| Fri 18 Jun 2010, 8:00 | | SNU - Sentula Mining - Audited provisional results for the year ended 31 March |
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SNU
SNU
SNU - Sentula Mining - Audited provisional results for the year ended 31 March
2010
SENTULA MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
("Sentula" or "the Company" or "the Group")
AUDITED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 MARCH 2010
*The provisional financial statements are presented on a summarised consolidated
basis.
Statement of financial position
Audited Audited
year ended year ended
31 March 31 March
R`000 2010 2009
ASSETS
Property, plant and equipment 2 641 957 2 829 525
Intangible assets 17 621 12 174
Investment in equity-accounted associate - 333 225
Goodwill 411 148 423 275
Restricted investment 4 322 -
Mineral rights 412 183 418 410
Deferred tax assets 21 625 13 907
Total non-current assets 3 508 856 4 030 516
Inventories 328 267 322 570
Trade and other receivables 1 118 174 471 571
Cash and cash equivalents 80 435 125 774
Assets classified as held for sale 15 559 -
Total current assets 1 542 435 919 915
TOTAL ASSETS 5 051 291 4 950 431
EQUITY AND LIABILITIES
Equity
Share capital and premium 1 994 823 1 534 370
Reserves 840 435 642 200
Total equity attributable to equity holders of 2 835 258 2 176 570
the Company
Minority interest 79 356 87 451
Total equity 2 914 614 2 264 021
Liabilities
Loans and borrowings 544 860 1 076 248
Rehabilitation provision 56 292 77 135
Deferred tax liabilities 226 672 251 221
Total non-current liabilities 827 824 1 404 604
Trade and other payables 419 923 466 345
Loans and borrowings 613 970 660 493
Bank overdraft 184 008 88 326
Taxation 90 952 66 642
Total current liabilities 1 308 853 1 281 806
TOTAL LIABILITIES 2 136 677 2 686 410
TOTAL EQUITY AND LIABILITIES 5 051 291 4 950 431
Net asset value per share (cents)* 681 621
Tangible net asset value per share (excluding 581 501
goodwill) (cents)*
*2009 restated for rights issue
Income statement
Audited Audited
year ended year ended
31 March 31 March
R`000 2010 2009
Revenue 2 178 601 2 989 835
Results from operating activities 128 986 479 669
Net finance charges (221 330) (252 305)
Fair value adjustment 6 920 -
Excess of fair value of assets and liabilities - 21 075
acquired over purchase price
Profit on disposal of equity-accounted 329 300 -
associate
Income from investment in equity-accounted 31 331 90 307
associate (net of tax)
Profit before taxation 275 207 338 746
Taxation expense (44 164) (60 099)
Profit for the period 231 043 278 647
Attributable to:
- Owners of the Company 239 138 278 531
- Minority interest (8 095) 116
Basic and diluted earnings per share (2009 55,8 76,4
restated for rights issue) (cents)
Headline and diluted headline earnings per 0,6 68,8
share (2009 restated for rights issue) (cents)
Shares in issue at the end of the period (`000) 586 559 235 566
Weighted average number of shares at the end of
the period
(2009 restated for rights issue) (`000) 428 185 364 806
Statement of comprehensive income
Audited Audited
year ended year ended
31 March 31 March
R`000 2010 2009
Profit for the period 231 043 278 647
Other comprehensive (loss)/income
Foreign currency translation differences for (56 598) 25 044
foreign operations
Other comprehensive (loss)/income for the (56 598) 25 044
period, net of tax
Total comprehensive income for the period 174 445 303 691
Attributable to:
- Owners of the Company 182 540 303 575
- Minority interest (8 095) 116
Statement of cash flows
Audited Audited
year ended year ended
31 March 31 March
R`000 2010 2009
Profit after tax 231 043 278 647
Non-cashflow items 135 889 563 968
Cash generated from operations before working 366 932 842 615
capital adjustments
Changes in working capital 13 154 124 770
Cash generated from operations 380,086 967 385
Interest paid (218 900) (237 470)
Taxation paid (52 121) (41 330)
Cash flows from operating activities 109 065 688 585
Cash flows utilised in investing activities (139 523) (914 198)
Purchase of property, plant and equipment (261 064) (1 044 399)
Proceeds from disposal of property, plant and 102 822 151 797
equipment
Capitalised exploration expenditure (8 959) -
Purchase of investment in joint venture - (61 482)
Interest received 3 822 15 694
Cash received from investment in associate 23 856 24 192
Cash flows from financing activities (110 563) (22 114)
Proceeds from rights issue 501 920 -
Proceeds from sale of rights in treasury shares 6 734 -
Payment of transaction costs related to rights (39 769) -
issue
Change in long-term borrowings (579 448) 889
Dividends paid - (23 003)
Net (decrease) in cash and cash equivalents (141 021) (247 727)
Cash and cash equivalents at beginning of the 37 448 285 175
period
Cash and cash equivalents at end of the period (103 573) 37 448
Reconciliation of headline earnings
Audited Audited
year ended year ended
31 March 31 March
R`000 2010 2009
Net profit for the year attributable to owners 239 138 278 531
of the Company
Adjust for:
Profit on sale of plant and equipment (5 242) (8 130)
Loss on sale of plant and equipment 16 900 9 494
Impairment of plant and equipment 7 315 506
Scrapping of assets 2 257 8 517
Profit on disposal of equity-accounted (329 300) -
associate
Profit on disposal of subsidiary - (16 346)
Excess of fair value of assets and liabilities - (21 075)
acquired over purchase price
Tax effect of above adjustment 71 676 (538)
Headline earnings attributed to ordinary 2 744 250 959
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 coal mining. Equipment trading, spares and engineering is included in
corporate services. Inter-segment revenue is priced on an arms length basis.
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
2010 (R`000) Opencast Exploration Drilling Crane hire
mining and drilling and
earth moving blasting
External revenues 1 439 074 505 753 204 046 55 852
Inter-segment (25 645) (2 125) (87 288) (830)
revenue
Total segment 1 413 429 503 628 116 758 55 022
revenue
Segment result 64 033 66 233 31 018 30 571
Segment assets 2 367 249 666 820 204 915 97 809
Unallocated assets - - - -
2009 (R`000)
Total segment 1 731 272 872 113 179 936 44 317
revenue
Segment result 246 730 191 395 18 621 27 358
Segment assets 2 537 375 756 052 157 899 94 200
Investment in equity- - - - -
accounted associate
Unallocated assets - - - -
Business segments
2010 (R`000) Coal mining Corporate Consolidated
services
External revenues 72 141 63 702 2 340 568
Inter-segment (1 248) (44 831) (161 967)
revenue
Total segment 70 893 18 871 2 178 601
revenue
Segment result (8 165) (54 704) 128 986
Segment assets 522 098 1 170 775 5 029 666
Unallocated assets - - 21 625
5 051 291
2009 (R`000)
Total segment 34 009 128 188 2 989 835
revenue
Segment result 30 268 (34 703) 479 669
Segment assets 568 045 489 728 4 603 299
Investment in equity- - - 333 225
accounted associate
Unallocated assets - - 13 907
4 950 431
Statement of changes in equity
Employee Foreign
share exchange
R`000 Share Share incentive Treasury translation
capital premium reserve shares reserve
Balance at 31 2 356 1 558 640 21 354 (30 779) (2 499)
March 2008
Profit for the - - - - -
period
Other - - - - 25 044
comprehensive
income: Foreign
currency
translation
movement
Total - - - - 25 044
comprehensive
income for the
period
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners:
- Dividends to - - - - -
equity holders
- Disposal of - - - - -
dormant subsidiary
- Share-based - - 16 709 - -
payment
- Share options - (4 604) - 5 113 -
exercised
- Share options - - (4 185) - -
forfeited
Total - (4 604) 12 524 5 113 -
contributions by
and distributions
to owners
Changes in - - - - -
ownership
interests in
subsidiaries that
do not result in a
loss of control
Benicon Mining - 3 644 - - -
acquisition
premium
Total changes in - 3 644 - - -
ownership
interests in
subsidiaries
Total transactions - (960) 12 524 5 113 -
with owners
Balance at 31 2 356 1 557 680 33 878 (25 666) 22 545
March 2009
Profit for the - - - - -
period
Other - - - - (56 598)
comprehensive
(loss): Foreign
currency
translation
movement
Total - - - - (56 598)
comprehensive
(loss)/income for
the period
Transactions with
owners, recorded
directly in
equity:
- Shares issued 3 510 498 410 - - -
for cash
- Sale of treasury - - - - -
share rights
- Rights issue - (39 769) - - -
transaction costs
- Share-based - - 9 218 - -
payment
transactions
- Share options - (1 883) - 185 -
exercised
- Forfeited - - (5 394) - -
options
Total 3 510 456 758 3 824 185 -
contributions by
and distributions
to owners
Balance at 31 5 866 2 014 438 37 702 (25 481) (34 053)
March 2010
Statement of changes in equity
R`000 Retained Non-distri- Minority Total
earnings butable interest
reserve
Balance at 31 326 064 13 866 87 335 1 976 337
March 2008
Profit for the 278 531 - 116 278 647
period
Other - - - 25 044
comprehensive
income: Foreign
currency
translation
movement
Total 278 531 - 116 303 691
comprehensive
income for the
period
Transactions with
owners, recorded
directly in equity
Contributions by
and distributions
to owners:
- Dividends to (23 003) - - (23 003)
equity holders
- Disposal of - (13 866) - (13 866)
dormant subsidiary
- Share-based - - - 16 709
payment
- Share options - - - 509
exercised
- Share options 4 185 - - -
forfeited
Total (18 818) (13 866) - (19 651)
contributions by
and distributions
to owners
Changes in - - - -
ownership
interests in
subsidiaries that
do not result in a
loss of control
Benicon Mining - - - 3 644
acquisition
premium
Total changes in - - - 3 644
ownership
interests in
subsidiaries
Total transactions (18 818) (13 866) - (16 007)
with owners
Balance at 31 585 777 - 87 451 2 264 021
March 2009
Profit for the 239 138 - (8 095) 231 043
period
Other - - - (56 598)
comprehensive
(loss): Foreign
currency
translation
movement
Total 239 138 - (8 095) 174 445
comprehensive
(loss)/income for
the period
Transactions with
owners, recorded
directly in
equity:
- Shares issued - - - 501 920
for cash
- Sale of treasury 6 734 - - 6 734
share rights
- Rights issue - - - (39 769)
transaction costs
- Share-based - - - 9 218
payment
transactions
- Share options 1 628 - - (70)
exercised
- Forfeited 3 509 - - (1 885)
options
Total 11 871 - - 476 148
contributions by
and distributions
to owners
Balance at 31 836 786 - 79 356 2 914 614
March 2010
"Sentula endured extremely tough trading conditions during the 2010 financial
year as a consequence of the volatile global economy. Despite the extraordinary
external challenges, including abnormally high rainfall during the second half
of the financial year, the Group successfully recapitalised its balance sheet
reducing Group debt from R1,7 billion to R1,1 billion enabling it to terminate
Megacube`s loss making opencast mining contracts and restructure that business
unit. Post receipt of the Koornfontein sale proceeds in April 2010, Group debt
was reduced by a further R300 million. This has resulted in the creation of a
solid base from which to grow the business into the future. The diverse nature
of the businesses has ensured that the underlying fundamentals of the Group
remain intact. We will continue to execute our overall strategy of unlocking the
value in the Group`s coal investments through the leveraged support from our
mining services businesses, as demonstrated by the disposal of the Group`s stake
in the Koornfontein operation." - Robin Berry, CEO - Sentula Mining Limited
FINANCIAL REVIEW
- Revenue decreased by 27% to R2 179 (2009: R2 990 million)
million
- Operating profit down 73% to R129 (2009: R480 million)
million
- Basic earnings per share reduced by (2009: 76,4 cents as restated for
27% to 55,8 cents the rights issue)
- Net asset value per share: 681 cents (2009: 621 cents as restated for
the rights issue)
- Tangible net asset value per share (2009: 501 cents as restated for
581 cents the rights issue)
- Debt to equity gearing decreased to (reported 31 March 2009)
43% from 75%
The results for the 2010 financial year were impacted by the following:
- the sale of Sentula`s interest in the Koornfontein mine resulted in a pre-tax
profit of R329 million. The profit on sale of this interest is deducted from the
earnings for purposes of calculating headline earnings per share;
- abnormally high rainfall, impacting opencast mining, drilling and blasting
activities and exploration drilling, during the last quarter of 2009 and the
first quarter of 2010;
- costs associated with the restructuring and right-sizing exercise of Megacube
Mining (Proprietary) Limited ("Megacube") in the amount of R26,9 million.
Megacube incurred operating losses during this period as this business
drastically reduced its operational cost base, terminated loss making contracts
and consolidated the business`s overhead cost structure. The restructuring of
Megacube`s business will be completed in June 2010. The Group`s other mining
services subsidiaries remained profitable and cash flow positive for the period
despite operating under challenging circumstances;
- during the period Megacube made an accrual for the recovery of a further R18,9
million of misappropriated funds, bringing the total recovery to R64,7 million
since the misappropriation in the 2008 financial year. Legal and forensic fees
of R13 million associated with the recovery of these funds were also incurred;
- increased finance fees of R12,5 million associated with the rescheduling and
restructuring the Group`s senior debt and capital raising;
- unrealised currency losses of R14,9 million relating to the translation of the
Group`s foreign operations as a consequence of the Rand appreciating against the
US Dollar by 32% since March 2009;
- severe downturn in exploration drilling as a result of junior miners
struggling to raise funding and established mining companies curtailing
exploration drilling budgets;
- losses of R22,6 million incurred at the Nkomati Anthracite (Proprietary)
Limited mine as the ferrochrome industry drastically curtailed production in the
first half of the financial year; and
- conducted a review of the method of calculating depreciation resulting in
changes in the expected usage of certain items of property, plant and equipment.
In December 2009, Sentula embarked on a fully underwritten renounceable rights
offer in terms of which 350 993 245 new ordinary shares with a par value of 1
cent each and a premium of 142 cents were offered to existing shareholders in a
ratio of 149 Rights offer Shares for every 100 Sentula shares held.
During the past year the Company redeemed principal debt of R599 million and
interest of R177 million on its term debt facilities, resulting in a balance of
R1,1 billion outstanding at year-end. On 8 April 2010, following receipt of the
Koornfontein sale proceeds, the Company reduced its senior debt by a further
R300 million, resulting in the Group`s interest bearing debt being reduced to
approximately R812 million by 30 April 2010. The Group`s debt redemption
obligations for the 2011 financial year amount to principal of R303 million and
interest of R77 million.
OPERATIONAL REVIEW
Safety track record
Sentula`s Classified Injury Frequency Rate of 1,78 per million man hours worked
was substantially better than its target of 2,50 for the year, with no
fatalities or serious injuries to employees being reported for the period under
review. This significant improvement on the prior period is as a result of the
Group`s continued endeavours to align its efforts, with those of its clients in
identifying hazards and reducing risks on managed operations. Sentula has
identified the health and safety of its employees as one of its core values and
a key aspect in securing the sustainability of its businesses.
Mining services
The provision of mining services remains at the core of Sentula`s business, with
the five operating areas, and the eight underlying divisions and subsidiaries,
continuing to trade satisfactorily, despite the tough, but improving, volatile
market conditions that have been experienced during the period under review.
Opencast mining services
During the period from 1 April 2009 to 31 March 2010, Megacube`s contribution to
the Group`s turnover was below expectation, due to the capping of certain
contracted work, as a result of reduced Eskom off-take, the delay in the start
up of adjudicated contracts and cash flow considerations impacting negatively on
the award of discretionary work by existing clients. As a result of the impact
of the heightened global economic crisis, the turnaround strategy, initially
premised on the delivery of additional volumes and contracted turnover, was
realigned to one of rightsizing the cost structure of the business, with this
process being managed within the confines of the Group`s debt profile and
capital structure. Despite the negative influence of the once-off expenses,
associated with the restructuring of the Company`s cost base, being incurred
during the period, the process has resulted in the freeing up of capacity, a
significant reduction in head count and a consolidation of support facilities.
The rescheduling of the debt and its reduction during the period, enabled
Megacube to terminate sub economic contracts, which in conjunction with improved
contract pricing and cost controls, should lead to improved margins in the
medium term. Although the restructuring process will be substantially complete
during June 2010, and the ongoing projected cost impacts associated with the
turnaround will result in losses still being incurred in the first half of the
2011 financial year. Megacube is however, expected to be profitable in the
second half of the financial year as the benefits of the new contracts and
restructuring materialises. As a consequence, Megacube is expected to only
return to marginal profitability for the reporting period.
Benicon Opencast Mining (Proprietary) Limited ("Benicon") continued to increase
turnover from its medium term steady state sites whilst maintaining profit
margins. With all sites operating at capacity, additional contracted work from
its key client has ensured that the prospects for the subsidiary look
encouraging for the current financial year.
Limited revenue contribution from ferrochrome related operations, negatively
impacted Classic Challenge Trading (Proprietary) Limited ("CCT"), during the
first half of the period under review. This impact was partially offset by the
extension of its Platinum Group Metal ("PGM") exposure, through to the end of
the third quarter, and a rejuvenated ferrochrome demand during the second half
of the year. CCT is expected to operate at capacity, throughout the current
financial year, on the back of buoyant ferrochrome demand.
Overburden drilling and blasting
JEF Drill and Blast (Proprietary) Limited ("JEF"), given the operating
environment, has delivered a much improved set of earnings for the period as a
result of the necessary expertise required to operate and manage a business of
this nature and its client base diversification. Operating margins in JEF have
continued to improve, with the turn-around in this business segment.
Exploration drilling
Geosearch continues to contribute diversified earnings to the Group, albeit at a
lower level than in prior years. During the global slowdown, and resultant
reduction in exploration activity, Geosearch recapitalised a portion of its
drilling capacity to meet the increased demand for "reverse circulation
drilling", and relocated capacity from South Africa to meet demand for its
expertise in the greater African continent. The relatively low level of gearing
and fixed costs, coupled with the specific areas of drilling expertise,
positioned the business to weather the cyclical down-turn and remain a
significant contributor to the Group`s bottom line earnings for the 2010
financial year. Geosearch is forecasting to again be operating at capacity from
June 2010, with the establishment of its West African footprint following the
award of a substantial drilling contract in the Ivory Coast.
Crane hire
Ritchie Crane Hire, on the back of robust demand in the coal mining,
infrastructure provision and construction sectors, has continued to be a solid,
high margin contributor to the Group`s earnings for the period under review. The
fleet of medium to large capacity mobile cranes have enjoyed a high level of
utilisation during the year and this segment is expected to maintain its level
of contribution to the Group, through to the current financial year.
Equipment trading, spares and engineering
The two subsidiaries, Benicon Sales (Proprietary) Limited and Caston Plant Sales
(Proprietary) Limited, continue to play a strategic role in supplying the
Group`s requirements from a spares and strategic equipment warehousing
perspective and the in-house retention of key maintenance and engineering
facilities and skills. The limited contribution from this segment will continue
to be off set by its strategic offering to the greater Group.
Coal mining investments
In line with the undertaking given in June 2008, the Group completed the process
of packaging and independently valuing its investments in various coal projects.
Sentula is currently invested in five projects (3 in South Africa, 1 in Botswana
and 1 in Zambia). The projects can be broadly described as mining properties,
comprising of an operating mine, near development properties, those projects
which will be operational within 18 months and exploration properties.
Mining properties
The Nkomati Mine, in which Sentula holds a 60% equity interest, experienced
significantly reduced anthracite off-take by the ferrochrome furnaces during the
first half of the financial year. The development of the Madadeni opencast pit
was placed on hold, and the underground mine reduced to a single shift
operation. A resurgence in the demand for ferrochrome and resultant anthracite
consumption has lead to the mine increasing underground production back to
capacity and, in conjunction with the development of the Madadeni opencast pit,
should ensure that the beneficiation plant is utilised to capacity, and
increased sales orders can be fully met.
Near 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. During the year
Sentula entered into an agreement to acquire the 50% interest held by Merafe
Resources Limited in the Schoongezicht, Bankfontein, Kaallaagte and Rietfontein
prospecting rights. New order prospecting rights have been granted over these
properties. Mining right applications have been submitted for the Bankfontein
and Schoongezicht properties. Sentula will continue to develop and explore these
properties and meet the obligations to the Department of Mineral Resources
("DMR"), with regard to broad based black economic empowerment.
Exploration drilling has been completed 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 recently awarded mining license for the
Mulungwa project. The remaining shareholding is held by a group of Zambian
businessmen. Approval has been granted to proceed with the third and final phase
of the feasibility 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 a
target opencastable indicated/measured resource of some 6,5 million tonnes.
Applications are well advanced with production planned for the second half of
2010.
Exploration properties
The African Energy Mauritius (Proprietary) Limited ("Asenjo") joint venture with
Jonah Coal Botswana Limited and Aquilla Resources in Botswana became effective
on 30 September 2008, after all suspensive conditions were fulfilled. Sentula
has invested $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 45
000 meters have been drilled. An independent evaluation of the resource base has
indicated an in situ tonnage, across the project areas, of some 11 billion
tonnes.
Exploration on the Mabapa coking coal project was suspended earlier in the year,
given the state of the steel industry and metallurgical markets. Following a
recent surge in coke prices and potential extensions to the project area, the
economic viability of the project has been re-assessed and an option has been
secured on a neighbouring property.
Sustainability
During the period under review, Sentula has been independently verified as a
"level 6" contributor, in terms of the Department of Trade and Industry codes,
measuring Broad Based Black Economic Empowerment. The Group is on track to
elevate its status to that of a "level 5" contributor during the current
financial year and has plans to be a "level 4" contributor by 2012.
Strategic review
The Group`s strategic vision remains one of growth in the medium to longer term,
through opportunities identified in meeting its objective of being the mining
services company of choice across the African continent. The insights and
experience, gleaned from Geosearch`s broad geographic footprint, across
Southern, Central and more recently West Africa, continues to position the Group
to capitalise on the mining services offerings stemming from the development of
new mineral resources.
Under its Benicon subsidiary, the Group has already established and continued to
grow an earthmoving business in Moatise, situated in northern Mocambique`s Tete
Province, in preparation for the large scale coal mining operations, planned to
come on stream from 2010 onwards.
In addition, through its access to the resources, expertise and experience base
of the collective group, Sentula remains in a good position to nurture the
development of its portfolio of coal investments. Ongoing initiatives to unlock
the crystalised value in these investments will continue to be explored.
Sentula`s foothold in the coal and energy sector, as a service provider and
investor, coupled with its diversified service offering, client base, mineral
exposure and geographical spread have combined to create a solid platform for
developing the business of the future.
Prospects
In addition to the turnaround of Megacube from a substantial loss to marginal
profitability we are seeing generally favourable trading conditions in all the
areas in which we operate including a bouyant ferrochrome and anthracite markets
and increased exploration.
Subsequent events
- The development of the box cut to proceed with opencast mining at the Madadeni
pit commenced on 1 June 2010 and is expected to be completed by December 2010,
with first production from this operation expected by August 2010.
- Shareholders approved the sale of Sentula`s interest in the Koornfontein mine
to Optimum Coal Holdings on 30 March 2010 and the sale proceeds of R670 million
were received on 8 April 2010.
- Post year-end, the Group acquired the premises on which Megacube`s Jet Park
and Middelburg workshops are situated and proceeded to dispose of the Spartan
workshops and offices from which Geosearch operated during the past financial
year. These acquisitions will enable Geosearch to relocate to the Jet Park
workshops and Megacube will consolidate its workshops at its Middelburg
premises. The acquisition of these properties is strategic to the development of
the Group`s capital refurbishment capacity and provides the Group with the
requisite security of tenure over its workshops.
- Recently Megacube has been awarded three new contracts, replacing work
terminated during the reorganisation exercise and leading to the absorption of
parked capacity. One of these contracts is with an existing client, and the
remaining two with new clients.
Basis of preparation
The accounting policies applied in the preparation of these provisional
summarised financial statements, which are based on reasonable judgements 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 2009. Adoption of new or revised
standards did not have a significant impact on the measurement and presentation
of items included in the financial statements, except for IAS1 and IFRS 7
resulting in additional disclosure requirements. These summarised financial
statements as set out in this report have been prepared in terms of IAS 34 -
Interim Financial Reporting, the Companies Act, 1973 (Act 61 of 1973), as
amended, and the Listing Requirements of JSE Limited.
DIRECTORATE
During the year ended 31 March 2010 the following changes took place to the
board of directors.
Appointments:
Jonathan Best took up the position of Chairman, following the announcement of
Jeff van Rooyen`s resignation from the Board in February 2010.
Resignations:
Jeff van Rooyen, Dawn Marole and Pulane Kingston resigned on 28 February 2010.
Sam Jonah did not make himself available for re-election at the AGM held on 18
December 2009.
Auditor`s report
The provisional summarised consolidated statement of financial position at 31
March 2010 and the related provisional summarised consolidated income statement,
summarised consolidated statement of comprehensive income, summarised
consolidated statement of changes in equity and the summarised consolidated
statement of cash flows for the year then ended have been audited by the Group`s
auditors, KPMG Inc. Their unqualified audit report is available for inspection
at the Company`s registered office.
DIVIDEND
No dividend has been declared or paid during the period.
Jonathan Best Robin Berry
Non-executive Chairman Chief Executive Officer
Johannesburg
18 June 2010
Directors: J Best* (Chairman), RC Berry (Chief Executive Officer), GP Louw
(Financial Director), A Kawa*, P Modisane, E H J Stoyell* *Non-executive
Registered address: Block 14 - Ground floor, Woodlands Office Park, Woodmead,
2080. PO Box 76, Woodmead, 2080 - Telephone (011) 656-1303
Transfer Secretaries: Computershare (Proprietary) Limited.
Ground Floor, 70 Marshall Street, Johannesburg, 2001.
PO Box 61051 Marshalltown - Tel (011) 370-5000
Investor Relations Advisers: College Hill
Sponsor: Merchantec Capital
Auditor: KPMG Inc.
LIVE WEBCAST
Date: Friday, 18 June 2010
Time: 09:00
To view the live webcast of the presentation click on the following link Sentula
Annual Results
OR
Listen-in via teleconference
Dial-in details:
JHB: 011 535 3600
SA Toll Free: 0 800 200 648
UK Toll Free: 0 800 917 7042
A recorded webcast of the results presentation will be available on Sentula`s
website: www.sentula.co.za early in the afternoon.
Date: 18/06/2010 08:00:01 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.
