| Fri 29 Nov 2019, 17:11 | | PSV HOLDINGS LIMITED - PSV : Short Form Announcement - Unaudited Condensed Consolidated Interim Results for the Six Months Ended 2019 |
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PSV : Short Form Announcement - Unaudited Condensed Consolidated Interim Results for the Six Months Ended 2019: https://senspdf.jse.co.za/documents/2019/jse/isse/psv/interims19.pdf
Short Form Announcement - Unaudited Condensed Consolidated Interim Results for the Six Months Ended 2019
PSV HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
("PSV" or "the Company" or "the Group")
SHORT FORM ANNOUNCEMENT - UNAUDITED CONDENSED CONSOLIDATED INTERIM
RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2019
Financial Position as at:
31 August 2019 31 August 2018 28 February 2019
Change (Unaudited) (Unaudited) (Audited)
R'000 R'000 R'000
Total assets - 11.10% 105 591 118 784 103 104
Cash and cash equivalents -82.73% 1 810 10 480 6 863
Capital and reserves -19.09% 19 310 23 868 27 056
Total liabilities -0.34% 95 239 94 916 76 048
Financial Performance for the period:
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
31 August 2019 31 August 2018 28 February 2019
R'000 R'000 R'000
Revenue 29.76% 84 379 120 130 237 533
Gross profit -27.42% 10 942 15 075 28 216
(Loss)/Profit before tax -266.74% -5 127 -1 398 -5 105
Earnings per share:
Basic/(loss) earnings per share -52% -1.90 cents -1.25 cents -7.71 cents
Headline earnings per share -52% -1.90 cents -1.25 cents -7.65 cents
Commentary
The interim period has been a period of restructuring and positioning the Group for growth going forward.
This time has seen the Group consolidate its operations, raise debt funding and appoint a new board of
Directors. The new empowered shareholding of DNG Energy Proprietary Limited ("DNG Energy") has
given the Group a foundation from which it can become the leading and only empowered player in the
Cryogenic Gas industry in South Africa.
DNG Energy has acquired 25% of the Group, resulting in PSV being more than 34% black owned. DNG
Energy has acquired this shareholding in PSV as a vertical integration strategy to participate in the
manufacture of cryogenic LNG ISO containers for their LNG business.
DNG Energy intends to build up a fleet of LNG ISO containers as part of DNG Energy's short-term
strategy. These will be sourced and built by African Cryogenics ("AC"), providing AC with production
demand and increasing the productivity of the manufacturing facility.
Prospects
There will be a consolidation period under new management and bedding down the capital injection,
building up the order book, but subsequent to DNG Energy's investment in PSV the Board is optimistic
that the Group will grow into a leader in the South African gas industry.
DNG Energy's investment in PSV is a first step in the PSV empowerment strategy. PSV is executing its
B-BBEE strategy with the goal of being a level 4 in three years with DNG's initial investment allowing the
Group to becoming one of the most renowned gas suppliers in South Africa.
Dividend policy
No dividends were declared or proposed (H1 2018: Nil). The Board reviews the dividend policy annually.
Directors: Aldworth Mbalati - Executive Chairman, Abilio da Silva - Executive Director, Basil
Mashabane - lead independent director)#*, Mr Boy Manqoba Ngubo -#*, Olivier Bernard #,
Ms Yvonne Thato Moerane#*
(# Non-executive / * Independent)
Johannesburg
29 November 2019
Designated Adviser
Merchantec Capital
This short-form announcement is the responsibility of the directors. This announcement is only a
summary of the information in the full announcement and does not contain full or complete details. The
full announcement can be accessed at:
https://senspdf.jse.co.za/documents/2019/jse/isse/psv/interims19.pdf and can be found on the
Company's website at www.psvholdings.co.za. Copies of the full announcement may also be
requested at the Company's registered office or the office of the sponsor, Merchantec Capital, at no
charge, during office hours. Any investment decision should be based on the full announcement
released on SENS and published on the Company's website.
Date: 29-11-2019 05:12:00
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