28 Oct - 18 min read

Condensed unaudited interim results to 31 August 2021 - special cash dividend with scrip alternative of $70 million

Condensed unaudited interim results to 31 August 2021 - special cash dividend with scrip alternative of $70 million

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

Condensed unaudited interim results for the six months ended 31 August 2021 - special cash 
dividend with scrip alternative of $70 million

Datatec Limited, the international information and communications technology (ICT) group, 
today publishes its Condensed unaudited interim results for the six months ended 31 August 2021 
("the Period" or "H1 FY22") on the Stock Exchange News Service ("SENS") which are available on 
www.datatec.com and via the JSE link: https://senspdf.jse.co.za/documents/2021/JSE/ISSE/DTC/H1FY22.pdf

Highlights
                                                               Unaudited        Unaudited   % Movement 
                                                           Six months to    Six months to
                                                          31 August 2021   31 August 2020
       
Revenue (US$ million)                                            2 257.0          1 962.9^         15%
Gross profit (US$ million)                                         374.4            324.2          15%
EBITDA (US$ million)                                                75.0             60.7          24%
Underlying* earnings per share (US cents)                            8.3              3.9         113%
Earnings per share (US cents)                                        6.3              1.6         294%
Headline Earnings per share (US cents)                               6.3              1.6         294%
Dividend per share (SA cents)                                        512                -            -
Net asset value per share (US cents)                               290.5            287.9         0.9%
^H1 FY21 revenue restated                                  

- Strong operational execution in all divisions 
- Elevated demand for networking, cyber security and cloud infrastructure
- Growth in recurring software and services 
- Global semiconductor shortage extending lead times and increasing backlog
- Special dividend of US$70 million following repayment of Westcon International loans

Enquiries
Datatec Limited (www.datatec.com)
Jens Montanana       Chief Executive Officer                                       +27 (0) 11 233 1000
Ivan Dittrich        Chief Financial Officer                                       +27 (0) 11 233 1000
Sharne Prozesky      Group Financial Controller                                    +27 (0) 11 233 3235
             
Instinctif Partners	                                                               
Frederic Cornet	                                                                   +27 (0) 11 447 3030

Commentary 
Jens Montanana, Chief Executive of Datatec, commented: 

"Datatec's first half results were supported by excellent operational execution with all divisions 
delivering strong top and bottom-line growth as the positive impact of increased digitisation on 
recurring software and services continues.

"Based on the Group's healthy financial position and following the repayment of loans by Westcon 
International put in place at the time of the SYNNEX transaction, the Board is pleased to return 
the proceeds to shareholders through a US$70 million special dividend. 

"The Strategic Review announced recently is also progressing with several options and initiatives 
under review to unlock and maximise further shareholder value. We are seeing pent-up demand in many 
forms across the world and expect a strong performance throughout the second half of the year, however 
the semiconductor shortage is expected to continue to result in significant backlogs across the Group 
well into 2022."

STRATEGIC OVERVIEW 

Datatec's strategy is to improve shareholder returns over the medium term through a combination of corporate 
and business development actions aimed at enhancing the competitiveness and profitability of its subsidiaries 
and operating divisions. In executing its strategy, Datatec is cognisant of its corporate social responsibility.

The Group achieved a strong operational performance in the six-month period ended 31 August 2021 ("H1 FY22") 
as it continued to benefit from remote working, increased cloud usage and secured networking trends. All 
divisions delivered strong revenue and profit growth. 

The global semiconductor shortage created extended lead times on certain hardware product deliveries 
in H1 FY22 which somewhat restricted revenue and resulted in significantly higher closing backlog 
(sales orders waiting to be fulfilled) in both Logicalis and Westcon International.

Datatec's divisions continue to focus on the products and services required to support the digitisation 
trend prevailing in the industry as demand for remote IT networking accelerated during the pandemic. 
Their businesses have already repositioned away from many forms of traditional hardware to software 
and services with growing annuity revenue.

Shareholders were previously advised that the Board of directors of Datatec ("Board") had engaged 
Lazard & Co., Limited to assist with a comprehensive evaluation of strategic options and initiatives 
(the "Strategic Review") to unlock and maximise shareholder value going forward.

The Strategic Review seeks to address the persistent gap between Datatec's valuation and the inherent 
value of its underlying assets while also ensuring that the Group is positioned to take full advantage 
of the positive market dynamics for its technology solutions and services.

As part of the Strategic Review, the Board is currently considering a number of potential options 
including, but not limited to, private equity participation, joint ventures, international listings, 
divisional asset unbundling and other value creating structures.
 

GROUP RESULTS

All divisions delivered solid performances with strong revenue and bottom line growth. 
There were no restructuring costs incurred in H1 FY22 (H1 FY21: US$6.0 million of restructuring costs).

Emerging markets such as Brazil and South Africa were positively impacted by local currencies strengthening 
in H1 FY22 against the US dollar which increased their dollar-reported contribution to the results. 
The Euro and Pound have also strengthened against the US dollar. 

Revenue

Group revenue was US$2.26 billion in H1 FY22, up by 15.0% on the US$1.96 billion^ restated revenue recorded 
in the financial period ended 31 August 2020 ("H1 FY21"). 

^ H1 FY21 revenue restatement

The Group sells certain software, software services and cloud computing solutions which include Infrastructure 
as a Service ("IaaS") and Software as a Service ("SaaS"). As disclosed in the FY21 published results, these 
amounts grew in significance for the Group and the Group revisited the revenue recognition for these arrangements. 
The Group's vendors continuously change the way in which they bring their products and services to market and 
there is a significant amount of judgement involved in determining whether or not the Group acts as an agent 
or principal with regards to these arrangements. In its reassessment, the Group concluded that in those arrangements 
where the software service is delivered entirely by the vendor, or where the updates and cloud access are critical 
to the effectiveness of the solution and there is no material on-premise component to the solution, the Group will 
recognise revenue at the time of invoice on a net basis as the Group is acting as an agent in the transaction.

As a result, the Group has restated its 31 August 2020 consolidated statement of comprehensive income 
to reflect only the fees earned, for acting as an agent in these arrangements, as revenue. This has resulted in a 
decrease in revenue and a corresponding decrease in cost of goods sold in H1 FY21. There was no impact on gross 
profit or items below gross profit in the consolidated statement of comprehensive income. In addition, there was 
no impact on earnings or earnings per share.

Note that despite the revenue being disclosed on a net basis, the Group has a contractual right to the gross amount 
of cash related to the gross revenue and therefore, for any amounts remaining unpaid at the period end, the Group 
continues to present these amounts as gross trade receivables in the consolidated statement of financial position. 
The restatement has no impact on the consolidated statement of financial position or consolidated statement of 
cash flows. 

H1 FY21                                                Before restatement     After restatement	    Total restatement 
Revenue (US$ million)                                             2,031.2               1,962.9                 (68.3)
Cost of sales (US$ million)                                      (1,707.0)             (1,638.7)                 68.3
Gross profit (US$ million)                                          324.2                 324.2                     -
Gross margin (%)                                                     16.0                  16.5                   0.5

The Group's backlog has risen across all sectors as digitisation-driven pent-up demand continues to grow for new 
technologies to enable increased cloud usage.

The Group's gross margin in H1 FY22 was 16.6% compared to 16.5% (restated) in H1 FY21. Gross profit was US$374.4 million 
(H1 FY21: US$324.2 million).

Overall operating costs were US$299.4 million (H1 FY21: US$263.5 million). Restructuring costs of US$6.0 million were 
included in the prior period relating to fundamental reorganisations and Covid-19-related restructuring. 
There were no such restructuring costs in H1 FY22.

EBITDA was US$75.0 million (H1 FY21: US$60.7 million and H1 FY21 Adjusted** EBITDA: US$66.7 million) and included 
US$5.1 million of foreign exchange losses (H1 FY21: US$2.2 million). EBITDA margin was 3.3% (H1 FY21: 3.1% restated). 

Foreign exchange losses consisted of unrealised foreign exchange losses of US$2.2 million (H1 FY21 unrealised foreign 
exchange gains: US$4.1 million) and realised foreign exchange losses of US$2.9 million (H1 FY21: US$6.3 million). 
Unrealised foreign exchange differences are excluded from underlying* earnings per share. 

Depreciation and amortisation increased to US$35.9 million (H1 FY21: US$32.7 million) and operating profit was 
US$39.1 million (H1 FY21: US$28.0 million). 

The net interest charge increased slightly to US$14.2 million (H1 FY21: US$13.4 million) and profit before tax 
was US$25.4 million (H1 FY21: US$15.4 million). 

A tax charge of US$8.6 million has arisen on profits of US$25.4 million. The effective tax rate of 34.0% has benefited 
from the revaluation of deferred tax assets arising from the increase in the UK corporation tax rate enacted earlier 
in the year. The effective tax rate continues to reduce as profits grow and the profit mix continues to improve. 
As at 31 August 2021, there are estimated tax loss carry forwards of US$240.5 million with an estimated future tax 
benefit of US$61.1 million, of which only US$28.2 million has been recognised as a deferred tax asset.

DIVISIONAL SUMMARY

Logicalis
Logicalis is the largest contributor to the Group in terms of profitability. The division also has the widest geographical 
exposure and Datatec intends to continue to develop and grow Logicalis globally, both organically and through acquisitions.

Logicalis revenue increased by 18.7% to US$822.9 million compared to US$693.1 million^ restated revenue for H1 FY21. 
EBITDA increased by 8.0% to US$46.5 million (H1 FY21: US$43.0 million).

Global trading uncertainties are expected to persist for some time but Logicalis is confident that it is positioned to continue 
to respond to changing market needs as society emerges from Covid-19 disruptions. Technology is set to play an even more integral 
role in the 'next normal' and Logicalis is ready to facilitate these fundamental changes. 

Westcon International
Westcon International revenue increased by 12.3% to US$1.4 billion (H1 FY21: US$1.2 billion^ restated revenue) due to strong demand 
for networked cloud computing, remote access solutions for mobile working and virtual office environments, unified collaboration 
and enhanced network security. EBITDA increased by 61.1% to US$31.0 million (H1 FY21: US$19.2 million).

Westcon International remains focused on profitability by driving business improvement through revenue growth and margin expansion 
supported by cost controls. While several macroeconomic risks exist, the H1 FY22 results highlight Westcon International's ability 
to capitalise on the stability of the system and process improvements made in recent years.

Management Consulting 
Analysys Mason revenue increased by 37.1% to US$43.6 million (H1 FY21: US$31.8 million). EBITDA increased by 24.6% to US$7.1 million 
(H1 FY21: US$5.7 million).

Analysys Mason has a strategy focused on specialisation in the TMT sector where increasingly the industries of telecommunications 
and information technology are converging and driving rapid digitisation across many industries often brought about by the move 
to cloud computing. Analysys Mason's key priority is to grow revenue while continuing to improve profitability without diluting 
the significant value propositions delivered by the business' exceptional talent.

Cash and net debt
The Group utilised US$4.6 million of cash in operations during H1 FY22 (H1 FY21: cash generated of US$134.2 million) 
and ended the period with a net debt of US$152.5 million (FY21: US$60.9 million; H1 FY21: US$73.2 million). Excluding 
lease liabilities, net debt would have been US$49.8 million (H1 FY21: net cash of US$75.6 million). 

The operating cash outflows were mainly as a result of an increase in inventory in Westcon International, as well as increased 
receivables on the back of the very strong revenue growth.

US$ million                                                                   Unaudited        Unaudited              Audited 
                                                                          Six months to    Six months to           Year Ended
                                                                         31 August 2021   31 August 2020     28 February 2021          
Cash resources                                                                    492.7            406.7                488.6
Bank overdrafts ^^#                                                              (143.3)          (271.1)              (131.4)
Short-term interest-bearing liabilities and short-term leases                    (393.4)           (71.8)              (297.9)
Long-term interest-bearing liabilities and long-term leases                      (108.5)          (137.0)              (120.2)
Net debt                                                                         (152.5)           (73.2)               (60.9)
^^ The Group restated its statement of cash flows for H1 FY21 to exclude certain bank overdrafts from cash 
   and cash equivalents. Bank overdrafts that are repayable on demand under certain circumstances, but not 
   unconditionally repayable on demand have now been excluded from cash and cash equivalents and cash flows 
   associated with these bank overdrafts are now shown as cash flows from financing activities. 
   The restatement relates to banking arrangements that form an integral part of the Group's cash management. 
   This restatement did not impact the statement of financial position or the net cash/debt of the Group or its subsidiaries.  

# During the second half of FY21, Westcon International replaced its previous European invoice financing 
  facility with a new invoice assignment facility. The new invoice assignment facility is accounted for 
  as short-term debt compared to the previous facility which was accounted for as part of bank overdrafts. 

Liquidity and borrowing facilities
The Group continues to closely monitor the outlook for liquidity in its divisions to ensure that sufficient cash will continue 
to be generated to settle liabilities as they fall due. 

Logicalis is supported by a corporate facility of US$155.0 million, covering all operations outside of Latin America, comprising 
a rolling credit facility to fund working capital requirements and an acquisition facility. The Latin America region is supported 
separately via a number of uncommitted overdraft facilities and short-term lending arrangements. 

Westcon International has an invoice assignment facility of EUR275.0 million for its European subsidiaries and a securitisation 
facility of US$80.0 million for its Asia-Pacific subsidiaries.  In addition, Westcon International utilises accounts receivable 
facilities in the Middle East (US$15.0 million) and Indonesia (US$11.0 million) as well as overdraft facilities in Europe 
(GBP3.6 million) and Africa (US$1.0 million), a securitisation facility in South Africa (ZAR50.0 million) and a line of credit 
in Singapore (US$1.2 million) to finance the business.

Analysys Mason continues to have access to an overdraft supporting its working capital requirements. 

The Group continues to monitor the funding needs of its individual operations and works closely with various financial 
institutions to ensure adequate liquidity. 

The Group has performed covenant projections for the next twelve months to confirm that banking covenants are expected to be met. 

CURRENT TRADING AND OUTLOOK

The robust performance and upward trend in all our divisions during H1 FY22 are expected to continue into the second half 
of the financial year as Westcon International and Logicalis look to satisfy the continuing demand for software and services 
in networking, security and cloud infrastructure.

Datatec's strong balance sheet provides a firm foundation to support growth and new initiatives as most economies start to 
rebound. The Group's well diversified business mix and global presence should result in significant opportunities despite 
the ongoing semiconductor shortage which is expected to continue to impact the supply chain well into 2022.

SUBSEQUENT EVENTS
There were no material events that occurred subsequent to the reporting date that require disclosure or adjustment to these results.

DIVIDEND POLICY
The Group's policy is to maintain a fixed three times cover relative to underlying* earnings when declaring ordinary dividends. 
The Board currently expects to pay a full year dividend.

SPECIAL CASH DIVIDEND WITH SCRIP DISTRIBUTION ALTERNATIVE
Following the sale of Westcon Americas to SYNNEX in September 2017, Datatec advanced funds to Westcon International 
(the part of the Westcon business retained in the Group with a minority interest held by SYNNEX) to fund working capital 
as the business restructured.  During H1 FY22, Westcon International repaid approximately US$70 million of intercompany 
loans to Datatec. The Board is pleased to return US$70 million to ordinary shareholders (the "Shareholders") in the form 
of a cash dividend with a scrip distribution alternative. This is the same mechanism which was used to return US$350 million 
to Shareholders after the original SYNNEX transaction and subsequently US$15 million from the earn-out.

Accordingly, notice is hereby given that the Board has declared a special distribution by way of a special cash dividend of 
512 ZAR cents per Datatec ordinary share ("Special Cash Dividend") payable to the Shareholders, which will be in proportion 
to your ordinary shareholding in Datatec at the close of business on the Record Date, being Friday, 26 November 2021.

Shareholders will be entitled, in respect of all or part of their shareholding, to elect to receive new, fully paid ordinary 
Datatec shares in proportion to their ordinary shareholding on the Record Date as an alternative to the Special Cash Dividend 
(the "Scrip Distribution"). The Special Cash Dividend has been declared and paid out of Datatec's distributable retained profits. 
A dividend withholding tax of 20% will be applicable in respect of the Special Cash Dividend to all shareholders not exempt 
therefrom after deduction of which, the net Special Cash Dividend is 409.6 ZAR cents per share.

The new ordinary shares will, pursuant to the Scrip Distribution, not be subject to a dividend withholding tax, and the issue 
price of the Scrip Distribution (which will equal the volume weighted average price ("VWAP") of Datatec's ordinary shares traded 
on the JSE for the 30-day trading day period ending on Monday, 15 November 2021) will be settled by way of a capitalisation 
of Datatec’s distributable retained profits.

The Company's total number of issued ordinary shares as at 28 October 2021 is 203,178,104. Datatec's income tax reference 
number is 9999/493/71/2.

Terms of the Special Cash Dividend and Scrip Distribution
The Shareholders will be entitled to receive the Special Cash Dividend of 512 ZAR cents per ordinary Datatec Share in respect 
of their shareholding as at the close of trading on the JSE at the close of business on the Record Date, being 
Friday, 26 November 2021, in proportion to their ordinary shareholding in Datatec and to the extent that such Shareholders 
have not elected to receive the Scrip Distribution alternative in respect of all or a part of their shareholding. 

Shareholders will, however, be entitled to elect to receive a Scrip Distribution of new, fully paid Datatec ordinary shares 
in respect of their shareholding in Datatec as at the Record Date, in respect of all or part of their ordinary shareholding, 
instead of the Special Cash Dividend.

The number of Scrip Distribution shares to which each of the Shareholders will become entitled pursuant to the Scrip Distribution 
(subject to their election thereto) will be determined by reference to such Shareholder's ordinary shareholding in Datatec 
(at the close of business on the Record Date, being Friday, 26 November 2021) in relation to the ratio that 512 ZAR cents 
bears to the VWAP of a Datatec ordinary share traded on the JSE during the 30-day trading period ending on 
Monday, 15 November 2021, provided that, where the application of this ratio gives rise to a fraction of an ordinary share, 
the rounding principles will be applied. Where a Shareholder's entitlement to new Datatec ordinary shares calculated 
in accordance with the above formula gives rise to a fraction of a new ordinary share, such fraction of a new ordinary 
share will be rounded down to the nearest whole number, resulting in allocations of whole ordinary shares and a cash payment 
for the fraction. The applicable cash payment will be determined with reference to the VWAP of an ordinary Datatec share 
traded on the JSE on Wednesday, 24 November 2021, (being the day on which Datatec ordinary shares begin trading 'ex' 
the entitlement to receive the Special Cash Dividend or the Scrip Distribution alternative), discounted by 10%. 

Details of the ratio will be announced on the Stock Exchange News Service ("SENS") of the JSE in accordance with the 
timetable below.

Circular and salient dates 
A circular providing Shareholders with full information on the Special Cash Dividend or Scrip Distribution alternative, 
including a Form of Election to elect to receive the Scrip Distribution alternative will be distributed to Shareholders 
on or about Wednesday, 3 November 2021. The salient dates of events thereafter are as follows:

EVENT                                                                                                          2021

Interim financial results of Datatec for the six month period ended                                Thursday, 28 October
31 August 2021 and declaration of Special Cash Dividend with Scrip 
Distribution alternative announced on SENS on

Interim financial results of Datatec for the six month period ended                                  Friday, 29 October 
31 August 2021 and declaration of Special Cash Dividend with Scrip 
Distribution alternative published in the South African press on

Distribution of Circular announced on SENS on                                                   Wednesday, 3 November 
              
Circular and Form of Election distributed on                                                    Wednesday, 3 November 
                
Distribution of Circular announcement published in the South African                             Thursday, 4 November
press on                                                                                       
        
Announcement released on SENS in respect of the ratio applicable to the                          Tuesday, 16 November 
Scrip Distribution alternative, based on the 30-day VWAP ending on
Monday, 15 November 2021, by 11h00 on        
              
Announcement published in the South African press of the ratio applicable                      Wednesday, 17 November
to the Scrip Distribution alternative, based on the 30-day VWAP ending on                       
Monday, 15 November 2021 on                                                                    

Last day to trade in order to be eligible for the Special Cash Dividend                          Tuesday, 23 November 
and the Scrip Distribution alternative

Shares trade "ex" the Special Cash Dividend and the Scrip Distribution                         Wednesday, 24 November
alternative on

Listing and trading of maximum possible number of Datatec ordinary shares                      Wednesday, 24 November
on the JSE in terms of the Scrip Distribution alternative from the commencement 
of business on 

Announcement released on SENS in respect of the cash payment applicable to fractional           Thursday, 25 November
entitlements, based on the VWAP of a Datatec ordinary share traded on the JSE on 
Wednesday, 24 November 2021, discounted by 10%, by 11h00 on

Last day to elect to receive the Scrip Distribution alternative instead of the                    Friday, 26 November
Special Cash Dividend, Forms of Election to reach the transfer secretaries, 
Computershare Investor Services Proprietary Limited, by 12h00 on

Record Date in respect of the Special Cash Dividend and the Scrip Distribution                    Friday, 26 November
alternative  
 
Special Cash Dividend payments made, and CSDP/broker accounts credited/updated                    Monday, 29 November
with Scrip Distribution shares on 

Announcement relating to the results of the Special Cash Dividend and the Scrip                   Monday, 29 November
Distribution alternative released on SENS on

Announcement relating to the results of the Special Cash Dividend and the Scrip                  Tuesday, 30 November
Distribution alternative published in the South African press on

JSE listing of Shares in respect of the Scrip Distribution alternative adjusted                  Tuesday, 30 November 
to reflect the actual number of Datatec ordinary shares issued in terms of the Scrip 
Distribution alternative at the commencement of business on or about

All times provided are South African local times. The above dates and times are subject to change. 
Any material change will be announced on SENS. 

Share certificates may not be dematerialised or rematerialised between Wednesday, 24 November 2021 
and Friday, 26 November 2021, both days inclusive. If Datatec maintains a certificated register, 
then the register will be closed from Wednesday, 24 November 2021 to Friday, 26 November 2021, 
both days inclusive. 

Payment of the Special Cash Dividend and the Scrip Distribution alternative has been approved 
by the Financial Surveillance Department of the South African Reserve Bank. 

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

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

On behalf of the Board

SJ Davidson
Chair

JP Montanana
Chief Executive Officer 

IP Dittrich 
Chief Financial Officer

28 October 2021

DIRECTORS 
# SJ Davidson (Chair), # JP Montanana (CEO), IP Dittrich (CFO), M Makanjee, o JF McCartney, # CRK Medlock, 
  MJN Njeke, o E Singh-Bushell
o American #British

Short form announcement
The contents of this short form announcement are the responsibility of the Board of Directors of the Company. 
Shareholders are advised that this short form announcement represents a summary of the information contained 
in the full announcement, published on SENS via the JSE link and on Datatec's website 
https://www.datatec-reports.co.za/interim-2021/index.php on 28 October 2021, and does not contain full 
or complete details of the financial results.

The condensed consolidated interim results have not been reviewed or audited by the Company's external auditor, PwC.

Any investment decisions by investors and/or Shareholders should be based on consideration of the full announcement 
as a whole and Shareholders are encouraged to review the full announcement, which is available as set out above. 
The full announcement is also available for inspection at the registered office of the Company at no charge during 
normal business hours from 28 October 2021 to 26 November 2021 and at the offices of Datatec's sponsor, 
Rand Merchant Bank (a division of FirstRand Bank Limited). Copies of the full announcement may be requested 
from ir@datatec.com.

*  Excluding impairments of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation 
   of acquired intangible assets, unrealised foreign exchange movements, acquisition-related adjustments, fair value movements 
   on acquisition-related financial instruments, restructuring costs relating to fundamental reorganisations and the taxation
   effect on all of the aforementioned.

** Adjusted EBITDA excludes restructuring costs.

Registered office: Third Floor, Sandown Chambers, Sandown Village Office Park, 81 Maude Street, Sandown

Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited) 

Transfer secretaries: Computershare Investor Services (Pty) Ltd
Date: 28-10-2021 08:00:00
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