The 2009 calendar year has been the most difficult year experienced in Petmin's history because of the turmoil in the worldwide financial markets and its consequential impact on the world commodity markets. Despite this, during the six months ended 31 December 2009, Petmin's operations maintained healthy profit margins and were cash generative.
The JSE`s listing requirements stipulate that a company is required to publish a trading statement if an increase or decrease of more than 20% (compared with the previous reporting period) in its basic earnings per share ("EPS") and headline earnings per share ("HEPS") is expected.
The shareholders of Petmin are hereby advised that HEPS for the six months ended 31 December 2009 are expected to be 8.28 cents per share, down by 30% from the 11.82 cents per share for the six months ended 31 December 2008. If the results of Springlake Colliery, which was sold in June 2009, are excluded from the comparative period, Headline Earnings per share increased 10% on a like for like basis.
EPS for the six months ended 31 December 2009 are expected to be 8.28 cents per share, down from 15.15 cents per share for the six months ended 31 December 2008, a decrease of 45%. This decrease is due to the comparative period including income of R23m generated by Springlake (4.27 cents), once-off income of R33 million (6.06 cents) resulting from the fair value adjustment in terms of IFRS on the acquisition of Petmin's initial investment in Veremo Holdings (Pty) Ltd, and once-off impairment charges mainly relating to the sale of Springlake amounting to R15 million (2.71 cents).
The table below summarizes the impact of Springlake on the comparative figures.
| Six months Ended 1 December 2009 Excluding Springlake |
Six months Ended 31 December 2008 Excluding Springlake |
Six months Ended 31 December 2008 Including Springlake | |
|---|---|---|---|
| HEPS | 8.28 | 7.55 | 11.82 |
| EPS | 8.28 | 13.37 | 15.15 |
Petmin has a healthy balance sheet with cash resources of approximately R 145 million and unutilized facilities at or below prime of R 150 million and has built a stable platform from which to launch and execute its strategy to significantly increase the size of Petmin and to provide superior returns to our shareholders.
This trading statement, SENS announcement and RNS announcement has not been reviewed or audited by the Company's auditors.
Petmin's reviewed results are expected to be published on SENS and RNS on 1 March 2010.
© 2009 Petmin Limited