| Mon 22 Feb 2010, 8:30 | | PET - Petmin Limited - Trading statement |
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PET
PET
PET - Petmin Limited - Trading statement
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" or "the Company")
Trading statement
The 2009 calendar year has been the most difficult year experienced in Petmin`s
history because of the turmoil in the worldwide financial markets and its
consequential impact on the world commodity markets. Despite this, during the
six months ended 31 December 2009, Petmin`s operations maintained healthy
profit margins and were cash generative.
The JSE`s listing requirements stipulate that a company is required 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 ("EPS") and
headline earnings per share ("HEPS") is expected.
The shareholders of Petmin are hereby advised that HEPS for the six months
ended 31 December 2009 are expected to be 8.28 cents per share, down by 30%
from the 11.82 cents per share for the six months ended 31 December 2008. If
the results of Springlake Colliery, which was sold in June 2009, are excluded
from the comparative period, Headline Earnings per share increased 10% on a
like for like basis.
EPS for the six months ended 31 December 2009 are expected to be 8.28 cents
per share, down from 15.15 cents per share for the six months ended
31 December 2008, a decrease of 45%. This decrease is due to the comparative
period including income of R23m generated by Springlake (4.27 cents), once-off
income of R33 million (6.06 cents) resulting from the fair value adjustment in
terms of IFRS on the acquisition of Petmin`s initial investment in Veremo
Holdings (Pty) Ltd, and once-off impairment charges mainly relating to the
sale of Springlake amounting to R15 million (2.71 cents).
The table below summarizes the impact of Springlake on the comparative figures.
Six months Six months Six months
Ended ended ended
31 December 31 December 31 December
2009 2008 2008
Excluding Excluding Including
Springlake Springlake Springlake
HEPS 8.28 7.55 11.82
EPS 8.28 13.37 15.15
Petmin has a healthy balance sheet with cash resources of
approximately R 145 million and unutilized facilities at
or below prime of R 150 million and has built a stable
platform from which to launch and execute its strategy to
significantly increase the size of Petmin and to provide
superior returns to our shareholders.
This trading statement, SENS announcement and RNS
announcement has not been reviewed or audited by the
Company`s auditors.
Petmin`s reviewed results are expected to be published on
SENS and RNS on 1 March 2010.
Enquiries:
Petmin
Bradley Doig (COO)
+27 824 597 818
Nominated Advisor (AIM)
Numis Securities Limited
John Harrison
+44 207 260 1000
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos
+27 834 408 365
22 February 2009
Johannesburg
Sponsor
River Group
Date: 22/02/2010 08:30:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
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.
