala
nce s
hee
t w
ith a
deq
ua
te h
ead
roo
m for
org
an
ic a
nd a
cqu
isiti
ve g
row
th
•S
ub
sid
iarie
s a
re c
ash g
ene
rative
with c
ash c
onvers
ion o
f cl
ose
to 1
00%
•W
ell-
po
sitio
ne
d in
an
indu
stry
with v
ery
rap
id g
row
th
•O
ur
pro
du
cts
an
d s
erv
ices a
re targ
ete
d a
t m
issi
on
-critical a
pplic
ation
s
31
32
TH
AN
K
YO
U
Capital Appreciation Limited Reviewed results ’1832
33
ANNEXURE
33
34
PA
YM
EN
TS
& P
AY
ME
NT
IN
FR
AS
TR
UC
TU
RE
Illu
str
ati
ve p
ro-f
orm
a h
isto
rica
l p
erf
orm
an
ce
a
(R m
illi
on
)2014
2015
2016
2017
2018
CA
GR
’14
–‘1
8
Reve
nue
44.2
140.7
196.1
202.9
415.1
75%
EB
ITD
A9.4
24.9
42.1
77.5
151.7
100%
Marg
in
EB
ITD
A21.3
%17.7
%21.5
%38.2
%36.5
%
Gro
wth
EB
ITD
A164.9
%69.1
%84.1
%96.1
%
Info
rmatio
n r
epre
sents
an a
ggre
gatio
n o
f his
torica
l perf
orm
ance o
f Afr
ican R
eso
nance
and D
ash
pay
for
each
of th
eir r
esp
ectiv
e fis
cal y
ears
. H
ow
eve
r, the f
iscal y
ears
were
not co
term
inous
and the a
ggre
gatio
n is
show
n
for
illustr
ative
purp
oses o
nly
.
(a)
Fis
cal y
ears
2014 to 2
017 a
re f
or
12 m
onth
s ended 2
8 F
ebru
ary
. F
iscal y
ear
2018 is
for
11 m
onth
s e
nded 3
1 M
arc
h.
Capital Appreciation Limited Reviewed results ’1834
35
SO
FT
WA
RE
& S
ER
VIC
ES
His
tori
ca
l p
erf
orm
an
ce a
(R m
illi
on
)2014
2015
2016
2017
2018
CA
GR
‘1
4 –
‘18
Reve
nue
41.6
46.1
51.9
77.6
93.1
22%
EB
ITD
A12.6
15.9
19.8
29.9
33.9
28%
Marg
in
EB
ITD
A30.3
%34.5
%38.2
%38.5
%36.4
%
Gro
wth
EB
ITD
A26.2
%24.5
%51.0
%12.4
%
(a)
Fis
cal y
ears
2014 to 2
017 a
re f
or
12 m
onth
s e
nded 2
8 F
ebru
ary
. F
iscal y
ear
2018 is
for
11 m
onth
s ended 3
1 M
arc
h.
FY
’18 o
pera
tin
g p
rofi
t an
nu
alised
am
ou
nts
to
R36.2
mil
lio
n (
wit
h 2
3%
g
row
th),
no
twit
hsta
nd
ing
excep
tio
nal
ram
p-u
p c
osts
rela
ted
to
AW
S C
lou
d
Mig
rati
on
pro
jects
, th
e b
en
efi
ts o
f w
hic
h
will b
e r
eveale
d i
n s
ub
seq
uen
t p
eri
od
s
35
36
CO
MP
AR
AB
LE
IN
TE
RN
AT
ION
AL
CO
MP
AN
IES
Illu
str
ati
ve o
f b
read
th a
nd
dep
th o
f in
tern
ati
on
al
“P
aym
en
ts”
mark
etp
lace
NE
TW
OR
KS
EM
ER
GIN
G P
AY
ME
NT
SM
ER
CH
AN
T A
CQ
UIR
OR
SP
OS
/ C
AS
H
DIS
BU
RS
EM
EN
T
$2
97
,01
0 /
/ 2
0.6
x
$2
05
,85
6 /
/ 2
2.9
x
$1
9,2
48
//
12
.2x
$6
,81
9 /
/ 1
4.6
x
$1
3,8
36
//
10
.5x
$1
8,6
99
//
16
.5x
$1
,62
6 /
/ 11
.6x
$5
09
//
4.2
x$
16
,44
1 //
15
.3x
$2
4,7
24
//
16
.6x
$9
6,8
34
//
23
.2x
$1
,17
1 /
/ 9
.7x
$2
4,9
99
//
NM
$7
30
//
NM
$1
7,8
58
//
27
.9x
$6
63
//
14
.9x
$8
17
//
NA
$5
,60
1 /
/ 11
.6x
$8
12
//
9.3
x
$2
,63
3 /
/ 1
0.7
x
$1
,47
9 /
/ 8
.9x
$2
17
//
13
.6x
MA
RK
ET
CA
PIT
AL
ISA
TIO
N (
IN U
S $
MIL
LIO
NS
) //
CY
18
E E
V/E
BIT
DA
AS
OF
11
/05
/20
18
$7
,82
2 /
/ 1
8.1
x
En
terp
rise
Va
lue
=
c.1
7x
FY
18
Re
v
Capital Appreciation Limited Reviewed results ’1836
37
CO
ST
CO
MM
OD
ITIS
AT
ION
Fin
ancia
l instit
utio
ns
will
acc
ele
rate
the
com
moditi
satio
n o
f th
eir c
ost
base
s, re
movi
ng them
as p
oin
ts o
f com
petit
ion a
nd c
reatin
g n
ew
gro
unds
for
diff
ere
ntia
tion
PR
OF
IT R
ED
IST
RIB
UT
ION
Technolo
gy
and n
ew
part
ners
hip
s w
ill e
nable
org
anis
ations to b
ypass
tra
diti
onal v
alu
e c
hain
s,
there
by
redis
trib
utin
g p
rofit pools
“EX
PE
RIE
NC
E”
OW
NE
RS
HIP
Pow
er
will
tra
nsf
er
to the o
wner
of th
e c
lient
inte
rface
; pure
manufa
ctu
rers
must
there
fore
becom
e h
yper-
scale
d o
r hyp
er-
focu
sed
PL
AT
FO
RM
S R
ISIN
G
Pla
tform
s th
at off
er
the a
bili
ty t
o e
ngage w
ith
diff
ere
nt financi
al i
nst
itutio
ns f
rom
a s
ingle
channel
will
becom
e the d
om
inant m
odel f
or
the d
eliv
ery
of
financia
l serv
ices
DA
TA
MO
NE
TIS
AT
ION
BIO
NIC
WO
RK
FO
RC
E
SY
ST
EM
AT
ICA
LLY
IM
PO
RTA
NT
TE
CH
S
SO
UR
CE
: D
ER
IVE
D F
RO
M W
OR
LD
EC
ON
OM
IC F
OR
UM
RE
PO
RT
INS
TA
NT
GR
AT
IFIC
AT
ION
RE
GU
LA
TO
RY
CO
MP
LIA
NC
E &
RE
FO
RM
Regula
tors
are
incre
asin
g o
vers
ight and c
om
plia
nce
oblig
atio
ns
ove
r
est
ablis
hed p
laye
rs w
hile
als
o lo
okin
g to e
nco
ura
ge in
nova
tion a
nd
reduce
tra
nsa
ctio
n frict
ion
1 2 3 4
5 6 7 8 9
Data
will
beco
me in
cre
asin
gly
im
port
ant fo
r diff
ere
ntia
tion, but st
atic
data
sets
will
be e
nrich
ed b
y flow
s of data
fro
m m
ulti
ple
sourc
es
com
bin
ed a
nd
use
d in
real t
ime
As
the a
bili
ty f
or
mach
ines to r
eplic
ate
the b
ehavi
our
of hum
ans
contin
ues
to e
volv
e,
financi
al i
nst
itutio
ns
will
need to m
anage la
bour
and c
apita
l as
a s
ingle
set of capabili
ties
Fin
ancia
l inst
itutio
ns
incr
easin
gly
resem
ble
, and a
re d
ependent on, la
rge
tech
firm
s to a
cquire c
ritic
al i
nfr
astr
uctu
re a
nd d
iffere
ntia
ting tech
nolo
gie
s
User
exp
erience
of "o
nlin
e"
envi
ronm
ent is
impact
ing a
ll in
dust
ries
where
besp
oke s
olu
tions
are
off
ere
d in
stantly
A B
RO
AD
RA
NG
E O
F G
RO
WT
H D
RIV
ER
S G
LO
BA
LLY
37
38
INT
ER
NA
TIO
NA
L T
RE
ND
S
•In
cre
asin
g fro
m n
ew
entr
ants
•N
ew
paym
ent
types
•D
isru
ptiv
e
CO
MP
ET
ITIO
N
•E
mpow
ering n
ew
entr
ants
not co
nst
rain
ed
by
legacy
pla
tform
s
•H
igh IT
investm
ent
required to r
esp
ond to
clie
nt needs
TE
CH
NO
LO
GY
•S
ecto
r exp
ert
ise a
nd
focu
s d
rivi
ng c
osts
dow
n
•C
onso
lidatio
n a
nd
exi
t of banks fro
m
paym
ents
FO
CU
S
•In
creasi
ngly
more
dem
andin
g o
f
innova
tive s
olu
tions
that re
quire n
on-l
egacy
tech
nolo
gy
pla
tform
s
•Lifest
yle t
ailo
red
solu
tions
CL
IEN
TS
•R
equires e
xpenditu
re o
n
div
erg
ent prioritie
s and
cannot re
main
curr
ent
•S
ecu
rity
directiv
es
are
mandato
ry o
r risk
and
liabili
ty is
subst
antia
l
•D
rivi
ng d
eplo
yment
of
new
devi
ces
RE
GU
LA
TIO
N
A l
ea
din
g in
dic
ato
r fo
r S
ou
th A
fric
an
ban
ks
–in
du
str
y in
flu
x
Capital Appreciation Limited Reviewed results ’1838
39
EL
EC
TR
ON
IC P
AY
ME
NT
S C
ON
TIN
UE
TO
GR
OW
AN
D
MU
TA
TE
IN
RE
SP
ON
SE
TO
CO
NS
UM
ER
BE
HA
VIO
UR
•In
creasin
g a
doption a
nd
com
fort
with
card
-based a
nd
dig
ital curr
ency:
•M
obile
•G
ovt. p
aym
ent dis
trib
utio
n
(SA
SS
A)
•F
orm
alis
atio
n (
India
)
•P
rolif
era
tion o
f paym
ent
meth
ods (
incl
. w
eara
ble
s)
DIG
ITA
L C
UR
RE
NC
Y
•G
row
ing m
iddle
-cla
ss in
em
erg
ing e
conom
ies
acr
oss
Afr
ica
MID
DL
E C
LA
SS
•R
egula
tion a
nd s
ecu
rity
drivi
ng insta
llatio
n a
nd
acc
epta
nce
of devi
ces
•F
orc
ing a
ccounta
bili
ty
•E
nco
ura
gin
g d
igiti
satio
n
RE
GU
LA
TIO
N
•C
onsu
mer
com
fort
with
data
sharing le
ads
to
inte
gra
tion w
ith
paym
ents
•N
ew
pro
duct
s
•N
ew
cre
dit
tools
•P
aym
ent lin
ked to a
nd
with
conte
nt
BIG
DA
TA
Tra
nsacti
on
s m
uta
tin
g t
o b
e i
nd
isti
ng
uis
hab
le f
rom
day-t
o-d
ay a
cti
vit
y,
furt
her
dri
vin
g t
o “
Un
ivers
al A
cq
uir
ing
”
39
40
FIN
AN
CIA
L IN
CL
US
ION
Fin
an
cia
l In
clu
sio
n is
the p
rocess o
f en
su
rin
g
access t
o a
pp
rop
riate
fin
an
cia
l p
rod
ucts
an
d
serv
ices n
eed
ed
by
vu
lnera
ble
gro
up
s a
t an
aff
ord
ab
le c
ost
in a
fair
an
d t
ran
sp
are
nt
man
ner
•T
ransa
ctin
g
•S
avi
ng
•P
ers
onal c
redit
•R
em
ittance
•In
sura
nce
Th
e I
FC
believe
s t
his
rep
resen
ts a
mark
et
op
po
rtu
nit
y e
xceed
ing
US
$2 t
rillio
n
SO
UR
CE
: M
AS
TE
RC
AR
D
Capital Appreciation Limited Reviewed results ’1840
41
AF
RIC
AN
RE
SO
NA
NC
E –
EX
CL
US
IVE
RIG
HT
S T
O
PR
OP
RIE
TA
RY
TE
CH
NO
LO
GY
Rapid
deve
lopm
ent
and
imple
menta
tion o
f
cust
om
ised f
inanci
al a
nd
non-f
inanci
al s
olu
tions
and in
teg
ration in
to t
hird
-
part
y applic
atio
ns
PR
OD
UC
T
Sophis
ticate
d r
eal-tim
e
end-t
o-e
nd a
sset and
work
flow
managem
ent
syst
em
support
ing
their
dyn
am
ic o
pera
ting m
odel
and s
erv
ices
OP
ER
AT
OR
Manages
clie
nt
identif
icatio
n, pro
filin
g a
nd
monito
ring
whic
h g
enera
tes
consu
mer
behavi
our
data
that enable
s big
data
analy
tics
and targ
ete
d
mark
etin
g for
their c
lients
PR
OM
OT
ER
Handle
s t
he a
cquirin
g
applic
atio
n p
ara
mete
rs
incl
udin
g B
IN m
anag
em
ent,
sett
lem
ent tim
es
and
acq
uirin
g a
pplic
atio
n m
odes
incl
udin
g r
eta
il, f
uel a
nd
rest
aura
nt
Reso
lin
kte
ch
no
log
y p
rovid
es a
sin
gle
, in
teg
rate
d p
latf
orm
to
dep
loy a
nd
ma
nag
e a
cq
uir
ers
’ term
inal fl
ee
t
PA
YM
EN
T
41
42
PA
YM
EN
TS
SO
LU
TIO
NS
RA
NG
E A
CR
OS
S
IND
US
TR
Y A
ND
FU
NC
TIO
NA
L A
RE
A
•B
ank a
cquirin
g
•C
lose
paym
ent
syst
em
s
•A
gency
bankin
g
•M
icro
finance
FIN
AN
CIA
L
•R
eta
il m
anag
em
ent
•S
tore
-in-a
-sto
re
solu
tions
•D
istr
ibutio
n /
SC
M
•G
ift and p
repaid
card
s
•P
OS
inte
gra
tion
RE
TA
IL
•C
onsu
mer
pro
filin
g
•C
onsu
mer
data
base
manag
em
ent
•V
ouch
er
cam
paig
ns
•E
vent
manag
em
ent
MA
RK
ET
ING
•S
oci
al g
rants
•H
ealth
benefit
dis
trib
utio
n
•F
ood c
oupons
•M
edic
al cl
aim
s
PU
BL
IC
•C
ust
om
ised p
aym
ent
solu
tions
•Larg
e s
cale
loya
lty
pro
gra
ms
•S
oci
al re
sponsi
bili
ty
•S
hort
-te
rm
insu
rance
•R
eco
nci
liatio
n a
nd
report
ing
CO
RP
OR
AT
E
Capital Appreciation Limited Reviewed results ’1842
43
PA
YM
EN
TS
SE
RV
ICE
S O
FF
ER
ED
AC
TIV
AT
ION
S &
LO
GIS
TIC
S
•S
tand a
lone: co
unte
r-to
p a
nd p
ort
able
•In
teg
rate
d P
ED
•M
obile
DE
VIC
ES
•A
sset m
anag
em
ent
•K
ey
inje
ctio
n
•H
ard
ware
and s
oft
ware
ass
em
bly
•D
ispatc
h a
nd t
erm
inal t
rack
ing
•R
em
ote
act
ivatio
n a
nd tra
ckin
g
•P
erf
orm
com
ponent re
pla
cem
ent
•P
erf
orm
devi
ce r
e-a
ctiv
atio
n
•Q
ualit
y co
ntr
ol a
nd test
ing
WO
RK
SH
OP
& R
EP
AIR
S
•C
om
munic
atio
ns
with
pro
cess
ing
centr
e
NE
TW
OR
K S
ER
VIC
ES
•S
oft
ware
deve
lopm
ent
and test
ing
•R
&D
•V
ers
ion a
nd u
pdate
manag
em
ent
•R
em
ote
vers
ion u
pdate
s of th
e term
inal
SO
FT
WA
RE
•P
roduct
support
•P
roble
m identif
icatio
n
•P
roble
m r
eso
lutio
n (
connect
ivity
, so
ftw
are
,
para
mete
risa
tion)
CA
LL
CE
NT
RE
•Targ
ete
d o
utb
ound tele
mark
etin
g
•C
oord
inate
d w
ith in-f
ield
sale
s fo
rce
CO
LL
AB
OR
AT
IVE
SA
LE
S
•R
eal-tim
e m
onito
ring
of est
ate
and
pre
venta
tive m
ain
tenance
AS
SE
T M
AN
AG
EM
EN
T
Clien
ts c
an
sele
ct
packag
es o
r sele
cte
d s
erv
ices a
la c
art
e
43
44
PA
YM
EN
TS
ST
RE
NG
TH
S
Blu
e c
hip
clie
nt
base
CL
IEN
TS
Blu
e c
hip
supplie
r base
SU
PP
LIE
RS
His
tory
of in
nova
tion
INN
OV
AT
ION
Sect
or
exp
ert
ise
Exp
erienced t
eam
EX
PE
RT
ISE
/
MA
NA
GE
ME
NT
Uniq
ue t
ech
nolo
gie
s
TE
CH
NO
LO
GY
Speed o
f deplo
yment
and a
bili
ty
to r
esp
ond t
o m
ark
et needs
SP
EE
D
Sin
gle
inte
rface
with
inte
gra
ted d
evi
ce
and C
RM
reco
rds
INT
ER
FA
CE
Univ
ers
al acq
uirin
g c
apabili
ty
(bundle
d p
roduct
s)
UN
IVE
RS
AL
Com
plia
nt
with
best
pra
ctic
e
SE
CU
RIT
Y
Vis
a a
nd M
ast
erc
ard
acc
redite
d
AC
CR
ED
ITA
TIO
N
Capital Appreciation Limited Reviewed results ’1844
45
For
the p
urp
ose
s o
f th
is n
otic
e,
this
pre
senta
tion (
the “
Pre
senta
tion”)
shall
mean a
nd incl
ude t
he p
ages
and s
lides
that
follo
w,
its
conte
nts
incl
udin
g t
he in
form
atio
n f
orm
ing p
art
there
of or
refe
rred t
o in
the
Pre
senta
tion, th
e o
ral pre
senta
tion o
f th
e p
ages
and s
lides
by
Capita
l Appre
cia
tion L
imite
d (
"CA
PP
RE
C")
its o
ffic
ers
, direct
ors
,
em
plo
yees a
nd/o
r advis
ers
, any
quest
ion-a
nd-a
nsw
er
sess
ion t
hat
follo
ws
that
ora
l pre
senta
tion,
hard
copie
s of
this
docu
ment
and a
ny
mate
rials
and/o
r in
form
atio
n (
in w
hate
ver
form
) dis
trib
ute
d a
t, o
r in
connect
ion w
ith,
that ora
l pre
senta
tion.
By
attendin
g t
he m
eetin
g a
t
whic
h t
he P
rese
nta
tion is
made,
or
by
readin
g t
he P
rese
nta
tion
slid
es,
you w
ill b
e d
eem
ed t
o h
ave (
i) a
gre
ed t
o a
ll of
the follo
win
g
rest
rict
ions
and m
ade t
he follo
win
g u
ndert
akin
gs;
and (
ii)
ack
now
ledged t
hat yo
u u
nders
tand t
he le
gal and r
egula
tory
sanct
ions
attach
ed to t
he m
isuse
, dis
closu
re o
r im
pro
per
circ
ula
tion
of th
e P
rese
nta
tion.
This
Pre
senta
tion is
pro
vid
ed t
o y
ou s
ole
ly f
or
info
rmatio
n p
urp
ose
s
and d
oes n
ot
constit
ute
, and m
ay
not
be r
elie
d o
n in
any
manner
as,
legal,
tax
or
invest
ment
advic
e a
nd/o
r an in
vest
ment
reco
mm
endatio
n.
This
Pre
senta
tion is
not
direct
ed t
o,
or
inte
nded f
or
dis
trib
utio
n t
o o
r
use
by,
any
pers
on o
r entit
y th
at
is a
citi
zen o
r re
sident
of, o
r lo
cate
d
in,
any
loca
lity,
sta
te, co
untr
y or
oth
er
jurisd
ictio
n w
here
such
dis
trib
utio
n o
r use
would
be c
ontr
ary
to la
w o
r re
gula
tion o
r w
hic
h
would
require a
ny
act
ion (
inclu
din
g r
egis
tratio
n o
r lic
ensi
ng)
with
in
such ju
risdic
tion f
or
such
purp
ose
.
This
Pre
senta
tion is
not,
and s
hould
not
be c
onst
rued s
o a
s to
const
itute
, an o
ffer
of se
curitie
s fo
r sa
le o
r acq
uis
ition in a
ny
jurisd
ictio
n,
incl
udin
g in t
he U
nite
d S
tate
s, C
anada, A
ust
ralia
or
Japan.
This
Pre
senta
tion d
oes
not
const
itute
or
form
part
of, a
nd s
hould
not
be c
onst
rued a
s, a
n a
dvert
isem
ent,
invita
tion, so
licita
tion a
nd/o
r offer
to s
ell,
issu
e, purc
hase
or
subsc
ribe f
or,
any
share
s and/o
r secu
ritie
s
in a
ny
jurisd
ictio
n,
or
an in
duce
ment
to e
nte
r in
to invest
ment
activ
ity.
This
Pre
senta
tion d
oes
not
const
itute
an o
ffer
to t
he p
ublic
for
the
sale
of or
subsc
riptio
n f
or,
or
an a
dvert
isem
ent
or
the s
olic
itatio
n o
f
an o
ffer
to b
uy
and/o
r su
bsc
ribe f
or,
secu
ritie
s as
defin
ed in t
he
Com
panie
s A
ct, 71 o
f 2008 (
"the A
ct")
or
oth
erw
ise a
nd w
ill n
ot be
dis
trib
ute
d t
o a
ny
pers
on in S
outh
Afr
ica in
any
manner
whic
h c
ould
be c
onst
rued a
s an o
ffer
to the p
ublic
in t
erm
s of th
e A
ct.
Furt
herm
ore
, th
is P
rese
nta
tion d
oes
not
const
itute
an a
dvert
isem
ent
or
a p
rosp
ect
us
regis
tere
d a
nd/o
r is
sued u
nder
the A
ct.
The in
form
atio
n c
onta
ined h
ere
in h
as
been p
repare
d u
sing
info
rmatio
n a
vaila
ble
to C
AP
PR
EC
at th
e t
ime o
f pre
para
tion o
f th
is
Pre
senta
tion. E
xtern
al or
oth
er
fact
ors
may
have im
pact
ed o
n t
he
busi
ness
of C
AP
PR
EC
and t
he c
onte
nt of
this
Pre
senta
tion,
sin
ce it
s
pre
para
tion.
In a
dditi
on a
ll re
levant
info
rmatio
n a
bout
CA
PP
RE
C m
ay
not
be in
cluded in t
his
Pre
senta
tion.
The in
form
atio
n in t
his
Pre
senta
tion h
as
not been independently
verifie
d. N
o r
epre
senta
tion o
r w
arr
anty
, exp
ress
ed o
r im
plie
d,
is
made a
s to
the a
ccura
cy,
com
ple
teness
or
relia
bili
ty o
f th
e
info
rmatio
n c
onta
ined h
ere
in a
nd n
o r
elia
nce
should
be p
lace
d o
n
such
info
rmatio
n.
Neith
er
CA
PP
RE
C, its
offic
ers
, direct
ors
, em
plo
yees
nor
any
of its
advis
ers
, co
nnect
ed p
ers
ons
or
any
oth
er
pers
on a
ccepts
any
liabili
ty f
or
any
loss
how
soever
arisi
ng,
direct
ly o
r in
direct
ly,
from
this
Pre
senta
tion o
r its
conte
nts
.
This
Pre
senta
tion c
onta
ins
forw
ard
-lookin
g s
tate
ments
, in
cludin
g in
rela
tion t
o t
he p
rosp
ects
of
CA
PP
RE
C, w
hic
h inclu
de a
ll sta
tem
ents
oth
er
than s
tate
ments
of his
torical fa
cts,
inclu
din
g,
with
out
limita
tion,
any
sta
tem
ents
pre
ceded b
y, f
ollo
wed b
y or
inclu
din
g t
he w
ord
s
“targ
ets
”, “
belie
ves”
, “e
xpects
”, “
aim
s”,
“inte
nds”,
“m
ay”
, “a
ntic
ipate
s”,
“would
”, “
could
” or
sim
ilar
expre
ssio
ns o
r th
e n
egativ
e there
of.
Forw
ard
-lookin
g s
tate
ments
by
their n
atu
re involv
e k
now
n a
nd
unknow
n r
isks, unce
rtain
ties,
ass
um
ptio
ns a
nd o
ther
import
ant
facto
rs b
eca
use t
hey
rela
te t
o e
vents
and d
epend o
n c
ircu
msta
nce
s
that m
ight
occu
r in
the futu
re w
heth
er
or
not
outs
ide t
he c
ontr
ol of
CA
PP
RE
C.
Such
facto
rs m
ay
cause
actu
al r
esults
, perf
orm
ance
or
achie
vem
ents
to b
e m
ate
rially
diff
ere
nt
from
futu
re r
esu
lts,
perf
orm
ance
, develo
pm
ents
or
ach
ievem
ents
exp
ress
ed o
r im
plie
d
by
such
forw
ard
-lookin
g s
tate
ments
. S
uch
forw
ard
-lookin
g
sta
tem
ents
are
base
d o
n n
um
ero
us a
ssu
mptio
ns r
egard
ing p
resent
and f
utu
re b
usin
ess
str
ate
gie
s, pro
spect
s and t
he r
ele
vant
opera
ting
environm
ent
in t
he f
utu
re.
Acc
ord
ingly
, no a
ssura
nce is g
iven t
hat
any
such
forw
ard
-lookin
g
sta
tem
ents
will
pro
ve to h
ave b
een c
orr
ect.
These forw
ard
-lookin
g
sta
tem
ents
speak o
nly
as
at th
e d
ate
of th
is P
resenta
tion. C
AP
PR
EC
expre
ssly
dis
claim
s any
oblig
atio
n o
r undert
akin
g t
o d
isse
min
ate
any
update
s o
r re
vis
ions
to a
ny
forw
ard
-lookin
g s
tate
ments
conta
ined
here
in t
o r
efle
ct any
change in it
s exp
ect
atio
ns w
ith r
egard
there
to o
r
any
change in e
vents
, conditi
ons o
r circu
msta
nce
s o
n w
hic
h a
ny
of
such
sta
tem
ents
are
base
d.
IMP
OR
TA
NT
NO
TIC
E, D
ISC
LA
IME
R A
ND
BA
SIS
OF
PR
ES
EN
TA
TIO
N
45
Notes
Capital Appreciation Limited Reviewed results ’1866
CORPORATE INFORMATION Capital Appreciation LimitedIncorporated in the Republic of South Africa(Registration number 2014/253277/06)Share code: CTA ISIN: ZAE000208245(“CAPPREC”, or the “Group”)
Registered office 61 Katherine Road, Sandton 2196
DirectorsMI Sacks# (Chairman), MR Pimstein* (Joint Chief Executive), BJ Sacks* (Joint Chief Executive), AC Salomon* (Chief Financial Officer), R Morar#, B Bulo#, JM Kahn#, Prof. H Neishlos#, VM Sekese#, CL Valkin#, DK Dlamini#, EM Kruger#, MG Mokoka#, E Neishlos#
* Executive, # Non-Executive
Company Secretary: Horwath Leveton BonerAuditors: Ernst & Young Inc. Sponsor: Investec Bank Limited Email: [email protected]: www.capitalappreciation.co.za
Transfer SecretaryComputershare Investor Services Proprietary LimitedRosebank Towers, 15 Biermann Street, Rosebank 2001(PO Box 61051 Marshalltown 2107)
GREYMATTER & FINCH # 12441
www.capitalappreciation.co.za