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SNU
SNU
SNU - Sentula - Trading Statement
Sentula Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
("Sentula" or "the Group")
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period.
Accordingly, a review of the financial results for the year ended 31 March 2012
("the financial year") by management has indicated that the basic loss per share
is expected to be between 88.33 cents and 89.54 cents and the headline earnings
per share is expected to be between 20.10 cents and 23.32 cents, compared to the
basic earnings per share of 6.05 cents and the headline earnings per share of
16.06 cents for the year ended 31 March 2011.
The Group`s results for the financial year have been impacted as follows:
- The substantial increase in headline earnings per share is as a result of
strong earnings growth in the Group`s continuing operations; and
- During the financial year, the Board resolved, following protracted losses,
to close Megacube Opencast Mining Proprietary Limited`s ("Megacube")
operations and to dispose of surplus equipment. The substantial increase in
basic loss per share has arisen from an impairment charge of R591 million
on Megacube`s unproductive plant, which is held for re-sale. This
impairment is based on the current depressed market prices as evidenced by
losses of R55 million incurred on the disposal of the plant ("the
disposal") during the financial year. Although Sentula impaired the plant
by R282 million in September 2011, a further impairment of R309 million was
required following the losses incurred on the disposal during the second
half of the financial year.
The financial information on which this trading statement is based has not been
reviewed or reported on by Sentula`s auditors.
Sentula`s year-end financial results are expected to be released on or about 14
June 2012.
Johannesburg
4 June 2012
Sponsor
Merchantec Capital
Date: 04/06/2012 15:34:01 Produced by the JSE SENS Department.
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