Wrap Text
PHM - Phumelela Gaming And Leisure Limited - The Group`s unaudited condensed
interim financial information for the six months ended 31 January 2012
PHUMELELA GAMING AND LEISURE LIMITED
(Registration number 1997/016610/06)
Share code: PHM ISIN: ZAE000039269
The Group`s unaudited condensed interim financial information for the six months
ended 31 January 2012
* PBT FROM INTERNATIONAL OPERATIONS UP 100%
* EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS UP 11%
* EPS UP 11%
* HEPS UP 4%
* DIVIDEND TO SHAREHOLDERS MAINTAINED
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2012 2011 2011
change R`000 R`000 R`000
Income
- Local operations 2 411 977 403 662 787 886
- International operations 39 743 39 786 95 287
2 451 720 443 448 883 173
Gross betting income
- Local operations 2 399 847 392 329 765 243
- International operations 14 855 45 872
(2) 399 847 407 184 811 115
Net betting income
- Local operations 1 322 979 318 740 620 727
- International operations 14 769 45 595
Net betting income (3) 322 979 333 509 666 322
Other operating income
- Local operations 18 85 369 72 365 152 248
- International operations 57 39 720 25 231 52 140
Investment income
- Local operations (24) 1 312 1 718 2 615
- International operations (79) 34 160 390
Net income 4 449 414 432 983 873 715
Operating expenses and overheads
- Stakes 4 (81 167) (78 046) (153 863)
- Local operations 11 (290 570) (260 666) (527 756)
- International operations (29) (16 391) (22 925) (60 667)
Profit before finance costs, (14) 61 286 71 346 131 429
income tax, depreciation and
amortisation
Depreciation and amortisation 6 (18 261) (17 164) (33 062)
Profit from operations (21) 43 025 54 182 98 367
Finance costs
- Local operations (900) (357) (452)
- International operations (61)
Profit before share of profit of (22) 42 125 53 825 97 854
equity accounted investees
Share of profit of equity 11 627 411 336
accounted investees
Profit before income tax expense (1) 53 752 54 236 98 190
Income tax expense (18 164) (19 347) (31 429)
Profit for the period 2 35 588 34 889 66 761
Other comprehensive income net of
taxation
Exchange differences on 248 190 747
translating foreign operations
Total comprehensive income for the 2 35 836 35 079 67 508
period
Profit attributable to:
Equity holders of the parent 11 35 588 31 995 62 359
Non-controlling interest 2 894 4 402
Profit for the period 2 35 588 34 889 66 761
Total comprehensive income
attributable to:
Equity holders of the parent 11 35 836 32 185 63 106
Non-controlling interest 2 894 4 402
Total comprehensive income for the 2 35 836 35 079 67 508
period
Earnings per ordinary share
(cents)
- Basic 11 47,08 42,33 82,50
- Diluted 11 46,89 42,14 82,08
SUPPLEMENTARY STATEMENT OF COMPREHENSIVE INCOME INFORMATION
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2012 2011 2011
change R`000 R`000 R`000
Reconciliation of headline
earnings
Earnings attributable to equity 11 35 588 31 995 62 359
holders of parent
Adjusted for:
Net (profit)/loss on disposal of (2 116) 667 719
property, plant and equipment
Tax effect 296 (187) (201)
Headline earnings 4 33 768 32 475 62 877
Headline earnings per share 4 44,67 42,96 83,19
(cents)
Diluted headline earnings per 4 44,49 42,77 82,76
share (cents)
Net asset value per share (cents) 1 506,47 499,41 513,01
Dividend to shareholders
Interim dividend
Dividend per ordinary share 25,00 25,00 25,00
(cents)
Final dividend
Dividend per ordinary share 43,00
(cents)
Number of shares in issue 75 586 838 75 586 838 75 586 838
Weighted average number of shares 75 586 838 75 586 838 75 586 838
in issue for basic and headline
earnings per share calculation
Weighted average number of shares 75 895 688 75 932 071 75 974 871
in issue for diluted earnings per
share calculation
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2012 2011 2011
R`000 R`000 R`000
ASSETS
Non-current assets 408 057 379 935 393 941
Property, plant and equipment 343 491 325 580 338 999
Intangible assets 35 506 34 110 34 113
Goodwill 12 227 12 227 12 227
Interest in equity accounted 11 772 3 783 3 811
investees
Investment 1 161 891 891
Deferred taxation asset 3 900 3 344 3 900
Current assets 149 882 179 833 210 548
Inventories 6 028 5 897 5 799
Trade and other receivables 68 731 70 859 70 334
Income tax receivable 5 618 4 205 1 414
Cash and cash equivalents 69 505 98 872 133 001
Total assets 557 939 559 768 604 489
EQUITY AND LIABILITIES
Total equity 382 825 399 009 410 791
Share capital and premium 1 890 1 890 1 890
Non-distributable reserves (35) (840) (283)
Retained earnings 380 970 376 442 386 159
Equity attributable to ordinary 382 825 377 492 387 766
shareholders
Non-controlling interest 21 517 23 025
Non-current liabilities 6 804 5 728 7 165
Deferred taxation liability 4 985 3 909 5 346
Retirement benefit obligations 1 819 1 819 1 819
Current liabilities 168 310 155 031 186 533
Trade and other payables 165 155 142 909 176 711
Short term loans from non- 8 550 5 362
controlling interest
Contingent consideration liability 3 000 3 000 3 000
Income tax payable 155 572 1 460
Total equity and liabilities 557 939 559 768 604 489
SUMMARISED CONSOLIDATED STATEMENTS OF CASH FLOW
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
2012 2011 2011
R`000 R`000 R`000
Net cash inflow from operating 912 491 67 243
activities
Cash generated from operations 61 173 72 025 129 584
Movements in working capital (4 054) (24 418) 10 007
Cash generated from operating 57 119 47 607 139 591
activities
Income tax paid (24 150) (16 135) (23 441)
Investment income 1 346 1 878 3 005
Finance costs (901) (357) (513)
Dividends to shareholders (32 502) (32 502) (51 399)
Net cash outflow from investing (58 776) (18 746) (48 181)
activities
Acquisition of property, plant and (25 742) (19 853) (53 822)
equipment
Proceeds on disposal of property, 3 074 133 4 667
plant and equipment and intangible
assets
Acquisition of non-controlling (13 636)
interest in Betting World (Pty)
Limited
Disposal of controlling interest (25 478)
in Phumelela Gold International
Limited
Dividend received from equity 3 006 974 974
accounted investee
Net cash outflow from financing
activities
Decrease in short term loans (5 632) (418) (3 606)
Net (decrease)/increase in cash (63 496) (18 673) 15 456
and cash equivalents
Cash and cash equivalents at 133 001 117 545 117 545
beginning of period
Cash and cash equivalents at end 69 505 98 872 133 001
of period
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
dis-
Share tributable Retained
capital reserves earnings
R`000 R`000 R`000
Balance at 31 July 2010 1 890 (1 030) 375 199
Total comprehensive 190 31 995
income for the period
- Profit for the period 31 995
- Foreign currency 190
translation reserve
Share based payment 1 750
Dividends paid to equity (32 502)
holders of parent
Balance at 31 January 1 890 (840) 376 442
2011
Total comprehensive 557 30 364
income for the period
- Profit for the period 30 364
- Foreign currency 557
translation reserve
Share based payment (1 750)
Dividends paid to equity (18 897)
holders of parent
Balance at 31 July 2011 1 890 (283) 386 159
Acquisition of non- (9 775)
controlling interest in
Betting World (Pty)
Limited
Total comprehensive 248 35 588
income for the period
- Profit for the period 35 588
- Foreign currency 248
translation reserve
Share based payment 1 500
Dividends paid to equity (32 502)
holders of parent
Balance at 31 January 1 890 (35) 380 970
2012
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont)
Equity Non- Total
attributable to controlling equity
ordinary interest
shareholders
R`000 R`000 R`000
Balance at 31 July 2010 376 059 18 623 394 682
Total comprehensive income 32 185 2 894 35 079
for the period
- Profit for the period 31 995 2 894 34 889
- Foreign currency 190 190
translation reserve
Share based payment 1 750 1 750
Dividends paid to equity (32 502) (32 502)
holders of parent
Balance at 31 January 2011 377 492 21 517 399 009
Total comprehensive income 30 921 1 508 32 429
for the period
- Profit for the period 30 364 1 508 31 872
- Foreign currency 557 557
translation reserve
Share based payment (1 750) (1 750)
Dividends paid to equity (18 897) (18 897)
holders of parent
Balance at 31 July 2011 387 766 23 025 410 791
Acquisition of non- (9 775) (23 025) (32 800)
controlling interest in
Betting World (Pty) Limited
Total comprehensive income 35 836 35 836
for the period
- Profit for the period 35 588 35 588
- Foreign currency 248 248
translation reserve
Share based payment 1 500 1 500
Dividends paid to equity (32 502) (32 502)
holders of parent
Balance at 31 January 2012 382 825 382 825
Review of Results
Group results
Profit before income tax (PBT) from international operations surged by 100%
underpinned by strong revenue growth from the export of South African
thoroughbred horseracing media rights and concomitant betting thereon.
International operations also benefitted from the Rand weakening by
approximately 10% against the Group`s major trading currencies. Conversely PBT
from local operations declined by 49% primarily due to a marginal growth in
totalisator revenues outweighed by increased operating costs as well as a
decline in fixed odds betting margins. Excluding the contribution from fixed
odds betting, totalisator betting on soccer and rugby, limited payout machines
(LPM`s) and bingo revenues the Group`s local operations from horseracing are
loss making.
Total income increased by 2% to R452 million (2011: R443 million). Excluding the
Isle of Man (IOM) totalisator operation, which is equity accounted from 1 August
2011 and consolidated in the comparative period, total income increased by 5%.
The Group`s net betting income decreased by 3% to R323 million (2011: R333
million) mainly as a consequence of the IOM operation being equity accounted in
the period under review. Net betting income from local operations increased by
1% to R323 million.
Other operating income comprises, inter alia, commission received from
international totes betting on South African racing, fees paid by offshore
bookmakers for the rights to display South African racing, local bookmakers`
levies, unclaimed dividends and breakages, TellyTrack subscriptions, share of
profits from LPM`s installed in retail outlets and stable rentals. Other
operating income increased by a pleasing 28% to R125 million (2011: R98
million). The increase was due mainly to a 50% increase in commissions received
from international totes, an 88% increase in fees paid by offshore bookmakers to
display South African racing and a 26% increase in LPM income.
Investment income decreased by 28% to R1,3 million (2011: R1,9 million)
primarily due to the decrease in cash and cash equivalents.
Operating expenses and overheads increased by 7% to R388 million (2011: R362
million). Excluding stakes which increased by 4% to R81 million (2011: R78
million) operating expenses and overheads increased by 8%.
Profit before finance costs, income tax, depreciation and amortisation decreased
by 14% to R61 million (2011: R71 million), primarily due to the IOM operation
which is now an equity accounted investee of the Group.
The Group invested a further R26 million in its capital infrastructure and as a
consequence the depreciation and amortisation charge increased by 6% to R18
million (2011: R17 million).
Profit from operations decreased by 21% to R43 million (2011: R54 million),
primarily due to the IOM operation which is now an equity accounted investee of
the Group.
As a consequence of interest paid on the purchase of a further equity interest
in Betting World (Pty) Limited, finance costs increased to R0,9 million (2011:
R0,4 million).
Share of profit from equity accounted investees increased sharply to R11,6
million (2011: R0,4 million) comprising R11,1 million from the IOM operation
(previously a wholly owned subsidiary of Phumelela Gold Enterprises) and R0,5
million (2011: R0,4 million) from Automatic Systems Limited (ASL - a company
listed on the Mauritius Stock Exchange and one of two licensed totalisator
operators on the island).
Profit for the period increased by 2% to R35,6 million (2011: R34,9 million)
whilst attributable earnings benefitted from Betting World (Pty) Limited
becoming a wholly owned subsidiary of the Group and increased by 11% to R35,8
million (2011: R32,2 million).
Earnings per share increased by 11% to 47,08 cents per share (2011: 42,33 cents
per share).
Headline earnings and headline earnings per share (HEPS) increased by 4% to
R33,8 million (2011: R32,5 million) and 44,67 cents per share (2011: 42,96 cents
per share) respectively. Diluted HEPS also increased by 4% to 44,49 cents per
share (2011: 42,77 cents per share).
LOCAL OPERATIONS
Income from local operations increased by 2% to R412 million (2011: R404
million) with income from fixed odds operations up marginally to R47,9 million
(2011: R47,6 million) and income from totalisator, racing and other operations
up 2% to R364,1 million (2011: R356 million).
Net betting income increased by 1% to R323 million (2011: R318,7 million)
comprising totalisator operations which increased by 2% to R282,1 million (2011:
R277 million) and fixed odds operations which decreased by 2% to R40,9 million
(2011: R41,7 million).
Net betting income from totalisator operations was underpinned by a pleasing 20%
increase in sports betting income to R40,8 million (2011: R34,1 million) that
includes R0,2 million betting income generated on the "Rugby 5" bet launched in
September 2011 for the Rugby World Cup tournament. Net betting income from local
and imported horseracing product remained sluggish despite an increase in the
number of betting opportunities and decreased marginally to R241,3 million
(2011: R242,9 million). Net betting income from bookmaker related totalisator
agencies (excluding Betting World) decreased by 2% primarily due to the "Open
Bet".
Net betting income from fixed odds operations was curtailed by a decrease in
betting margins particularly on sports betting that decreased by 21% to R8,7
million (2011: R11 million) due to competitive odds pricing, whilst net betting
income on horseracing increased by 3% to R29,6 million (2011: R28,8 million) and
on numbers betting increased by 24% to R2,5 million (2011: R2 million). Betting
margins on horseracing were negatively impacted by a very poor Cape racing
season that saw only one visiting trainer actively campaigning in the province.
In addition most of the feature races were won by favourites.
Other income increased by 18% to R85,4 million (2011: R72,4 million) assisted by
a 26% increase in LPM income and profits on disposal of property, plant and
equipment.
Operating expenses and overheads increased by 10% to R372 million (2011: R339
million). Excluding stakes which increased by 4% to R81 million (2011: R78
million), operating expenses and overheads increased by 11% to R291 million
(2011: R261 million) primarily due to employee, legal, marketing and
advertising, security, electricity, fuel, lease rentals and regulatory
compliance costs.
PBT from local operations decreased by 49% to R18,9 million (2011: R36,8
million) with PBT from fixed odds operations down 17% to R8,2 million (2011:
R9,9 million) and other local operations down 60% to R10,7 million (2011: R26,9
million). The Group`s diversification strategy into totalisator betting on
soccer and rugby continues to assist local profitability.
INTERNATIONAL OPERATIONS
Following on Tabcorp Holdings Limited`s ("Tabcorp") acquisition of joint
ownership of the IOM totalisator operation, the IOM operation is now an equity
accounted investee of the Group, previously a wholly owned subsidiary of
Phumelela Gold Enterprises.
Regulatory constraints in Australia curtailed Tabcorp`s ability to commence
trading with the IOM operation. Despite this the Group`s share of profits from
the IOM operation increased by a satisfactory 14% to R11 million (2011: R10
million).
Income from other international operations increased by a pleasing 57% to R39,7
million (2011: R25,2 million) assisted by Rand weakness and increased revenues
from Australia (19%), Italy (19%), Turkey (180%) and Zimbabwe (253%) primarily
due to increased demand for South African racing and concomitant betting
thereon, and the UK (97%) through the agreement concluded with Satellite
Information Services Limited (SiS) on 1 June 2011 effectively doubling the
annual consideration for the rights to provide South African racing broadcast to
UK bookmakers.
Operating expenses and overheads were impacted by Rand weakness and equity
accounting for the IOM operation and decreased by 29% to R16,4 million (2011:
R22,9 million). Excluding the IOM operation from the comparative period,
operating expenses increased by 4%.
The Group`s share of profit from its equity accounted investee, ASL increased by
13% to R465 000 (2011: R411 000).
PBT from international operations increased by 100% to R34,9 million (2011:
R17,4 million) and equates to 65% (2011: 32%) of the Group`s PBT.
FINANCIAL POSITION
The Group has total assets of R558 million (2011: R604 million) including cash
resources of R70 million (2011: R133 million) and insignificant gearing. The
Group`s net asset value per share is 506,47 cents per share.
Cash generated from operations of R61,2 million was utilised to fund an increase
in working capital of R4,1 million, pay income tax of R24,2 million and
dividends of R32,5 million. A further R25,7 million was utilised for capital
expenditure and software development and R19 million (including R5,4 million in
short term loans as part of net cash outflows from financing activities) in part
payment of the purchase consideration on acquisition of a further equity
interest in Betting World (Pty) Limited. The Group divested fifty percent of its
interest in the IOM operation to Tabcorp Holdings Limited resulting in a cash
outflow of R25,5 million on equity accounting for the IOM operation.
CORPORATE ACTIVITY
With effect from 1 August 2011:
- the Company acquired a further 41% shareholding in Betting World (Pty)
Limited (a fixed odds bookmaking concern) for R38 million inclusive of
shareholder loans. Betting World is now a wholly owned subsidiary of the
Group,
- Tabcorp Holdings Limited (Australia) acquired joint ownership of the
Group`s IOM Totalisator operation establishing a strategic partnership with
Phumelela Gold Enterprises. The IOM operation is now an equity accounted
investee of the Group.
SHARE CAPITAL
There was no movement in share capital during the period under review.
CAPITAL COMMITMENTS
Commitments in respect of capital expenditure approved by directors.
2012 2011
R`000 R`000
Contracted for 2 276 811
Not contracted for 32 594 26 726
REPORTING ENTITY
Phumelela Gaming and Leisure Limited is a company domiciled in South Africa. The
condensed consolidated interim financial information as at and for the period
ended 31 January 2012 comprises of the company and its subsidiaries and the
Group`s interests in equity accounted investees.
CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS
The Group stages and broadcasts horseracing events and offers betting
opportunities on both South African and international product in two geographic
segments, namely South Africa and the rest of the world.
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2012 2011 2011
change R`000 R`000 R`000
LOCAL
Excluding fixed odds
Income 2 364 077 356 025 700 500
Net income 5 363 942 347 487 688 712
Stakes 4 (81 167) (78 046) (153 863)
Operating expenses 12 (255 151) (227 443) (463 358)
Profit before depreciation (34) 27 624 41 998 71 491
and amortisation
Depreciation and 6 (16 073) (15 130) (28 876)
amortisation
Profit before finance costs (57) 11 551 26 868 42 615
and taxation
Finance costs (900) (11) (36)
Profit before income tax (60) 10 651 26 857 42 579
expense
Fixed odds
Income 1 47 900 47 637 87 385
Net income 1 45 718 45 336 85 882
Operating expenses 7 (35 419) (33 223) (64 397)
Profit before depreciation (15) 10 299 12 113 21 485
and amortisation
Depreciation and 15 (2 093) (1 826) (3 750)
amortisation
Profit before finance costs (20) 8 206 10 287 17 735
and taxation
Finance costs (346) (416)
Profit before income tax (17) 8 206 9 941 17 319
expense
INTERNATIONAL
Income 39 743 39 786 95 287
Net income (1) 39 754 40 160 99 120
Operating expenses (29) (16 391) (22 925) (60 667)
Profit before depreciation 36 23 363 17 235 38 453
and amortisation
Depreciation and (54) (95) (208) (436)
amortisation
Profit before finance costs 37 23 268 17 027 38 017
and taxation
Finance costs (61)
Profit from operations 37 23 268 17 027 37 956
Share of profit of equity 11 627 411 336
accounted investees
Profit before income tax 100 34 895 17 438 38 292
expense
TOTAL FOR THE GROUP
Income 2 451 720 443 448 883 172
Net income 4 449 414 432 983 873 714
Stakes 4 (81 167) (78 046) (153 863)
Operating expenses 8 (306 961) (283 591) (588 422)
Profit before depreciation (14) 61 286 71 346 131 429
and amortisation
Depreciation and 6 (18 261) (17 164) (33 062)
amortisation
Profit before finance costs (21) 43 025 54 182 98 367
and taxation
Finance costs (900) (357) (513)
Profit before share of (22) 42 125 53 825 97 854
equity accounted investees
Share of profit of equity 11 627 411 336
accounted investees
Profit before income tax (1) 53 752 54 236 98 190
expense
STATEMENT OF COMPLIANCE AND PRESENTATION
The condensed consolidated interim financial information for the six months
ended 31 January 2012 has been prepared in accordance with IAS34 - Interim
Financial Reporting, the AC500 series as issued by the Accounting Practices
Board, the Listing Requirements of the JSE Limited and the requirements of the
South African Companies Act. The financial information does not include all the
information required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group as at and
for the year ended 31 July 2011.
The condensed consolidated interim financial information is presented in South
African Rands rounded to the nearest thousand, which is the Group`s functional
and presentation currency. They are prepared on the historical cost basis,
except for certain derivative financial instruments that are recognised at fair
value.
The accounting policies applied in the presentation of the condensed
consolidated interim financial information are consistent with those applied for
the year ended 31 July 2011, except for new standards and interpretations that
became effective on 1 August 2011 and deemed applicable to the Group. The
adoption of these standards and interpretations had no material impact on the
results for the period nor has it required the restatement of any prior year
figures. The amounts disclosed are not audited, except if indicated otherwise.
The Board is committed to the highest standards of corporate governance
throughout the Group, endorses the recommendations set out in King III and
supports the Code of Corporate Practices and Conduct setout therein.
SUBSEQUENT EVENTS
There are no significant subsequent events that have a material impact on the
financial information at 31 January 2012.
As reported in the Group`s annual financial statements for the year ended 31
July 2011, Phumelela and Gold Circle received notice on 1 July 2011, from the
Competition Commission (the Commission) of a complaint lodged by Africa Race
Group (Pty) Limited alleging, inter alia, price fixing and market allocation.
The Company has submitted a formal response to the allegations and awaits the
Commission`s findings.
In a separate matter, on 19 March 2012, the Commission issued a ruling
prohibiting the previously reported acquisition by Kenilworth Racing (Pty)
Limited (Kenilworth) of the Western Cape business of Gold Circle and
simultaneously the Thoroughbred Horseracing Trust`s acquisition of the entire
issued equity in Kenilworth. The parties have lodged an appeal to the
Commission`s decision with the Competition Tribunal.
RELATED PARTIES
Other than reported elsewhere, there has been no significant change in related
party relationships since the previous year.
Other than in the normal course of business, there have been no significant
transactions during the period with equity accounted investees, joint entities
and other related parties.
SOCIAL RESPONSIBILITY
The Group recognises that it has a responsibility to the broader community to
act in a socially responsible manner, for the benefit of all South Africans.
Contributions to selected training, sports and community service related
projects continue. The Group has adopted appropriate BEE and employment equity,
training and procurement policies.
In April 2011 the Group was awarded "AA" (Level Three Contributor) status by
Empowerdex (Economic empowerment rating agency).
DIRECTORS
There were no changes to the composition of the Board during the period under
review.
PROSPECTS
The Group`s international operations continue to enjoy good demand and are
expected to perform in line with the results achieved at half year. The same is
expected of the Group`s local Tote turnovers on sports other than horseracing.
The profitability achieved by the Group`s local Tote betting operations on
horseracing remains of concern and continues to receive management`s full
attention.
The Group has made extensive submissions to parliament requesting that
Government urgently address the imbalances between Tote and bookmaker betting
and their respective contributions to the funding of the sport. The
Parliamentary sub-committee tasked with reviewing all aspects of gambling and
betting in South Africa recently recommended, inter alia, that legislation be
amended to outlaw the Open Bet and that the intellectual property rights of
sporting codes are recognized and leveraged in terms of betting activities. If
these amendments to legislation are introduced, it should have a positive effect
on the Group`s earnings. It is not however realistically expected that any such
changes will be implemented before the Group`s year end.
Management continues to target growth in earnings for the full year. Any forward
looking statements or forecasts contained in these results have not been
reviewed or reported on by the company`s auditors`.
CASH DIVIDEND TO SHAREHOLDERS
Notice is hereby given that the Board has declared a gross interim cash dividend
from income reserves of 25 cents per share (21,25 cents per share net of
dividend withholding tax at a rate of 15%) payable to shareholders recorded in
the register on Friday, 25 May 2012. The Company has no secondary tax on
companies` credits available. The issued share capital at the declaration date
is 77 101 885 ordinary shares. Shareholders are advised that the last date to
trade "cum dividend" will be Friday, 18 May 2012. As from commencement of
business on Monday, 21 May 2012 all trading in Phumelela shares will be "ex
dividend". Payment will be made on Monday, 28 May 2012. Share certificates may
not be dematerialised or rematerialised between Monday, 21 May 2012 and Friday,
25 May 2012, both days inclusive. The Company`s tax reference number is
9171/393/84/7.
For and on behalf of the Board
M P MALUNGANI W A du PLESSIS
Chairman Group Chief Executive
Johannesburg 19 April 2012
Directors: M P Malungani (Chairman), W A du Plessis* (Group Chief Executive), A
W Heide* (Finance Director and COO), R Cooper, M J Jooste, B Kantor, S K C
Khampepe, N J Mboweni (Mrs), V J Moodley*, Dr E Nkosi, M L Ramafalo*, J A
Stuart*, C J H van Niekerk, J B Walters (*Executive)
Company Secretary: A F Wintour
Registered Office: Turffontein Racecourse, 14 Turf Club Street, Turffontein
Transfer Secretaries: Computershare Investor Services (Pty) Limited
Sponsor: Investec Bank Limited
Web site: www.phumelela.com
Date: 19/04/2012 07:05:01 Supplied by www.sharenet.co.za
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.
Sharenet Sites 
