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CMO
CMO
CMO - Chrometco - Interim consolidated financial results for the six months
ended 31 August 2009
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 MOMTHS ENDED 31 AUGUST 2009.
ABRIDGED BALANCE SHEET Interim Interim
as at as at
31 Aug 31 Aug
2009 2008
R`000 R`000
ASSETS
Non-current assets 2 991 4 992
Motor vehicles and equipment 64 639
Deferred taxation 327 642
Intangible assets 2 600 2 600
Other long-term receivables - 1 111
Current assets 35 090 27 235
Inventories - -
Trade and other receivables 343 1 677
Cash and cash equivalents 34 747 25 558
Total assets 38 081 32 227
EQUITY AND LIABILITIES
Capital and reserves 33 904 28 472
Issued capital 2 2
Share premium 35 485 35 985
Non-distributable reserves - -
Accumulated loss (1 583) (7 515)
Minority interests - -
Non-current liabilities - 269
Long-term liabilities - -
Long-term finance leases - 269
Current liabilities 4 177 3 486
Trade and other payables 1 270 1 531
Provisions - 1 525
Current portion of long-term
borrowings - -
Taxation payable 2 907 430
Total equity and liabilities 38 081 32 227
Net asset value per share 18.33 15.09
(cents)
Net tangible asset value per 16.93 13.71
share (cents)
Closing number of shares 184 929 188 594
(`000)
INCOME STATEMENT
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2009 2008
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income - 2 047
Operating expenses (3 068) (6 443)
Impairment of intangible assets - -
Net loss before interest
and taxation (3 068) (4 396)
Investment income 1 293 1 461
Finance charges - -
Net loss before taxation (1 775) (2 935)
Taxation - -
Attributable to minority interest - -
Net Loss for the period (1 775) (2 935)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (0.96) (1.55)
Diluted loss per share (cents) (0.96) (1.55)
Headline loss per share for the half year ended 31 August 2009
Loss for the six months (1 775) (2 935)
Adjustments:
Fair value adjustment - -
Impairment loss - -
Headline loss attributable
to ordinary shareholders (1 775) (2 935)
Headline loss per share (cents) (0.96) (1.55)
Weighted average number of
shares (`000) 184 929 188 594
CASH FLOW STATEMENTS
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2009 2008
R`000 R`000
Cash flows from operating
activities (1 844) (3 737)
Cash flows from investing
activities - -
Cash flows from financing
activities - -
Net movement in cash and cash
equivalents (1 844) (3 737)
Cash and cash equivalents at
the beginning of the period 36 591 29 295
Cash and cash equivalents at
the end of the period. 34 747 25 558
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 2007 14 852 - - (15 055) (203)
Issue of
shares 23 132 - - - 23 132
Repurchase of shares (1 998) - - - (1 998)
Net profit for
the period - - - 9 275 9 275
Balance at 29
February 2008 35 987 - - (5 780) (30 207)
Balance at 1
March 2008 35 987 - - (5 504) (30 483)
Issue of
shares - - - - 23 132
Repurchase of shares (500) - - - (500)
Net profit for
the period - - - 5 898 5 898
Balance at 29
February 2008 35 487 - - 393 (35 881)
COMMENTARY - Financial and operational overview.
1. The directors present the Interim consolidated financial results for the six
months ended 31 August 2009
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 31 August 2009, 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 2009.
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 the following
important issues:-
- Finalisation of the sale of its chrome ore reserve.
- The acquisition of Lime-Chem (Pty) Ltd.
- The acquisition of mineral rights, and business opportunities in the Republic
and elsewhere in Africa.
- Optimisation of the allocation of capital resources
6. Share analysis for the year ended 28 February 2009
Shareholders attention is drawn to the following analysis of the Chrometco
Limited`s shareholding at 28 February 2009. This information did not form part
of the annual report previously published.
Number of Percentage Number of Percentage
share of share shares of shares
holders holders
Shareholder spread
1 - 1 000 shares 90 6,33 64 141 0,03
1 001 - 10 000 shares 612 43,04 3 323 476 1,80
10 001 - 100 000 shares 580 40,79 20 570 782 11,12
100 001 - 1 000 000 shares 121 8,51 33 959 649 18,36
1 000 001 shares and over 19 1,33 127 010 635 68,69
Tota 1 422 100,00 184 928 683 100,00
Distribution of shareholders
Close corporations 32 2,25 3 044 074 1,65
Individuals 1 312 92,26 61 625 749 33,32
Nominees and trusts 45 3,16 7 763 278 4,20
Other corporations 1 0,07 52 000 000 28,12
Private companies 32 2,25 60 495 582 32,71
Total 1 422 100,00 184 928 683 100,00
Public/non-public shareholders
Non-public shareholders 3 0,21 96 476 383 52.17
Strategic holdings 3 0,21 96 476 383 52,17
Public shareholders 1 419 99,79 88 452 300 47,83
Total 1 422 100,00 184 928 683 100,00
For and on behalf of the board of directors
PJ Cilliers
Interim Managing Director
28th September 2009
Directors: PC Baloyi (Chairman), PJ Cilliers (MD), JR Francey (FD),
JG Scott, TW Scott.
Designated Advisor: The River Group.
Company Secretary: Computershare
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
10 October 2009
Date: 09/10/2009 14:10:02 Produced by the JSE SENS Department.
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