Capital Regulatory News (CAPD)

For Immediate Release

20 August 2020

H1 2020

H1 2019

Average Fleet Size (No. of drill rigs)

99

91

Fleet Utilisation (%)

57

52

ARPOR ($)

170,000

183,000

Capex ($ m)

7.0

6.4

Revenue ($ m)

65.1

54.8

EBITDA1 ($ m)

15.4

12.7

EBIT1 ($ m)

9.6

7.9

Investment Gains ($ m)

9.9

0.1

Net Profit After Tax ($ m)

13.6

5.1

Cash From Operations ($ m)

7.0

10.5

Earnings per Share

Basic (cents)

10.0

3.7

Diluted (cents)

9.9

3.7

Interim Dividend per Share (cents)

0.9

0.7

Net Asset Value per Share1 (cents)

72.4

58.3

Return on Capital Employed (ROCE) (%)2

17.9

19.5

Return on Total Assets (ROTA) (%)2

12.5

15.6

Net Cash1 ($ m)

-0.1

8.5

Net Cash/Equity (%)

-0.1

10.7

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2020

Unaudited

Six months ended

Notes

30 Jun 2020

30 Jun 2019

$

 $

Revenue

5

 65,089,372

54,832,471

Cost of sales

 (39,431,925)

(33,409,735)

Gross profit

 25,657,447

21,422,736

Administration expenses

 (10,276,703)

(8,772,356)

Depreciation, amortisation and impairments

 (5,732,201)

(4,729,080)

Operating profit

 9,648,543

7,921,300

Share of loss from associate

 -

(227,904)

Interest income

 179,637

168,966

Finance charges

 (566,691)

(391,899)

Loss on disposal of FVTPL Investments

 (114,663)

(141,240)

Fair value gain on FVTPL Investments

 9,978,513

259,262

Profit before taxation

 19,125,339

7,588,485

Taxation

3

 (5,509,895)

(2,492,887)

Profit for the period

 13,615,444

5,095,598

Other comprehensive (loss) income:

Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods:

Cumulative gain reclassified to profit and loss on sale of fair value through other comprehensive income shares

-

26,267

Total other comprehensive income /(loss) for the period

-

26,267

Total comprehensive income for the period

13,615,444

5,121,865

Profit attributable to:

Owners of the parent

 13,673,957

5,095,598

Non-controlling interest

 (58,513)

-

 13,615,444

5,095,598

Earnings per share:

Basic (cents per share)

6

10.0

3.7

Diluted (cents per share)

6

9.9

3.7

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 June 2020

Unaudited 

Audited

Notes

30 Jun 2020

31 Dec 2019

ASSETS

 $

 $

Non-current assets

Property, plant and equipment

8

 54,163,390

52,862,017

Right of use assets

 550,954

679,991

Goodwill

4

 1,181,103

1,252,348

Intangible assets

 311,105

303,191

Total non-current assets

 56,206,552

55,097,547

Current assets

Inventory

 18,753,273

17,544,401

Trade and other receivables

 19,634,785

18,619,228

Prepaid expenses and other assets

 12,807,469

6,624,827

Current tax receivable

 376,083

289,139

Investments at fair value

 23,239,631

12,537,105

Cash and cash equivalents

 15,535,741

17,620,623

Total current assets

 90,346,982

73,235,323

Total assets

146,553,534

128,332,870

EQUITY AND LIABILITIES

Equity

Share capital

9

 13,698

13,625

Share premium

9

 22,953,954

22,495,287

Reserves for own shares/ Share repurchase reserve

 1,109,379

974,118

Other reserve

 190,056

261,301

Retained earnings

 74,719,433

62,004,344

 98,986,520

85,748,675

Non-controlling interest

 1,141,168

1,199,681

Total equity

 100,127,688

86,948,356

Non-current liabilities

Loans and borrowings

10

 2,382,112

2,899,754

Lease liabilities

 232,997

367,039

Deferred tax

 55,290

31,481

Total non-current liabilities

 2,670,399

3,298,274

Current liabilities

Trade payables

 10,720,814

8,520,241

Other payables

12,696,870

14,600,917

Current tax payable

 6,778,534

4,335,388

Loans and borrowings

10

 13,213,442

10,294,456

Lease liabilities

 345,787

335,238

Total current liabilities

 43,755,447

38,086,240

Total equity and liabilities

146,553,534

128,332,870

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

30 June 2020

Reserves

Share capital

Share premium

Total share capital

Reserves for own shares/ Share repurchase reserve

Other reserve

Total reserves

Retained earnings

Total attributable to equity holders of the Group

Non-controlling interest

Total equity

 $

 $

 $

 $

 $

 $

 $

Restated balance at 31 December 2018 -Audited

 13,581

 22,231,662

22,245,243

409,995

(26,267)

383,728

4,624,202

77,253,173

-

77,253,173

Issue of shares

44

263,625

263,669

(263,669)

-

(263,669)

-

-

-

Recognition of share-based payments

-

-

-

511,614

-

511,614

-

511,614

-

511,614

Total comprehensive income (loss) profit for the period

-

-

-

-

26,267

26,267

5,095,598

 5,121,865

 -

5,121,865

-

Profit for the period

-

-

-

-

-

-

 5,095,598

5,095,598

-

5,095,598

-

Other comprehensive loss for the period

-

 -

-

-

26,267

26,267

-

26,267

-

 26,267

Dividends paid (1.5 cents per share) - Note 7

-

-

-

-

-

-

(2,043,734)

(2,043,734)

- 

(2,043,734)

Restated balance at 30 June 2019 (Unaudited)

13,625

22,495,287

22,508,912

657,940

-

657,940

57,676,066

80,842,918

-

80,842,918

Balance at 31 December 2019 - Audited

13,625

22,495,287

22,508,912

974,118

261,301

1,235,419

62,004,344

85,748,675

1,199,681

86,948,356

Issue of shares

73

458,667

458,740

(458,667)

-

(458,740)

-

-

-

-

Recognition of share-based payments

-

-

-

594,001

-

594,001

-

594,001

-

594,001

Allocation of other reserves against goodwill

-

-

-

-

(71,245)

(71,245)

-

(71,245)

-

(71,245)

Total comprehensive income for the period

-

-

-

-

-

-

13,673,957

13,673,957

(58,513)

13,615,444

-

Profit for the period

-

-

-

-

-

-

13,673,957

13,673,957

(58,513)

13,615,444

-

Other comprehensive income for the period

 -

-

-

-

-

-

-

-

-

-

Dividends paid (0.7 cents per share) - Note 7

-

-

-

-

-

-

(958,868)

(958,868)

- 

(958,868)

Balance at 30 June 2020 (Unaudited)

13,698

22, 953,954

22,967,652

1,109,379

190,056

1,299,435

74,719,433

98,986,520

1,141,168

100,127,688

CAPITAL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2020

Unaudited

Six months ended

Notes

30 Jun 2020

30 Jun 2019

 $

 $

Cash flow from operating activities

Cash generated from operations

11

 7,024,547

10,464,047

Interest income received

 179,637

168,966

Finance costs paid

 (566,691)

(370,974)

Tax paid

 (3,129,884)

(2,225,440)

Net cash from operating activities

 3,507,609

8,036,599

Cash flow from investing activities

Purchase of property, plant and equipment

8

 (7,046,887)

(6,383,879)

Proceeds from disposal of property, plant and equipment

 19,917

227

Acquisition of intangible assets

 (7,914)

-

Acquisition of investments

 (967,202)

(2,132,667)

Proceeds on disposal of investments

 1,447,800

465,980

Net cash from investing activities

 (6,554,286)

 (8,050,339)

Cash flow from financing activities

Repayment of loans

10

 (598,656)

(2,000,000)

Proceeds from new loans

10

 3,000,000

-

Dividend paid

7

 (958,868)

(2,043,734)

Repayment of lease

 (179,850)

(40,781)

Net cash from financing activities

 1,262,626

(4,084,515)

Total cash movement for the period

(1,784,051)

(4,098,255)

Cash at the beginning of the period

17,620,623

19,888,764

Effect of exchange rate movement on cash balances

(300,831)

(252,142)

Total cash at the end of the period

15,535,741

15,538,367

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

1.

Basis of presentation and accounting policies

Preparation of the condensed consolidated interim financial statements

The condensed consolidated interim financial statements of Capital Limited and Subsidiaries ("Capital" or the "Group") as at and for the six months ended 30 June 2020 (the "Interim Financial Statements"), which are unaudited, have been prepared in accordance with International Accounting Standard ("IAS") No. 34, "Interim Financial Reporting". This condensed interim report does not include all the notes of the type normally included in an Annual Report. They should be read in conjunction with the annual consolidated financial statements and the notes thereto in the Group's Annual Report for the year ended 31 December 2019 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The Interim Financial Statements have been reviewed in terms of International Standard on Review Engagements (ISRE) 2410.

Accounting policies

The condensed consolidated interim financial statements have been prepared under the going concern basis under the historical cost convention, except for certain financial instruments which are measured at fair value. The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2019.

The preparation of financial statements in conformity with IFRS recognition and measurement principles requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an on-going basis using currently available information. Changes in facts and circumstances may result in revised estimates and actual results could differ from those estimates.

Going concern

At the end June 2020, the Group had a robust Balance Sheet, with significant financial resources at its disposal. The Group had a low debt gearing, with equity of $100.1 million and loans and borrowings of $15.6 million. Cash at 30 June 2020 was $15.5 million, with net debt of $0.1 million. Additional investments in listed entities provided additional flexibility as it could easily be converted into cash.

The Group had a $12 Million facility with Standard bank which was due to expire in October 2020. The facility was renewed on 31 July for a further three years at an increased amount of $15 Million.

This robustness is underpinned by stable revenues generated on long term contracts. Revenues generated on mine sites and longer-term contracts make up over 90% of Group revenues. Revenues continued to perform strongly in H1 2020 with increased revenue compared to both H1 2019 and H2 2019.

The Board and Group acknowledge the significant current and future impact of COVID-19 on the global economy and have undertaken a thorough investigation into the potential risk it may have on going concern and working capital.

Although the pandemic continues to create uncertainty globally, mining and production activity have continued uninterrupted at all the Group's operations.

The strong H1 revenue was in line with expectations and demonstrates that the Group has been largely unaffected during the period, however global travel restrictions have impacted expat employee roster rotations with those on site working extended rosters;

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

1.

Basis of presentation and accounting policies (Cont'd)

Going concern (Cont'd)

In response to extended rosters for both expats and nationals, fatigue management policies have been implemented on-site in the form of shortened weekly rosters which reduced on-site activity in the period;

Greenfield exploration activity is marginally affected at the moment as global travel restrictions are limiting the ability to start new projects. The current record gold price is also driving renewed interest in exploration activities.

The Group's portfolio of eight long-term mine-site based contracts provides a level of revenue stability against the global risk exposure created by the COVID-19 pandemic, as mines continue to operate with gold exports continuing;

The Board have considered the potential risks and impact of COVID-19 on the business and note that:

· 90% of the Groups revenue originate in the gold mining sector, a sector that has been very resilient to the impact of the pandemic due to the strict control and containment measures implemented by the active mines;

· Revenues from gold mines are critical for the support of the economies in which the mines operate, especially in the current macro-economic environment. There is therefore significant industry support from the relevant governments;

· Gold is currently trading at record levels, creating significant industry interest;

· The primary client base of the business is predominantly producing gold mining companies, which the Board considers are appearing to be operating in line with expectation. This opinion is supported by the various market announcements made by the companies;

· The primary client base is distributed across the African continent, including Tanzania, Egypt and West Africa;

· To date, despite the pandemic, no client mines have seen a reduction in operations.

As a result, the Board considers that the downside scenario presented by COVID-19 to largely be limited to a temporary reduction in the exploration market, with a fairly minimal impact on the Group. This position is reinforced by the H1 performance and related market announcement.

Despite the above, and to test the robustness of the business to withstand a situation much worse than anticipated, the Board also considered a scenario, which acts as a reverse stress test, where turnover would be severely reduced by up to 42% (to model the situation where, in addition to reduction in the exploration market, major client operations became closed for a sustained period). The Board noted that the model showed that even without taking any other protective steps, other than to reduce planned future capital expenditure and related variable costs, to address the downside, that this could prevail for a sustained period of over eight months without impacting expected facilities and covenants.

As a result, the Board considers the business to be a going concern.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

2.

Operations in the interim period

Capital Limited is incorporated in Bermuda. The Group provides drilling services including but not limited to exploration, development, grade control and blast hole drilling services to mineral exploration and mining companies located in emerging and developing markets. The Group also provides some equipment rental, information technology services to mining and mining related companies and laboratory analysis of drilling samples related to sample analysis by MSA laboratories.

During the six months ended 30 June 2020, the Group provided drilling services in Egypt, Mauritania, Mali, Tanzania, Burkina Faso, Saudi Arabia and Ivory Coast.

3.

Taxation

Capital Limited is incorporated in Bermuda. No taxation is payable on the results of the Bermuda business. Taxation for other jurisdictions is calculated in terms of the legislation and rates prevailing in the respective jurisdictions.

The Group operates in multiple jurisdictions with complex legal and tax regulatory environments. In certain of these jurisdictions, the Group has taken income tax positions that management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws. The Group periodically reassesses its tax positions. Changes to the financial statement recognition, measurement, and disclosure of tax positions is based on management's best judgement given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available information and the history of resolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not likely have a material effect on the Group's financial position, statements of operations or cash flows.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

 $

4.

Goodwill

At 31 December 2019

Cost

1,252,348

Accumulated amortisation and impairment

-

Net book amount

1,252,348

Half year ended 30 June 2020

Cost

At 01 January 2020

1,252,348

Adjustment to opening balance

(71,245)

At 30 June 2020

1,181,103

Accumulated amortisation and impairment

At 01 January 2020

-

Amortisation charge

-

At 30 June 2020

-

Net book amount

At 30 June 2020

1,181,103

Six months ended

5.

Revenue

30 Jun 2020

30 Jun 2019

 $

 $

Revenue from the rendering of services comprises:

Drilling and associated revenue

60,256,642

53,926,977

Revenue from Surveying

1,505,718

223,400

Information technology revenue

32,138

682,094

MSALABS revenue

3,294,874

-

65,089,372

54,832,471

6.

Earnings per share

Basic Earnings per share:

The profit and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

Profit for the period used in the calculation of basic earnings per share

13,673,957

5,095,598

Weighted average number of ordinary shares for the purposes of basic earnings per share

136,639,059

136,027,158

Basic earnings per share (cents)

10.0

3.7

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

Six months ended

30 Jun 2020

30 Jun 2019

$

$

6.

Earnings per share (continued)

Diluted earnings per share:

The profit used in the calculations of all diluted earnings per share measures are the same as those used in the equivalent basic earnings per share measures, as outlined above.

Weighted average number of ordinary shares used in the calculation of basic earnings per share

 136,639,059

136,027,158

- Dilutive share options #

1,675,427

350,476

Weighted average number of ordinary shares used in the calculation of diluted earnings per share

138,314,486

136,377,634

Diluted earnings per share (cents)

9.9

3.7

# For the purposes of calculating diluted earnings per share, the share options of 2.16 million (2019: 2.16 million) were excluded as they are anti-dilutive as the exercise price is higher than the current share price.

7.

Dividends

During the six months ended 30 June 2020, a dividend of 0.7 cents per ordinary share, totalling $958,868 (six months ended 30 June 2019: 1.5 cents per ordinary share, totalling $2,043,734) was declared and paid.

8.

Property, plant and equipment

During the six months ended 30 June 2020, the Group acquired $7.0 million (2019: $6.4 million) of drilling rigs and other assets to expand its operations and for the replacement of existing assets.

The Group disposed of property, plant and equipment with a net carrying amount of $0.2 million (2019: $0.2 million) during the period. A loss of $0.2 million (2019: $0.2 million) was incurred on the disposal of property, plant and equipment.

At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets may be impaired. As at 30 June 2020, there was no indication of impairment.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

As at

30 Jun 2020

31 Dec 2019

$

$

9.

Issued capital and share premium

Authorised capital

2,000,000,000 (2019: 2,000,000,000) ordinary shares of 0.01 cents (2019: 0.01 cents) each

200,000

200,000

Issued and fully paid:

136,980,903 (31 December 2019: 136,248,953) ordinary shares of 0.01 cents (31 December 2019: 0.01 cents) each

13,698

13,625

Share premium:

Balance at the beginning of the period

22,495,287

 22,231,662

Issue of shares

458,667

263,625

Balance at the end of the period

22,953,954

22,495,287

On 26th March 2020, the Company issued 731,950 new common shares (valued at $ 458,740) pursuant to the Company's employee incentive scheme. The shares rank pari passu with the existing ordinary shares. Fully paid ordinary shares which have a par value of 0.01 cents, carry one vote per share and carry rights to dividends.

10.

Long term liabilities

Long term liabilities consist of:

(a) $12 million revolving credit facility ("RCF") provided by Standard Bank (Mauritius) Limited

The Facilities Agreement was renewed for 15 million on 31 July 2020. The interest rate on the RCF is the prevailing three-month US LIBOR (payable in arrears) plus a margin of 5.75%, and an annual commitment fee of 1.5% of the undrawn balance. The amount utilised on the RCF is $12 million as at 30 June 2020.

Under the terms of the RCF, the group is required to comply with certain financial covenants relating to:

· Interest coverage

· Gross debt to EBITDA ratio

· Debt to equity ratio

· Tangible net worth

Security for the Standard Bank (Mauritius) Limited facility comprises:

> Upward corporate guarantees from Capital Drilling (T) Limited, Capital Drilling (Botswana) Proprietary Limited and Capital Limited.

> A negative pledge over the assets of Capital Drilling (T) Limited and Capital Limited.

As at the reporting date and during the period under review, the Group has complied with all covenants attached to the loan facilities.

(b) $ 3.8 million credit facility provided by Epiroc Financial Solutions AB for the purchase of five rigs.

The loan will be repaid in 46 monthly payments in arrears at a fixed rate of interest of 8.47% annually. The first instalment was paid in January 2020.

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

2020

2019

$

$

10.

Long term liabilities (continued)

(c) $ 0.2 million hire purchase agreement with Ma'aden Barrick Copper Company for the purchase of 1 rig.

The lease is repayable by a fixed monthly instalment over 24 months. The first instalment was paid in April 2020.

Balance at 1 January

13,194,210

9,029,884

Amounts received during the 6-month period/year

3,000,000

2,000,000

Credit facility received for the purchase of rigs

-

3,971,650

Interest accrued during the 6-month period/year

522,470

851,968

Interest paid during the 6-month period/year

(522,470)

(659,292)

Principal repayments during the 6-month period/year

(598,656)

(2,000,000)

15,595,554

13,194,210

Less: Current portion included under current liabilities

(13,213,442)

(10,294,456)

Due after more than one year

2,382,112

2,899,754

Six months ended

11.

Cash from operations

30 Jun 2020

30 Jun 2019

Profit before taxation

 19,125,339

7,588,485

Adjusted for:

- Depreciation

 5,546,806

4,729,080

- Loss on disposal of property, plant and equipment

178,790

198,999

- Realised gain on FVTOCI shares

 114,663

-

- Fair value adjustment on financial assets through profit and loss

(9,978,513)

(259,262)

- Share based payment expense

 594,001

511,615

- Interest income

 (179,637)

(168,966)

- Finance charges

 566,691

391,899

- Share of loss from associate

 -

227,904

- IFRS 16 depreciation on rights of use assets

 185,395

49,821

- Unrealised foreign exchange loss on foreign currency held

 300,831

252,142

Operating profit before working capital changes

 16,454,366

13,521,717

Adjustments for working capital changes:

- Decrease in inventory

 (1,208,872)

1,406,768

- Decrease / (Increase) in trade and other receivables

 (8,517,473)

(4,029,566)

- Decrease in trade and other payables

 296,526

(434,872)

 7,024,547

10,464,047

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

12.

Segmental analysis

Operating segments are identified on the basis of internal management reports regarding components of the Group. These are regularly reviewed by the Chairman in order to allocate resources to the segments and to assess their performance. Operating segments are identified based on the regions of operations. For the purposes of the segmental report, the information on the operating segments have been aggregated into the principal regions of operations of the Group. The Group's reportable segments under IFRS 8 are therefore:

- Africa:

Derives revenue from the provision of drilling services, surveying, IT support services and mineral assaying.

- Rest of world:

Derives revenue from the provision of drilling services, surveying, IT support services and mineral assaying.

Information regarding the Group's operating segments is reported below. At 30 June 2020, management reviewed the composition of the Group's operating segments and the allocations of operations to the reportable segments.

Segment revenue and results:

The following is an analysis of the Group's revenue and results by reportable segment:

For the six months ended 30 June 2020

Africa

Rest of World

Consolidated

$

$

$

External revenue

63,158,081

1,931,291

65,089,372

Segment profit (loss)

20,046,732

(9,464,201)

10,582,531

Central administration costs and depreciation, net of other income

(933,988)

Profit from operations

9,648,543

Realised loss on disposal of FVTPL shares

(114,663)

Fair Value gain on FVTPL Investments

9,978,513

Interest income

179,637

Share of losses from associate

-

Finance charges

(566,691)

19,125,339

CAPITAL LIMITED

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the six months ended 30 June 2020

12.

Segmental analysis (continued)

For the six months ended 30 June 2019

Africa

Rest of World

Consolidated

$

$

$

External revenue

54,317,249

515,222

54,832,471

Segment profit (loss)

15,744,899

(7,131,884)

8,613,015

Central administration costs and depreciation, net of other income

(691,715)

Profit from operations

7,921,300

Realised loss on disposal of FVTOCI shares

(141,240)

Fair value adjustment on financial assets through profit and loss - Share Options

259,262

Interest income

168,966

Share of income from associate

(227,904)

Finance charges

(391,899)

Profit before tax

7,588,485

The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 1. Segment profit/(loss) represents the profit/(loss) earned by each segment without allocation of central administration costs, depreciation, interest income, share of losses from associate, finance charges and income tax. This is the measure reported to the Chairman for the purpose of resource allocation and assessment of segment performance.

As at

30 Jun 2020

31 Dec 2019

$

$

Segment assets:

Africa

 214,767,498

184,635,830

Rest of world

 33,176,380

29,823,155

Total segment assets

 247,943,878

214,458,985

Head office companies

 155,102,281

138,073,761

 403,046,159

352,532,746

Eliminations *

 (256,492,625)

(224,199,876)

Total assets

 146,553,534

128,332,870

Segment liabilities: