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SEP
SEP
SEP - Sephaku Holdings Limited - Condensed Consolidated Interim Financial
Results for the six months ended 31 August 2009
SEPHAKU HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP ISIN: ZAE000138459
("Sephaku Holdings" or "the company")
CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS
for the six months ended 31 August 2009
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Assets
Non-current assets 320 172 131 660 227 709
Current assets 250 631 375 322 285 354
Available-for-sale - 21 132 14 118
financial assets
Total assets 570 803 528 114 527 181
Equity and liabilities
Equity attributable to 450 603 519 917 512 940
owners of the parent
Current liabilities 120 200 8 197 14 241
Total equity and 570 803 528 114 527 181
liabilities
Net asset value per share 235,57 288,33 284,19
(cents)
Tangible net asset value 197,54 260,13 252,47
per share (cents)
Ordinary and preference 155 804 561 150 976 502 151 091 000
shares in issue
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Year ended
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Operating loss (99 144) (14 207) (37 992)
Investment revenue 9 986 13 449 30 373
Share of loss of (1 482) (424) (1 964)
associates
Finance costs (4) (221) (271)
Loss for the period (90 644) (1 403) (9 854)
before tax
Income tax expense (112) (292) (645)
Total comprehensive loss (90 756) (1 695) (10 499)
for the period
Attributable to:
Owners of the parent (78 323) (2 093) (11 046)
Non-controlling (12 433) 398 547
interests
Ordinary shares:
- weighted average 154 623 671 110 230 866 124 331 930
number of shares
- diluted weighted 158 845 546 114 452 741 128 553 805
average number of shares
Attributable loss per
share (cents):
- basic loss (50,65) (1,90) (8,88)
- diluted loss (49,31) (1,83) (8,59)
- headline loss (45,08) (1,16) (9,35)
- diluted headline loss (43,88) (1,12) (9,04)
Reconciliation of basic
loss to diluted loss and
headline loss:
Basic loss and diluted (78 323) (2 093) (11 046)
loss
Profit on sale of non- (248) (758) (758)
current assets
Impairments 8 874 1 573 181
Headline loss (69 697) (1 278) (11 623)
attributable to owners
of the parent
Reconciliation of
weighted average number
of shares:
Basic weighted average 154 623 671 110 230 866 124 331 930
number of shares
Diluted effect of share 4 221 875 4 221 875 4 221 875
options
Diluted weighted average 158 845 546 114 452 741 128 553 805
number of shares
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Year ended
31 August 31 August 28 February
2009 2008 2009
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash flows from 11 516 (33 377) 14 106
operating activities
Cash flows from (193 046) (95 949) (173 451)
investing activities
Cash flows from 53 143 376 049 376 836
financing activities
Total cash movement for (128 387) 246 723 217 491
the period
Cash at beginning of the 271 678 54 187 54 187
period
Cash at end of the 143 291 300 910 271 678
period
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total
share Other Retained
capital NDR earnings
R`000 R`000 R`000
Balance at 29 February 84 652 1 678 39 966
2008 (Audited)
Gain on issue of shares to - - 187 951
minorities
Total comprehensive loss - - (2 093)
for the period
Issue of share capital 443 022
Premium paid (319 859)
Business combinations - - -
Balance at 31 August 2008 207 815 1 678 225 824
(Unaudited)
Balance at 28 February 214 982 1 678 212 702
2009 (Audited)
Total comprehensive loss - - (78 323)
for the period
Issue of share capital 7 816 - -
Disposal of Sephaku - 10 172
Management (Pty) Limited
Employees share option - 10 430 -
scheme
Balance at 31 August 2009 222 798 12 108 144 551
(Unaudited)
Attributable Non-
to owners of controlling Total
the parent interests equity
R`000 R`000 R`000
Balance at 29 February 126 295 20 733 147 029
2008 (Audited)
Gain on issue of shares to 187 952 - 187 952
minorities
Total comprehensive loss (2 093) 399 (1 695)
for the period
Issue of share capital 443 022 443 022
Premium paid (319 859) (319 859)
Business combinations - 63 468 63 468
Balance at 31 August 2008 435 317 84 600 519 917
(Unaudited)
Balance at 28 February 429 362 83 579 512 940
2009 (Audited)
Total comprehensive loss (78 323) (12 433) (90 755)
for the period
Issue of share capital 7 816 - 7 816
Disposal of Sephaku 10 172 - 10 172
Management (Pty) Limited
Employees share option 10 430 - 10 430
scheme
Balance at 31 August 2009 379 457 71 146 450 603
(Unaudited)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Segmental
reporting Consolida-
Cement Fluorspar Other tion Total
R`000 R`000 R`000 R`000 R`000
Segment
information
for the
Group - 31
August 2009
(Unaudited)
Segment (62 235) (409) (28 111) - (90 755)
result
Segment 432 306 21 166 331 729 (214 398) 570 803
assets
Segment (71 871) (37 401) (222 956) 212 028 (120 200)
liability
Segment
information
for the
Group - 31
August 2008
(Unaudited)
Segment 1 473 (2) (3 659) 494 (1 694)
result
Segment 455 449 5 178 152 571 (85 085) 528 113
assets
Segment (32 588) (4 588) (116 907) 145 886 (8 197)
liability
Segment
information
for the
Group - 28
February
2009
(Audited)
Segment 6 256 (145) (22 846) 6 236 (10 499)
result
Segment 443 799 1 270 142 598 (60 486) 527 181
assets
Segment (13 986) (2 757) (16 236) 18 738 (14 241)
liability
Basis of preparation
These condensed consolidated interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting, which has been amended
following the revision of IAS 1 Presentation of Financial Statements.
The group`s interim financial results have been prepared on a historical cost
basis and conform to International Financial Reporting Standards ("IFRS"). The
accounting policies adopted are consistent with those applied in the annual
financial statements for the year ended 28 February 2009.
The interim announcement has been prepared in accordance with the JSE Limited
Listings Requirements.
Statement on going concern
The financial statements have been prepared on the going-concern basis since the
directors have every reason to believe that the company has adequate resources
in place to continue in operation for the foreseeable future.
Overview and comments
The company is an HDSA-controlled mineral exploration, development and
investment company with a diverse range of mining and exploration projects
including, inter alia, limestone, fluorspar, coal, tin, gold and nickel. The
group`s business is primarily focused on the identification of economically
viable mineral prospects, the acquisition of such assets and the development of
such prospects into full-scale mining projects.
There have been no material changes to the company`s reserves and resources as
presented in the pre-listing statement dated 13 August 2009.
The cement and fluorspar projects:
During the period under review, the focus of the company was on the development
of the cement and fluorspar projects and negotiating the final funding of the
cement project. Sephaku Cement (Pty) Limited ("Sephaku Cement"), the company`s
80,2% held subsidiary, completed the ash processing plant at Kendal power
station, which became operational on 1 September 2009. The acquisition of the
site for the cement grinding station at Delmas was finalised and the company
also received a record of decision for the development of the cement grinding
station on this property. During the next six months, the first revenue stream
from the ash project can be expected and the funding of the cement project
should be finalised. Caltlin Investments (Pty) Limited obtained approval from
the Department of Mineral Resources for the transfer from BHP Billiton SA
Limited of the prospecting right for fluorspar on the farm Naauwpoort and
subsequently an application was made and accepted for a mining right for
fluorspar on portions of the farms Naawpoort and Kromdraai. During the following
six months, the group will complete the definitive feasibility study on the
fluorspar project, based on which it will start sourcing funding for the
project.
Commentary on the financial results:
Sephaku Cement funded from cash resources a further spending of R35 million on
the ash processing plant and a further R36 million on the cement manufacturing
plant. The group also invested R21 million on exploration of which R15 million
was on the fluorspar project.
On 1 March 2009, Sephaku Management (Pty) Limited, which provides company
secretarial and infra-structural services to the group, was sold. The impact of
the sale is that many intercompany loans previously set off are now reflected in
current assets and current liabilities.
Sephaku Cement incurred a loss on foreign exchange on open forward exchange
contracts due to the improvement of the SA Rand versus the US Dollar. The
employee costs in Sephaku Cement increased due to the ramp up of staff for the
ash processing plant and the cement manufacturing project.
Changes to the board:
Mr JW Wessels was appointed as an alternate director to Mr CR de W de Bruin,
whilst Dr D Twist is now the alternate to Mr ME Smit.
On behalf of the board
Neil Crafford-Lazarus Lelau Mohuba
CEO Chairman
Pretoria
27 November 2009
Company information
Directors:
L Mohuba (Chairman)
NR Crafford-Lazarus* (Chief Executive Officer)
RR Matjiu*
ME Smit*
CR de W de Bruin
MG Mahlare
GS Mahlati
MM Ngoasheng
J Bennette#
D Twist#
JW Wessels#
*Executive #Alternate
Company secretary:
Sephaku Management (Pty) Limited
Registered office:
Suite 4A, Manhattan Office Park
16 Pieter Road, Highveld Technopark
Centurion, 0169
www.sephakuholdings.co.za
Date: 27/11/2009 17:48:06 Produced by the JSE SENS Department.
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