Wrap Text
Unaudited interims for 6 month period ended June 2014
MASTER DRILLING GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 2011/008265/06
JSE share code: MDI / ISIN: ZAE 0001711948
("Master Drilling" or "the company")
REPORT TO SHAREHOLDERS
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2014
HIGHLIGHTS FOR THE PERIOD
- Revenue up by 20.6% from US$54.1 million to US$65.2 million
- Profit up by 20.9% from US$7.7 million to US$9.3 million
- Profit attributable to equity shareholders up by 10.4% from US$7.6 million
to US$8.4 million
- ZAR Headline earnings per share up by 29.2% from 47.2 cents to 61.0 cents
- US$ Headline earnings per share up by 11.8% from 5.1 cents to 5.7 cents
COMMENTARY
ABOUT MASTER DRILLING GROUP LIMITED
Master Drilling is a world leader in raiseboring, providing specialised drilling services to major, mid-tier and
junior mining and exploration companies, across a wide range of commodities.
With complete project-management expertise, the group also provides drilling services for civil-
engineering applications in a variety of emerging markets – from exploration-stage through to production-
stage drilling.
Specialised in-house design, manufacturing, training and maintenance capabilities afford customised
solutions for specific conditions and drilling requirements. Master Drilling's raiseboring capability is,
therefore, much more efficient than conventional drilling methods. Productivity is greatly enhanced
by using this technologically advanced equipment and value-added services, which increase speed yet
uphold safety.
As at 30 June 2014, the group's activities include:
- active operation of 158 drilling rigs across Africa, Latin America and Europe with most of the rigs
owned or leased by Master Drilling;
- despite the protracted platinum strike in South Africa, key contracts performing as planned and new
contracts in the pipeline, including the establishment of new sites and ramp-up of projects in the
second half of this year;
- diversification into new industries, commodities, services, equipment, markets and countries;
- achieving organic growth targets in Latin America in line with strategic objectives and expectations;
- automated machines operating successfully and improving efficiency globally;
- roll-out of additional automated machines; and
- development of the fast production method machine with efficiency and safety top of mind.
The group believes that its current commodity exposure, primarily gold, followed by iron ore and copper,
stabilises the operating environment, and is complemented by generating 77% of current revenue from
production-stage drilling.
COMMITTED ORDERS
As at 30 June 2014 our committed order book totalled US$200 655 826 for the second half of 2014 and
beyond, spread as per results on page 4.
REVENUE
The following graphs reflect the Group's combined revenue as follows:
REVENUE BY
DRILLING TYPE
2014
Production 77%
Exploration 4%
Capital 19%
REVENUE BY
JURISDICTION
2014
Latin America 49%
Rest of Africa 13%
Rest of the world 2%
South Africa 36%
REVENUE BY
COMMODITY
2014
Gold 31%
Platinum 7%
Copper 16%
Polymetallic 15%
Iron ore 21%
Other 10%
REVENUE BY
DRILLING TYPE
2013
Production 78%
Exploration 9%
Capital 13%
REVENUE BY
JURISDICTION
2013
Latin America 60%
Rest of Africa 8%
Rest of the world 1%
South Africa 31%
REVENUE BY
COMMODITY
2013
Gold 21%
Platinum 11%
Copper 19%
Polymetallic 11%
Iron ore 13%
Other 25%
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the Master Drilling Group for the six months ended 30 June 2014
ACCOUNTING POLICIES – BASIS OF PREPARATION
The condensed consolidated unaudited interim financial statements of Master Drilling Group Limited
have been prepared on the historical cost basis, except for certain financial instruments that are stated at
fair value. The Group Financial Statements for the six months ended 30 June 2014 have been prepared
in compliance with IAS 34: Interim Financial Reporting, International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board and the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and presented in accordance with the minimum
content, including disclosures, prepared in accordance with the JSE Limited Listings Requirements and the
requirements of the South African Companies Act, 2008 (as amended).
The group's accounting policies used in the preparation of these financial statements are consistent with
those used in the Annual Financial Statements for the year ended 31 December 2013, except for the
adoption of the amendments to IFRS 10, IFRS 12 and IAS 36. These amendments did not have an impact
on the Group's interim financial statements.
The unaudited financial statements for the six months ended 30 June 2014 have been prepared by
the corporate reporting staff of Master Drilling Group Limited, headed by Peet van Coller (CA(SA)), the
Group's Senior Manager: Financial Accounting. This process was supervised by André Jean van Deventer
(CA (SA)), the Group's Chief Financial Officer.
GOING CONCERN
Based on the information available to it, the Board of Directors believes that the Group remains a
going concern.
ISSUED CAPITAL
There has been no change to the issued capital since 31 December 2013.
OPERATING SEGMENTS
There are no changes to the operating segments from those disclosed at 31 December 2013.
See note 7.
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of the Group's entities are measured using the currency
of the primary environment in which the entity operates, i.e. its "functional currency". The functional
currency of the Group is Rands. The consolidated financial statements are presented in US Dollars (the
"presentation currency"). Management believes that this currency is more useful to the users of the
consolidated financial statements, as this currency most reliably reflects the global business performance
of the Group as a whole.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the Master Drilling Group for the six months ended 30 June 2014
Unaudited Audited
six months year ended
ended 31 December
30 June 2014 2013
Notes US$ US$
ASSETS
Non-current assets
Property, plant and equipment 1 92 354 883 86 393 649
Goodwill 2 612 584 2 612 584
Deferred tax asset 1 269 189 498 850
Financial assets 12 739 491 12 460 252
108 976 147 101 965 335
Current assets
Inventories 18 890 711 16 395 945
Related party loans 105 833 62 540
Trade and other receivables 2 35 504 334 27 429 963
Cash and cash equivalents 8 444 958 16 566 842
62 945 836 60 455 290
Total assets 171 921 983 162 420 625
EQUITY AND LIABILITIES
Equity
Share capital 146 607 965 146 607 965
Reserves (71 470 493) (71 097 579)
Retained income 24 783 271 16 357 165
99 920 743 91 867 551
Non-controlling interest 15 171 433 14 250 534
115 092 176 106 118 085
LIABILITIES
Non-current liabilities
Long-term interest bearing borrowings 6 633 853 9 328 366
Finance lease obligations 5 152 803 6 291 285
Share based Payment Liability 572 159 358 800
Deferred tax liability 6 125 786 5 037 242
18 484 601 21 015 693
Current liabilities
Current portion of interest bearing borrowings 6 109 588 4 017 602
Finance lease obligations 4 412 234 4 084 681
Related party loans 1 421 332 1 594 879
Current tax payable 4 221 752 4 584 452
Trade and other payables 3 22 180 260 21 003 624
Bank overdraft 40 1 609
38 345 206 35 286 847
Total liabilities 56 829 807 56 302 540
Total equity and liabilities 171 921 983 162 420 625
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the Master Drilling Group for the six months ended 30 June 2014
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2014 30 June 2013 2013
Notes US$ US$ US$
Revenue 65 187 683 54 055 183 119 688 645
Cost of sales (43 857 184) (34 856 225) (79 930 462)
Gross profit 21 330 499 19 198 958 39 758 183
Other operating income 706 319 759 358 891 774
Other operating expenses (8 726 054) (8 200 803) (18 106 951)
Operating profit 13 310 764 11 757 513 22 543 006
Investment revenue 461 819 866 307 1 473 911
Finance costs (693 540) (1 513 665) (1 926 791)
Profit before taxation 13 079 043 11 110 155 22 090 126
Taxation (3 732 038) (3 380 680) (6 294 382)
Profit for the year 9 347 005 7 729 475 15 795 744
Other comprehensive income:
Exchange differences on translating
foreign operations (465 823) (9 802 981) (12 562 962)
Other comprehensive (loss)/income for the year
net of taxation (465 823) (9 802 981) (12 562 962)
Total comprehensive income 8 881 182 (2 073 506) 3 232 782
Profit attributable to: 9 347 005 7 729 475 15 795 744
Owners of the parent 8 426 106 7 635 451 15 127 395
Non-controlling interest 920 899 94 024 668 349
Total comprehensive income attributable to: 8 881 182 (2 073 506) 3 232 782
Owners of the parent 7 960 283 (2 167 530) 2 564 433
Non-Controlling interest 920 899 94 024 668 349
Earnings per share (USD) 4
Basic earnings per share (cents) 5.7 5.1 10.2
Headline earnings per share (cents) 5.7 5.1 10.3
Earnings per share (ZAR)
Basic earnings per share (cents) 60.8 47.4 98.4
Headline earnings per share (cents) 61.0 47.2 99.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Master Drilling Group for the six months ended 30 June 2014
Equity due Foreign Share Attributable Total
to change currency based to owners Non- share-
Share in control translation payments Total Retained of the controlling holders'
capital of interests reserve reserve reserves income parent interest equity
US$ US$ US$ US$ US$ US$ US$ US$ US$
Balance as at
30 June 2013 146 606 020 (58 308 008) (10 089 796) – (68 397 804) 8 865 221 87 073 437 7 250 146 94 323 583
Listing Cost 1 945 – – – – – 1 945 – 1 945
Shares-based
Payments – – – 16 211 16 211 – 16 211 – 16 211
Shares issued to BEE
partners – – – – – – – 6 533 860 6 533 860
Dividends declared to
BEE Partner – – – – – – – (107 797) ) (107 797)
Equity due to change
in control of interests
adjustments – 43 995 – – 43 995 – 43 995 – 43 995
Total comprehensive
income for the year – – (2 759 981) – (2 759 981) 7 491 944 4 731 963 574 325 5 306 288
Total changes 1 945 43 995 (2 759 981) 16 211 (2 699 775) 7 491 944 4 794 114 7 000 388 11 794 502
Balance as at
31 December 2013 146 607 965 (58 264 013) (12 849 777) 16 211 (71 097 579) 16 357 165 91 867 551 14 250 534 106 118 085
Shares-based
Payments – – – 92 909 92 909 – 92 909 – 92 909
Total comprehensive
income for the year – – (465 823) – (465 823) 8 426 106 7 960 283 920 899 8 881 182
Total changes – – (465 823) 92 909 (372 914) 8 426 106 8 053 192 920 899 8 974 091
Balance as at
30 June 2014 146 607 965 (58 264 013) (13 315 600) 109 120 (71 470 493) 24 783 271 99 920 743 15 171 433 115 092 176
CONSOLIDATED STATEMENT OF CASH FLOWS
for the Master Drilling Group for the six months ended 30 June 2014
Unaudited Audited
six months year ended
ended 31 December
30 June 2014 2013
Notes US$ US$
Cash (utilised in)/generated from operations 5 8 701 309 22 675 817
Interest income 461 819 1 473 911
Finance costs (693 540) (1 926 791)
Tax paid (3 884 552) (6 632 226)
Net cash from operating activities 4 585 036 15 590 711
Cash flows from investing activities
Purchase of property, plant and equipment (10 788 242) (30 586 920)
Sale of property, plant and equipment 999 235 890
Net cash inflow on acquisition of subsidiaries – 278 521
Net cash from investing activities (10 787 243) (30 072 509)
Cash flows from financing activities
(Repayment)/Proceeds of financial liabilities (602 527) 6 374 071
Repayment of finance leases (810 929) (2 230 579)
Repayment of related party loan (216 840) (13 601 683)
Cost relating to issue of ordinary shares – (31 198)
Net cash from financing activities (1 630 296) (9 489 389)
Total cash movement for the period (7 832 503) (23 971 187)
Cash at the beginning of the period 16 565 233 49 573 277
Effect of exchange rate movement on cash balances (287 812) (9 036 857)
Total cash at end of the period 8 444 918 16 565 233
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the Master Drilling Group for the six months ended 30 June 2014
1. PROPERTY, PLANT AND EQUIPMENT
Unaudited
six months ended 30 June 2014
Accumulated Carrying
Figures in US$ Cost depreciation value
Buildings 515 965 (56 897) 459 068
Plant and machinery 84 659 036 (22 985 953) 61 673 083
Assets under construction 9 600 559 – 9 600 559
Furniture and fittings 1 297 295 (409 577) 887 718
Motor vehicles 3 608 246 (1 526 488) 2 081 758
Office equipment 131 066 (65 322) 65 744
IT equipment 608 766 (325 042) 283 724
Finance lease: Plant and equipment 19 280 141 (3 336 858) 15 943 283
Computer software 1 637 999 (278 053) 1 359 946
Total 121 339 073 (28 984 190) 92 354 883
Audited
year ended 31 December 2013
Accumulated Carrying
Figures in US$ Cost depreciation value
Buildings 232 071 (50 174) 181 897
Plant and machinery 80 720 902 (22 000 482) 58 720 420
Assets under construction 11 846 158 (10 320) 11 835 838
Furniture and fittings 1 255 679 (384 471) 871 208
Motor vehicles 3 487 337 (1 291 984) 2 195 353
Office equipment 123 602 (55 688) 67 914
IT equipment 545 392 (328 083) 217 309
Finance lease: Plant and equipment 13 615 803 (1 993 620) 11 622 183
Computer software 870 797 (189 270) 681 527
Total 112 697 741 (26 304 092) 86 393 649
1.1. Reconciliation of property, plant and equipment
Assets Exchange
acquired difference on
through consolidation Reclassifications
Unaudited Opening business of foreign /transfer to
Six months ended balance combination Additions subsidiaries Inventory Disposals Depreciation Total
30 June 2014 US$ US$ US$ US$ US$ US$ US$ US$
Buildings 181 897 – 300 161 (13 637) – – (9 353) 459 068
Plant and machinery 58 720 420 – 7 864 673 (509 955) (1 609 423) – (2 792 632) 61 673 083
Assets under construction 11 835 838 – – 2 262 (2 237 541) – – 9 600 559
Furniture and fittings 871 208 – 47 363 1 469 – – (32 322) 887 718
Motor vehicles 2 195 353 – 175 076 (4 682) – (39 718) (244 271) 2 081 758
Office equipment 67 914 – 282 3 620 – – (6 072) 65 744
IT Equipment 217 309 – 118 101 (2 125) – (632) (48 929) 283 724
Finance lease: Plant and equipment 11 622 183 – 1 505 793 (48 304) 3 309 692 (7 010) (439 071) 15 943 283
Computer software 681 527 – 776 793 (7 486) – – (90 888) 1 359 946
86 393 649 – 10 788 242 (578 838) (537 272) (47 360) (3 663 538) 92 354 883
Assets Exchange
acquired difference on
through consolidation
Audited Opening business of foreign
Year ended balance combination Additions subsidiaries Reclassifications Disposals Depreciation Total
31 December 2013 US$ US$ US$ US$ US$ US$ US$ US$
Buildings 165 116 – 46 103 (8 371) – (2 202) (18 749) 181 897
Plant and machinery 54 582 994 56 421 16 309 347 (5 924 785) (995 895) – (5 307 662) 58 720 420
Assets under construction 66 008 – 11 781 939 (6 864) (5 245) – – 11 835 838
Furniture and fittings 813 721 11 121 101 959 (17 952) 17 564 (1 422) (53 783) 871 208
Motor vehicles 923 035 69 296 1 676 702 (76 884) – (42 213) (354 583) 2 195 353
Office equipment 91 157 – 918 (6 758) (3 866) – (13 537) 67 914
IT equipment 171 650 49 328 96 093 (11 869) (310) (8 689) (78 894) 217 309
Finance lease: Plant and equipment 4 783 910 – 8 085 395 (399 782) – – (847 340) 11 622 183
Computer software 32 529 107 187 573 859 (1 634) (5 437) – (24 977) 681 527
61 630 120 293 353 38 672 315 (6 454 899) (993 189) (54 526) (6 699 525) 86 393 649
2. TRADE AND OTHER RECEIVABLES
Unaudited Audited year
six months ended
ended 31 December
30 June 2014 2013
US$ US$
Trade receivables 29 817 088 22 440 470
Loans to employees 157 775 218 522
Pre-payments 2 075 740 1 775 222
Deposits 343 121 299 277
Indirect taxes 1 397 748 448 270
Sundry 1 712 862 2 248 202
35 504 334 27 429 963
Trade and other receivables past due but not impaired
The ageing of amounts past due but not impaired is as follows:
Outstanding on normal cycle terms 26 508 437 18 335 074
1 month past due 1 883 417 2 368 731
2 month past due 767 370 958 179
3 month past due 2 327 604 2 450 854
Allowance for doubtful debts (1 669 740) (1 672 368)
29 817 088 22 440 470
The carrying amount in US dollars of trade and other receivables are
denominated in the following currencies:
US Dollar 19 188 094 8 268 389
South African Rands 5 425 681 6 717 504
Brazilian Reals 2 083 073 1 417 016
Mexican Peso 525 260 451 188
Chilean Peso 4 940 273 7 542 534
Peruvian Nuevo Sol 548 629 761 350
CFA Franc BCEAO 429 388 512 422
Chinese Yuan Renminbi 308 148 607 518
Guatemalan Quetzal 258 864 145 898
Zambian Kwacha 1 494 305 1 006 144
Euro 302 619 –
35 504 334 27 429 963
3. TRADE AND OTHER PAYABLES
Trade payables 9 914 636 9 887 950
Income received in advance 337 729 324 724
Indirect taxes 5 463 548 3 797 584
Leave pay accruals 2 338 037 2 359 543
Other accruals 4 126 310 4 633 823
22 180 260 21 003 624
4. RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2014 30 June 2013 2013
US$ US$ US$
EARNINGS PER SHARE
Reconciliation between earnings and headline
earnings
Basic earnings for the year 9 347 005 7 729 475 15 795 744
Deduct:
Non-controlling interest (920 899) (94 024) (668 349)
Attributable to owners of the parent 8 426 106 7 635 451 15 127 395
Loss/(Gain) on disposal of fixed assets 46 362 (50 627) (181 364)
Impairment of property, plant and equipment – – 358 750
Tax effect on disposal of fixed assets and
impairments (12 842) 12 253 (45 761)
Headline Earnings for the year 8 459 626 7 597 077 15 259 020
Earnings per share (cents) 5,7 5,1 10.2
Diluted earnings per share (cents) 5,6 5,1 10.2
Headline earnings per share (cents) 5,7 5,1 10.3
Diluted headline earnings per share (cents) 5,6 5,1 10.3
Net asset value per share (cents) 77,6 63,5 71.6
Tangible net asset value per share (cents) 75,9 63,5 69.8
Dividends per share (cents) – – –
Weighted average number of ordinary shares
Issued ordinary shares at the beginning of the period 148 265 491 148 265 491 148 265 491
Weighted average number of ordinary shares at the
end of the year for the purpose of basic earnings per
share and headline earnings per share 148 265 491 148 265 491 148 265 491
Effect of dilutive potential ordinary shares 2 036 764 – 180 822
Weighted average number of ordinary shares at
the end of the year for the purpose of diluted basic
earnings per share and diluted headline earnings
per share 150 302 255 148 265 491 148 446 313
5. CASH GENERATED FROM OPERATIONS
Unaudited Audited year
six months ended
ended 31 December
30 June 2014 2013
US$ US$
Profit before taxation 13 079 043 22 090 126
Adjustments for:
Depreciation and amortisation 3 663 538 6 340 775
Impairment – 358 750
Translation effect of foreign operations 229 606 3 839 491
Share based payment – equity settled 92 909 16 211
Share based payment – liability 213 359 358 800
Profit on sale of assets 46 362 (181 364)
Interest received (461 819) (1 473 911)
Finance costs 693 540 1 926 791
Changes in working capital:
Inventories (1 957 494) (3 421 760)
Trade and other receivables (8 074 371) (2 073 773)
Trade and other payables 1 176 636 (5 104 319)
8 701 309 22 675 817
6. CAPITAL COMMITMENTS
Unaudited Audited
six months year
ended ended
30 June 30 December
2014 2013
US$ US$
Capital expenditure authorised by the directors and contracted
for within 12 months 8 228 837 6 436 251
7. SEGMENTAL REPORTING
7.1. Mining activity
The following table shows the distribution of the Company's combined revenue by mining activity,
regardless of where the services were delivered:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2014 30 June 2013 2013
US$ US$ US$
Revenue by stage of mining activity
Exploration 2 666 745 6 887 133 11 319 902
Capital 12 266 922 3 330 022 15 514 004
Production 50 254 016 43 838 028 92 854 739
65 187 683 54 055 183 119 688 645
Gross profit by stage of mining activity
Exploration 782 871 1 965 572 2 569 014
Capital 3 612 752 956 306 3 627 474
Production 16 934 876 16 277 080 33 561 695
21 330 499 19 198 958 39 758 183
7.2. Geographical segments
Although the Group's major operating divisions are managed on a world-wide basis, they operate in
four principal geographical areas.
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 2014 30 June 2013 2013
US$ US$ US$
Revenue by geographical market
Rest of Africa 8 790 294 2 743 717 9 335 834
Latin America 31 993 268 36 765 036 71 947 011
Rest of the world 1 146 506 772 869 768 249
South Africa 23 257 615 13 773 561(1) 37 637 551
65 187 683 54 055 183 119 688 645
Gross profit by geographical market
Rest of Africa 5 358 746 1 163 378 3 593 258
Latin America 9 411 095 14 312 841 27 008 402
Rest of the world (293 713) (316 068) 491 783
South Africa 6 854 371 4 038 807(1) 8 664 740
21 330 499 19 198 958 39 758 183
Note:
The gross profit percentages vary based on drilling ground conditions, competition in the markets and the mix
of in-country and foreign cost.
(1)Note that previously classified as part of "Rest of Africa"
SUBSEQUENT TO THE REPORTING PERIOD
Significant events
There have been no significant events subsequent to 30 June 2014 which require adjustment or additional
disclosure to these interim results.
Changes to the Board
The following changes to the board occurred and are detailed below.
New appointments
Name Position Date
Hendrik Roux van der Merwe Chairman, Independent Non-Executive Director 24 July 2014
Christopher Gerald O'Neill Independent Non-Executive Director 24 July 2014
Resignations
Name Position Date
Peter John Ledger Chairman, Independent Non-Executive Director 24 July 2014
Rodger Owen Davey Independent Non-Executive Director 24 July 2014
Dividends
Dividends
Our Listing prospectus stated the following in respect of our dividend approach:
"The board anticipates that, following the Listing and during the Group's growth phase, its cash resources
will be used primarily for investment in the development of the Group's assets. It is the current intention of
the Company to declare and to pay dividends after each six month reporting period following this growth phase,
maintaining a dividend cover ratio of between 4 to 5 times annual headline earnings. However, there can be no
assurance that a dividend will be paid in respect of the financial period, and the declaration and payment by
the Company of any dividends will depend on the results of the Group's operations, its financial position,
anticipated cash requirements, prospects, profits available for distribution, and other factors deemed to
be relevant at the time."
The Group is still in its growth phase and, as foreshadowed in the Listing prospectus, for the time being we
continue to invest our cash resources primarily in the development of the Group's assets. Thus no dividend
has been declared in respect of this reporting period.
OUTLOOK AND PROSPECTS
Master Drilling's business strategy aims to grow our reputation as a leading, global specialised drilling
services group – and to deliver long-term, sustainable growth through further development and expansion
of our drilling services.
Consistently focused on expanding our global footprint, we believe that growth into the rest of Africa will be
achieved from our solid South African base, and in partnership with major blue-chip mining companies.
To sustain our growth, we believe that it is imperative to expand our services beyond raisebore drilling.
To this end, we have made significant progress by diversifying our service offering in presenting solutions
to the challenges faced by our customers.
We also believe that ongoing research into and development of mechanisation, automation and remote
drilling services continuously improve the quality of our service offering.
Our order book for 2015 onwards reflects the success of our business model, particularly our strategy to
diversify across commodities and mining stages.
With the platinum strike in South Africa and delays in commissioning some of our recent projects behind
us, we look forward to completing the expansion of our capital fleet scheduled for deployment in 2015.
The condensed consolidated unaudited interim financial statements of Master Drilling Group Limited were
approved by the Board of Directors on 3 September 2014 and signed off on its behalf by DC Pretorius.
On behalf of the board
DC Pretorius
Chief Executive Officer
Fochville
3 September 2014
REGISTERED AND CORPORATE OFFICE
4 Bosman Street
PO Box 902
Fochville, 2515
South Africa
DIRECTORS
Executive
Daniël (Danie) Coenraad Pretorius
Chief Executive Officer and founder
André Jean van Deventer
Financial Director and Chief Financial Officer
Barend Jacobus (Koos) Jordaan
Technical Director
Gareth (Gary) Robert Sheppard#
Chief Operating Officer
# Resident in Peru
Non-Executive
Hendrik Roux van der Merve
Chairman and Independent Non-Executive
Christopher Gerald O'Neill
Independent Non-Executive
Akhter Alli Deshmukh
Independent Non-Executive
Jacques Pierre de Wet
Independent Non-Executive
Shane Trevor Ferguson
Non-Executive
Izak Bredenkamp
Alternate Director
Company Secretary
Theophilus (Theo) Timotheus de Wet
De Wets Incorporated
(Registration number: 2000/003792/21)
6 Dwars Street
Krugersdorp, 1739
South Africa
(PO Box 158, Krugersdorp, 1740)
South Africa
JSE SPONSOR
Sasfin Capital, a division of Sasfin Bank Limited
29 Scott Street
Waverley
Johannesburg, 2090
(PO Box 95104, Grant Park, 2051)
South Africa
INDEPENDENT AUDITORS
Grant Thornton
South African member of Grant Thornton
International Limited
137 Daisy Street
corner Grayston Drive
Sandown, 2196
South Africa
SHARE TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited
(Registration number: 2004/003647/07)
Ground Floor, 70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
South Africa
INVESTOR RELATIONS CONTACTS
Edith Leeson
Russel and Associates
Telephone: +27 11 880 3924
Facsimile: +27 11 880 3788
Mobile: +27 79 527 6882
E-mail: edith@rair.co.za
General e-mail enquiries
info@masterdrilling.com
Master Drilling website
www.masterdrilling.com
Company Secretarial E-mail
Companysecretary@masterdrilling.com
4 September 2014
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 04/09/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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