Afrox 2018 year-end results

ANNUAL RESULTS
PRESENTATION 2018
for the period ended 31 December 2018

Contents
Investor presentation 1
Commentary 25
Business review 27
Summarised consolidated profit or loss 32
Summarised consolidated statement of comprehensive income 33
Condensed consolidated statement of financial position 34
Summarised consolidated statement of cash flows 35
Summarised consolidated statement of changes in equity 36
Summarised consolidated segmental report 37
Statistics and ratios 38
Notes to the summarised consolidated financial statements 39
Selected notes to the condensed consolidated interim financial statements 44
Corporate information 47

1Annual results presentation for the period ended 31 December 2018
RESULTS
PRESENTATION 2018

2 African Oxygen Limited
1. Investor Highlights
2. Group Financial Performance
3. Operating Segments
4. Key Focus Areas
5. Appendices
Presentation Outline

2
INVESTOR HIGHLIGHTS
RESULTS PRESENTATION 2018

2018 Performance Summary
Top 10 Highlights
(1) Non 2018 non-recurring items: Restructure Provision (R52m) & Impairment (R55m)
(2) Excluding positive effect from LPG market prices (+R221m)
 Reported revenue up 6.2% (R354m) from volume and price; 2.3% (R133m) excl. D LPG market prices
 EBIT of R596m down by R259m from major plant shut downs, LPG stock re-valuation and
non-recurring items for restructuring provision and impairment of R107m
 HEPS of 154.9 cents vs. 201.0 cents in PY and EPS of 144.8 cents vs 203.0 cents as reported
 Operating Cash Flow of R897m down by R100m from increase in TWC and higher investments
 ROCE at 15.7% vs. 23.7% Dec ‘17 from non-recurring items(1), once off cost
 Atmospheric Gases revenue up by 3.3% with increases in most market sectors
 LPG revenue growth 10.5% or 0.9%(2) at comparable market prices from increased volumes
 Hard Goods improve top line by +2.8% from pricing to recover cost inflation
 2018 investment in Afrox Healthcare business (R150m) plus additional R&M spend major plants
(R61m)
 Best performing reported SHEQ numbers in 10 years

(1) A MIR is an incident with a major outcome and consequences which represents a significant non-compliance with Afrox's Safety, Security, Health, Environment and Quality (SHEQ) Policy
SHEQ Performance
Recordable injuries continued to reduce since 2012
▪ The total number of recordable
injuries (Lost time & medical
treatment)continues to decrease
▪ MIRs have reduced significantly since
2012
▪ Focused risk based action plans and
interventions are positively impacting
the results
▪ Continued efforts in safety awareness
training, risk
assessment/management and SHEQ
stand-downs across the business
support the continuing positive trend
40
61
45
61
31
22
24
25
18
13
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total recordable injuries: 2009-2018
24
23
24
21
7
3
7
4
9
6
7
2
4
1
1
3
1
5
7
2
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
MIR trend(1)
Security Other

Strategic Plan
Focus on cost management, high return business and shareholder value
PERFORMANCE IMPROVEMENT
Cost Management
▪ Realignment of human capital
▪ CAPEX optimisation
▪ Cost and efficiency management
Portfolio Optimisation
▪ New Operating Segments
▪ Strengthen distribution network via
cluster based model focusing on
density and key markets
▪ Optimised go-to-market model
(e.g. Telesales, combination of
Retail/LPG, etc.), Hard Goods and LPG
Group wide managed
QUALITY GROWTH
Leverage strengths
▪ Grow Healthcare business in
4 newly awarded SA provinces.
Introduce high value creating
products to public hospitals
sector, i.e. IVR integrated valves
VALUE CREATION
Continue focus on earnings
▪ Focus on continued growth
in Earnings
▪ Improve ROCE via better Working
Capital management
(Market guidance ROCE +20%) and
higher profitability
▪ LPG - market entry into SA domestic
household markets via solid black
empowered reseller models
sector, i.e. IVR integrated valves

52
120
2577
12
120
2018
restructure cost
2018 realised
gains from
cost savings
FTE
impacted
Strategic Plan | Performance Improvement
Expected additional savings from restructure, good cost management
and focus on project under Afrox’ SWIFT Programme
▪ SWIFT programme 2015 to 2018
achieved total gross saving of
R729m by 2019
▪ Strict Cost management and focus
on Portfolio Optimisation is
expected to deliver ca. R52m of
additional Gross Cost savings in
2019
▪ 2019 restructuring is expected to
deliver additional ca. R88m of
headcount savings until the end
of FY 2019
SWIFT - total Gross cost savings cumulated: 2015 - 2018
2019 Restructure with focus on leadership bands efficiency
SWIFT gross Cost savings
95
196887
95
2019
realised gains
FTE
impacted
Costs incurred 2018 provision 2019 portion 2018 portion
2018 2019
144
450
606
729
20162015 2017 2019
Estimate
2018
140

Strategic Plan | Quality Growth
Focus on implementation of new Healthcare business
and maintenance of key assets
422
350
466
408
2014-2016 avg 2017 2018 2019
Afrox spent on average 7.3% CAPEX of Sales (incl. Major projects)
between 2014 and 2018 (ZARm)
SHEQ
▪ Port Elizabeth ASU goes
on-stream June ’15
▪ Roll out Cylinder
Tracking system
▪ Commissioning new
filling site in Riverhorse,
Durban
▪ Automated filling for
Healthcare cylinders
▪ Pretoria ASU upgrade
▪ Zambia Micro-filling
plant
▪ New Mozambique
Maputo site
▪ > 130k LPG cylinders
▪ Witbank plant upgrade
▪ PetroSA Catox
▪ Columbus Argon tanks
▪ Integrated cylinder
valves
▪ Various new customer
installations/bulk tanks
▪ IT software and
hardware upgrade
▪ Healthcare medical gas
tanks, cylinders
(R150m)
▪ ASU Plant upgrades
(R60m)
▪ PetroSA Catox
▪ Integrated cylinder
valves
▪ Various new customer
installations/bulk tanks
▪ IT software and
hardware upgrade
▪ ASU plant upgrades
▪ > 50k additional 5kg LPG
cylinders for domestic
market
▪ Upgrade distribution fleet
for bulk and cylinders and
Healthcare distribution
▪ New customer
Installations/bulk tanks
▪ Residual implementation
Healthcare extension plus
new Integrated Valve for
medical gas cylinders
(R94m)
Committed Projects
by Investment category
Replacement
& maintenance
Healthcare
-12%
[ZAR m]

Strategic Plan | Shareholder Value
Consistently strong underlying business Performance drives TSR
during year 2018
(*) Status as of 27/02/2019 Source: Sharenet SA
80
90
100
110
120
130
Total shareholder return – AFROX vs. JSE All Shares YTD (in %)*
JSE all shareAfrox
70
80
90
100
110
120
Total shareholder return – AFROX vs. Local Peer Group YTD (in %)*
Peer GroupAfrox
1 Jan 18 31 Dec 18
1 Jan 18 31 Dec 18
Volumes*
Total trading volumes 2018 (YTD 52,454,832)
Price 2018
Closing price (27 Feb ‘19) 26.00 ZAR
High YTD (11 April ‘18) 33.72 ZAR
Low YTD (18 Jan ‘18) 24.93 ZAR
Inthousands
AFROX: -0.5%
Peer Group: -24.5%
AFROX: -0.5%
JSE: -11.7%
63.000
60.000
57.000
54.000
51.000
48.000
45.000
42.000
39.000
0
2014 2015 2016 2017 2018
Total trading volumes

9
Group Financial
Performance

Performance 31 December 2018
Highlights
(2) Excluding non-recurring items: restructuring (-R52m) and impairment (-R55m) costs
▪ Group Revenue growth of 6.2% (+2.3 adjusted for change in LPG market prices) from better Atmospheric Gases, positive change
in LPG market prices
▪ Group Operating Profit (EBIT) reported at R596m (-30.3%), adjusted for non-recurring items down -17.8% from higher cost due to
unplanned plant shutdowns, additional operational cost
▪ HEPS/EPS decreased by 16.6% and 16.9% on a comparable basis, or 23.0% and 29.0% as reported
▪ ROCE decreased by 520bps to 18.5% on a comparable basis from lower earnings and increase in Capital employed
ZAR m 2017 2018 reported
2018
comparable YoY reported Yoy comparable
Revenue 5,693 6,047 5,826 (1) +6.2% +2.3%
Operating profit (EBIT) 855 596 703 (2) -30.3% -17.8%
Operating margin 15.0% 9.9% 12.1% -500 bps -290 bps
EBITDA 1,183 1,077 1,077 -9.0% -9.0%
Operating cash flow 997 897 897 -10.0% -10.0%
Headline EPS 201.0 154.9 167.0(2) -23.0% -16.9%
EPS 203.6 144.8 169.8(2) -29.0% -16.6%
ROCE 23.7% 15.7% 18.5% (2) -800 bps -520 bps

0.6
0.1
(0.1)
0.3
0.1
Financial Performance: Key Indicators
Cash Flow, Net Debt and ROCE
(1) Excluding 2018 non-recurring items: Restructure Provision (R52m) & Impairment (R55m)
▪ Cash flow from investing and financing activities increased by R323m mainly as a result of:
• Higher investments for Healthcare (R150m) and ASU upgrades (R61m);
• Lower proceeds from disposal of fixed property in current year (-R87m) compared to 2017; and
• R57m (2017: R7m) spent on acquiring shares in relation to the share incentive scheme
• R41m investment minority shareholder buy out in Zambia (30%, Afrox Subsidiary)
▪ ROCE impacted from higher than planned costs and non-recurring items
ZAR m 2017 2018 Δ %
Operating cash flows before W/C adj. 1,099 1,005 -8.6%
Trade Working capital movement (102) (108) +5.9%
Cash generated from Operations 997 897 -10.0%
Interest, Tax and Dividends (583) (542) -7.0%
Investments and Financing (223) (546) +152.%
Free cash flow 191 (191) -200.0%
Cash at the end of the period 1,344 1,153 -14.3%
YTD financial KPIs
New
debt/
EBITDA
11.1 16.7 24.6 23.7 15.7
2014 2015 2016 2017 2018
ROCE %
18.5 (1)

EBIT Development 2017 to 2018
Non-recurring items and headwinds of more than R322m in total
contributed to lower earnings in 2018
(1) Includes non-recurring items: R52m provision for restructuring & R55m impairment
ZARm
2017 2018
▪ Political & socio economic issues
▪ LPG supply chain issues
▪ ASU plant reliability
Headwinds of ca. R215million
LowMediumHigh
Operating profit 2017
Price / volume
Cost inflation
Efficiencies
Non-recurring items (1)
Headwinds
Change in D&A
Operating profit 2018
855
596

13
OPERATING SEGMENTS

44.2%
42.2%
13.6%
Group | Revenue and Operating Profit by segment
Group Revenue increased by 2.3%(1) with OP being down by 17.8%(2)
from plant downtime, impairments and restructuring
(2) Excluding non-recurring items: restructuring (-R52m) and impairment (-R55m) costs
Revenue
(in % share by
Operating Segment)
Atmospheric gases LPG Hard goods Corporate (ZARm) Restructure provision
45.4%
40.6%
14.0%
FY 2017
R5,693m
FY 2018
R6,047m
+6.2%
+2.3%(1)
EBIT
(in % share by
Operating Segment)
-30.3%
-17.8%(2)
R855m
51.8%
36.1%
12.1%
(247)
R596m
49.9%
14.1%
(269)
36.0%
(52)
[ZARm]
Atmospheric gases LPG Hard goods

HARD GOODS
Business Performance Operating Segments
Total profit operating segments of R917 down by R185m
from impairment (R55m) and higher cost despite effective pricing
(1) Excluding non-recurring items: impairment (-R55m) costs
ATMOSPHERIC GASES LPG
Revenue(1)
(ZARm)
Operating Profit
(ZARm)
(EBIT as % of revenue)
2,584 2,674
PY AC
+3.5%
571
458
PY AC
-19.7%
22.1% 17.1%
19.2 (2)
2,310
2,552
PY AC
+10.5%
398
330
PY AC
-17.1%
17.2% 12.9%
14.2 (2)
799 821
PY AC
+2.8%
133 129
PY AC
-3.3%
16.7% 15.7%
0.9 (1)

▪ Petrochemical industry purchased higher volumes (Engen and
Chevron Refinery) from plant maintenance activities
▪ Revenue in Mining further declined from overall reduced
activities at main customer sites
▪ Healthcare sector with good volumes from higher demand and
new service offerings (public & private)
▪ Other various industrial gas customers with solid top line
growth from higher demand and inflation adjustments
Atmospheric Gases
Revenue improves from better volumes and pricing with growth
in most sectors despite subdued economic environment
411 426
1,192 1,239
836 849
146 159
2,584 2,674
2017 2018
Comparable growth (ZARm)
▪ Onsite volumes up from higher demand with improved
storage capability
▪ Bulk volumes with good demand from most markets whereas
CO2 volumes down due to reduced business with major
beverage customer
▪ Cylinder business experienced overall lower volumes but
good pricing in-line with inflation
▪ Healthcare with better volumes despite negative impact
from pricing due to delay in state tender
award/implementation
On-site
Bulk
Cylinder
Healthcare
+9%
+2%
+4%
+4%
569 621
162 172
121 11984 90
372 379
204 199
575
590
194
204
304
300
2,584 2,674
2017 2018
By Market Sector
Food & beverages
Petrochemical
Mining
Steel industry
Healthcare
Automotive
Manufacturing
Retail trade
Other
1%
5%
3%
3%
2%
7%
1%
6%
9%

LPG
Stable volumes from underlying growth in cylinder business
and increase in imported product vs. local refinery off-take
(1) Excluding change in LPG market prices and once off volume sales in 2017 and 2018
2,261 2,250
2017 2018
Revenue: comparable(1) growth (ZARm)
▪ Underlying growth in strategic SA markets (cylinders for low
income households)
▪ Economy driven reduction in volumes from key industrial
customers during Q2 and Q3 of 2018
▪ Revenue impacted by price fixing during Q3 caused impact
on profitability of at least R10m
▪ Subsidiaries with good pricing but impacted from SA refinery
shut downs
-0.5%
56.7 64.4 65.5
79.6 85.9 84.3
136.3 150.3 149.8
2016 2017 2018
+10.3%
Volume (KT) development 2016-18
-0.3%
Bulk Cylinder
12
22
65
2017
Import vs. Local refineries 2017 vs 2018
14
53
33
2018
Import Terminals RefineryBulk Traders

Afrox LPG Business - Overview
Strong & reliable supply model and large footprint across subsidiaries(¹)
(1) Zimbabwe is not a subsidiary of Afrox but a managed country on behalf of The Linde Group and is not reported within this set of numbers
(2) Numbers as reported and including once off bulk trades during 2017 and 2018
Afrox LPG revenue 2)
89%
11%
2018 total
volume sold
158 kilotons
South African consumption
Subsidiaries / exports
2,310
2,552
2017 2018
+10.5%
156.7 158.0
2017 2018
Volumes 2)
+0.8%

▪ Hardgoods revenue increased by 2.8% from
effective price management to recover
increase in underlying cost from inflation
▪ Reduction in volumes in most areas of the
segment
▪ New significant order for Afropac rom Lonmin
in Oct 2018 added to this years performance
and improves Afrox short to mid term
expectation to this product range
▪ Reduction in Food & Beverage as a result of declined volumes from the sugar industry
▪ Petrochem growth from major customer planned maintenance shut down
▪ Automotive from lower volumes at key customers
▪ Growth in Mining as a result of additional demand from support service suppliers
▪ Higher volumes into the Manufacturing from better demand at key customers
Hard Goods
Higher prices recover cost inflation from imported raw materials,
offset by reduction in volumes from overall lower demand
799 821
2017 2018
Revenue: comparable growth (ZARm)
+2.8%
Development by category and market sector
189 202
41 42
46 41
38 36
152 154
115 119
134 144
55
6129
24
799 821
2017 2018
Food & beverages
Petrochemical
Mining
Steel industry
Automotive
Construction
Retail trade
Other
17%
11%
7%
3%
1%
6%
13%
1%
7%
Local Manufacturing
Imports
Manufacturing
57,4%
23,6%

20
KEY FOCUS AREAS

▪ Improve Asset utilisation
▪ Continue growth in LPG
▪ State healthcare business implementation engineering process completed
Key Focus Areas
Not confident Very confident
▪ Strengthen Hard Goods

RESULTS
PRESENTATION 2018

Notes

FINANCIAL RESULTS AND DIVIDEND DECLARATION
for the year ended 31 December 2018
Commentary
PERFORMANCE AT A GLANCE
EBIT (R’m)
0
200
400
600
800
1 000
20172018
596
855
30.3%
EBITDA (R’m)
0
200
400
600
800
1 000
1 200
20172018
1077
1183
8.9%
EPS (cents)
0
50
100
150
200
250
20172018
114.8
203.6
-29.0%
HEPS (cents)
0
50
100
150
200
250
20172018
154.9
201.0
22.9%
Operating cashflow (R’m)
0
200
400
600
800
1 000
20172018
897
997
-10.0%
Revenue (R’m)
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
20172018
6047
5693
+6.2%

Commentary continued
PERFORMANCE HIGHLIGHTS
Afrox increased its revenue by 6.2% to R6 047 million (2017: R5 693 million)
from a combination of higher volumes in certain sectors of the business and
successful recovery of cost inflation as a result of effective pricing
management. Higher market prices in the Liquefied Petroleum Gas (LPG)
segment contributed to that growth and revenue adjusted for changes in LPG
market price increased by 2.3%. Earnings before Interest and Taxes (EBIT or
Group Operating Profit) at R596 million (2017: R855 million), decreased by
30.3%. Adjusted for 2018 non-recurring items: (the restructuring provision of
R52 million and the impairment of certain plants R55 million) the EBIT declined
by 17.8% on a comparable basis. This reduction in EBIT was a result of higher
operational cost, additional plant breakdown cost of R56 million, LPG stock
devaluation, market price impact of R32 million and increase in depreciation of
R45 million.
Despite these adverse movements in the Group Operating Profit, the
underlying growth in strategic markets, solid price cost inflation recovery and
continued productivity gains from various efficiency projects, helped mitigate
the cost increases.
In December 2018 Afrox announced another restructuring to address its fixed
cost base, functional market strategy and the change in operating segments.
R52 million has been provided in 2018 for the 2019 restructuring. The R55 million
impairment relates to two Air Separation Units (ASUs) due to repeated break
downs and changes in our supply strategy.
As part of its Atmospheric Gases business, Afrox finalised the installations for
the additional healthcare business and invested additional R150 million during
2018 due to the tender awarded. Afrox now delivers medical gases and
regulators for all 9 provinces within the public healthcare sector of South Africa.
Continued volume erosion in the Hard Goods segment and lower volumes in
our Industrial Packaged Gas business because of reduced levels of South
African business activity. Total EBIT declined by R185 million (or 16.8%) to R917
million (2017: R1 102 million). This adverse variance includes the non-recurring
items. Corporate costs have increased by R74 million mainly due to the R52
million provision for restructure (non-recurring item). Afrox’s Subsidiaries
contributed satisfactory results despite continued subdued economic
conditions.
EBITDA (Earnings before Interest taxes depreciation and amortisation) declined
by 9% from R1 183 million to R1 077 million.
Headline earnings per share decreased by 23% to 154.9 cents (2017:
201.0 cents) and basic earnings per share decreased by 29% to 144.8 cents
(2017: 203.6 cents).
Diluted earnings per share decreased by 28.6% to 144 cents (2017:
201.8 cents). Adjusted for non-recurring items normalised headline earnings
per share decreased by 16.9% to 167 cents and Earnings per share decreased
by 11.8% to 169.8 cents.
Operating Cash Flow of R897 million (2017: R997 million) decreased by
R100 million or 10% compared to the prior year. Increased capital
expenditure of R150 million as a result of the Healthcare tender, and ASU
plant upgrades of R61 million, additional cash utilised in acquiring shares in
respect of the share incentive scheme of R57 million (2017: R7 million) and
the acquisition of the remaining 30% of the equity in Afrox Zambia Pty Ltd of
R41 million, resulted in a net cash position of R1 153 million (December 2017:
R1 344 million).
Return on capital employed (ROCE) reduced by 800bps to 15.7% (2017:
23.7%). Adjusting for non-recurring items ROCE reduced by 520bps to 18.5%.
The Group invested capital expenditure largely relating to the healthcare
tender and ASU plant upgrades.

2017 Revenue (R’m)
232.0
423.0
2 584
799
2 310
5 693
2018 Revenue (R’m)
232.0
423.0
6 047
2 674
821
2 552
2017 EBIT (R’m)
232.0
423.0
571
133
398
1 102
2018 EBIT (R’m)
232.0
423.0
458
129
330
917
Atmospheric Gases
LPG
Hard Goods
BUSINESS REVIEW
Segmental analysis (before Corporate Cost)
The operating segments revenue and EBIT numbers in millions are included in the graphs below and before Corporate Cost.

EBIT (R’m)
0
100
200
300
400
500
600
PYAC
458
571
-19.7%
Revenue (R’m)
0
500
1 000
1 500
2 000
2 500
3 000
PYAC
2584
2674
+3.5%
Atmospheric Gases revenue increased by 3.5% compared to 2017 reflecting
revenue growth in all business areas and most market sectors of this
operating segment. This increase in revenue was as a result of effective
pricing in line with inflation and growth from Healthcare and various
Industrial Gas Bulk products and applications. The prevailing challenging
economic conditions mainly impacted the compressed gas cylinder business.
Afrox supplies a diverse and broad portfolio into Sub Saharan Africa. The gas
business has demonstrated high levels of resilience with positive nominal
growth in most sectors and demonstrated Afrox’s ability to successfully
compete in its core segment. Within Industrial Gases (acetylene, oxygen,
nitrogen and argon) the demand for Bulk products was above the prior year
resulting in increased volumes at customer installations. On-site revenue
improved from recovering higher electricity costs and volume growth from
various customers.
During the 2nd half of the year Afrox completed most of its new installations at
public hospitals in the additional 4 provinces. Afrox will supply all public
hospitals in South Africa for a period of at least five years as part of the
government tender award, with an estimated R1 billion of revenue in total.
Afrox has invested an additional R150 million during 2018 to meet the
demand in respect of this new business. Furthermore, satisfactory growth was
achieved in our existing Medical gases’ business and increased revenue from a
continued increase in demand from public and private hospitals. The
investment and roll out of an inhouse designed and toll manufactured
integrated valve for medical oxygen cylinders will deliver innovative solutions
on a rental bases to the public healthcare sector.
Packaged gases volumes were below prior year levels. Improved recovery of
cost inflation due to effective pricing management underpinned the overall
increase in revenue.
EBIT decreased by 19.7% to R458 million (2017: R571 million), this reduction
included non-recurring item of R55 million for plant impairment and
R56 million relating to unplanned plant downtime costs. As a result the EBIT
margin decreased by 500bps to 17.1% (2017: 22.1%), (Adjusted for the
non-recurring items EBIT margin for 2018 was 19.2%.)
Atmospheric Gases

EBIT (R’m)
0
100
200
300
400
500
PYAC
330
398
-17.1%
Revenue (R’m)
0
500
1 000
1 500
2 000
2 500
3 000
PYAC
2552
2310
+10.5%
LPG bulk business volumes reduced by 1.9% due to lower demand from key
industrial customers. Revenue was negatively impacted due to the SA
Government not adjusting the fuel price and the MRGP (maximum refinery
gate price) at the end of September. Excluding 2017 and 2018 portions for
once-off bulk trading, Afrox total LPG volumes are down by 0.3%. Our
subsidiaries reported stable LPG revenue largely due to good pricing
management, but volumes were impacted by constrained supply and low
economic activity.
EBIT reduced by 17.1% to R330 million (2017: R398 million). EBIT margin
reduced from 17.2% in 2017 to 12.9% in 2018 (14.2% adjusted for LPG
market price change). This decline in profitability was as a result of
non-trading items.
Afrox once again increased its portion of imported product compared to the
prior year and this remains a key strategic focus in growing the domestic
market by providing supplementary product at competitive prices.
The continued investment in additional LPG cylinders added to this positive
development and new business partnerships with selected BBBEE
distributors unlocked growth in the domestic and hospitality markets.
LPG
Revenue for LPG increased by 10.5% to R2 552 million (2017: R2 310 million)
or 0.9% on a comparable basis, after adjusting for the change in LPG market
prices. Total volumes for the Group grew by 0.8% to 158.000 tons (2017:
156.700 tons). Cylinder volumes increased by 1.7% from growth in strategic
South African markets mainly as a result of the introduction of an additional
120 000 5Kg cylinders for lower income households. This cylinder delivers an
affordable alternative energy solution to a large group of the population.

Hard Goods
Hard Goods revenue increased by 2.8% due to the effective recovery of cost
inflation from imported products via pricing despite volumes in parts of our
business. The continued lower demand from mining and steel industry
resulted in lower volumes due to reduced business activity in the South
African mining sector and lower output levels in the manufacturing industry.
This was partly offset by increased volumes in the petrochemical sector from
maintenance activities at a large SA customer. We experienced reduction in
volumes in welding, gas equipment and our Self Rescue Pack business , all
negatively impacted by the continued downturn in mining, iron and steel
and manufacturing. The focus on growth in sub Saharan Africa was
encouraging.
We continue to explore various options to strengthen supply, production and
logistics of this operating segment. Continued focus remains on cost
containment, efficiencies, improved, just in time delivery and price
management in line with cost inflation.
EBIT decreased by 3% to R129 million (2017: R133 million). The decline in
EBIT margin by 100bps to 15.7% mainly as a result of lower volumes.
EBIT (R’m)
0
30
60
90
120
150
PYAC
129
133
-3.3%
Revenue (R’m)
0
200
400
600
800
1 000
PYAC
821
799
+2.8%

The local net dividend amount is 20 cents (2017: 43.2 cents) per share for
shareholders liable to pay Dividends Tax and 25 cents (2017: 54 cents) per
share for shareholders exempt from Dividends Tax.
In terms of the Dividends Tax, the following additional information is
disclosed:
– the dividend has been declared out of income reserves;
– the local Dividends Tax rate is 20%, subject to double tax agreement;
– Afrox currently has 308 567 602 ordinary shares (excluding treasury shares
of 34 285 308) in issue; and
– Afrox’s income tax reference number is 9350042710.
By order of the Board
Cheryl Singh 6 March 2019
Company Secretary Johannesburg
BOARD OF DIRECTORS
Mr Richard Gearing, a non-executive director of the Company, resigned from
the board of directors of Afrox (Board) with effect from 18 February 2018.
The Board would like to express their gratitude to Mr Gearing for his valuable
contribution to Afrox.
DIVIDEND
It is the Company’s policy to declare dividends twice annually. The
Board of directors have declared a cash dividend of 25 cents per share
(2017: 54 cents), declared out of the after-tax income for the year ended
31 December 2018. Based on Afrox’s policy the dividend is covered two
times by headline earnings per share (HEPS).
OUTLOOK
Whilst economic growth in South Africa remains subdued, Afrox will focus on
specific growth opportunities arising from the Healthcare Tender award and
will continue with cost containment and effective price cost recoveries.
NOTICE OF INTERIM DIVIDEND DECLARATION NUMBER 184
AND SALIENT FEATURES
Notice is hereby given that a gross cash dividend of 25 cents per ordinary
share, being the final dividend for the year ended 31 December 2018, has
been declared payable to all shareholders of Afrox recorded in the register
on Friday, 5 April 2019.
The salient dates for the declaration and payment of the final dividend are
as follows:
Last day to trade ordinary shares “cum” dividend Tuesday, 2 April 2019
Ordinary shares trade “ex” the dividend Wednesday, 3 April 2019
Record date Friday, 5 April 2019
Payment date Monday, 8 April 2019
Shares may not be dematerialised or rematerialised between Wednesday,
3 April 2019 and Friday, 5 April 2019, both days inclusive.

R’million
31 December
2018
Audited
31 December
2017
Audited
Revenue 6 047 5 693
Operating expenses (4 963) (4 510)
Earnings before interest, taxation, depreciation, amortisation and impairment loss on trade and other
receivables 1 084 1 183
Impairment loss on trade and other receivables ( 7) –
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 1 077 1 183
Depreciation and amortisation (374) (328)
Impairment of property, plant and equipment (55) –
Earnings before interest and taxation (EBIT), before restructuring costs 648 855
Restructuring costs (52) –
Earnings before interest and taxation (EBIT) 596 855
Finance expense (111) (108)
Finance income 152 133
Profit before taxation 637 880
Taxation (180) (242)
Profit for the year 457 638
Attributable to:
Owners of the company 447 628
Non-controlling interests 10 10
Earnings per share – cents
Basic earnings per ordinary share – cents 144,8 203,6
Diluted earnings per ordinary share – cents 144,0 201,8
Summarised consolidated profit or loss

Summarised consolidated statement of comprehensive income
R’million
31 December
2018
Audited
31 December
2017
Audited
Other comprehensive income net of taxation (39) 45
Items that are or may be reclassified to profit or loss 1 9
Translation differences on foreign operations 5 9
Translation differences relating to non-controlling interests (6) (1)
Cash flow hedges – effective portion of changes in fair value 2 1
Items that will not be reclassified to profit or loss (40) 36
Actuarial (losses)/gains on retirement benefit assets (40) 36
Total comprehensive income for the year 418 683
Total comprehensive income attributable to:
Owners of the Company 414 674
418 683

Condensed consolidated statement of financial position
R’million Note
31 December
2018
Audited
31 December
2017
Audited
ASSETS
Property, plant and equipment 4 3 006 2 964
Retirement benefits assets 472 484
Other non-current assets 49 39
Lease receivables 54 66
Deferred taxation assets 10 13
Non-current assets 3 591 3 566
Inventories 687 710
Trade and other receivables 1 271 1 094
Lease receivables 18 12
Derivative financial instruments 1 –
Receivables from fellow subsidiaries of holding company 172 130
Taxation receivable 36 57
Cash and cash equivalents 1 174 1 387
Current assets 3 359 3 390
Total assets 6 950 6 956
EQUITY AND LIABILITIES
Shareholders' equity 4 012 4 001
Total equity 4 023 4 034
Long-term borrowings 1 000 1 000
Other long-term liabilities and provisions 45 20
Deferred taxation liabilities 579 591
Non-current liabilities 1 624 1 611
Trade, other payables and provisions 1 176 1 126
Taxation payable 23 26
Payables to fellow subsidiaries of holding company 83 96
Derivative financial instruments – 20
Bank overdrafts 21 43
Current liabilities 1 303 1 311
Total equity and liabilities 6950 6 956

Summarised consolidated statement of cash flows
R’million
31 December
2018
Audited
31 December
2017
Audited
Adjustments for:
Depreciation and amortisation 374 328
Impairment of property, plant and equipment 55 –
Restructuring costs 52 –
Movements in trade receivables and inventory allowances and provisions* 4 (58)
Movement in revaluation (gain)/ loss on derivative financial instruments* (19) 11
Other non-cash movements* (56) (37)
Operating cash flows before working capital movements 1 005 1 099
Working capital movements (108) (102)
Cash generated from operations 897 997
Interest paid (108) (105)
Interest received 71 74
Taxation paid (173) (235)
Dividends received – 1
Cash from operating activities 687 732
Dividends paid to owners of the company (327) (315)
Dividends paid to non-controlling interests (5) (3)
Net cash inflow from operating activities 355 414
Additions to property, plant and equipment (491) (350)
Proceeds from disposal of property, plant and equipment 19 106
Other investing activities 24 28
Net cash outflow from investing activities (448) (216)
Acquisition of non-controlling interest (41) –
Shares purchased – forfeitable share plan#
(57) (7)
Net cash outflow from financing activities (98) (7)
Net (decrease)/ increase in cash and cash equivalents (191) 191
Cash and cash equivalents at the beginning of the year 1 344 1 153
Cash and cash equivalents at the end of the year 1 153 1 344
* Restated. Refer to note 10.1.
#
Shares purchased in respect of the employee share incentive scheme.

Summarised consolidated statement of changes in equity
Attributable to owners of the company
R’million
Share
capital and
Share
premium
FCTR* and
hedging
reserves
Retained
earnings
Non-
controlling
interests
Total
equity
Balance at 1 January 2017 552 (97) 3 202 27 3 684
Total comprehensive income – 10 664 9 683
Profit for the year – – 628 10 638
Other comprehensive income, net of taxation – 10 36 (1) 45
Transactions with owners of the company
– – (7) – (7)
Share-based payments, net of taxation – – (8) – (8)
Dividends – – (315) (3) (318)
Balance at 31 December 2017 552 (87) 3 536 33 4 034
Balance at 1 January 2018, as previously reported** 552 (87) 3 536 33 4 034
Adjustment on initial application of IFRS 9 (net of taxation) – – 8 1 9
Adjusted balance at 1 January 2018 552 (87) 3 544 34 4 043
Total comprehensive income – 7 407 4 418
Profit for the year – – 447 10 457
Other comprehensive income, net of taxation – 7 (40) (6) (39)
Transactions with owners of the company
– – (57) – (57)
Transfer of NCI on acquisition of minority interest – (8) (11) (22) (41)
Share-based payments, net of taxation – – (8) – (8)
Dividends – – (327) (5) (332)
Balance at 31 December 2018 552 (88) 3 548 11 4 023
* Foreign currency translation reserve
** The group has adopted IFRS 15 and IFRS 9 at 1 January 2018. Under the transition method chosen, comparative information is not restated.
#
Shares purchased in respect of the employee share incentive scheme.

Summarised consolidated segmental report^
R’million
31 December
2018
Audited
31 December
2017
Audited
Restated*
Revenue* 6 047 5 693
Atmospheric Gases 2 674 2 584
LPG 2 552 2 310
Hard Goods 821 799
Operating expenses (5 130) (4 591)
Atmospheric Gases (2 216) (2 014)
LPG (2 222) (1 912)
Hard Goods (692) (665)
Earnings before interest and tax (EBIT), before corporate expenses and restructuring costs 917 1 102
Atmospheric Gases 458 571
LPG 330 398
Hard Goods 129 133
EBIT before corporate expenses 917 1 102
Corporate expenses (269) (247)
Restructuring costs provision (52) –
Geographical representation
Revenue 6 047 5 693
South Africa 5 276 4 937
Southern African Development Community (SADC) countries excluding South Africa** 771 756
Non-current assets 3 591 3 566
South Africa 3 321 3 311
SADC countries excluding South Africa** 270 255
^ Restated, Refer to Note 10.2
* Revenue from external customers. Restated, refer to Note 10.2.
** The revenue and non-current assets foreign country geographical split has been aggregated as SADC. The individual amounts are considered to be immaterial.
Business segments are identified on the basis of internal reports that are regularly reviewed by the Group’s and Company’s chief operating decision making
body, the Executive Directors, in order to allocate resources to the segments and assess its performance. The performance of the segments is managed and
evaluated using revenue and earnings before interest, corporate expenses, restructuring costs provision and tax. Assets and liabilities are centrally managed
at a corporate level and therefore not used in the decision to allocate resources to operating segments. Business segments have been determined based on:
Atmospheric Gases, LPG and Hard Goods.

Statistics and ratios
31 December
2018
Audited
31 December
2017
Audited
Average number of shares in issue during the year ('000) 308 568 308 568
Shares in issue ('000) 308 568 308 568
Dividends per share (cents) 77,0 100,0
Final 25,0 54,0
Interim 52,0 46,0
Ratios
EBITDA margin (%) 17,8 20,8
Return on capital employed 15,7 23,7
Effective taxation rate (%) 28,2 27,5
Gearing (%) (4,0) (10,0)
Dividend cover on headline earnings (times) 2,0 2,0

African Oxygen Limited (“Afrox” or the “Company”) is a South African registered company. The summarised consolidated financial statements of the Company comprise the
Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in an associate and a trading trust.
1. BASIS OF PREPARATION
The summarised consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listing Requirements for summary reports, and
the requirements of the Companies Act of South Africa applicable to summary financial statements. The listing requirements require a summary to be prepared in
accordance with the framework concepts and the measurements and recognition requirements of the International Financial Reporting Standards (IFRS) and the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to
also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation of the consolidated
financial statements, from which the summary consolidated financial statements were derived, are in terms of IFRS and, except as described in note 2, are consistent
with those applied in the annual financial statements for the year ended 31 December 2017.
Emerging Africa has now been allocated to segments based on product categories and is no longer a separate segment. The group has restated its segment report in
line with the above.
The summarised consolidated financial statements are prepared on the historical cost basis except for the following items which are measured using an alternative basis
at each reporting date:
– Derivative financial instruments measured at fair value through other comprehensive income and profit and loss.
– Retirement benefit assets measured at the fair value of the planned assets less the present value of the defined benefit obligation.
– Share-based payment awards are measured at fair value. The fair value of the equity instruments granted is estimated using industry accepted techniques.
The directors take full responsibility for the preparation of the these summarised consolidated financial statements. The summarised consolidated financial statements
were compiled under the supervision of Matthias Vogt, Group Financial Director, and were approved on 05 March 2019.
2. NEW ACCOUNTING STANDARDS AND RELATED CHANGES IN SIGNIFICANT ACCOUNTING POLICIES
New accounting standards and related changes in significant accounting policies The Group adopted the following new standards and amendments to standards,
including any consequential amendments to other standards, with a date of initial application of 1 January 2018:
– Foreign Currency Transactions and Advance Consideration (IFRIC 22);
– Clarifying Share-Based Payment Accounting (Amendment to IFRS 2).
The adoption of the amendments to standards listed above did not have a significant impact on the Group’s summarised consolidated financial statements.
The Group has adopted IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 established a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces IAS 18 Revenue, IAS 11 Construction
Contracts and related interpretations. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially
applying this standard recognised at the date of initial application (1 January 2018). Accordingly, the information presented for 2017 has not been restated.
(i) Overall financial effect
When compared to IAS 18, there is no quantitative impact on the adoption of IFRS 15 on the statements of profit and loss, financial position, cash flows, changes in
equity and the segmental analysis.
Notes to the summarised consolidated financial statements

(ii) Disclosure effect regarding accounting policies
The adoption of IFRS 15 did not have a disclosure impact on the Group’s summarised consolidated financial statements.
IFRS 9 Financial Instruments
IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard
replaces IAS 39 Financial Instruments: Recognition and Measurements.
(i) Overall financial effect
The transition to IFRS 9 resulted in an increase to retained earnings and non-controlling interest as follows:
R’million
Retained
earnings
Non-controlling
interest
Recognition of expected credit losses under IFRS 9 11 2
Related tax (3) (1)
Impact at 1 January 2018 8 1
(ii) Effect of classification and measurement of financial assets and financial liabilities
IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39
categories for financial assets of held to maturity, loans and receivables and available for sale assets. The adoption of IFRS 9 has not had a significant effect on the
Group’s accounting policies related to financial liabilities and derivative financial instruments. The impact of IFRS 9 on the classification and measurement of financial
assets is set out below:
Initial recognition
Under IFRS 9, on initial recognition, a financial asset is classified as measured at
– amortised cost;
– fair value through other comprehensive income (‘FVOCI’) – equity and debt investments
– fair value through profit and loss (‘FVTPL’).
The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow
characteristics.
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
– it is held within a business model whose objective is to hold assets to collect contractual cash flows: and
– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt investments at FVOCI
Debt investments are measured at FVOCI if it meets both of the following conditions and is not designated at FVTPL:
– it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
– its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Notes to the condensed consolidated interim financial statements continued

Equity investments
Equity investments that are not held for trading are measured at FVOCI.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial
recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if
doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Subsequent measurement
The following accounting policies apply to the subsequent measurement of financial assets.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income,
foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Debt investments at FVOCI
These are subsequently measured at fair value. Interest income, foreign exchange gains and losses and impairment is recognised in profit or loss. Other net gains and
losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments
These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend represent a recovery of part of the cost of
the investment. Other net gains and losses are recognised in OCI.
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.
The effects of adopting IFRS 9 on the carrying amounts of financial assets at 1 January 2018 relates solely to the impairment requirements. The table below explains the
original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group’s financial assets as at 1 January 2018.
R’million
Financial assets
Original classification
under IAS 39
New classification
under IFRS 9
Original carrying
amount under IAS 39
New carrying amount
under IFRS 9 Difference
Trade receivables Loans and receivables Amortised cost 1 094 1 105 11
Receivables from fellow subsidiaries
of holding company Loans and receivables Amortised cost 130 130 –
The adoption of IFRS 9 did not have an impact on the Group’s derivative financial instruments.
(iii) Effect of impairment of financial assets
IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. The new impairment model applies to financial assets measured at
amortised cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Financial assets at amortised costs consist of trade
receivables, receivables from fellow subsidiaries of holding company and cash and cash equivalents.

Under IFRS 9, loss allowances are measured on either of the following bases:
– 12-month ECLs: there are ECLs that result from possible default events within the 12 months after the reporting date; and
– lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.
The Group measures loss allowances at an amount equal to the lifetime ECLs, except for bank balances for which credit risk (i.e. the risk of default occurring over the
expected life of the financial instrument) has not increased significantly since initial recognition. The loss allowance for trade receivables is measured at an amount
equal to the lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers
reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and
analysis, based on the Group’s historical experience and informed credit assessment and includes forward-looking information.
Current year loss allowance adjustments are not considered to be material.
Financial effect of the new impairment model
The Group has determined that the application of IFRS 9 impairment requirements as 1 January 2018 has resulted in a decrease in the impairment allowance as follows:
R’million
Loss allowance at 31 December 2017 under IAS 39 87
Decreased impairment recognised as at 1 January 2018 on:
– Trade receivable as at 31 December 2017 (11)
Loss allowance at 1 January 2018 under IFRS 9 76

3. FORTHCOMING CHANGES IN ACCOUNTING POLICIES
IFRS 16 Leases
The Group has concluded its assessment of the potential impact of the adoption of IFRS 16 on the financial statements. Based on this assessment, the Group is
expecting to recognise significant right of use assets and lease liabilities relating to current properties and vehicle operating leases. The Group is in the process
of evaluating whether certain items of property, plant and equipment, that are not leased items in terms if IAS 17 and IFRIC 4, may qualify as leased items in terms
of IFRS 16.
The Group will apply IFRS 16 initially on 1 January 2019, using the modified retrospective approach. The accumulative effect of adopting IFRS 16 will therefore be
recognised as an adjustment to the opening balance of retained earnings at 1 January 2019, with no restatement of comparative information.
IFRIC 23 Uncertainty over Income Tax Treatment
IFRIC 23 Uncertainty over Income Tax Treatment IFRIC 23 clarifies the accounting for income tax treatments that have yet to be accepted by tax authorities. Specifically,
IFRIC 23 provides clarity on how to incorporate this uncertainty into the measurement of tax as reported in the financial statements. IFRIC 23 does not introduce any new
disclosures but reinforces the need to comply with existing disclosure requirements about judgments made, assumptions and other estimates used; and the potential
impact of uncertainties that are not reflected.
No significant impact is expected on disclosures. IFRIC 23 applies for annual periods beginning on or after 1 January 2019.
This standard was not early adopted.

R’million
31 December
2018
Audited
31 December
2017
Audited
4. PROPERTY, PLANT AND EQUIPMENT
Opening carrying value 2 964 2 952
Additions, net of transfers from assets under construction 491 350
Disposals (7) (8)
Depreciation (367) (316)
Impairment (55) –
Translation effects and reclassifications (20) (14)
Closing carrying value 3 006 2 964
The Group’s plant and equipment used in the Atmospheric Gases segment was impaired by R55 million (2017: R27 million). The impairment relates to a plant that was
impaired based on a value in use assessment and the impairment of plants that will no longer be used, for the value in use assessment no terminal growth rate was
applied as the remaining contractual period for one of the plant’s significant customers was used for the assessment.
5. FAIR VALUE CLASSIFICATION AND MEASUREMENT
The classification of each class of financial assets and liabilities, and their fair values are:
R’million Fair Value
31 December 2018
Financial asset measured at fair value
Derivative financial instruments 1
31 December 2017
Financial liability measured at fair value
Derivative financial instruments (20)
The derivatives and forward exchange contracts, are level 2 measurement and the fair value of the derivative financial instruments is based on broker quotes. Similar
contracts are traded in an active market and the quote reflect the actual transactions in similar instruments.
Selected notes to the summarised consolidated financial statements

6. EARNINGS AND HEADLINE EARNINGS PER SHARE
Headline earnings per share is calculated on headline earnings of R478 million (2017: R620 million). A weighted average number of ordinary shares of 308 567 602
(2017: 308 567 602) in issue during the year was used to calculate headline earnings per share and 310 140 952 (2017: 311 275 880) for dilutive earning per share as
1 573 350 (2017: 2 708 278) shares had a dilutive impact.
Reconciliation between earnings and headline earnings
R’million
31 December
2018
Audited
31 December
2017
Audited
Profit for the year attributable to the owners of the company 447 628
Adjusted for the effects of:
Profit on disposal of property, plant and equipment (12) (11)
Impairment of property, plant and equipment 55 –
Taxation (12) 3
Headline earnings 478 620
Basic earnings per share – cents 144,8 203,6
Diluted earnings per share – cents 144,0 201,8
Headline earnings per share – cents 154,9 201,0
Diluted headline earnings per share – cents 154,1 199,2
Selected notes to the condensed consolidated interim financial statements continued

Selected notes to the condensed consolidated interim financial statements continued
7 RELATED PARTY TRANSACTIONS
During the year, Afrox, in the ordinary course of business, entered into various sale, purchase and service transactions with associate, receivables from fellow
subsidiaries of holding company, receivables from group companies, payables to fellow subsidiaries of holding company and payables to group companies.
8 UPDATE ON KEY LITIGATION MATTERS
Afrox was a respondent in an investigation by the Competition Commission of South Africa with respect to the LPG sector. Afrox fully cooperated with the Commission’s
investigation and received no administrative penalties. As at the date of this report, there is no other outstanding litigation of a material nature against the Group.
9 SUBSEQUENT EVENTS
Expect for the dividend of 25 cents per share declared of 5 March 2019, the directors are not aware of any material matter or circumstance since the end of the year and
up to the date of this report.
10 RESTATEMENT OF PRIOR PERIODS
10.1 Statement of cash flows
The 31 December 2017 statement of cash flows were restated to separately disclose the following:
– Movements in trade receivables and inventory allowances and provisions;
– Movement in revaluation of derivative financial instruments; and
– Other non-cash movements.
The restatement did not have any impact on the summarised consolidated statement of cash flows for the year ended 31 December 2017.
10.2 Consolidated segmental revenue and EBIT
The 31 December 2017 segmental revenue and EBIT were restated to show 3 business segments instead of 4 business segments as previously reported. The following
business segments will be disclosed henceforth:
– Atmospheric Gases
– LPG; and
– Hard Goods
11 RESTRUCTURING PROVISION
The restructuring provision relates to the reduction in employee head count. To adjust the Group and Company’s fixed cost structure. The provision relates to severance
packages to be paid to affected employees over the next 12 months.
12 SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
The summarised consolidated financial statements are extracted from audited consolidated financial statements, but is not itself audited. The consolidated financial
statements were audited by KPMG Inc., LP Fourie, who expressed an unmodified opinion thereon. The audited consolidated financial statements and the auditor’s report
thereon are available for inspection at the company’s registered office. The directors take full responsibility for the preparation of these summarised consolidated
financial statements and that the financial information has been correctly extracted from the underlying annual financial statements.

Corporate information
African Oxygen Limited
(Incorporated in the Republic of South Africa)
Registration number: 1927/000089/06
ISIN: ZAE000067120 JSE code: AFX
NSX code: AOX
Transfer secretaries: Computershare Investor Services (Pty) Limited
Sponsor in South Africa: One Capital
Sponsor in Namibia: Namibia Equity Brokers (Pty) Limited
Directors: S Venter (Managing Director), M Vogt* (Group Financial Director), B Eulitz* (Chairman), M von Plotho*, Dr KDK Mokhele, CF Wells**,NVL Qangule, GJ Strauss,
VN Fakude
*German **British
Company Secretary: C Singh
Auditors: KPMG Inc.
Registered office
Afrox House, 23 Webber Street, Selby
Johannesburg 2001
PO Box 5404, Johannesburg 2000
Telephone +27 (11) 490 0400

Notes

Afrox 2018 year-end results

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