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CMO
CMO
CMO - Chrometco Ltd:- Interim Consolidated Financial Results for the Six Months
Ended 31 August 2008
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE000070249
("Chrometco" or "the group")
INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MOMTHS ENDED 31 AUGUST 2008.
ABRIDGED BALANCE SHEET Interim Interim
as at as at
31 Aug 31 Aug
2008 2007
R`000 R`000
ASSETS
Non-current assets 4 992 744
Motor vehicles and equipment 639 744
Deferred taxation 642 -
Intangible assets 2 600 -
Other long-term receivables 1 111 -
Current assets 27 235 20 086
Inventories - 53
Trade and other receivables 1 677 2 194
Cash and cash equivalents 25 558 17 839
Total assets 32 227 20 830
EQUITY AND LIABILITIES
Capital and reserves 28 472 18 100
Issued capital 2 2
Share premium 35 985 37 164
Non-distributable reserves - -
Accumulated loss (7 515) (19 066)
Minority interests - -
Non-current liabilities 269 412
Long-term liabilities - -
Long-term finance leases 269 412
Current liabilities 3 486 2 318
Trade and other payables 1 531 2 057
Provisions 1 525 145
Current portion of long-term
borrowings - 80
Taxation payable 430 36
Total equity and liabilities 32 227 20 830
Net asset value per share 15.09 9.46
(cents)
Net tangible asset value per 13.71 9.46
share (cents)
Closing number of shares 188 594 190 592
(`000)
INCOME STATEMENT
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2008 2007
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income 2 047 597
Operating expenses (6 443) (4 582)
Impairment of intangible assets - -
Net loss before interest
and taxation (4 396) (3 985)
Investment income 1 461 -
Finance charges - (26)
Net loss before taxation (2 935) (4 011)
Taxation - -
Attributable to minority interest - -
Net Loss for the period (2 935) (4 011)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (1.55) (2.18)
Diluted loss per share (cents) (1.55) (2.18)
Headline loss per share for the year ended 31 August 2007
Loss for the six months (2 935) (4 011)
Adjustments:
Fair value adjustment - -
Impairment loss - -
Headline loss attributable
to ordinary shareholders (2 935) (4 011)
Headline loss per share (cents) (1.55) (2.18)
Weighted average number of
shares (`000) 188 594 183 664
CASH FLOW STATEMENTS
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2008 2007
R`000 R`000
Cash flows from operating
activities (3 737) (3 757)
Cash flows from investing
activities - -
Cash flows from financing
activities - 19 466
Net movement in cash and cash
equivalents (3 737) 15 709
Cash and cash equivalents at
the beginning of the period 29 295 2 130
Cash and cash equivalents at
the end of the period. 25 558 17 839
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 - - - (4 009) (4 009)
Change in shareholding
of subsidiaries - - - - -
Balance at 28
February 2007 14 852 - - (14 834) 18 480
Issue of
shares 23 132 - - - 23 132
Repurchase of shares (1 998) - - - (1 998)
Net profit for
the period - - - 9 330 9 330
Balance at 29
February 2008 35 987 - - (5 504) (30 483)
COMMENTARY - Financial and operational overview.
1. The directors present the unreviewed, unaudited interim consolidated
financial results for the six months ended 31 August 2008
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 2008.
The financial information on which this consolidation is based has not been
reviewed or reported on by Chrometco`s Auditors.
3.Investments are valued at cost less accumulated impairment losses.
4.Nature of business.
The company is involved in the exploration of mineral resources and the possible
beneficiation thereof.
5.General review of operations.
During the period under review, the group focused its attention on finalizing
the Rooderand Sale,maximizing Shareholder Value and looking for further business
opportunities.
For and on behalf of the board of directors
J.R.Francey
Chief Financial Officer
7th October 2008
Directors: P.C.Baloyi (Chairman), J.R.Francey (CFO),
P.J.Cilliers, J.G.Scott, T.W.Scott.
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: 07/10/2008 16:11:01 Produced by the JSE SENS Department.
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