| Thu 28 Jun 2007, 14:04 | | WEZ - Wesizwe Platinum - Audited annual financial |
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WEZ
WEZ
WEZ - Wesizwe Platinum - Audited annual financial statements for the year
ended 31 December 2006
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe)
WESIZWE - AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2006
Wesizwe published its reviewed condensed provisional results for the year
ended 31 December 2006 on SENS on 3 April 2007 and in the press on 4 April
2007. The annual financial statements have been audited by KPMG Inc., and
the annual report is to be mailed to shareholders on or before 16 July
2007.
The electronic version is to be posted on the website today -
www.wesizwe.com
Shareholders` attention is drawn to the following changes to the reviewed
condensed provisional results as published on 3 April 2007.
Income statement
The administration expenditure has been adjusted from R21,069,409 to
R20,772,173. The adjustment was as a result of a incorrect elimination of
a transaction amounting to R297,236. Accordingly the Group basic loss per
share reduced from 5.37 cents to 5.29 cents and the diluted loss per share
reduced from 5.37 cents to 5.29 cents.
The adjustment resulted in the accumulated loss being adjusted from
R57,297,699 to R57,000,463.
Balance sheet
1 Intangible exploration and evaluation assets have been adjusted from
R107,854,903 to R108,152,139 as a result of the incorrect elimination
as described above.
2 Environmental deposits of R436,382, previously disclosed under trade
and other receivables in the reviewed condensed provisional results
have now been reflected under non-current assets. The reason for this
change is that following the publication of the reviewed condensed
provisional results the directors were made aware that the
environmental deposits placed with the Department of Minerals and
Energy would not be received within the next 12 months.
3 A provision of R519,751 was included under trade and payables in the
reviewed condensed provisional results and is now disclosed under
provisions on the balance sheet The reason for this change was to
provide shareholders with more detail on provisions. The comparative
balances have also been adjusted accordingly.
Cash flow statement
1 Cash utilised by operations has been adjusted from R16,491,140 to
R16,103,904 to reflect the adjustment of R297,236 and the
reclassification of the increase in environmental deposits amounting
to R90,000.
2 As a result of the above adjustments net cash outflow from operating
activities has been adjusted from R15,053,751 to R14,666,515. (Prior
year: R34,532,494 to R34,236,112.)
3 Similarly the net cash outflow from investing activities has been
adjusted from R38,611,188 to R38,998,424. (Prior year: R25,757,875 to
R26,054,257.)
Annual General Meeting
The annual general meeting will be held on Friday, 10 August 2007 at 10h00
in the Glenhove Conference Centre, 52 Glenhove Road, Melrose Estate,
Houghton, Johannesburg. The notice of the forthcoming annual general
meeting will be sent to shareholders with the annual report.
Directors:
TE Skweyiya#, (Mrs) (Chairperson), MH Solomon (Chief Executive Officer), WM
Eksteen*, L Maloney# (Mrs), ME Monnakgotla#, DJ Phologane#, RG Rainey*, JC
Williams#
# Non-executive * Independent non-executive
Company secretary: Routledge Modise Attorneys
Registered office: Second floor, AMB Capital, 18 Fricker Road, Illovo 2196.
Investor relations enquiries to:
College Hill
Fred Cornet
Telephone + 27 11 447 3030
Wesizwe
Melanie Low
Telephone + 27 11 215 2375
Website:http://www.wesizwe.com
Date: 28/06/2007 14:04:02 Produced by the JSE SENS Department.
