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CMO
CMO
CMO - Chrometco - Abridged Audited Consolidated Financial Results for the
financial year ended 28 February 2007
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE000070249
("Chrometco" or "the group")
ABRIDGED AUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2007
ABRIDGED BALANCE SHEET Audited Audited
as at as at
28 Feb 28 Feb
2007 2006
R`000 R`000
ASSETS
Non-current assets 217 246
Motor vehicles and equipment 217 246
Intangible assets - -
Other long-term receivables - -
Current assets 558 2 118
Inventories 53 53
Trade and other receivables 337 238
Cash and cash equivalents 168 1 827
Total assets 775 2 364
EQUITY AND LIABILITIES
Capital and reserves (203) 1 043
Issued capital 1 1
Share premium 14 851 11 946
Non-distributable reserves - -
Accumulated loss (15 055) (10 904)
Minority interests - -
Non-current liabilities 52 96
Long-term liabilities - -
Long-term finance leases 52 96
Current liabilities 926 1 225
Trade and other payables 703 1 101
Provisions 145 52
Current portion of long-term borrowings 42 38
Taxation payable 36 34
Total equity and liabilities 775 2 364
Net asset value per share (cents) (0.13) 0.72
Net tangible asset value per share (cents) (0.13) 0.72
Closing number of shares (`000) 152 000 144 442
ABRIDGED INCOME STATEMENT
Audited Audited
12 months 12 months
ended ended
28 Feb 28 Feb
2007 2006
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income 11
Operating expenses (4 090) (5 169)
Fair value adjustment for
non-derivative financial liabilities - (182)
Impairment of intangible assets - (4 600)
Net loss before interest and taxation (4 090) (9 940)
Investment income 44 41
Finance charges (105) (24)
Net loss before taxation (4 151) (9 923)
Taxation - -
Attributable to minority interest - 0.1
Net Loss for the period (4 151) (9 923)
Reconciliation between earnings
and headline earnings per share
Basic loss per share (cents) (2.79) (7.00)
Diluted loss per share (cents) (2.79) (7.00)
Headline loss per share for the
year ended 28 February 2007
Loss for the year (4 151) (9 923)
Adjustments:
Fair value adjustment - 182
Impairment loss - 4 600
Headline loss attributable
to ordinary shareholders (4 151) (5 141)
Headline loss per share (cents) (2.79) (3.62)
Weighted average number of
shares (`000) 148 851 141 851
ABRIDGED CASH FLOW STATEMENTS
Audited Audited
12 months 12 months
ended ended
28 Feb 28 Feb
2007 2006
R`000 R`000
Cash flows from operating activities (4 510) (4 162)
Cash flows from investing activities (15) (106)
Cash flows from financing activities 2 866 5 897
Net movement in cash and cash equivalents (1 659) 1 629
Cash and cash equivalents at
the beginning of the period 1 827 198
Cash and cash equivalents at
the end of the period 168 1 827
ABRIDGED STATEMENT IN CHANGES OF EQUITY
Capital Minority Retained
and Premium interest Reserve Earnings Total
R`000 R`000 R`000 R`000 R`000
Balance at
1 March 2005 2 015 - - (981) 1 034
Issue of shares 9 932 - - - 9 932
Net loss for
the period - (0.1) - (9 923) (9 923)
Change in shareholding
of subsidiaries - 0.1 - - 0.1
Balance at
28 February 2006 11 947 - - (10 904) 1 043
Issue of
shares 2 905 - - - 2 905
Net loss for
the period - - - (4 151) (4 151)
Balance at
28 February 2007 14 852 - - (15 055) (203)
COMMENTARY - Financial and operational overview.
1. The directors present the abridged audited consolidated financial results
for the twelve months ended 28 February 2007.
2. Basis of preparation
The accounting policies of the group comply in all material respects with
recognition and measurement criteria of International Financial Reporting
Standards ("IFRS") and its interpretations adopted by the International
Accounting Standards Board ("IASB") in issue and effective at 28 February 2007,
as well as the presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting, the JSE Listings Requirements and the Companies Act of
1973. The accounting policies and methods of measurement and recognition are
consistent with those applied in the financial period ended 28 February 2006.
3.Auditors` report
RSM Betty & Dickson`s unqualified auditors` reports included in the consolidated
annual financial statements and on the abridged consolidated financial
statements contained in this abridged report are available for inspection at
the company`s registered office.
4 Investments are valued at cost less accumulated impairment losses.
5. Nature of business.
The company is involved in the exploration of mineral resources and the
possible beneficiation thereof, as well as investigations into parallel
activities in copper, cobalt and nickel.
6 General review of operations.
During the period under review, the group focused its attention on two
important issues:
1. Securing mineral rights in the Democratic Republic of the Congo;
2. Raising Capital to fund the day to day business of the group, as well as
the acquisition of mineral rights.
With regard to mineral rights, the company entered into a joint venture
agreement with Centre Professionnel De Development ("CEPRODEV"), a company
incorporated in the Democratic Republic of the Congo (the DRC), which holds
ownership on various copper and cobalt concessions in the Katanga Province of
the DRC.
With regards to the raising of capital, Chrometco management (in conjunction
with Touchstone Capital and the River Group), embarked on a successful capital
raising initiative, raising R 22,4million subsequent to year end.
Following extensive interest from numerous international parties, the company
has initiated negotiations for the sale of its Rooderand chrome ore reserve.
The company is also in the process of considering the development of the
Rooderand chrome ore reserve and to commence its own production of chrome
concentrates. Both options are still being considered by management subject to
the outcome of current sale negotiations.
The company has also advanced its investigations into the smelting of copper
and a number of interesting alternatives have resulted from this study.
The proposed copper cobalt refinery to be erected in Brits had to be revisited
as the long-term risk of obtaining raw ore from the DRC became an issue that
the company could not ignore. This resulted in a new study having been
initiated with the intention now being to erect the refinery at a suitable site
in the DRC.
For and on behalf of the board of directors
S.H.Simons J.R.Francey
Chief Executive Officer Chief Financial Officer
29th May 2007
Directors: J.H.R.Raubenheimer (Chairman), S.H.Simons (CEO), J.R.Francey (CFO),
B.A.Williamson, T.W.Scott.
Company Secretary and Designated Advisor: The River Group.
Date: 31/05/2007 11:52:00 Produced by the JSE SENS Department.
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