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Trading Statement
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET
ISIN: ZAE000076014
("Petmin" or "the Company")
Shareholder and Trading Update
Tuesday 2 September 2014
In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as soon as they are satisfied
that a reasonable degree of certainty exists that the financial results for the period to be reported on will differ by 20% or more from the
financial results of the previous corresponding period. Although the Petmin results may be within the reporting limits set by the JSE Listings
Requirements, the board deems it prudent to update shareholders and bring the following to their attention.
Shareholders are advised that following a strong operational performance at Somkhele, with revenue in excess of R1 billion for the first time
and anthracite production exceeding 1 million tonnes, Petmin's headline earnings are expected to be maintained at approximately 15 cents per share
(2013: 15.25 cents) and normalised earnings (see table below) are expected to increase by 24% from 2013.
Headline earnings will include a mark to market loss of R14 million (2013: profit of R6 million) on Petmin's investment in Red Crescent Resources (RCR).
The loss per share for the year ended 30 June 2014 is expected to increase by 7% to 20.70 cents (2013: 19.42 cents). The loss for the year ended
30 June 2014 was as a result of the impairment of the investment in Veremo of R181 million (2013:R200 million) and the impairment of Iron Bird of
R19 million (2013: nil). (These impairment losses are non-cash items).
Like for Like Actual Actual Actual Actual
Year ended 6 months 6 months Year ended
ended ended
30-Jun-14 30-Jun-14 31-Dec-13 30-Jun-13
Profit/(Loss) for the year (119 425) (152 191) 32 766 (112 032)
Adjust for after-tax effect of:
- Loss on the sale of Property Plant
and Equipment 5 999 - 5 999 -
- Mark to market of listed investments 13 464 3 751 9 713 (5 683)
- Impairments 200 834 199 676 1 158 200 000
- NRV impairment of inventory 6 703 5 557 1 146 -
- Reversal of accruals (5 855) - (5 855) -
Normalised profit after tax 101 720 56 793 44 927 82 285
Adjusted profit per share cents 17.63 9.84 7.79 14.26
% annual increase 24%
Despite softer export pricing, Somekele operated at full capacity during the second half of the year and has firm sales for all products to June 2015 and beyond.
Somkhele also achieved a remarkable Lost Time Injury Frequency Rate of zero.
The development of NAIC remains firmly on track as does the process leading up to the listing of NAIC and the unbundling of Petmin's shareholding in NAIC to shareholders.
Petmin continues to seek ways to optimise value in Veremo and is pursuing its claim for the dividend of ZAR 130 m now due and payable.
This trading statement and SENS announcement has not been reviewed or audited by the Company`s auditors.
The Company's annual results for the year ended 30 June 2014 are expected to be published on SENS on or about 11 September 2014.
Enquiries:
Petmin: Bradley Doig
+27 11 706 1644
+27 11 706 1644
Media: Jonathon Rees (Communications and investor relations)
Jonathon Rees (Communications and investor relations)
+27 76 185 1827
+27 76 185 1827
Sponsor and Corporate Adviser: River Group
River Group
Johannesburg
2 September 2014
Date: 02/09/2014 02:35:00 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.
