Final Results

Cambria Africa plc

("Cambria" or the "Company")

Results for the full year ending 31 August 2012

Cambria Africa Plc (AIM:CMB) is pleased to announce its full year results for the year ending 31 August 2012.

Cambria Africa plc is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.

Cambria has been listed on the AIM market of the London Stock Exchange since 2007.

A copy of the Audited Financial Statements will be made available shortly on the Company's website and are being sent to shareholders today.

Annual highlights are as follows:

·; Cambria's Annual General Meeting of February 24th 2012 saw substantial changes to the Board of Directors

·; Cambria re-aligned focus on four investments: Payserv, the Leopard Rock Hotel, Millchem and Celsys

·; During the twelve months ending 31 August 2012, collectively these four investments organically grew revenues and gross profit by 52% and 54% year-on-year, respectively

·; Continued high organic growth rates by these investments are an indication of their solid position in Zimbabwe and their inherent future potential

·; Particularly impressive and sustainable growth was achieved by Millchem and Payserv, increasing gross profits year-on-year by 93% and 62%, respectively

·; Payserv and Millchem made initial inroads in Zambia, in line with Cambria's pursuit of regional expansion

·; Underlying loss for the period under review was US$ 5.2 million after adjustment for write-offs, costs, losses and gains which Cambria does not anticipate incurring in future periods

·; To better align actual valuations with book values and to implement the revised strategy, severe but necessary write-offs related to intangible assets, goodwill and non-core investments have been taken during the year

·; Write offs for the entire year had a US$ 19.6 million one-off impact on operating profit for the period under review, of which US$ 10.8 million was already disclosed for the first half of financial year 2012

·; Cumulative write-offs led to end of period net assets of US$ 23.3 million, a reduction of 55% when compared to August 31, 2011

·; Approximately 94% (US$ 33 million) of total assets are now tangible. The Board believes this increased transparency will ensure information provided by Cambria more fully reflects the Company's position

·;  As at 19 February 2013, Cambria's shares traded at an approximate discount of approximately 61% to net assets per share at its balance sheet date of 31 August 2012

·; After a tough year of transition, as the new Board's uncompromising strategy of focus and profitability was implemented, the first half of financial year 2013 shows signs of significant improvement over the corresponding period last year, as the positive impact of strategic initiatives become visible

Chief Executive's Review

The 2012 financial year was a year of significant change for Cambria Africa plc ("Cambria" or the "Company").

The Annual General Meeting (AGM) of the Company held on February 24th, 2012, resulted in an almost entirely new Board of Directors, with four new Directors replacing the five Directors representing Lonrho plc (Lonrho).

Arrival of the new Board commenced an exciting new era for Cambria. In line with the launch of this promising new period the Company was renamed Cambria Africa plc, a name invoking a period of growth and renewal.

The transition away from Lonrho signalled the cessation of significant costs borne by the Company resulting from the Lonrho Management Services Agreement.

The change in governance permitted the Company to focus on value creation and profitability and to concentrate on four investments: Payserv, the Leopard Rock Hotel, Millchem, and Celsys.

Furthermore, the new Board decided to take a more prudent view of the value of the various assets on the Company's balance sheet. This review has resulted in significant additional write-offs in Operating Losses amounting to US$ 19.6 million, with the vast majority relating to intangible assets primarily concerning the Celsys and FMNA investments, the non-compete agreement with Lonrho Plc, extraordinary deterioration in market value of aircraft under lease agreement and the write-off of significant receivable balances relating to the aircraft lease agreements and the Churchill Estates Loan.

Zimbabwe's economic growth, which until recently continued at a pace well-beyond the growth of many of its peers in Sub-Saharan Africa, a region itself already growing faster than most other parts of the world, slowed markedly. Where Zimbabwe's Gross Domestic Product (GDP) growth was 9.3% in 2011 (Source: Ministry of Finance of Zimbabwe), ranking it the 11th fastest growing economy in the world (Source: IMF), estimated GDP growth for 2012 is 4.7% (Source: Ministry of Finance of Zimbabwe). Even though growth has slowed, Zimbabwe is still in an attractive position compared to many of its peers.

With the date of the referendum for the newly agreed constitution now set for March 16th 2013, and elections anticipated shortly thereafter, 2013 will undoubtedly be an important year for Zimbabwe. Anecdotal evidence suggests the agreement on a new constitution has already resulted in an increased interest by investors in the country as an investment destination. Increased investor confidence should lead to reinvigorated GDP growth levels going forward.

Zimbabwe's inflation remains low at 3.7% for 2012, comparing well with inflation levels in, for example, the United States (2.1%) and South Africa (5.8%).

Results for the Period

During the 2012 financial year (FY2012) Cambria's revenues increased by 48% to US$12.0million (FY2011: US$ 8.1 million) and gross profit increased by 45% to US$ 6.8 million (FY2011: US$ 4.7 million (adjusted for reallocation of certain labour costs at the Leopard Rock Hotel)).

Combined revenue and gross profit of Cambria's four core investments during FY2012 showed impressive growth. Revenues grew 52% from US$8.0 million in FY2011 to US$ 12.0 million in FY2012. Gross Profit increased by 54% to US$6.8 million, up significantly from US$4.4million in FY2011. (adjusted for reallocation of certain labour costs at the Leopard Rock Hotel).

As at 31 August, 2012, the Company had net assets of US$ 23.3 million (2011: US$ 52.0 million) and a market capitalization of US$ 9.0 million. Cambria's assets, following the various write-offs undertaken during the period under review, are almost entirely tangible (US$ 33.0 million or 94%).

There is a significant discount between the value of the Company's net assets and its market capitalization on the AIM market. As at February 19, 2013, this discount was approximately 61% when compared to net assets per share as at 31 August 2012.

Given the growth rates of the Company's investments, and its increasingly attractive outlook towards group wide profitability, the Board continues to be cognisant of this discount. As such, and as long as this position continues, the Board will review strategic alternatives for all of its investments to unlock (and/or make more apparent) some of the value built-up within its underlying investments. The outcome of this review may lead to, but may not be limited to, a potential sale of certain assets.

On 16 September 2011 the Company raised US$ 1.4 million gross by way of a placing with institutions of 3,988,439 new ordinary par value shares of £0.0001 each at 23p per share.

On 9 March 2012, through its second largest shareholder Consilium Investment Management, Cambria obtained a combined US$ 3.0 million shareholder loan.

The Financial Statements are prepared in accordance with the Directors decision announced in the Chief Executive Review in the accounts of 31 August 2011, to change the functional currency of the Company from Pounds Sterling to US Dollars.

Operational Review Core Investments

Consolidated results of core investments

Cambria's core portfolio consists of Payserv, the Leopard Rock Hotel, Millchem and Celsys. These investments jointly had a consolidated revenue and gross profit performance as per the following table:

(Audited; US$ millions)

(1) For comparison, FY2011 gross profit adjusted forre-allocation of certain Hotel labour costs to SGA

Growth during FY2012 was entirely organic and can be attributed to the changes made and the initiatives identified, during the strategic reviews of each of these companies: addition of new offerings in existing markets, adding new markets for existing offerings, as well as the impact of more efficient exploitation of existing platforms.

Millchem and Celsys achieved particularly high year-on-year gross profit growth of 93% and 159%, respectively.

Payserv (100% holding)

Payserv, previously trading as Paynet Group, provides EDI switching services (Paynet), payroll services (Autopay), and payroll based microfinance loan processing (Tradanet (51% holding)).

(Audited; US$ millions)

Paynet provides Electronic Data Interchange (EDI) services to all 22 banks and building societies in Zimbabwe, as well as to over 1,500 corporates (FY2011: over 1,100). Paynet processed 12.3 million transactions (FY2011: 8.3 million) during the period under review, or a 48% increase.

Autopay, provides payroll services to 172 customers (FY2011: 113), processed over 286,000 pay slips (FY2011: 241,000) during the period under review, or an 18% increase.

Tradanet has seen significant growth in the value of payroll based micro-finance loans processed, which grew to US$ 140 million (FY2011: US$ 76 million), representing an 86% increase. At the end of the period the loan book under management stood at US$ 100 million (FY2011: US$ 42 million), an increase of 138% when compared to last year.

Payserv is, in cooperation with its bank clients, concluding design and tests to upgrade the EDI Paynet product into a real-time Electronic Fund Transfer (EFT) system. Furthermore, Payserv has been encouraged by its Zimbabwean bank clients to explore opportunities in Zambia and is actively pursuing this.

During the twelve months under review, Payserv continued to return increasing amounts of cash to Cambria.

The Leopard Rock Hotel (100% holding)

The Leopard Rock Hotel is a four star hotel and resort located in the Eastern Highlands of Zimbabwe. It boasts a world-class golf course, noted as one of the finest in Africa, a family-friendly game park, a casino and fine restaurants offering some of the greatest food in Zimbabwe.

(Audited; US$ millions)

When compared to last year, the Leopard Rock Hotel saw occupancies of 46% (FY2011: 38%), an increase of 21%. Average room rates decreased by 6% to US$ 111 (FY2011: US$ 117). During the period, Revenue Per Available Room (RevPAR) increased to US$ 51 from US$ 44, an increase of 16%.

At 31 August 2011, certain labour costs were allocated to 'costs of goods sold' (COGS), which were included in Selling, General and Administrative costs in the prior year. In line with industry norms, these amounts have been excluded from COGS again in FY2012 and the comparative FY2011 figures adjusted. Unadjusted, consolidated gross profit for FY2011 was US$ 1.0m.

During the period under review a key issue for the Leopard Rock Hotel, which is managed by Lonrho Hotels under a Hotel Management Agreement, was the dramatic increase in operating costs, which increased 31% when compared to the equivalent period last year. This resulted in a significant increase in the EBITDA loss for the Hotel to US$ 481,000 compared to a loss of US$ 198,000 the prior year, a 2.4x increase, despite a revenue increase of 17% year-on-year.

Cambria has taken an active interest in resolving this issue and has expressed serious concerns to Lonrho Hotels regarding the disappointing operating results. If the operating issues are not swiftly brought under control Cambria will review various alternatives to lift performance of the Leopard Rock Hotel.

On 14 March 2012, Cambria acquired the well-known "Castle at Leopard Rock" for EUR 0.6 million (US$ 0.7 million), which is located adjacent to the Leopard Rock Hotel. The Castle is located near the top of the Leopard Rock and boasts spectacular views all around; across Zimbabwe's Eastern Highlands and well into Mozambique.

Celsys (60% holding)

After significant investment by Cambria, Celsys has become, in the Company's view, one of the best equipped printers in Zimbabwe. As a result, it has been able to command leading market positions in security and commercial printing.

(Audited; US$ millions)

(1) Adjusted figures relate to continuing businesses

Print and ATM leasing only

Celsys, by focusing on its print division, has made significant strides turning an undercapitalized, 'sub-scale' printer into one of the industry leaders in Zimbabwe. During the period, Celsys has been able to further consolidate the position it now commands as one of the leading commercial printers in Zimbabwe, allowing it to grow sales rapidly while increasing margins.

Transactions processed through Celsys' legacy ATM division continue to grow. Transactions during the period under review, which directly relate to revenue, were US$ 0.8 million (2011: US$ 0.4 million), an increase of 100%.

Cambria does not believe the significant goodwill associated with its shareholding in Celsys reflects its true value. The Board therefore made the decision during the first half of financial year 2012 to write off the goodwill associated with the shareholding in Celsys resulting in a write-off of US$ 6.8 million.

On 8 May 2012 Cambria stated its intention to acquire the remaining 40% of Celsys' shares not already owned by the Company. On 29 May 2012, Celsys' shareholders approved their takeover by Cambria. This process will be completed when Cambria lists on the Zimbabwe Stock Exchange (ZSE).

Cambria announced on 31 August 2012 that its proposed listing on the (ZSE) had been rescheduled to take place following the publication of its audited results for the year ended 31 August 2012. In the interim, Celsys Limited has been suspended from trading on the ZSE, effective from 28 August 2012 and until the proposed ZSE listing of Cambria.

The Proposed ZSE Listing is a secondary listing for the Company as its primary listing will remain on the AIM market of the London Stock Exchange, where it has been listed since 2007.

Millchem (100% holding)

Millchem, previously trading as Millpal Chemicals, is a value-added chemicals distributor with leading market positions in Zimbabwe in solvents, metal treatment products and alkyd resins.

(Audited; US$ millions)

The significant gross profit growth achieved by Millchem over the period resulted from continued expansion of Millchem's core solvent business, increased diversification into new, more specialized product lines (e.g. alkyd resins, mining chemicals, other), entry into new market sectors, and through sourcing product at much improved terms including entry into bulk markets.

Millchem has been able to make initial sales into Zambia (and, after the end of the period under review, Malawi), and will continue to actively pursue regional expansion.

During the period under review Millchem became the only African member of the National Association of Chemicals Distributors (NACD), the U.S. industry association for value added chemicals distributors, making it a natural partner in the future for U.S. chemicals producers seeking distribution in Zimbabwe.

Accelerated write-offs, net assets and non-recurring items

The new Board decided to take a more prudent and fully reflective view of the value of the various assets on the Company's balance sheet. This has resulted in significant write-offs in Operating Losses over the course of the year amounting to US$ 19.0 million. US$ 10.7 million of this was already disclosed in the 1st half of 2012. The vast majority related to intangible assets primarily concerning the Celsys, FMNA investments and a non-compete agreement with Lonrho Plc.

Other write offs incurred during the period under review relate to airplanes which were owned by the Company and were sold and a loan provided to a farming concern in Zimbabwe for which the recovery is uncertain. More detail on the situation surrounding the aircraft and the loan to the farming concern is provided later on in this report.

During financial year 2012 there were a significant number of costs incurred in relation to the separation from Lonrho. In addition, discontinued operations had a significant combined operating loss over the period.

In the interests of full transparency, the table below details line by line the loss for the period, so that shareholders and investors can fully understand where losses arose and understand that they are predominately one-off write offs.

As a result of the Boards review, these losses were anticipated, Cambria's objective, as tough as some of the decisions were, was to have a transparent and a more accurate balance sheet going forward.

Following the various write-offs and operating losses, as at 31 August 2012 tangible assets of the Group were US$ 33.0 million.

Net tangible assets exclude certain balances which are not necessarily recoverable and have been disclosed as contingent assets (US$ 8.5 million). These contingent assets include the loan extended to Churchill Estates and claims against Five Forty Aviation Ltd.

Other and corporate overheads

Aldeamento Turistico de Macuti SARL (ATdM) (80% holding)

On 30 September 2011 Cambria sold its 80% stake in ATdM, a Mozambique entity holding the rights to a significant coastal property in Beira, Mozambique, for US$ 5.1 million payable over 60 months, carrying 7% interest per annum. This transaction generated a book profit on sale of US$ 575k. As part of the transaction the buyer also agreed to repay Cambria a shareholder loan which was provided to ATdM. This loan will be repaid over 24 months carrying a 7% interest per annum.

ForgetMeNot Africa Limited (FMNA) (51% holding)

FMNA, a mobile phone technology venture, generated US$ 1.0 million (2011: US$ 1.1 million) in operating losses during the period under review.

Cambria could no longer be confident that any of its investment would be recovered and the Board decided to write off Cambria's FMNA's shareholder loans, as well any goodwill associated with Cambria's shareholding in FMNA. Cambria's share of total write offs in the period under review associated with FMNA are US$ 3.4 million.

On August 24 2012, Cambria announced that it had signed a Memorandum of Understanding with ForgetMeNot Software Limited (FMN), its joint venture partner in FMNA, regarding the sale of its shares in FMNA to FMN. The completion of this sale was announced on February 14, 2013. Proceeds of the sale of US$ 250k, which are payable on achieving certain milestones or at latest 24 months from completion of the sale, have been accounted for as a contingent asset.

Diospyros Investments (Private) Limited (t/a "CES Zimbabwe") (CES) (100% holding)

The provision of IT services through CES Zimbabwe was considered a key business for Cambria. However, CES Zimbabwe is jointly managed by Cambria and Complete Enterprise Solutions Mauritius (CES Mauritius) through a franchise agreement between CES Mauritius and Cambria sharing investment, risk and profits in CES. This structure proved unsustainable.

CES Mauritius is a regional IT services company and itself a joint venture between Lonrho and other individual shareholders.

On August 24, 2012, Cambria announced it had executed agreements related to the conditional sale of its shares in Diospyros Investments (Pvt) Ltd (Diospyros) to CES Mauritius. Under this agreement, Cambria is to receive US$ 0.2 million from CES Mauritius for the shares, completion of which is conditional on certain regulatory approvals being obtained. As of the date of this report these regulatory approvals had not yet been received.

LonZim Air (B.V.I.) Limited (100% holding)

Cambria owned two aircraft through its subsidiary LonZim Air (B.V.I.) Limited: a Fokker F27-500 Cargo (F27) and an ATR 42-320 (ATR). The F27 was leased to 540 (Uganda) Limited in September 2008 and the ATR was leased to Five Forty Aviation Limited in July 2009. Both entities (collectively "540") were, or were understood to be subsidiaries of Lonrho. A third aircraft leased by 540 was destroyed in an accident in January 2011.

A number of disputes have arisen in relation to these aircraft and associated contracts. These disputes relate, inter alia, to the payment of insurance proceeds, outstanding lease payments, maintenance reserves and the condition of the two remaining aircraft. Cambria considers that substantial sums are due from 540. 540 contends that no sums are due to Cambria and/or its associated companies and that, overall, it is owed approximately US$ 0.8 million in relation to the aircraft, although the basis for this claim has not yet been set out.

Investigations by the Company during the second half of the financial year 2012 determined the ATR and F-27, which were kept in poor condition, were missing equipment and were not airworthy. The Company subsequently announced on 8 August 2012 it had sold the aircraft for an aggregate sum of US$ 0.2 million to a Kenyan operator. The price was in line with an independent third party valuation obtained by the Company and represented as a book loss on sale US$ 3.2 million.

In the interim, Lonrho is believed to have sold its stake in 540 to an entity now called Fastjet plc, in which Lonrho currently holds a reported 61% stake.

In summary, Cambria will pursue recovery of US$ 6.9 million. These amounts relate to, inter alia, to maintenance reserve and lease charges and related contractual interest, payment of insurance proceeds, the deterioration in market value of the aircraft, and the significantly lower amount the Company was able to obtain through a sale, due to the poor condition the aircraft were found to be in.

Churchill Estates loan

During 2008 Cambria, then managed by Lonrho, extended a loan to what is believed to be a Zimbabwe farming concern, Churchill Estates (1995) Private Ltd (CE). This loan was extended to CE as an unsecured five-year loan, at a 15% annualized interest rate with principal and interest to be repaid at the end of the term. No financial performance reporting is required under the terms of the loan.

Even though the Board will vigorously enforce repayment of this loan by CE when it is due in October 2013, the Board considered it at this point prudent to recognise impairment of the value of this loan as well as any associated accumulated interest.

The Board made this decision given the difficulty to assess the ability of CE to repay the loan due to the absence of any financial information on CE. Moreover, the Company and its auditors have, due to the lack of any type of response, been unable to verify the loan with CE. Despite this the Board will vigorously enforce repayment of this loan by CE when it is due in October 2013

Corporate overheads

During the first half of 2012 costs associated with the Lonrho Management Services Agreement relating to Cambria were still being carried by the Company, a total of US$ 284k was paid in the current year.

Monies paid to Lonrho in relation to this management agreement, as well as other fees, (re-)charges and reimbursements paid to Lonrho during the period under review amounted to a approximately US$500k. This amount excludes monies accrued as due to Lonrho Hotels under the Hotel Management Agreement associated with the Leopard Rock Hotel.

At the beginning of the period under review Cambria also carried a US$ 3.8 million intangible asset associated with a non-compete agreement with Lonrho. The Board does not believe there is value associated with this non-compete agreement and has therefore written this off entirely.

The vast majority, if not all of the costs, fees and other charges related to Cambria's prior relationship with Lonrho, were in the opinion of Cambria's Board no longer incurred from the end of February 2012 onwards.

One-off expenses incurred during the period under review associated with Cambria's transition away from Lonhro are approximately US$ 0.5 million. These are, amongst others, costs associated with legal advice and professional fees.

Events following the end of the period under review

Following the end of the period under review, which ended 31 August 2012, Cambria has undertaken a number of corporate actions:

o On 5 October 2012 the Company raised US$ 1.4 million gross by way of a placing of 8,615,115 new ordinary par value shares of £0.0001 each at 10p per share. The placement received support from directors, who subscribed for 22.5% of the offering, existing shareholders, as well as from WH Ireland, nominated advisor and broker to the Company, who subscribed for 23.8% of the offering.

o On 6 December 2012 Cambria negotiated with Consilium Investment Management (Consilium) an extension of maturity of the first US$ 1 million tranche of the previously mentioned US$ 3 million loan (arranged through Consilium March 2012) from 31 December 2012 to 8 March 2014.

o On 15 February 2013 Cambria announced the completion of the sale of FMNA to FMN.

o During the first half of financial year 2013 Payserv established a Lusaka office in December 2012, in anticipation of entering the Zambian market. Partnering with existing players it expects to lead with its Paynet EDI switching technology and make available its other outsourcing products to Zambia's growing financial and business sector.

o During the first half of financial year 2013 Payserv invested a significant amount of capital in developing various new offerings for its Paynet product, the first of which was launched in February 2013.

o On 19 February 2013, Cambria arranged an increase of the US$ 3 million loan with Consilium with by US$ 1.5 million, bringing the total facility to US$ 4.5 million.

o On 19 February 2013, Cambria announced its intent to invest in a more structured presence for Millchem, in Zambia, including a Lusaka office and warehouse. Various existing suppliers, encouraged by Millchem's rapid growth in Zimbabwe, have already offered to extend Millchem's Zimbabwe agencies into Zambia.

o After a year of transition, and in line with the new Board's uncompromising strategy of focus and profitability, the first half of financial year 2013 shows positive indicators of significant improvement over the same period last year.

The significant changes over the past financial year 2012 have laid a strong foundation for Cambria. During financial year 2013 the Board is working hard to build on this new foundation, increasingly moving Cambria towards sustainable growth and profitability.

Some legacy issues are, of course, still being dealt with by the Board. However, increasingly, Cambria is solely focused on looking forward and reaping the rewards of the foundation built during 2012.

Moreover, the Board, cognizant of the significant difference between net asset value and current market capitalization, continues to review ways to narrow this discount in the ways as described earlier in this report.

Importantly, as already indicated at the end of the CEO report for the first half of financial year 2012, the Board continues to confidently pursue profitability, scale and efficiency for Cambria. Shareholders can be assured that during the ongoing growth of the Company the Board of Directors of Cambria has one clear objective: To relentlessly pursue value for our shareholders.

Edzo Wisman

Chief Executive Officer

28th February 2012

Cambria Africa Plc

Audited consolidated income statement

For the year ended 31 August 2012

*Amounts have been restated due to a change in presentational currency from Pounds Sterling to United States Dollars

Cambria Africa Plc

Audited consolidated statement of comprehensive income

For the year ended 31 August 2012

*Restated

*Amounts have been restated due to a change in presentational currency from Pounds Sterling to United States Dollars.

Cambria Africa Plc

Audited consolidated statement of changes in equity

For the year ended 31 August 2012

Cambria Africa Plc

Audited consolidated and company statements of financial position

As at 31 August 2012

*Restated *Restated

*Amounts have been restated due to a change in presentational currency from Pounds Sterling to United States Dollars

Cambria Africa Plc

Audited consolidated statement of cash flows

For the year ended 31 August 2012

*Amounts have been restated due to a change in presentational currency from Pounds Sterling to United States Dollars