|
CMO
CMO
CMO - Chrometco - Interim Consolidated Financial Results For The Six Months
Ended 31 August 2007
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO & ISIN: ZAE00007020249
("Chrometco" or "the group")
INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007.
ABRIDGED BALANCE SHEET Interim Interim
as at as at
31 Aug 31 Aug
2007 2006
R`000 R`000
ASSETS
Non-current assets 744 213
Motor vehicles and equipment 744 213
Intangible assets - -
Other long-term receivables - -
Current assets 20 086 2 336
Inventories 53 53
Trade and other receivables 2194 153
Cash and cash equivalents 17 839 2 130
Total assets 20 830 2 549
EQUITY AND LIABILITIES
Capital and reserves 18 100 2 020
Issued capital 2 2
Share premium 37 164 14 957
Non-distributable reserves - -
Accumulated loss (19 066) (12 939)
Minority interests - -
Non-current liabilities 412 78
Long-term liabilities - -
Long-term finance leases 412 78
Current liabilities 2 318 451
Trade and other payables 2 057 328
Provisions 145 52
Current portion of long-term
borrowings 80 37
Taxation payable 36 34
Total equity and liabilities 20 830 2 549
Net asset value per share 9.46 1.32
(cents)
Net tangible asset value per 9.46 1.32
share (cents)
Closing number of shares 190 592 152 000
(`000)
INCOME STATEMENT
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2007 2006
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income 597 -
Operating expenses (4 582) (2 029)
Fair value adjustment for
non-derivative financial liabilities - -
Impairment of intangible assets - -
Net loss before interest
and taxation (3 985) (2 029)
Investment income -
Finance charges ( 26) (6)
Net loss before taxation (4 011) (2 035)
Taxation - -
Attributable to minority interest - -
Net Loss for the period (4 011) (2 035)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (2.18) (1.40)
Diluted loss per share (cents) (2.18) (1.40)
Headline loss per share for the year ended 31 August 2007
Loss for the six months (4 011) (2 035)
Adjustments:
Fair value adjustment - -
Impairment loss - -
Headline loss attributable
to ordinary shareholders (4 011) (2 035)
Headline loss per share (cents) (2.18) (1.40)
Weighted average number of
shares (`000) 183 664 145 072
CASH FLOW STATEMENTS
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2007 2006
R`000 R`000
Cash flows from operating
activities (3 757) (2 690)
Cash flows from investing
activities - -
Cash flows from financing
activities 19 466 2 993
Net movement in cash and cash
equivalents 15 709 303
Cash and cash equivalents at
the beginning of the period 2 130 1 827
Cash and cash equivalents at
the end of the period. 17 839 2 130
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 2006 11 947 - - (10 904) 1 043
Issue of
shares 2 905 - - - 2 905
Net loss for
the period - - - (4 151) (4 151)
Change in shareholding
of subsidiaries - - - - -
Balance at 28
February 2007 14 852 - - (15 055) (203)
Issue of
shares 24 314 - - - 24 314
Share repurchase (2 000) - - - (2 000)
Net loss for
the period - - - (4 011) (4 011)
Balance at 28
February 2007 37 166 - - (19 066) 18 100
COMMENTARY - Financial and operational overview.
1. The directors present the Interim consolidated financial results for the
six months ended 31 August 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 Investments are valued at cost less accumulated impairment losses.
4 Nature of business.
Chrometco`s core focus is to identify, assess, acquire and develop niche
mineral and commodity opportunities in exploration, mining, concentration
and beneficiation and trading. Potential exploration projects are in
copper, cobalt, tin and gold sectors.
5 General review of operations.
During the period under review, the group focused its attention on securing
mineral rights in the Democratic Republic of the Congo and raising capital.
The company is also investigating numerous mineral opportunities in other
Southern African Countries.
Chrometco has recently been authorized by the Minerals Ministry of the DRC
to conduct exploration on the following property:-
- Concession number 8405, being 9,240hectares in extent and, in
conjunction with Group Keppy Mukush Cooperation"G, District Bukama;
- This concession is situated in the highly prospective cassiterite,
tantalite mineral belt.
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 initiated negotiations for the sale of its Rooderand chrome ore
reserve, which sale has subsequently been accepted for a consideration of R
60million. The conditions of the sale to DCM Metal of Austria are subject
to the fulfillment of the Old Order Mining Licence being converted to the
New Order Mining Right and the relevant competition authorities. This sale
does not reflect in these results as it is an event which has taken place
subsequent to this half-years results.
For and on behalf of the board of directors
S.H.Simons J.R.Francey
Chief Executive Officer Chief Financial Officer
3 October 2007
Directors: J.H.R.Raubenheimer (Chairman), S.H.Simons (CEO), J.R.Francey (CFO),
B.A.Williamson, T.W.Scott, P.Baloyi.
Company Secretary and Designated Advisor:
The River Group.
(Registration number 2000/025913/07)
Parc Nouveau Building
225 Veale Street, Brooklyn.
Pretoria.
(P.O.Box 166, Groenkloof. 0027)
Registered Office.
Building no 10, Ground Floor.
Waterford Office Park
Cnr Waterford Drive & Wotkoppen Road
Fourways.
(P.O.Box 3787, Dainfern. 2055)
www.chrometco.co.za
Date: 02/10/2007 12:39:45 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
