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Audited Summarised Consolidated Financial Results
for the year-ended 31 March 2015 and Notice of AGM
Sentula Mining Limited
(“Sentula” or “the Company” or “the Group”)
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: SNU
ISIN: ZAE000107223
Audited summarised consolidated financial results
for the year-ended 31 March 2015 and Notice of AGM
- Revenue
decreased by 14% from R1 591 million to R1 369 million
- Loss per share
improved to 50,5 cents (2014: 91,8 cents)
- Headline loss per share
improved to 41,3 cents (2014: 43,7 cents)
- Debt repayment
of R217 million (2014: R212 million)
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
as at as at
31 March 31 March
R’000 2015 2014
ASSETS
Total non-current assets 801 617 984 706
Property, plant and equipment 749 942 932 313
Intangible assets 672 2 019
Goodwill 37 427 37 427
Deferred income tax assets 13 576 12 947
Total current assets 403 328 499 497
Inventories 70 492 113 979
Trade and other receivables 312 947 323 725
Cash and cash equivalents 19 245 60 358
Current income tax assets 644 1 435
Assets classified as held-for-sale 219 490 300 983
TOTAL ASSETS 1 424 435 1 785 186
EQUITY AND LIABILITIES
Total equity attributable to owners of the parent 732 012 1 024 617
Share capital and premium 1 994 406 1 994 406
Reserves 110 689 110 850
Accumulated loss (1 373 083) (1 080 639)
Non-controlling interest - 1 467
Total equity 732 012 1 026 084
LIABILITIES
Total non-current liabilities 114 856 135 156
Loans and borrowings 3 699 25 082
Finance lease obligations 44 356 6 118
Deferred income tax liabilities 66 801 103 956
Total current liabilities 509 534 555 266
Trade and other payables 208 474 169 452
Loans and borrowings 133 134 309 852
Finance lease obligations 26 260 5 110
Deferred revenue 391 2 351
Bank overdraft 81 214 28 134
Current income tax liabilities 60 061 40 367
Total liabilities held-for-sale 68 033 68 680
TOTAL LIABILITIES 692 423 759 102
TOTAL EQUITY AND LIABILITIES 1 424 435 1 785 186
Net asset value per share (excluding treasury shares) (cents) 126 176
Tangible net asset value per share (excluding treasury shares) (cents) 119 170
SUMMARY CONSOLIDATED INCOME STATEMENT
Audited Audited
year ended year ended
31 March 31 March
R’000 2015 2014
Revenue 1 368 641 1 591 482
Loss from operations (137 632) (55 272)
Net loss on disposal of assets (52 099) (9 940)
Impairment of plant and equipment (14 795) (75 697)
Impairment of assets held-for-sale (815) (398)
Impairment of goodwill - (35 138)
Loss from operating activities (205 341) (176 445)
Net finance charges (53 312) (52 220)
Fair value adjustment on interest rate cap (159) (213)
Loss before taxation (258 812) (228 878)
Taxation (16 244) (54 277)
Loss for the year from continuing operations (275 056) (283 155)
Discontinued operations
Loss for the year from discontinued operations (attributable to the owners of the parent) (16 129) (292 923)
Loss on disposal of discontinued operations (3 727) -
Loss for the year (294 912) (576 078)
Loss attributable to:
- Owners of the parent (293 445) (533 565)
- continuing operations (275 056) (277 392)
- discontinued operations (18 389) (256 173)
- Non-controlling interest (1 467) (42 513)
- continuing operations - (5 763)
- discontinued operations (1 467) (36 750)
Basic and diluted loss per share (cents) (50,51) (91,83)
- continuing operations (cents) (47,34) (47,74)
- discontinued operations (cents) (3,17) (44,09)
Headline and diluted loss per share (41,30) (43,70)
- continuing operations (cents) (38,78) (28,31)
- discontinued operations (cents) (2,52) (15,39)
Shares in issue at end of the period excluding treasury shares (‘000) 581 005 581 005
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
March March
R’000 2015 2014
Loss for the year (294 912) (576 078)
Other comprehensive income
Foreign currency translation differences for foreign operations 2 339 32 384
Other comprehensive income for the period, net of income tax 2 339 32 384
Total comprehensive loss for the year (292 573) (543 694)
Attributable to:
- Owners of the parent (291 106) (501 181)
- continuing operations (272 717) (245 008)
- discontinued operations (18 389) (256 173)
- Non-controlling interest (1 467) (42 513)
- continuing operations - (5 763)
- discontinued operations (1 467) (36 750)
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
year ended year ended
31 March 31 March
R’000 2015 2014
Cash flows from operating activities 47 138 207 321
Cash generated from operating activities 119 808 288 782
Income taxes paid (20 622) (29 934)
Interest paid (52 048) (51 527)
Cash flows from investing activities (3 534) (31 924)
Interest received 769 2 373
Acquisition of non-controlling interest - (200)
Purchase of property, plant and equipment (103 959) (94 462)
Proceeds from disposal of property, plant and equipment 42 021 39 279
Capitalised exploration expenditure (1 187) (564)
Additions to assets held-for-sale (830) (11)
Proceeds from disposal of assets held-for-sale 27 279 2 856
Proceeds from disposal of prospecting right - 22 000
Proceeds from disposal of subsidiary 23 680 -
Movement in restricted investment 8 693 (3 195)
Cash flows from financing activities (139 033) (203 772)
Increase in borrowings 77 476 8 438
Decrease in borrowings (216 509) (212 210)
Net decrease in cash and cash equivalents (95 429) (28 375)
Cash and cash equivalents at the beginning of the year 33 744 51 929
Exchange gain on cash and cash equivalents 1 116 10 190
Cash and cash equivalents at the end of the year (60 569) 33 744
Cash and cash equivalents classified as discontinued operations 1 400 1 520
Cash and cash equivalents per statement of financial position (61 969) 32 224
Cash and cash equivalents at the end of the year (60 569) 33 744
RECONCILIATION OF HEADLINE EARNINGS
Audited year ended 31 March 2015 Audited year ended 31 March 2014
Continuing Discontinued Continuing Discontinued
R’000 operations operations Group operations operations Group
Net loss for the year attributable to equity holders of the parent (275 056) (18 389) (293 445) (277 392) (256 173) (533 565)
Adjusted for:
Profit on disposal of plant and equipment (2 762) - (2 762) (239) - (239)
Profit on disposal of prospecting right - - - (17 552) - (17 552)
Loss on disposal of subsidiary - 3 727 3 727 - - -
Loss on disposal of plant and equipment 54 861 - 54 861 10 179 - 10 179
Loss on disposal of held-for-sale assets - - - 450 - 450
Scrapping of assets 1 357 - 1 357 6 987 - 6 987
Impairment of mineral right - - - - 365 431 365 431
Impairment of plant and equipment 14 795 - 14 795 75 697 10 000 85 697
Impairment of assets held-for-sale 815 - 815 398 - 398
Impairment of goodwill - - - 35 138 - 35 138
Total tax effect of above adjustments (19 338) - (19 338) 1 856 (102 321) (100 465)
Total non-controlling interest effects of adjustments* - - - - (106 364) (106 364)
Headline loss attributed to ordinary shareholders (225 328) (14 662) (239 990) (164 478) (89 427) (253 905)
* 2014 discontinued operations adjusted for the non-controlling interest effects.
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
Share-based currency
Share payment Treasury translation Accumulated
R’000 Share capital premium reserve shares reserve loss
Restated balance as at 31 March 2013 5 866 2 014 438 66 345 (25 898) 41 782 (565 297)
Loss for the year - - - - - (533 565)
Other comprehensive income - - - - 32 384 -
Transactions with owners, recorded directly in equity
Acquisition of non-controlling interest - - - - - (11 438)
Share options forfeited - - (7 034) - - 7 034
Share options lapsed - - (22 627) - - 22 627
Balance as at 31 March 2014 5 866 2 014 438 36 684 (25 898) 74 166 (1 080 639)
Loss for the year - - - - - (293 445)
Other comprehensive income - - - - 2 339 -
Transactions with owners, recorded directly in equity
Disposal of subsidiary - - (2 500) - - 1 001
Balance as at 31 March 2015 5 866 2 014 438 34 184 (25 898) 76 505 (1 373 083)
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total
Non- ordinary
controlling shareholders’
R’000 Total interest funds
Restated balance as at 31 March 2013 1 537 236 32 742 1 569 978
Loss for the year (533 565) (42 513) (576 078)
Other comprehensive income 32 384 - 32 384
Transactions with owners, recorded directly in equity
Acquisition of non-controlling interest (11 438) 11 238 (200)
Share options forfeited - - -
Share options lapsed - - -
Balance as at 31 March 2014 1 024 617 1 467 1 026 084
Loss for the year (293 445) (1 467) (294 912)
Other comprehensive income 2 339 - 2 339
Transactions with owners, recorded directly in equity
Disposal of subsidiary (1 499) - (1 499)
Balance as at 31 March 2015 732 012 - 732 012
Information about reportable segments
The Group is organised in six operating segments, namely opencast mining services, exploration drilling, overburden
drilling and blasting, crane hire, coal mining and equipment trading and spares. Benicon, CCT and Megacube are included
in the opencast mining services. Benicon Coal and Nkomati are included in the discontinuing coal mining operations as
they are currently held-for-sale. Segment performance is measured based on the segment profit before interest and income
tax. Inter-segment revenue is priced on an arm’s length basis.
Opencast Overburden Equipment
mining and Exploration drilling and Crane trading and Coal
R’000 earth moving drilling blasting hire spares mining Other Total
2015
Continuing operations
Total segment revenue 759 731 269 170 358 549 100 620 55 480 - 31 826 1 575 376
Inter-segment revenue (45 177) (2 659) (101 092) (1 202) (24 779) - (31 826) (206 735)
External revenue from continuing operations 714 554 266 511 257 457 99 418 30 701 - - 1 368 641
External revenue from discontinued operations - - - - - 6 111 - 6 111
External revenue 714 554 266 511 257 457 99 418 30 701 6 111 - 1 374 752
Continuing operations
Total segment results pre-impairment (121 580) (58 927) 41 782 47 433 (10 698) (997) (34 645) (137 632)
Impairment of plant, equipment and motor vehicles (11 803) (2 992) - - - - - (14 795)
Impairment of assets held-for-sale - (815) - - - - - (815)
Net loss on disposal of assets (50 225) 1 192 1 600 (321) - - (4 345) (52 099)
Total segment results from continuing operations (183 608) (61 542) 43 382 47 112 (10 698) (997) (38 990) (205 341)
Discontinued operations
Total segment results from discontinuing operations - - - - - (16 249) - (16 249)
Total segment results (183 608) (61 542) 43 382 47 112 (10 698) (17 246) (38 990) (221 590)
Total segment assets 592 045 173 379 208 922 165 010 30 011 43 21 315 1 190 725
Assets classified as held-for-sale 2 753 2 790 - - - 213 947 - 219 490
Current and deferred tax assets - 11 746 - 233 - - 2 241 14 220
594 798 187 915 208 922 165 243 30 011 213 990 23 556 1 424 435
2014
Total segment revenue 1 063 413 304 957 291 380 87 676 45 756 - - 1 793 182
Inter-segment revenue (86 716) (3 068) (90 968) (166) (20 782) - - (201 700)
External revenue from continuing operations 976 697 301 889 200 412 87 510 24 974 - - 1 591 482
External revenue from discontinuing operations - - - - - 1 396 - 1 396
External revenue 976 697 301 889 200 412 87 510 24 974 1 396 - 1 592 878
Continuing operations
Total segment results pre-impairment 29 624 (71 625) 28 331 43 111 (46 918) (1 228) (36 567) (55 272)
Impairment of plant, equipment and motor vehicles (6 396) (69 301) - - - - - (75 697)
Impairment of goodwill - - - - - - (35 138) (35 138)
Impairment of assets held-for-sale (398) - - - - - - (398)
Net loss on disposal of assets (9 522) (98) 110 (12) (418) - - (9 940)
Total segment results from continuing operations 13 308 (141 024) 28 441 43 099 (47 336) (1 228) (71 705) (176 445)
Discontinued operations
Total segment results pre-impairment - - - - - (20 409) - (20 409)
Impairment of plant and equipment - - - - - (10 000) - (10 000)
Impairment of mineral right - - - - - (365 431) - (365 431)
Total segment results from discontinued operations - - - (395 840) - (395 840)
Total segment results 13 308 (141 024) 28 441 43 099 (47 336) (397 068) (71 705) (572 285)
Total segment assets 801 931 272 977 186 796 146 443 49 908 965 10 801 1 469 821
Assets classified as held-for-sale 1 633 19 184 - - - 280 166 - 300 983
Current and deferred tax assets - 11 746 7 - - - 2 629 14 382
803 564 303 907 186 803 146 443 49 908 281 131 13 430 1 785 186
COMMENTARY
“Continued growth in crane hire along with drilling and blasting operations coupled with secured opencast mining
contracts and the rightsizing of its operational cost structures provides the Group with a strong base for the future.”
Robin Berry, CEO - Sentula Mining Limited
FINANCIAL OVERVIEW
Revenue decreased by 14% to R1 369 million (2014: R1 591 million)
Loss from operating activities increased by 16% to R205 million (2014: R176 million)
Basic loss per share from operations improved to 50,5 cents (2014: 91,8 cents)
Headline loss per share improved to 41,3 cents (2014: 43,7 cents)
Net asset value per share: 126 cents (2014: 176 cents)
Tangible net asset value per share: 119 cents (2014: 170 cents)
Debt of R217 million repaid during the year (2014: R212 million)
The Group’s earnings were impacted positively by the following:
- Operating profit increased in the overburden drilling and blasting segment by 47% to R42 million owing to the
unlocking of synergies in the previous year between Benicon and JEF; and
- The mobile crane hire segment increased turnover by 14% and operating profit by 10% as a result of entering into
longer-term strategic contracts with clients.
The Group’s earnings were negatively impacted by the following:
- A net loss on disposal of assets of R52 million and an impairment of R15 million, on a transfer of assets to
held-for-sale subsequently realised, relating mainly to the disposal of idle equipment in the opencast mining services segment;
- The disposal of the idle equipment in the opencast mining segment resulted in an additional R18 million write down in
consumables;
- Retrenchment costs of R13 million in the opencast mining segment due to the rightsizing and cost cutting initiatives;
and
- Closing down of international operations and retrenchment of staff resulted in a loss of R48 million in the
exploration drilling segment.
Cash flow management during the year was critical in order to ensure that the Group reduces the historical senior debt
without compromising future operations. Total debt of R217 million was repaid during the year of which R199 million was
paid to the Standard Bank led-consortium.
OPERATIONAL REVIEW
Sustainability
Safety track record:
Working closely with its clients and service providers, Sentula recorded a Classified Injury Frequency Rate of 0,69
per million man hours worked and a marginal improvement on the prior year being 0,78. No serious injuries were recorded
during the year under review. Working closely with all its stakeholders, Sentula strives towards the goal of zero harm.
Transformation:
As at March 2015, Sentula’s South African contracting entities remained independently verified “level 4” contributors,
in terms of the dti codes which measures Broad-Based Black Economic Empowerment (“B-BBEE”). The Group continues to
strive for improvements in all components of the B-BBEE scorecard.
Environment:
During the year Group companies continued to meet their objectives and thus maintain their International Standards
Organisation accreditations, with respect to their safety, environmental and training systems.
Mining services
In line with its strategy, the provision of a suite of diversified mining services remains the core of Sentula’s
business. The five businesses, constituting the Sentula Group, operate in one of the three contracted mining-related service
provision areas, broadly defined as Opencast mining, Mobile crane hire and Exploration drilling.
Opencast mining services
The bulk earth moving businesses of Benicon Opencast Mining (“Benicon”) and Classic Challenge Trading (“CCT”),
supported by JEF Drill and Blast (“JEF”), have witnessed stable demand for their services. However, tough trading conditions
continued and margins remained under pressure across the opencast mining contracting sector. Significant restructuring in
the Benicon business, during the first half of the financial year, is starting to pay dividends and its capacity remains
contracted for the next 36 months. The resources of CCT and JEF are fully utilised at the current time.
Mobile crane hire
Ritchie Crane Hire continued to grow its revenue base, while maintaining margin, in line with further capacity
investment. The range of mobile cranes in its fleet, in conjunction with increased visibility of work associated with a
continued reliance on contracted services, has enabled the business to secure growth, while retaining its flexibility. The
Group continues to invest in capacity to grow this business on a sustainable basis.
Exploration drilling
The reduction in exploration work necessitated further restructuring of the Exploration operations and the
consolidation of operating entities. Following the disposal of its international assets, these operations are now focused on
drilling projects in Mozambique, Botswana and South Africa.
STRATEGIC REVIEW
The Group with its suite of diversified service offerings, remains well positioned to take advantage of contract
mining services opportunities across Southern Africa.
Value preservation of the Group’s mining services business in the short term through:
- investment in growth opportunities in its drilling and blasting, as well as its mobile crane hire businesses;
- taking advantage from secured work for its bulk earthmoving businesses and improved operational efficiencies;
- maintaining the exploration business to take advantage of a future recovery in the exploration sector;
- monetisation of the Group’s stakes in the remaining coal assets; and
- ensuring financial robustness in the prevailing economic environment.
Sustainable growth in the medium term off the back of:
- the potential recovery in global demand for resources;
- unlocking synergies between operations; and
- existing business structures in Southern Africa.
Sentula continues to pursue the disposal of the Group’s stakes in various proprietary coal investments, which remains
an area of focus.
Sentula’s exposure to the coal and energy sector, coupled with its diversified service offering, blue chip client base
and its strategic association with Thebe Mining Resources, will continue to provide a solid base for the development of
the business into the future.
DIVIDENDS
The Board has decided not to declare a dividend for the year under review.
DIRECTORATE
Mr RB Patmore was appointed as the Chairman of the Board on 27 August 2014.
The following resignations occurred during the year under review:
- JG Best resigned as an independent non-executive director on 8 August 2014; and
- NV Qangule resigned as an independent non-executive director on 2 October 2014.
The following appointments occurred during the year under review:
- JC Lemmer was appointed as financial director on 27 May 2014;
- NV Qangule was appointed as an independent non-executive director on 27 May 2014;
- SP Naudé was appointed as an independent non-executive director on 27 May 2014; and
- ME Gama was appointed as an independent non-executive director on 1 February 2015.
The following appointments occurred subsequent to the year under review:
- JC Badenhorst was appointed as a non-executive director on 8 May 2015.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given in terms of section 62(1) of the Companies Act, 2008 (Act 71 of 2008), as amended (“Companies Act”),
that the annual general meeting of shareholders of the Company will be held at Ground Floor, Building 14, The Woodlands
Office Park, Woodlands Drive, Woodmead, at 10:00 on Thursday, 22 October 2015 to consider, and, if deemed fit, to approve,
with or without modification, the resolutions set out in the notice of annual general meeting which is contained in the
annual report.
The Board of Sentula has determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, the
record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at
the annual general meeting is Friday, 16 October 2015. Accordingly, the last day to trade Sentula shares in order to be
recorded in the register to be entitled to vote will be Friday, 9 October 2015.
On behalf of the Board
Ralph Patmore Robin Berry
Non-executive Chairman Chief Executive Officer
Woodmead
23 June 2015
NOTES TO THE AUDITED FINANCIAL STATEMENTS
1 Basis of preparation
The summary consolidated financial statements are prepared in accordance with the JSE Limited Listings requirements
for abridged reports, and the requirements of the Companies Act applicable to summary financial statements. The
Listings requirements require abridged reports to be prepared in accordance with the framework concepts, the
measurement and recognition requirements to International Financial Reporting Standards (IFRS), the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and to also, as a minimum contain the information required by IAS 34 Interim Financial
Reporting.
The accounting standards and amendments to issued accounting standards and interpretations, which are relevant to the Group,
but not yet effective on 31 March 2015 have not been early adopted. It is expected that, where applicable, these standards
and amendments will be adopted on each respective effective date, except where specifically identified.
The audited summarised financial results for the year ended 31 March 2015 have been prepared under the supervision of the
Financial Director, JC Lemmer CA(SA).
2 Accounting policies
The accounting policies applied in the preparation of the consolidated financial statements from which the summary consolidated
financial statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the previous
consolidated annual financial statements.
3 Discontinued operations
The Board has taken a decision to dispose of all the coal assets within the Group.
As announced on SENS on 28 February 2014, Sentula concluded the following:
- the Benicon Coal disposal transaction document; and
- the Benicon Mining sale agreement
Benicon Coal disposal
The Benicon Coal Sale Agreement and the Benicon Coal Guarantee, Pledge and Cession Agreement lapsed on 1 August 2014 due
to the non-fulfilment of certain of the Benicon Coal Conditions Precedent within the agreed timeframe and was therefore
not implemented.
The Board, however, remains committed to the disposal of the Benicon Coal assets and is actively pursuing any opportunities to
dispose of the investment.
Benicon Mining disposal
The Benicon Mining Sale Agreement was concluded on 28 February 2015, in terms of which Sentula disposed of its stake in Benicon
Mining Equity and Claims.
The disposal of Benicon Mining is disclosed in note 4.
4 Disposal of subsidiary
During the financial year ended 31 March 2015, the Group disposed of 100% of the share capital of Benicon Mining Proprietary
Limited (“Benicon Mining”). The Company is the owner of the Bankfontein mining right and property.
Benicon Mining was included in the coal mining segment.
2015
R’000
Details of the net assets disposed of are as follows:
- Cash received 23 680
- Amount owing recorded in other receivables 16 320
Net disposal consideration 40 000
Carrying value of net assets disposed (11 089)
Derecognition of mineral right (45 330)
Derecognition of deferred tax on mineral right 12 692
Loss on disposal of subsidiary (3 727)
The assets and liabilities as at February 2015 disposed of are:
Disposee’s
carrying
Fair value amount
R’000 R’000
Property, plant and equipment 305 305
Intangible assets 7 589 7 589
Restricted investment 3 195 3 195
Net assets 11 089 11 089
Purchase consideration received in cash 23 680
Cash and cash equivalents in subsidiary disposed of -
Cash inflow on disposal 23 680
5 Assets and liabilities classified as held-for-sale
2015 2014
R’000 R’000
Property, plant and equipment 189 746 205 285
Mineral rights - 45 330
Intangible assets - 7 402
Restricted investment - 11 888
Deferred income tax assets 14 729 14 729
Inventories 10 384 14 149
Trade and other receivables 3 231 680
Cash and cash equivalents 1 400 1 520
219 490 300 983
Liabilities of disposal group classified as held-for-sale
Rehabilitation provision 66 899 66 899
Trade and other payables 1 134 1 781
68 033 68 680
6 Contingent liabilities
During the 2013 financial year Megacube Mining Proprietary Limited (“MM”) instituted legal action proceedings against Keaton
Mining Proprietary Limited for the recovery of R 41,5 million owing to MM for work performed on their Vangatfontein operation.
Subsequent to the above claim, a demand for payment of R119,9 million was brought against MM in respect of an alleged breach of
contract and sub-standard mining practices adopted by MM, which allegedly resulted in coal losses. A date for the arbitration is
yet to be finalised, but indications are that it is most likely to take place during the last quarter of the 2016 financial year.
The Company and its attorneys believe that there is a strong case in support of the initial claim, and that there is a good
defence against the alleged counterclaim and are not able to estimate the probable loss or possible loss.
To the best of our knowledge and belief there are no other contingent liabilities to third parties and/or contingent assets not set
out or referred to in this report which may materially affect the financial position of the Group.
7 Contingent assets
During the year judgement was granted in favour of the Golden Autumn Trust against Argent Industrial (“Argent“) for payment of the sum
of R8,8 million with interest on this sum a tempore more, as well as costs of the suit. Argent was granted leave to appeal this matter
on 8 May 2015. Any funds recovered through the Golden Autumn Trust, net of costs, are paid over to Megacube Mining Proprietary Limited.
Argent’s claim against Sentula and MM were dismissed with costs.
8 Events after the reporting period
The directors are not aware of any subsequent events that occurred between the date of authorisation of the annual financial
statements and the year-end that require any adjustments or additional disclosure to the annual financial statements.
9 Going concern
The financial statements have been prepared on the going-concern basis as the directors have every reason to believe that the Company
has adequate resources in place to continue in operation for the foreseeable future. The basis presumes that funds will be available
to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments
will occur in the ordinary course of business. The Company restructured its debt in December 2014 and, based on Sentula subsidiaries’
cash flow forecasts for the 2016 financial year, is expected to meet all its obligations during this period.
10 Audit opinion
These summary consolidated financial statements for the year ended 31 March 2015 have been audited by PricewaterhouseCoopers Inc., who
expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the annual financial statements from which
these summary consolidated financial statements were derived.
A copy of their audit report on the summary consolidated financial statements and of the auditor’s report on the annual financial statements
are available for inspection at the Company’s registered office, together with the financial statements identified in the auditor’s reports.
Directors: RB Patmore*(Chairman), RC Berry (Chief Executive Officer),
JC Lemmer (Financial Director), DR Zihlangu*, SP Naudé*, ME Gama*, JC Badenhorst**
*Independent non-executive **Non-executive
Company Secretary: GC Cross
Transfer secretaries: Computershare Investor Services Proprietary Limited. Ground Floor, 70 Marshall Street,
Johannesburg, 2001. PO Box 61051 Marshalltown • Tel (011) 370-5000
Public relations/communications: J Maharaj
Sponsor: Merchantec Capital
Auditor: PricewaterhouseCoopers Inc.
Registered address: Block 14 - Ground Floor, Woodlands Office Park, Woodmead, 2080
PO Box 76, Woodmead, 2080 • Telephone (011) 656-1303
Website: www.sentula.co.za
Date: 24/06/2015 07:05:00 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.
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