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Keh - Keaton Energy Holdings Limited - Reviewed Results For The Six Months

Release Date: 02/12/2011 09:00:02      Code(s): KEH
KEH - Keaton Energy Holdings Limited - Reviewed results for the six months      
ended 30 September 2011                                                         
Keaton Energy Holdings Limited                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 2006/011090/06)                                            
JSE share code: KEH ISIN: ZAE000117420                                          
("Keaton Energy" or "the Company" or "the Group")                               
Reviewed results for the six months ended 30 September 2011                     
COMMENTARY                                                                      
Key features                                                                    
-    394% increase in HEPS to 8.4 cps                                           
-    235% increase in revenue to R117.7million                                  
-    R8.4million net profit                                                     
-    Vanggatfontein Mine:                                                       
    -    105% rise in 5-Seam coal production to 99 232 tonnes                   
-    Eskom contract deliveries initiated                                    
    -    1million lost time injury-free hours worked                            
Introduction                                                                    
Keaton Energy has made the transition from explorer and developer to producer   
in record time.  The first exploration borehole was drilled on the              
Vanggatfontein property in November 2007 and by May 2010 opencast mining had    
begun, following receipt of regulatory approvals and access having been gained  
to the surface rights.  The first washed 5-Seam coal product was dispatched in  
December 2010. This has been followed in the period under review with the       
commissioning of the 4 and 2 Seam plant at what is now the Vanggatfontein Mine  
and the initiation of coal deliveries to South African  power utility Eskom.    
The Vanggatfontein Mine is expected to produce some 2.4 million tonnes of coal  
per annum, taking Keaton Energy beyond its medium-term target of producing 2    
million tonnes of coal per annum and well towards its longer-term target of     
becoming a mid-tier, 5 million tonnes per annum coal producer.                  
During the period, 99 232 tonnes of 5-Seam coal were sold to customers in the   
domestic metallurgical and thermal coal market (six months to 30 September      
2010: nil; 12 months to 31 March 2011: 48 397tonnes).  Some 230 042 tonnes of   
thermal coal were sold to Eskom during the period (no sales of 4- and 2- Seam   
coal in prior periods).  These sales resulted in revenue of R117.7 million, up  
from R35.2 million for the year ended 31 March 2011.  While the Vanggatfontein  
Mine has not yet attained steady-state operations, a net profit of R8.4         
million was delivered for the period.                                           
Safety, health and the environment                                              
During the period under review, the Vanggatfontein Mine achieved the milestone  
of 1 000 000 hours worked without a lost time injury.  However, the mine`s      
transition to production has seen a deterioration in safety performance with    
four lost time injuries. This is viewed seriously by the company and action     
has been taken to improve safety standards, compliance and management at the    
mine.                                                                           
Although no material environmental issues were experienced during the period,   
particular attention was paid to dust suppression at the Vanggatfontein Mine    
and the effect of blasting at monitoring sites surrounding the mine.  A new     
dust suppression system is being installed on the 4- and 2-Seam plant and the   
effect of blasting is expected to be mitigated through improved blast design    
and the fact that box-cut development is now complete                           
Cash position                                                                   
The company has been investing aggressively in the Vanggatfontein Mine, and as  
at 30 September 2011, had R26.3 million in cash and cash equivalents, down      
from R190.4 million one year earlier, but not materially different to the R27   
million at 31 March 2011.  This was as a consequence of the securing of a R230  
million Nedbank Capital project finance facility, of which R204.4 million had   
been drawn down at the end of the period under review.  The Vanggatfontein      
Mine reached its peak cash draw-down position towards the end of 2011 and is    
expected to be cash flow-positive thereafter.                                   
Corporate governance                                                            
Mr Dirk Jonker was appointed to the Board of Directors as a non-executive       
director with effect from 31 May 2011.  Mr Jonker (60), a Dutch national, is    
Managing Director of Gunvor International BV and is based in Amsterdam. He is   
a senior business executive with many years` experience in international        
commodity trading and processing.  Mr. Peet Snyders resigned as an executive    
director of the company with effect from 31 July 2011.  Mr Johan Schonfeldt     
gave notice of his intention to resign his position as Financial Director of    
Keaton Energy with effect from 30 November 2011.  He intends relocating abroad  
with his family.  Mr Jacques Rossouw (36) has been appointed Financial          
Director Designate and has taken up the position from 1 November 2011.          
Jacques is a CA (SA), having completed his articles with                        
PricewaterhouseCoopers, and subsequently worked in both the high technology     
and mining industries, most recently as Manager: Corporate Reporting at         
Harmony Gold Mining Company Limited.                                            
Ms Mandi Glad, previously Executive Director: Marketing and New Business        
Development, has assumed responsibility for the company`s operations as         
Executive Director: Operations. She will continue to have responsibility for    
coal marketing and regulatory matters. The Managing Director will assume        
responsibility for New Business Development.                                    
Activities during the period                                                    
The focus of management in the period has been to ramp up the production of 4-  
and 2-Seam coal from the Vanggatfontein Mine to meet the contracted off-take    
to Eskom.  The ramp-up to full production of 4- and 2--Seam coal was affected   
by the failure of a surge bin support structure in the 4- and 2-plant on 27     
May 2011.  An interim solution had to be found, using mobile conveyors to by-   
pass the damaged area, and 29 982 tonnes were delivered to Eskom in July 2011.  
The damage was repaired by the end of July 2011, and 79 494 tonnes were         
delivered to Eskom in August 2011 and 120 566 tonnes in September 2011.         
The failure of the surge bin support structure is now the subject of a dispute  
resolution process between Keaton Mining (Proprietary) Limited (Keaton Mining)  
(74% subsidiary of Keaton Energy) and the contractor concerned, DRA Mineral     
Projects (Pty) Ltd.                                                             
The ramp-up is expected to continue until steady-state production of 175 000    
tonnes per month is achieved.   The mining contractor will also now move to     
24/6 operations to ensure that the required run-of-mine production can be       
achieved.  Steady state rollover mining has begun in the Vanggatfontein Mine`s  
Pit 1, and Pit 2 rollover mining is expected to begin in December 2011.         
The production of 5-Seam run-of-mine coal was affected by geological washouts   
and weathered coal at the boundaries of the coal reserve. The monthly sales     
target for 5-Seam coal remains 20 000 tonnes.                                   
While the acquisition of a controlling interest in Leeuw Mining and             
Exploration (Pty) Ltd (LME) remains dependent on regulatory approval,           
operations at the Vaalkrantz Colliery have improved dramatically following the  
support provided by Keaton Energy. Some 205 715 tonnes of anthracite were       
produced in the period, with 91 374 tonnes exported and 114 341 tonnes sold to  
domestic customers.                                                             
Looking ahead                                                                   
Keaton Energy continues to make solid strides toward mid-tier producer status.  
This status will be confirmed with the Vanggatfontein Mine becoming a major     
earnings contributor.  Management`s focus on the Vanggatfontein Mine will       
remain ramping up 4- and 2- Seam production to meet Eskom obligations while     
maintaining the 5-Seam production profile and market acceptance.  Regulatory    
approval for the acquisition of a controlling stake in LME is expected in the   
next period, and consolidating LME into the group will also be a priority.      
Finally, the Sterkfontein and LME`s Braakfontein projects will move further up  
the value curve - Sterkfontein through advancing of the feasibility study and   
Braakfontein through review of the existing feasibility study.                  
On behalf of the Board                                                          
David Salter                       Paul Miller                                  
(Chairman)                         (Managing Director)                          
1 December 2011                                                                 
Preparation of condensed consolidated financial statements                      
The condensed consolidated financial statements for the 6 months ended 30       
September 2011 have been reviewed in terms of the Companies Act 71, 2008.       
Their preparation was supervised by the group financial director, Johan         
Schonfeldt, a Chartered Accountant (SA).                                        
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                        
                                  Six months ended       Year ended             
R`000                          No        30            30      31 March         
                              te  September     September     2011              
2011           2010         (Audited)         
                                  (Reviewed)    (Reviewed)                      
Revenue                        2   117 695       -             35 163           
Cost of sales                      (95 388)      -             (23 095)         
Gross profit                   2   22 307        -             12 068           
Other income                       2 902         277           383              
Administrative and other           (10 337)      (7 618)       (17 412)         
operating expenses                                                              
Mining and related expenses        (3 553)       (4 708)       (10 924)         
Share-based payments               (439)         (856)         (2 191)          
Operating profit/(loss)            10 880        (12 905)      (18 076)         
Finance income                     10 663        11 243        20 193           
Finance cost                   7   (10 483)      (532)         (1 494)          
Profit/(loss) before taxation      11 060        (2 194)       623              
Taxation                           (2 668)       712           6 574            
Net profit/(loss)                  8 392         (1 482)       7 197            
Other comprehensive income         -             -             -                
for the period, net of income                                                   
tax                                                                             
Total comprehensive                8 392         (1 482)       7 197            
income/(loss) for the period                                                    
Attributable to:                                                                
Owners of the company              14 475        2 509         15 186           
Non-controlling interest           (6 083)       (3 991)       (7 989)          
Earnings per ordinary share    3                                                
(cents)                                                                         
- Basic                            8.4           1.7           10.3             
- Diluted                          8.4           1.7           10.3             
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                          
R`000                              At            At            At               
No   30 September  31 March      30 September      
                             te   2011          2011          2010              
                                  (Reviewed)    (Audited)     (Reviewed)        
Assets                                                                          
Non-current assets                                                              
Property, plant and           4    636 067       479 453       234 521          
equipment                                                                       
Intangible exploration and         65 092        65 074        65 080           
evaluation asset                                                                
Deferred tax                       3 740         6 660         3 952            
Long term financial assets    5    142 834       131 612       -                
Restricted cash                    13 023        6 280         28 356           
Total non-current assets           860 756       689 079       331 909          
                                                                                
Current assets                                                                  
Inventory                          9 502         7 939         -                
Trade and other receivables        54 113        47 389        17 959           
Restricted cash               7    31 000        12 000        -                
Cash and cash equivalents          26 281        27 000        190 383          
Total current assets               120 896       94 328        208 342          
Total assets                       981 652       783 407       540 251          
                                                                                
Equity and liabilities                                                          
Share capital and reserves                                                      
Share capital                      171           171           145              
Share premium                      567 718       567 718       449 935          
Other reserves                     2 834         2 395         1 060            
Retained earnings                  35 495        21 020        8 343            
Total equity attributable to       606 218       591 304       459 483          
owners of the company                                                           
Non-controlling interest           (15 840)      (9 757)       (5 759)          
Total equity                       590 378       581 547       453 724          

Non-current liabilities                                                         
Provisions                    6    77 520        46 053        23 005           
Borrowings                    7    188 041       -             -                
Total non-current                  265 561       46 053        23 005           
liabilities                                                                     
                                                                                
Current liabilities                                                             
Borrowings                    7    19 075        -             -                
Trade and other payables           106 271       154 872       49 595           
Provisions                         326           326           8 326            
Taxation                           41            609           5 601            
Total current liabilities          125 713       155 807       63 522           
Total equity and liabilities       981 652       783 407       540 251          
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                           
for the six months ended 30 September 2011 - reviewed                           
R`000                    Share     Share      Share     Retained                
                        capital   premium    based     earnings                 
payment                            
                                             reserve                            
Balance at 31 March      171       567 718    2 395     21 020                  
2011                                                                            
Total comprehensive      -         -          -         14 475                  
income for the period                                                           
Share-based payments     -         -          439       -                       
Balance at 30 September  171       567 718    2 834     35 495                  
2011                                                                            
Balance at 31 March      145       449 935    204       5 834                   
2011                                                                            
Total comprehensive      -         -          -         2 509                   
loss for the period                                                             
Share-based payments     -         -          856       -                       
Balance at 30 September  145       449 935    1 060     8 343                   
2010                                                                            
R`000                 Total equity   Non-           Total equity                
                     attributable   controlling                                 
                     to owners of   interest                                    
                     the company                                                
Balance at 31 March   591 304        (9 757)        581 547                     
2011                                                                            
Total comprehensive   14 475         (6 083)        8 392                       
income for the period                                                           
Share-based payments  439            -              439                         
Balance at 30         606 218        (15 840)       590 378                     
September 2011                                                                  
Balance at 31 March   456 118        (1 768)        454 350                     
2011                                                                            
Total comprehensive   2 509          (3 991)        (1 482)                     
loss for the period                                                             
Share-based payments  856            -              856                         
Balance at 30         459 483        (5 759)        453 724                     
September 2010                                                                  
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  
                                    Six months ended           Year ended       
R`000                                   30             30       31 March        
                                 September      September      2011             
2011           2010          (Audited)        
                                 (Reviewed)     (Reviewed)                      
Cash flows from operating         39 787         (12 883)       2 976           
activities                                                                      
Cash flows from investing         (242 099)      (131 815)      (368 261)       
activities                                                                      
Cash flows from financing         201 593        -              57 205          
activities                                                                      
Net decrease in cash and          (719)          (144 698)      (308 080)       
cash equivalents                                                                
Cash and cash equivalents at      27 000         335 081        335 080         
the beginning of the period                                                     
Cash and cash equivalents at      26 281         190 383        27 000          
the end of the period                                                           
The accompanying notes are an integral part of these condensed consolidated     
financial statements.                                                           
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                        
1.   Accounting policies                                                        
Basis of accounting                                                             
The condensed consolidated financial statements for the six-months ended 30     
September 2011 have been prepared in accordance with the recognition,           
measurement, presentation and disclosure requirements of IAS 34: Interim        
Financial Reporting and are presented in accordance with the South African      
Companies Act and the AC 500 standards as issued by the Accounting Practices    
Board. They should be read in conjunction with the annual financial statements  
for the year ended 31 March 2011, which have been prepared in accordance with   
International Financial Reporting Standards as issued by the International      
Accounting Standards Board (IFRS). The accounting policies applied are          
consistent with those applied in the annual financial statements.               
2.   Revenue and gross profit / margin                                          
The group sold 99 232 metric tonnes of 5-Seam coal from its Mpumalanga-based    
Vanggatfontein Mine into the domestic metallurgical market in the six months    
ended 30 September 2011 (30 September 2010: nil and year ended 31 March 2011:   
48 397 metric tonnes). Deliveries of thermal coal to Eskom for the six months   
ended 30 September 2011 amounted to 230 042 metric tonnes (no deliveries in     
prior periods).                                                                 
The Group achieved a gross profit of R22.3 million or 19% of sales for the      
period ended 30 September 2011 (30 September 2010: Rnil and year ended 31       
March 2011: R12.1 million or 34%). The decrease in gross margin is as a result  
of the product mix, which weighed more towards thermal coal during the current  
period.                                                                         
3.   Earnings and net asset value per share                                     
The calculation of basic and diluted earnings per share is based on a profit    
for the period ended 30 September 2011 (attributable to owners of the company)  
of R14.5 million (30 September 2010: R2.5 million and year ended 31 March       
2011: R15.2 million) and a weighted average number of shares in issue during    
the period of 171 547 644 (30 September 2010: 144 841 293 and the year ended    
31 March 2011: 148 102 328).                                                    
Six months ended           Year ended            
                               30 September 30 September  31 March              
                                2011         2010         2011                  
                               (Reviewed)   (Reviewed)                          
(Audited)             
Total earnings per ordinary                                                     
share (cents)                                                                   
Basic earnings                  8.4          1.7           10.3                 
Diluted earnings                8.4          1.7           10.3                 
Headline earnings               8.4          1.7           10.3                 
Diluted headline earnings       8.4          1.7           10.3                 
Reconciliation of headline earnings:                                            
Net profit attributable to owners of the    14 475   2 509        15 186        
company                                                                         
                                                                                
Headline earnings for the period            14 475   2 509        15 186        
Net asset value per share (cents)                                               
                               At          At          At                       
                               30          31 March    30 September             
                               September   2011        2010                     
2011        (Audited)   (Reviewed)               
                               (Reviewed)                                       
Number of shares in issue       171 547     171 547 644 144 841 293             
                               644                                              
Net asset value per share       344         339         313                     
4.   Property, plant and equipment                                              
The increase of R156.6 million from 31 March 2011 is mainly as a result of      
capital investments at the Vanggatfontein Mine. These include boxcut            
developments (R102.2 million), mine infrastructure development (R34.8           
million), ramp-up costs (R11.4 million) and an increase in rehabilitation       
assets as a result of an increase in rehabilitation liabilities (R29.7          
million). These have been offset by depreciation charges of R27.3 million.      
5.   Long term financial assets                                                 
In terms of the refinancing agreements entered into between Keaton Energy       
andLME during the 31 March 2011 financial year, the group advanced a further    
loan of R8.0 million to LME during the period, whilst LME repaid R5.3 million   
on these loans. Interest accrued on the LME loans amounted to R8.3 million (30  
September 2010: Rnil and the year ended 31 March 2011: R5.4 million).           
6.   Non-current provisions                                                     
The rehabilitation liability at the Vanggatfontein MIne increased by R29.7      
million during the period, whilst the previously recognised rehabilitation      
liability unwound with R2.0 million during the period.                          
7.   Borrowings                                                                 
On 1 April 2011 Keaton Mining entered into a project financing facility with    
Nedbank Limited to the value of R230 million and a further standby debt         
facility of R25 million. The facility attracts interest at Jibar plus 5% and    
is repayable in sculptured quarterly payments commencing 30 June 2012 and       
ending 31 March 2017. Various guarantees, representations, warranties,          
undertakings, indemnities and pledges, normal to project financing              
arrangements, have been given by both Keaton Mining and the company (as         
guarantor). As at 30 September 2011 draw-downs to the value of R204.4 million   
have been made, whilst interest of R10.9 million has been accrued. These were   
offset by unamortised transaction costs amounting to R8.2 million. As at 30     
September 2011 the group was in compliance with all project finance covenants   
related to the Vanggatfontein Mine.                                             
As part of the project finance covering security arrangement the company had    
to restrict R50 million of its cash as a standby equity deposit in favour of    
the Vanggatfontein Mine. R31 million of this deposit had been invested in the   
project by 30 September 2011.  The increase in the current restricted cash      
balance of R19 million is attributable to the remaining amount of the standby   
equity.                                                                         
8.   Commitments and contingencies                                              
The group`s capital commitments are:                                            
R`000                            At        At       At                          
30        31       30                           
                                Septembe  March    Septembe                     
                                r         2011     r                            
                                2011      (Audite  2010                         
(Reviewe  d)       (Reviewe                     
                                d)                 d)                           
Exploration and mine             1 049     42 118   160 083                     
development expenditure                                                         
authorised and contracted                                                       
Exploration and mine             32 257    42 219   109 170                     
development expenditure                                                         
authorised but not contracted                                                   
33 306    84 337   269 253                      
All contracted amounts will be funded both through existing funding mechanisms  
within the group and external debt finance for Vanggatfontein. For a detailed   
disclosure on contingent liabilities refer to Keaton Energy`s annual report     
for the year ended 31 March 2011, available on the group`s website at           
www.keatonenergy.co.za.  Further rehabilitation guarantees to the value of R16  
million were issued during the period, as well as a R3.5 million payment        
guarantee in favour of the electricity provider. Subsequent to 30 September     
2011 a net R10 million of existing payment guarantees expired and the related   
restricted cash released.                                                       
9.   Subsequent events                                                          
Refer changes to the board of directors discussed under the commentary. Apart   
from these changes and the released guarantees disclosed in note 8 above there  
were no other significant events after 30 September 2011 up to the date of      
this report.                                                                    
10.  Dividends                                                                  
No dividends have been declared nor are any proposed for the period ended 30    
September 2011 (30 September 2010: Rnil and the year ended 31 March 2011:       
Rnil).                                                                          
11.  Coal reserve and resource Statement                                        
The Vanggatfontein Mine coal reserve has been reduced by 0.2 million tonnes of  
metallurgical coal and 0.5 million tonnes of thermal coal mined during the      
period. There were no further changes to the previously reported Sterkfontein   
and Leeuwfontein resource statements.                                           
12.  Review report                                                              
KPMG Inc., the Company`s independent auditors, have reviewed the financial      
information contained in this condensed interim report and have expressed an    
unmodified conclusion on the condensed interim financial information. Their     
review report is available for inspection at the Company`s registered office.   
Segment report for the six months ended September 2011                          
               Revenue                 Operating                                
                                       profit/(loss) before                     
depreciation/                            
                                       amortisation                             
R`000           6 months    6 months    6 months    6 months                    
               ended 30    ended 30    ended 30    ended 30                     
September   September   September   September                    
               2011        2010        2011        2010                         
Vangatfontein   117 695     -           45 495      (5 626)                     
Mine(1)                                                                         
Sterkfontein    -           -           -           (429)                       
Project                                                                         
Klip Colliery   -           -           -           -                           
Keaton Energy   2 129       -           (7 251)     (5 660)                     
Holdings                                                                        
Limited(2)                                                                      
Keaton          4 095       5 175       (1 053)     (62)                        
Administrative                                                                  
and Technical                                                                   
Other           -           -           870         (273)                       
segments(3)                                                                     
Reconciliation                                                                  
to statements                                                                   
of                                                                              
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
Inter-segment   (6 224)     (5 175)     109         (545)                       
and other                                                                       
consolidation                                                                   
Assets/                                                                         
liabilities                                                                     
not allocated                                                                   
to segments                                                                     
Total per       117 695     -           38 170      (12 595)                    
statements of                                                                   
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
               Depreciation/           Net finance income/                      
amortisation            (expense)                                
R`000           6 months    6 months    6 months    6 months                    
               ended 30    ended 30    ended 30    ended 30                     
               September   September   September   September                    
2011        2010        2011        2010                         
Vangatfontein   (27 137)    -           (39 761)    (12 533)                    
Mine(1)                                                                         
Sterkfontein    -           -           -           (713)                       
Project                                                                         
Klip Colliery   -           -           -           -                           
Keaton Energy   -           -           42 460      10 977                      
Holdings                                                                        
Limited(2)                                                                      
Keaton          (153)       (310)       4           4                           
Administrative                                                                  
and Technical                                                                   
Other           -           -           (899)       374                         
segments(3)                                                                     
Reconciliation                                                                  
to statements                                                                   
of                                                                              
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
Inter-segment   -           -           (1 624)     12 602                      
and other                                                                       
consolidation                                                                   
Assets/                                                                         
liabilities                                                                     
not allocated                                                                   
to segments                                                                     
Totals per      (27 290)    (310)       180         10 711                      
statements of                                                                   
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
               Net profit/(loss)       Segment assets                           
               before taxation                                                  
R`000           6 months    6 months    6 months    6 months                    
               ended 30    ended 30    ended 30    ended 30                     
               September   September   September   September                    
               2011        2010        2011        2010                         
Vangatfontein   (21 403)    (18 159)    729 945     277 801                     
Mine(1)                                                                         
Sterkfontein    -           (1 142)     65 426      65 080                      
Project                                                                         
Klip Colliery   -           -           1 849       1 339                       
Keaton Energy   35 209      5 317       605 973     480 362                     
Holdings                                                                        
Limited(2)                                                                      
Keaton          (1 202)     (368)       3 778       -                           
Administrative                                                                  
and Technical                                                                   
Other           (29)        101         1 072       -                           
segments(3)                                                                     
Reconciliation                                                                  
to statements                                                                   
of                                                                              
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
Inter-segment   (1 515)     12 057      (453 902)   (289 334}                   
and other                                                                       
consolidation                                                                   
Assets/                                 27 511      5 003                       
liabilities                                                                     
not allocated                                                                   
to segments                                                                     
Totals per      11 060      (2 194)     981 652     540 251                     
statements of                                                                   
comprehensive                                                                   
income and                                                                      
financial                                                                       
position                                                                        
               Segment liabilities                                              
R`000                       6 months ended   6 months ended                     
                           30 September     30 September                        
2011             2010                                
Vangatfontein Mine (1)      803 004          318 521                            
Sterkfontein Project        55 476           46 870                             
Klip Colliery               331              326                                
Keaton Energy Holdings      2 625            3 737                              
Limited (2)                                                                     
Keaton Administrative and   13 549           11 038                             
Technical                                                                       
Other segments (3)          16 576           10 295                             
Reconciliation to                                                               
statements of comprehensive                                                     
income and financial                                                            
position                                                                        
Inter-segment and other     (511 116)        (312 709)                          
consolidation                                                                   
Assets/ liabilities not     10 829           8 449                              
allocated to segments                                                           
Totals per statements of    391 274          86 527                             
comprehensive income and                                                        
financial position                                                              
(1) Revenue represents sales to external customers only                         
(2) Revenue represents intersegment sales only                                  
(3) Include the subsidiaries Amalahle Exploration (Pty) Limited and Labohlano   
Trading 46 (Pty) Limited                                                        
CONTACT DETAILS                                                                 
KEATON ENERGY HOLDINGS LIMITED                                                  
Registered Office:                                                              
Ground Floor, Eland House, The Braes, 3 Eaton Avenue,                           
Bryanston, South Africa                                                         
(Postnet Suite 464, Private Bag X51, Bryanston, 2021)                           
Telephone: +27 11 317 1700                                                      
Telefax: +27 11 463 4759                                                        
email: info@keatonenergy.co.za                                                  
Website: www.keatonenergy.co.za                                                 
Directors:                                                                      
Dr JD Salter (chairman)*++,                                                     
PBM Miller (managing director)                                                  
J Rossouw (financial director)                                                  
AB Glad (executive director)                                                    
LX Mtumtum++, P Pouroulis**+, OP Sadler++, APE Sedibe+, D Jonker***+            
*British **South African / Cypriot ***Dutch                                     
+non-executive, ++independent non-executive                                     
Investor relations                                                              
James Duncan                                                                    
Russell & Associates                                                            
Tel: +27 (0) 11 880 3924                                                        
Mobile: +27 82 892 8052                                                         
E-mail: james@rair.co.za                                                        
Company Secretary                                                               
Michelle Taylor                                                                 
Transfer Secretaries:                                                           
Computershare Investor Services South Africa (Pty) Limited                      
Ground Floor, 70 Marshall Street, Johannesburg, South Africa                    
(PO Box 61051, Marshalltown, 2107)                                              
Sponsor                                                                         
Nedbank Capital                                                                 
135 Rivonia Road                                                                
Sandown 2196                                                                    
Auditors:                                                                       
KPMG Inc.                                                                       
1226 Schoeman Street, Hatfield, Pretoria                                        
Date: 02/12/2011 09:00:01 Supplied by www.sharenet.co.za                     
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