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SAN
SAN
SAN - SANYATI HOLDINGS LIMITED - Revised profit forecast of Sanyati
following the acquisition of Megapile, Ruthcon and Gem Earthworks and
withdrawal of cautionary
(Incorporated in the Republic of South Africa)
(Registration number 1988/002538/06)
JSE Share code: SAN ISIN: ZAE000081055
("Sanyati" or "the company")
Revised profit forecast of Sanyati following the acquisition of Megapile,
Ruthcon and Gem Earthworks and withdrawal of cautionary
1. INTRODUCTION
Shareholders are referred to the announcement on SENS dated 19 April
2007 in terms of which it was announced that Sanyati would publish a
revised profit forecast for the year ending 28 February 2008 taking
into account the effect of the acquisitions of Mega Pile (Pty) Limted
("Mega Pile"), Ruthcon Civil Contractors (Pty) Limited ("Ruthcon")
and Gem Earthworks (Pty) Limited ("Gem") ("the acquisitions").
2. PROFIT FORECAST OF THE COMPANY FOLLOWING THE ACQUISITIONS
The forecast income statement of Sanyati for the financial year
ending 28 February 2008, taking into account the acquisitions, is set
out below. The directors of Sanyati are responsible for the forecast
income statement. The forecast income statement has been prepared on
a basis consistent with the accounting policies of Sanyati.
Sanyati
Forecast
Year ending 28 February 2008
Revenue (Rand `000) 955 932
Gross profit 143 496
Operating expenses 54 681
EBITDA 88 815
Depreciation 9 627
Profit before interest and taxation 79 188
Net interest paid 4 495
Profit before taxation 74 693
Taxation 21 661
Earnings attributable to ordinary 53 032
shareholders
Weighted average shares in issue 290 830
Earnings per share (cents) 18,23
Headline earnings per share (cents) 18,23
Main assumptions:
1. The forecast income statement for the year ending 28 February 2008
includes revenue and profitability for the Ruthcon and Gem acquitions
from effective date of the acquisition ie. 12 April 2007.
2. Operating expenditure will increase in line with the expected rate
of inflation of approximately 6%.
3. An effective rate of taxation of 29% will be achieved.
4. Revenue will increase in accordance with existing organic growth
levels.
5. There will be continuity in Sanyati`s existing management and
trading policies.
Assumptions 2 and 3 are outside the control of the directors` and
assumptions 4 and 5 are within the directors` control.
3. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The board of Sanyati hereby announces that caution is no longer
required to be exercised by shareholders when dealing in their
securities.
4. DOCUMENTATION
PKF`s reporting accountants report (conducted in accordance with the
International Standard on assurance engagements applicable to the
examination of prospective financial information) on the revised
profit forecast is available for inspection at the registered office
of the company.
Johannesburg
17 May 2007
Designated adviser Exchange Sponsors
Auditors PKF Chartered Accountants
Attorneys Deneys Reitz Inc.
Date: 18/05/2007 08:04:29 Produced by the JSE SENS Department.
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