| Tue 10 Feb 2009, 8:45 | | PET - Petmin Limited - Trading Update |
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PET
PET
PET - Petmin Limited - Trading Update
Petmin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
Share code JSE: PET ISIN: ZAE000076014
Share code AIM: PTMN
("Petmin", "the company" or "the group")
TRADING UPDATE
Petmin announces a trading update for the six months ended 31 December 2008, in
accordance with the JSE`s listing requirements, which stipulate that a company
has to publish a trading statement if an increase or decrease of more than 20%
(compared with the previous reporting period) in its basic earnings per share
and headline earnings per share is expected.
Shareholders of Petmin are hereby advised that headline earnings per share for
the six months ended 31 December 2008 are expected to be approximately 11 cents
per share, up from 6.38 cents per share for the six months ended 31 December
2007, an increase in excess of 70%. This growth in headline earnings per share
was achieved as a result of:
1. the anthracite division delivering additional profits from increased sales
volumes and improved prices received on the export market;
2. sales volumes at the SamQuarz silica mine increasing, largely from
additional sales to the construction sector.
Basic earnings per share for the six months ending 31 December 2008 are
expected to be greater than 15 cents per share, down 22% from 19.30 cents per
share for the six months ended 31 December 2007. The difference between the
headline and basic earnings per share is due to the IFRS fair value valuation
on the acquisition of 25% of Veremo Holdings Limited ("Veremo"), resulting in a
share of profit of equity accounted investee of R33 million being recognised in
the six months to 31 December 2008 compared to R62 million being recognised in
the six months ended 31 December 2007.
Impairment losses of R14.7 million were recognised in the six months ended 31
December 2008 (2007: nil). The carrying value of the Springlake assets were
impaired by R13.4 million as the proceeds emanating from the sale of Springlake
(expected to be approximately R150 million), less costs to sell is less than
the carrying value of Springlake in Petmin`s consolidated balance sheet.
Goodwill of R1.3 million was impaired on the acquisition of the remaining 30%
of Petmin Logistics.
The Company`s gearing at 31 December 2008 is anticipated to be 7%. (This is
prior to the cash inflow arising from the Springlake Sale).
This trading statement, SENS announcement and RNS announcement has not been
reviewed or audited by the Company`s auditors.
It is anticipated that Petmin`s results to 31 December 2008 will be published
before 3 March 2009.
Sponsor
River Group
+27 12 346 8540
Andrew Lianos/Estine van der Merwe
For further information, please contact:
Petmin Limited Nominated Adviser
+27 82 459 7818 Numis Securities Limited
Bradley Doig +44 20 7260 1000
Chief Operating Officer John Harrison/Stuart Skinner
UK Broker RSA Public Relations Advisers
Numis Securities Limited Russell & Associates
+44 20 7260 1000 +27 11 880 3924
James Black Shelagh Blackman
10 February 2009
Johannesburg
Date: 10/02/2009 08:45:02 Produced by the JSE SENS Department.
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