HERMANUSDOORNS SHAREBLOCK LIMITED AGM 2 nd October 2010
AGENDA � Welcome � Special welcome to all new shareholders � Attendance Register � Notice Convening the Meeting and Quorum � Appointment of Referee and assistant to administer and count votes � Apologies and Proxies � MD’s Report 2nd October 2010 AGM 2010 2
AGENDA … cont � Presentation of Financial Statements � Ordinary Business � Resolutions 1,2, and 3 � Capital Fund Utilisation � Re-election of Directors Re-election of Directors � Update on Business Plan � General � Closure � Lunch – directly after the meeting 2nd October 2010 AGM 2010 3
Matters from last AGM � Card System and voting rights � Card colours next year (NOW) will reflect ALL of the outstanding services � No exception � Farm access WILL be denied to shareholders if Farm access WILL be denied to shareholders if they are not FULLY paid up on ALL monies due to the Company � Deferred due to complexity of change in administration � WILL be enforced next year 2nd October 2010 AGM 2010 4
Matters from last AGM � New resolutions � Last year a few proposals were tabled to be resolutions this year � Change the Permanent Levy structure to be the � Change the Permanent Levy structure to be the same as Non-residents rather than a premium � Levy the sites in the mountain and on the river a premium over the others � Both these motions were withdrawn during the course of the year 2nd October 2010 AGM 2010 5
Matters from last AGM � Farm Manager Arrangement � The amount of R 109k is reflected in the AFS for the year ended 28 Feb 2010 � Segregation of duties implemented � Stricter controls and procedures are being � Stricter controls and procedures are being implemented on an ongoing basis � Water System Proposal � This project, due to the capital required has not been tabled this year as an alternative, cheaper and more efficient alternatives are still being considered 2nd October 2010 AGM 2010 6
MD’s Report MD’s Report 2nd October 2010 AGM 2010 7
MD’s Report � Corporate Governance � A Key focus of the Board over the last 15 months � Actions Taken � Establishment of an Audit Committee to increase compliance and improve reporting � Involved a lot of work, so thanks to � Attie (chair) � Willie Botha � Christo (Auditor) � Result – more comprehensive reporting 2nd October 2010 AGM 2010 8
MD’s Report � Corporate Governance � Actions Taken � Development of a Approvals framework � Details the process of all decisions and levels of Authority at Board level � Posted on the Web � Better improve transparency � Segregation of Duties Segregation of Duties � Farm employees not Directors � Inclusion of all activities under the company management � Has increased risks � Continued implementation of procedures � Building activity � Authority levels � Expenses � Detailed monthly operations report circulated to Board members � Improved communications � Via Web � Via Newsletters 2nd October 2010 AGM 2010 9
MD’s Report � A key focus of our medium term strategy remains on Fauna and Flora � Bush clearing � Good results � Will continue over the medium term Will continue over the medium term � Rehabilitation of “ Borrow Pits” � New process of managing the “Pit” will be introduced � New processes will be established to optimise “borrowing” and rehabilitation versus the cost � Modification of many roads to prevent storm damage � Significant work done on all perimeter roads – improving access and reducing threat of fire � Game number control through capture and NOT hunting a continued philosophy 2nd October 2010 AGM 2010 10
MD’s Report � Infrastructure improvement � Road upgrading remains an ongoing priority � Roads into the mountain will be upgraded (strip concrete) to allow better accessibility (strip concrete) to allow better accessibility � Game viewing � Fire fighting and prevention � Improved Water system has been identified as a need but is currently on hold � Board seeking cheaper alternatives � Continued (annual) veld assessment 2nd October 2010 AGM 2010 11
New Procedures � As discussed last year all work undertaken on the farm will be for the farm and recorded as such. � VAT Invoices will be sent from the office � Created some difficulties in the handover Created some difficulties in the handover process, especially Electricity process, especially Electricity � Being addressed on “One on One” basis � Will be resolved � Sand usage � Still using the “pit” but investigating better ways to manage this resource 2nd October 2010 AGM 2010 12
Farm Manager’s House � Private House � Potential conflict of interest � Plans and contract signed off by the Board � Corporate governance Corporate governance � Building contract to be audited � Reviewed as part of the Audit committee tasks � Attie Du Plessis (Chair) � Willie Botha 2nd October 2010 AGM 2010 13
Electricity � Eskom Charges made up as follows: � Service charge � Network charge � Energy charge Energy charge � Environmental Charge 2nd October 2010 AGM 2010 14
Electricity Calculation Rate Unit Detail of Aug '10 Sept '10 Mar '11 Measure Rands Rands Rands Service Charge Per Day 8.29 9.84 10.82 Network Charge Per Day 28.77 29.53 32.48 Energy Charge KWh 0.71 0.95 1.19 Environmental charge Environmental charge KWh KWh 0.019 0.019 0.020 0.020 0.022 0.022 Average Monthly Usage 85000 Rands Rands Rands Service Charge 513.98 610.08 671.09 Network Charge 1,783.74 1,830.86 2,013.95 Energy Charge 60,350.00 80,750.00 100,937.50 Environmental charge 1,615.00 1,700.00 1,870.00 Total 64,262.72 84,890.94 105,492.53 Cost per KWh 0.76 1.00 1.24 2nd October 2010 AGM 2010 15
Electricity Tariffs � Tariff rates � Basic Charge � R 30 per month meter and reading charge � Usage � Current � R 0.80 per KWh (Plus VAT) R 0.80 � From 1 st October 2010 � R 1.00 per KWh (Plus VAT) � From 1 March 2011 � R 1.25 per KWh (Plus VAT) � Reading every 3 months � R 90 Basic charge � Usage charge @ above rate 2nd October 2010 AGM 2010 16
Game Capture � Game Capture the preferred method of game control � Culling no longer taking place � Revenue to be ploughed back into Fauna and Flaura – mainly into bush clearing and Flaura – mainly into bush clearing � 2010/11 net receipts from Game capture were R36k � No Game capture planned this season � Next season activity will be dependent on rainfall 2nd October 2010 AGM 2010 17
Game Count Description Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 120 Impala 125 160 190 110 129 125 115 9 Blesbok 30 50 35 25 22 9 9 25 Water Buck 13 16 20 21 30 25 30 115 Kudu 65 80 100 90 101 100 100 15 Giraffe 2 2 5 6 8 12 13 40 40 Bosbok Bosbok 20 20 40 40 45 45 40 40 39 39 40 40 40 40 40 Warthog 25 25 40 40 42 40 40 30 Blouwildebees 24 33 38 40 45 30 35 17 Zebra 9 9 10 9 10 13 15 6 Gemsbok 9 7 7 6 6 5 5 16 Steenbok 11 12 15 16 16 16 16 25 Rooihartebees 19 19 23 21 24 28 30 20 Klipspringer 14 14 15 20 20 20 20 10 Mount Reedbuck 10 10 10 10 5 Eland 5 5 Nyala 1 2nd October 2010 AGM 2010 18
Rainfall History Cummulative Rain infall mm 2nd October 2010 1000 1200 200 400 600 800 0 Sep-98 Nov-98 Jan-99 98/9 531 Mar-99 May-99 Jul-99 Sep-99 1999/2000 Nov-99 1,030 Jan-00 Mar-00 May-00 Jul-00 Sep-00 Nov-00 2000/01 Jan-01 341 Mar-01 May-01 Jul-01 Sep-01 Nov-01 2001/02 Jan-02 338 Mar-02 May-02 Jul-02 Sep-02 HERMANUSDOORNS _ RAINFALL Nov-02 2002/03 Jan-03 348 Mar-03 Cummulative May-03 Jul-03 Sep-03 Nov-03 2003/04 Jan-04 AGM 2010 582 Mar-04 May-04 Jul-04 Sep-04 Nov-04 2004/05 Jan-05 382 Mar-05 May-05 Monthly Jul-05 Sep-05 Nov-05 2005/06 Jan-06 654 Mar-06 May-06 Jul-06 Sep-06 Nov-06 2006/07 Jan-07 365 Mar-07 May-07 Jul-07 Sep-07 Nov-07 2007/8 Jan-08 777 Mar-08 May-08 Jul-08 Sep-08 Nov-08 2008/9 Jan-09 719 Mar-09 May-09 Jul-09 Sep-09 Nov-09 2009/10 Jan-10 780 Mar-10 May-10 Jul-10 19 0 50 100 150 200 250 300 Monthly Rainfal fal mm
Rainfall History 1,100 Annual Rainfall 1,000 vs Average 900 800 Annual All Time Average 700 600 600 m Rainfall mm 500 400 300 200 100 - 98/9 99/0 00/1 01/2 02/3 03/4 04/5 05/6 06/7 07/8 08/9 09/10 Annual 531 1,03 341 338 348 582 382 654 365 777 719 780 All Time Average 571 571 571 571 571 571 571 571 571 571 571 571 2nd October 2010 AGM 2010 20
Rainfall History RAINFALL HISTORY 10, 7, 5, 3 Year Trend Lines 800 750 700 650 650 mm 600 550 500 450 400 All 00/01 to 09/1008/09 03/4 to 09/10 05/6 to 09/10 07/8 to 09/10 All 10 7 5 3 Trend Lines 571 529 608 659 759 Year 2nd October 2010 AGM 2010 21
The Key Trend Lines The Key Trend Lines 2nd October 2010 AGM 2010 22
Levy Income 2nd October 2010 Rands (R'00 00) 1000 1200 200 400 600 800 0 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 Levy Income 9 9 9 2 0 0 AGM 2010 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 23
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