| Wed 19 Nov 2008, 7:05 | | SNU - Sentula Mining - Reviewed consolidated interim results for the six months |
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SNU
SNU - Sentula Mining - Reviewed consolidated interim results for the six months
ended 30 September 2008
Sentula Mining
(Formerly Scharrig Mining Limited)
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN code: ZAE000107223
("Sentula" or "the company" or "the group")
Reviewed consolidated interim results for the six months ended
30 September 2008
Turnover up 60%
EBITDA up 20%
EBITA up 16%
Net profit after tax up 53%
Cash generated from operations up 244%
Abridged Consolidated Balance Sheet
Reviewed Audited
six months year
ended ended
30 September 31 March
2008 2008
R`000 R`000
Assets
Non-current assets
Property, plant and equipment 2 618 167 2 234 927
Intangible assets 7 453 12 008
Investment in jointly controlled entity 61 455 -
Investment in equity-accounted 296 652 233 550
associate
Goodwill 372 691 372 691
Mineral rights 413 198 364 305
3 769 616 3 217 481
Current assets
Inventories 267 052 301 120
Trade and other receivables 677 982 551 458
Bank balance and cash 109 212 285 175
1 054 246 1 137 753
Total assets 4 823 862 4 355 234
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 533 861 1 530 217
Reserves 562 588 362 081
Ordinary shareholders` funds 2 096 449 1 892 298
Outside shareholders` funds 95 098 87 335
Total shareholders` funds 2 191 547 1 979 633
Non-current liabilities
Long-term borrowings 1 390 945 1 300 655
Deferred taxation 238 225 193 334
1 629 170 1 493 989
Current liabilities
Trade and other payables 415 023 351 077
Current portion of long-term borrowings 534 780 472 458
Taxation 53 342 58 077
1 003 145 881 612
Total equity and liabilities 4 823 862 4 355 234
Net asset value per share (cents) 890 803
Abridged Consolidated Income Statement
Reviewed Unreviewed Audited
six months six months year
ended ended ended
30 September 30 September 31 March
2008 2007 2008
R`000 R`000 R`000
Revenue 1 740 602 1 087 422 2 656 039
Operating profit before 296 324 249 242 133 947
finance charges
Finance charges (114 609) (59 321) (149 545)
Excess of fair value of 22 011 - 77 411
assets and liabilities
acquired over purchase
price
Income from investment 59 665 - 68 133
in associate (net of
tax)
Net profit before 263 390 189 921 129 946
taxation
Taxation (72 113) (65 024) (16 379)
Net profit after 191 277 124 897 113 567
taxation
Earnings attributable to 7 763 4 994 -
outside shareholders
Earnings attributable to 183 514 119 903 113 567
ordinary shareholders
Basic earnings per share 79,8 67,5 56,3
Headline earnings/(loss) 69,6 67,5 (8,2)
per share
Adjusted basic earnings 73,9 75,2 127,9
per share
Shares in issue (000)
- at end of period 235 566 203 430 235 566
- weighted average for 230 012 177 599 201 699
the period
interim (proposed) - 11 11
final (declared) - - 10
- 11 21
Abridged Consolidated Cash Flow Statement
Reviewed Unaudited
six months six months
ended ended
30 September 30 September
2008 2007
R`000 R`000
Profit before tax 263 390 189 921
Non-cash flow items 115 604 142 749
Cash generated from operations 378 994 332 670
before working capital adjustments
Changes in working capital (29 627) (264 114)
Interest paid 90 397 59 321
Cash generated from operations 439 764 127 877
Interest paid (90 397) (59 321)
Dividend paid - (20 502)
Taxation paid (48 197) (2 109)
Cash flows from operating activities 301 170 45 945
Cash flows from investing activities (592 334) (1 239 137)
Net addition to property, plant and (521 994) (755 415)
equipment
Net movement in loans receivable - (30 270)
Investments (78 393) -
Interest received 8 053 -
Acquisition of subsidiary - (453 452)
Cash flows from financing activities 115 201 1 260 413
Issue of shares - 443 943
Movement in treasury shares - 924
Long-term liabilities 115 201 815 546
Net increase in cash and cash (175 963) 67 221
equivalents
Foreign currency translation reserve - (2 973)
Cash and cash equivalents at the 285 175 164 511
beginning of period
Cash and cash equivalents at the end 109 212 228 759
of period
Reconciliation of Headline Earnings
Reviewed Unaudited Audited
six months six months 12 months
ended ended ended
30 September 30 September 31 March
2008 2007 2008
R`000 R`000 R`000
Net profit for the 183 514 119 903 113 567
period attributable to
equity holders of the
parent
Adjust for:
Profit on sale of plant (2 730) - (8 017)
and equipment
Loss on sale of plant 689 - 1 827
and equipment
Impairment of plant and 200 - 2 131
equipment
Excess of fair value of
assets and liabilities
acquired over purchase (22 011) - (127 258)
price
Tax effect of adjustment 515 - 1 177
Headline earnings 160 177 119 903 (16 573)
attributed to ordinary
shareholders
Amortisation of 13 662 19 200 46 258
intangible asset
Provision for - - 241 661
unaccounted funds
Tax effect of adjustment (3 825) (5 568) (13 415)
Adjusted earnings 170 014 133 535 257 931
attributed to ordinary
shareholders
Operational Segment Reporting
The group is organised into five major operating segments, namely opencast
mining and earthmoving, exploration drilling, drilling and blasting, crane hire
and equipment trading and spares. These segments are the basis on which the
group reports its primary segment information. Financial information about
business segments is presented as follows:
Business segments
Opencast Explora- Drilling
Mining tion and
2008 and earth- dril- Blast- Crane
moving ling ing hire
Revenues 869 927 535 834 156 283 23 081
Segment result 141 741 129 569 14 986 13 351
Net finance costs
Excess of fair value
of assets and
liabilities acquired
over purchase price
Share of profit of
equity-accounted
investees
Income tax expense
Profit for the period
Segment assets 2 510 683 790 754 217 401 81 505
Investment in equity-
accounted associate
Investment in jointly
controlled entity
Total assets
Segment liabilities 161 511 116 520 35 270 493
Unallocated
liabilities
Total liabilities
2007
Revenues 550 047 403 478 88 898 18 670
Segment result 148 236 87 853 17 775 8 958
Net finance costs
Excess of fair value
of assets and
liabilities acquired
over purchase price
Income tax expense
Profit for the period
Operational Segment Reporting (continued)
Business segments
Equipment
trading
2008 and Coal Other Conso-
spares mining lidated
Revenues 128 277 27 200 1 740 602
Segment result 10 793 15 114 (29 230) 296 324
Net finance costs (114 609)
Excess of fair value 22 011 22 011
of assets and
liabilities acquired
over purchase price
Share of profit of 59 664 59 664
equity-accounted
investees
Income tax expense (72 113)
Profit for the 191 277
period
Segment assets 179 465 523 427 162 520 4 465 755
Investment in equity- 296 652 296 652
accounted associate
Investment in 61 455 61 455
jointly controlled
entity
Total assets 4 823 862
Segment liabilities 19 953 109 621 1 897 381 2 340 749
Unallocated 291 567
liabilities
Total liabilities 2 632 316
2007
Revenues 7 710 18 619 1 087 422
Segment result (4 972) (3 728) (4 880) 249 242
Net finance costs (59 321)
Excess of fair value
of assets and
liabilities acquired
over purchase price
Income tax expense (65 024)
Profit for the 124 897
period
Statement of Changes in Equity
for the six months ended 30 September 2008
Employee
share
incentive
reserve/
capital
Share capital Share premium reserve
R`000 R`000 R`000
Balance at 1 April 2 356 1 558 640 21 354
2008
Profit for the period
Minority interest
Foreign currency
translation movement
Share-based payments 9 725
Purchase price 3 644
adjustment
Balance at 30 2 356 1 562 284 31 079
September 2008
Statement of Changes in Equity (continued)
for the six months ended 30 September 2008
Foreign
exchange
Treasury translation Retained
shares reserve earnings
R`000 R`000 R`000
Balance at 1 April 2008 (30 779) (2 499) 329 360
Profit for the period 183 514
Minority interest
Foreign currency translation 7 268
movement
Share-based payments
Purchase price adjustment
Balance at 30 September 2008 (30 779) 4 769 512 874
Statement of Changes in Equity (continued)
for the six months ended 30 September 2008
Non-distri- Total ordinary
butable Minority shareholders`
reserve interest funds
R`000 R`000 R`000
Balance at 1 April 2008 13 866 87 335 1 979 633
Profit for the period 183 514
Minority interest 7 763 7 763
Foreign currency 7 268
translation movement
Share-based payments 9 725
Purchase price adjustment 3 644
Balance at 30 September 13 866 95 098 2 191 547
2008
"Overall, we are satisfied with the group`s performance during the first half of
the 2009 financial year. Although the 2008 interim results have not yet been
restated, the relative performance for the period under review has shown good
comparative growth.
I believe that the extraordinary challenges faced over the last period have now
been dealt with and we will continue to address outstanding issues proactively.
We are confident that we are making good progress in this regard. We will now
concentrate our efforts on executing our growth strategy, which given the
underlying mix and fundamentals of our businesses, presents solid prospects
despite the global resource markets volatility.
The company has also completed the initial high level valuation of its coal
investments, in line with undertakings made in June 2008 and we look forward to
presenting their potential value in due course." - Robin Berry, Chief
Executive Officer.
FINANCIAL REVIEW
Revenue for the six months to 30 September 2008 increased by 60% over the
corresponding period to R1 740.6 million.
The three main segments, Mining services, including Exploration drilling 43% and
Opencast mining services 18%, Coal mining investments 37%, contributed net after
tax profits of R83 million, R35 million and R70 million respectively.
The net after tax margin amounted to 11%, similar to the comparative prior
period of 11.5%.
Finance charges increased to R114.6 million (2008: R59.3 million), as a
consequence of increased debt levels and three interest rate increases of 50
basis points each in the past 12 months.
During the period under review interest bearing debt of R434 million was
redeemed and a further R414 million was invested in plant and equipment.
Taxation increased to R72.1 million (2008: R65.0 million) resulting in an
effective tax rate of 27.4% (2008: 34.2%).
Attributable earnings increased by 53% to R183.5 million and basic earnings per
share increased by 18.2% to 79.8 cents.
Given the prevailing market volatility and tight credit conditions, the board of
directors have decided to preserve the company`s cash resources and not declare
an interim dividend at the present time. The board will review this matter again
at year-end and resume dividend payments as soon as conditions allow. Our policy
remains that dividend distributions are based on reported earnings for the
applicable accounting period, taking into account the projected cash
requirements of the business.
STRATEGIC REVIEW AND OBJECTIVES
The group`s strategic vision remains one of growth in the medium to longer term,
as it strives to meet the objective of being the mining services company of
choice across the African continent, through opportunities identified. In
addition, through the resources, expertise and experience base of the collective
group, Sentula has been in a position to nurture the development of a growing
portfolio of coal investments. In the interim, the company will utilise its
underlying and fundamentally solid and diverse business base to ride out the
current uncertainty that exists in the global economy. In line with the group`s
strategic growth vision, Sentula has, on the back of sustainable developments
within the sector during the period under review, actively worked towards
meeting its objectives through the bedding down of previous acquisitions, the
investments in capacity made during prior periods, and developing structures in
support of its non-South African activities. Through this, the Sentula group has
grown to become a leading open-cast coal mining contractor in South Africa, an
international mining services provider with current operations in 12 African
countries, and a leading exploration drilling company across the continent. The
company`s foothold in the coal and energy sector, coupled with its diversified
service offering, client base, mineral exposure and geographical spread have
created a solid platform for the business.
Safety track record
While Sentula`s Classified Injury Frequency Rate of 2.39 per 200 000 man hours
worked remains ahead of its target of 2.50, three of the group`s subsidiaries
reported serious incidents during the period which resulted in the deaths of two
employees and serious injury to three others. Sentula is committed to working
with its clients to identify hazards and reduce risks in their operations.
Sentula will continue to place the health and safety of its employees as its top
priority.
Mining services
The provision of mining services remains the core of Sentula`s business and the
five operating divisions, with their nine underlying subsidiaries, continue to
trade satisfactorily, despite the volatile market conditions being experienced
at the current time.
Opencast mining services
During the six-month period from 1 April 2008 to 30 September 2008
Scharrighuisen`s contribution to the group`s earnings were well below
projection, despite substantially meeting its contractual volume and tonnage
obligations for the period. Below par operating efficiencies coupled with
abnormal input cost increases and historically poorly priced contracts, resulted
in Scharrighuisen continuing to experience margin pressure during this period.
In order to improve operational efficiencies, resource utilisation and cost
controls, steps have been taken to strengthen the operational and financial
management of this subsidiary, which should yield results in the medium-term.
Contracts identified as not delivering adequate returns are in the process of
being renegotiated or terminated. On the back of these initiatives,
Scharrighuisen is expected to make a limited, but positive contribution to the
group, for the financial year.
Benicon has doubled the number of its medium-term steady state sites from three
to six, during the period under review, and is enjoying the benefit of recently
priced new work and the opportunity to re-price existing contracts in a buoyant
market. With all sites operating at capacity, the prospects for the subsidiary
look solid for the remainder of the second six months of the financial year.
The consolidation of CCT opencast mining, with its expertise in non-coal mining
activities, from the second half of the 2008 financial year, has resulted in an
overall reduction in the exposure of this segment to coal contracting
operations. The envisaged growth of CCT for the period under review has been
secured by the scheduled ramp up of the Smokey Hills open pit platinum project,
from its start in March of this year and the business`s good bottomline margins.
The prospects for this business, through to the financial year-end appear to be
intact at the current time, despite the volatility in demand for ferrochrome and
PGM`s. This segment is envisaged, on the back of sustained performances from
Benicon and CCT, and an early stage turnaround in Scharrighuisen, to double its
contribution to the group`s mining services earnings by end of the 2009
financial year. Strategically, under the Benicon entity, the group has
established and continued to grow an equipment hire business in Moatise,
Northern Mozambique`s Tete Province, in preparation for the large scale coal
mining operations, planned to come on stream from 2010 onwards.
Overburden drilling and blasting
Trading as JEF Drill and Blast, this segment of the group, supported by the
necessary expertise required to operate and manage a business of this nature and
gained through its acquisition, has delivered a solid set of earnings for the
six month period. Although bottomline margins remain lower than expected, the
turnaround in this business segment, from the prior period, gives an indication
of the potential in the short-term. The improvement to date has been achieved on
the back of a continued diversification of its client base and improved contract
pricing.
The outlook for the remaining six months looks to be intact and the subsidiary
should realise double digit bottom line margins for the period.
Equipment trading, spares and engineering
The three subsidiaries, Benicon Sales, Caston and NWN Automotive, continue to
play a strategic role in supplying the group`s requirements from an equipment
and spares perspective and the in-house retention of key maintenance facilities
and skills. The ongoing limited, but positive bottomline contribution of this
segment will continue to be offset by its strategic offering.
Exploration drilling
The diversification in earnings that the Geosearch acquisition has brought to
the group is evidenced by its solid contribution during the six months under
review. While current market volatility is expected to significantly reduce
exploration funding in the short-term, the relatively low level of gearing and
fixed costs, coupled with the specific areas of drilling expertise that exist
within the business, Geosearch is expected to be well positioned to weather the
current slowdown in demand and to remain a significant contributor to the
group`s bottom line earnings for the 2009 financial year. The operating
experience, gleaned from Geosearch`s broad geographic footprint across southern
and central Africa, will strategically position the group to capitalise on the
development of new mineral resources in the medium to long-term, despite the
current reduced rate of demand growth.
Crane hire
Ritchie Crane Hire, on the back of robust demand in the coal mining,
infrastructure provision and construction sectors, has delivered a solid, high
margin contribution to the group`s earnings for the period under review. The
fleet of medium to large capacity mobile cranes has enjoyed a high level of
utilisation during the first half of the year and this segment is expected to
maintain its level of contribution to the group, through to the end of the 2009
financial year.
Coal mining investments
In line with the undertaking given in June 2008, the group has embarked on a
process to package and independently value its investments in various coal
projects. The first phase of this valuation exercise has been completed and the
results thereof will be released in due course. Sentula`s vision to become a
junior coal mining company, producing between 15 and 20 million tonnes per annum
within five years, remains an aim of the group and will position the company as
a significant second tier coal producer. Sentula is currently invested in six
projects (four in South Africa, one in Botswana and one in Zambia). The projects
can be broadly described as mining properties, comprising operating mines,
development properties, that is those projects which will be operational within
18 months and exploration properties.
Mining properties
Siyanda Coal, the entity in which the Koornfontein mine is warehoused, and in
which Sentula holds a 49.9% stake, has produced a solid performance for the six
months ended 30 September 2008. Accounted for on an equity basis, the earnings
reflect the positive impact of additional export coal sales at robust spot
prices during the period. Despite a softening in export coal pricing, the
outlook, through to the financial year-end, remains positive and is supported by
ongoing additional sales production, a sustained weakening in the Rand-Dollar
exchange rate and a softening of freight rates. The independent valuation and
feasibility study of the Koornfontein mine has been completed and has increased
the life of the mine from two years to 15 years, through the recognition of the
viability of the extraction and beneficiation of the 4-seam to produce a "B"
grade export thermal coal. The board of Siyanda Coal has approved the
development of the 4-seam and it is anticipated that full scale mining of this
seam will commence in 2009. Total capital expenditure for the development of the
4-seam amounts to R820 million and, although the 4-seam development is self
funding, it is envisaged that conservative debt funding will be sought from the
financial sector to increase cash flow returns to the shareholders of Siyanda
Coal.
The Nkomati Anthracite Mine, in which Sentula holds a 60% equity interest, has
continued to perform in line with budget expectations for the period under
review. The development of the Mangweni box-cut is complete and first
underground production is scheduled for December 2008. The Madadeni open-cast
development is scheduled to begin in February 2009 and, together with the
underground production, will provide the plant with 480 000 tonnes of ROM
production on an annual basis. Sentula has funded the development of the mine to
the extent of R100 million over the past year from internal cash flows and
although no external funding is required for the underground or open cast
developments, the company will be looking to refinance a portion of Sentula`s
shareholder loan with a project finance facility. Despite a projected softening
in demand for coking coal, the demand for a discounted blend coal such as
anthracite is expected to remain constant, resulting in sales revenue for the
second half of the financial year being substantially the same as the first
half.
Development properties
Sentula holds a number of prospecting rights in joint venture investments, which
it plans to bring into production in the next 18 months. In conjunction with
Merafe Resources Limited, new order prospecting rights have been granted over
the Bankfontein, Schoongezicht, Kaallaagte and Rietfontein properties and mining
right applications have been submitted for the Bankfontein and Schoongezicht
properties. Sentula envisages bringing these two mines into production in the
third quarter of 2009, with resultant steady state production profiles of 1.5
million tonnes per annum from these projects. It is anticipated that further
exploration on these properties will increase the extent of the mineable
resources on these properties. Exploration on the Mabapa coking coal project is
proceeding well with initial drilling holes indicating seam thicknesses of 15
metres over an area of 256 hectares, delineating an inferred resource of 12.8
million tonnes of in-situ coking coal. Initial laboratory results show a high
quality semi-hard coking coal fraction in the delineated resource. Production
from the project is scheduled during the second half of 2010 and will build up
to 1.2 million tonnes per annum. Exploration drilling is ongoing at the Mulungwa
project in Southern Zambia. Sentula (50%) and partners, Jonah Capital (50%),
have earned a 50,0001% share in Indongo Mining, which holds the prospecting
licence for the Mulungwa project. The remaining shareholding is held by a group
of local Zambian businessmen. Approval has been granted to proceed with the
third and final phase of the exploration work programme, which includes resource
modelling, completion of the environmental impact assessment and technical
mining and financial investigations. A total of 45 boreholes have been drilled
to date, delineating an inferred resource of 80 million tonnes. Production is
planned to begin in June 2009 at a rate of 500 000 tonnes per annum, with
forecast sales targeted at the domestic Zambian market.
Exploration properties
The Asenjo joint venture with Jonah Capital and Aquilla Resources in Botswana,
became effective on 30 September 2008, after all suspensive conditions were
fulfilled. Sentula has invested US$7,5 million in the project, earning an
effective equity interest of 25%. Exploration on the tenements began in January
2008, and to date, some 12 000 metres have been drilled.
The exploration programmes for the Asenjo Energy Joint Venture during the period
under review, focused on the Mmamabula and Dukwe deposits. At Dukwe the results
of the 87 borehole drilling programme, completed earlier in the year, were
analysed during the second quarter. Drill hole spacing was undertaken on 1
kilometre grid, sufficient to generate an Indicated Resource under the SAMREC
Code. Initial analysis of the results is positive and a further 14 borehole in-
fill drilling programme, totalling approximately 1 500 metres, will be completed
by the end of December 2008. An aerial magnetic survey was flown over the Dukwe
project and indicated no new magnetic anomalies, from those identified during
the historic exploration assessments of the property. An initial SAMREC
compliant resource statement is then scheduled to be completed by the end of
March 2009.
At Mmamabula, drilling during the six months to the end of September 2008
focused on the Mmamabula East project, with 21 boreholes, totalling 2 819
metres, drilled during the last Quarter. The drilling identified an area
containing a relatively shallow A-Seam (60 metres to 180 metres), in an area
previously thought not to contain coal, which is very promising. Drilling was
scheduled to commence in Mmamabula West during October 2008. The target block
comprises about 25 square kilometres and is situated in an uplifted block,
containing both the K and A Seams. Drilling will be on a 1 kilometre grid
pattern in order to make it SAMREC compliant at an Indicated level.
Drilling during the second half of the year will also commence at the Lechana
project where the target block also comprises 25 square kilometres and is
situated in the eastern fringe of the deposit, containing the Morupule Main,
Taukome Bright and the Upper Coal Seams. As with Mmamabula West, drilling will
be on a 1 kilometre grid. Tender notices were issued during the period to
parties to complete baseline environmental studies on the three key project
areas, namely Dukwe, Mmamabula and Lechana.
The remaining Merafe prospects, namely Kaallaagte and Rietfontein are still
subject to desktop exploration reviews, with exploration drilling planned to
commence during the fourth quarter.
Basis of Presentation
The accounting policies applied in the preparation of these reviewed interim
financial statements, which are based on reasonable judgments and estimates, are
in accordance with International Financial Reporting Standards ("IFRS") and are
consistent with those applied in the annual financial statements for the year
ended 31 March 2008. These reviewed interim financial statements as set out in
this report have been prepared in terms of IAS 34 - Interim Financial Reporting,
the Companies Act (Act 61 of 1973), as amended and the Listings Requirements of
JSE Limited.
The financial statements for the comparative period ending 30 September 2007
have not been restated. The interim financial statements have been reviewed by
KPMG Inc and their modified conclusion is available at the company`s registered
office.
Extract of the modification from the review report
"Basis for qualified conclusion
In our auditor`s report on the group financial statements for the year ended 31
March 2008 we reported as follows:
"The directors` report indicates that there was a breakdown in the internal
control systems of the company and a subsidiary in the current and preceding
years and gives the effect of the irregularities arising therefrom on the
financial statements. In particular, the directors` report also indicates that
the carrying value of certain items of plant and equipment, in a subsidiary, may
not have been based at actual cost and that the investigation of transactions
reflected in a bank account of a subsidiary, not previously recorded, is in
progress. The directors` report, furthermore, gives an explanation for this
state of affairs.
In the absence of supporting documentation, we were unable to satisfy ourselves
as to:
The cost of the existing plant and equipment as disclosed in the notes;
The appropriate disclosure of the impairment of the unrecorded funds amounting
to R242 million in the income statement; and
Whether the impairment and the reduction in depreciation referred to in the
directors` report, have been recorded in the correct accounting period."
In these circumstances we qualified our opinion on the group`s financial
position at 31 March 2008 and disclaimed an opinion on the group`s financial
performance and cash flows for the year then ended.
In the absence of supporting documentation, referred to in our previous report,
we are still unable to satisfy ourselves as to the cost of plant and equipment
at 31 March 2008 included in the cost of plant and equipment at 30 September
2008; and whether the depreciation reflected in the income statement for the
period then ended, which is based on the cost at which these items were recorded
in the balance sheet, has been reasonably determined.
Qualified conclusion
Based on our review, except for the possible effects of the matters described in
the preceding paragraph, nothing has come to our attention that causes us to
believe that the interim financial statements do not present fairly, in all
material respects, the condensed consolidated financial position of Sentula
Mining Limited at 30 September 2008 and its condensed consolidated financial
performance and condensed consolidated cash flows for the period then ended in
accordance with International Financial Reporting Standards and in the manner
required by the Companies Act of South Africa.
Emphasis of matter
The corresponding figures for the year ended 31 March 2008 are those on which
our auditor`s report contained a qualification on the group`s financial position
and a disclaimer of opinion on the group`s financial performance and cash flows,
as referred to above. The corresponding figures for the period ended 30
September 2007 are unaudited and unreviewed as there was no requirement for an
audit or review."
DIRECTORATE
During the six months ended 30 September 2008 the following changes took place
to the board of directors.
Appointments
The following directors were appointed to the board of the Company on 11
September 2008:
Andy Kawa, Dawn Marole, Pulane Kingston and Jeff van Rooyen. Pat Modisane was
appointed as an executive director, as head of Transformation and Human
Resources on 1 October 2008.
Resignations
The following directors resigned from the Company during the period under
review:
Treve Hendry - 16 June 2008, Dr Paula Huysamer - 9 July 2008, Clint Moorcroft -
8 September 2008 and Dines Gihwala - 11 September 2008.
DIVIDEND:
For the reasons mentioned above, no interim dividend was declared by the board.
A final dividend, number 24, of 10 cents per share was declared on 25 June 2008
and paid to shareholders on 6 October 2008, resulting in a total dividend of 21
cents for the 2008 financial year.
On behalf of the board
Sir Sam Jonah Robin Berry
Non-executive Chairman Chief Executive Officer
Boksburg
19 November 2008
Directors: Sir S E Jonah KBE* (Chairman), R C Berry, (Chief Executive Officer),G
P Louw (Chief Financial Officer), P P Modisane, J G Best*, A Joffe*, R K Jonah*,
A Kawa*, P Kingston*, D Marole*, E H J Stoyell*,
J van Rooyen* * Non-executive
Registered address:
28 Patrick Road, Jet Park, Boksburg, 1459.
PO Box 30194, Jet Park, 1469.Tel (011) 397-3870
Website: www.sentula.co.za
Transfer Secretaries:
Link Market Services South Africa (Proprietary) Limited.
5th Floor,11 Diagonal Street, Johannesburg, 2001.
PO Box 4844, Johannesburg 2000.
Tel (011) 832-2652
Investor Relation Advisers: College Hill
Sponsor: Merchantec (Proprietary) Limited
Auditor: KPMG Inc
Date: 19/11/2008 07:05:02 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
