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WWR
WWR
WWR - White Water Resources Limited - Unaudited Condensed Consolidated Interim
Financial Results For The Six Months Ended 30 September 2009
White Water Resources Limited
(Formerly Matodzi Resources Limited)
Incorporated in the Republic of South Africa
(Registration number: 1933/004523/06)
Share code: WWR ISIN: ZAE000130712
("White Water Resources" or "the company" or "the group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited 6 Unaudited 6 Audited
months to 30 months to 12 months to
September 30 September 31 March
Change % 2009 2008 2009
R`000 R`000 R`000
Other income 837.40 6 140 655 1 603
Operating expenses (3 132) (2 384) (8 787)
Operating profit/(loss) 273.97 3 008 (1 729) (7 184)
Investment revenue 52 82 129
Fair value adjustments
- - (364)
Finance costs - - (1)
Profit/Loss) before 285.80 3 060 (1 647) (7 420)
taxation
Taxation - - 51
Total comprehensive 285.80 3 060 (1 647) (7 369)
income/(loss) for the
period
Attributable to:
Equity holders of the
group 3 060 (1 647) (7 369)
Minority interest - - -
Total ordinary shares 370 547 286 370 547 286 370 547 286
in issue
Weighted average number
of ordinary shares in
issue 370 547 286 370 547 286 370 547 286
Earnings per share 300.0 0.8 (0.4) (2.0)
(cents)
Headline earnings per
share (cents) 300.0 0.8 (0.4) (2.2)
RECONCILIATION OF HEADLINE EARNINGS
Unaudited 6 Unaudited 6 Audited
months to 30 months to 30 12 months to
September September 30 March
2009 2008 2009
R`000 R`000 R`000
Profit/(Loss) for the period 3 060 (1 647) (7 369)
Adjustments for:
Fair value adjustment on
investment property - - 364
Profit on sale of unlisted
investments - - (1 024)
Headline earnings/(loss) 3 060 (1 647) (8 029)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited at Unaudited
30 September at Audited at
2009 30 September 31 March
R`000 2008 2009
R`000 R`000
ASSETS
Non-current assets
Investment property 3 107 3 471 3 107
Property, plant and equipment 1 - 1
Other financial assets - - -
Intangible assets 3 000 - 1 500
Current assets
Other financial assets 25 607 33 653 18 547
Trade and other receivables 29 - -
Cash and cash equivalents 801 636 5 512
Total assets 32 545 37 760 28 667
EQUITY AND LIABILITIES
Share capital 291 689 294 189 290 789
Accumulated losses (262 007) (258 902) (265 067)
Equity attributable to equity
holders of the group 29 682 35 287 25 722
Non-current liabilities 392 - 428
Current liabilities
Trade and other payables 1 218 1 220 1 219
Other financial liabilities 1 253 1 253 1 298
Total equity and liabilities 32 545 37 760 28 667
Net asset value per share (cents)
8.0 9.5 6.9
Net tangible asset value per 7.2 9.5 6.5
share (cents)
CONSOLIDATED CASH FLOW STATEMENT
Unaudited 6 Unaudited 6 Audited
months to months to 12 months to
30 September 30 September 31 March
2009 2008 2009
R`000 R`000 R`000
Cash utilised in operating
activities (3 109) (620) (2 625)
Cash effect of investing
activities (1 521) 40 (6 828)
Cash effect of financing
activities (81) (6) 87
Net cash change for the period
(4 711) (586) 4 290
Cash at beginning of the period
5 512 1 222 1 222
Net cash at end of the period
801 636 5 512
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Total
share Total
capital and Accumulated equity of
premium losses the group
R`000 R`000 R`000
Balance 1 April 2008 294 189 (257 698) 36 491
Loss for the period (1 647) (1 647)
Balance 30 September 2008 294 189 (259 345) 34 844
Loss for the period - (5 722) (5 722)
Purchase of treasury shares (3 400) - (3 400)
Balance 1 April 2009 290 789 (265 067) 25 722
Profit for the period - 3 060 3 060
Change in treasury shares 900 - 900
Balance 30 September 2009 291 689 (262 007) 29 682
COMMENTARY
1. INTERIM FINANCIAL STATEMENTS
The accounting policies applied in the preparation of these condensed
financial statements, which are based on reasonable judgments and
estimates, are in accordance with International Financial Reporting
Standards ("IFRS") and are consistent with those applied in the annual
financial statements for the year ended 31 March 2009. These condensed
financial statements as set out in this report have been prepared in terms
of IAS 1 - Presentation of Financial Statements, IAS 34 - Interim Financial
Reporting, IFRS 8 - Operating Segments, the Companies Act, 1973 (Act 61 of
1973), as amended, and the Listings Requirements of JSE Limited.
These interim results have not been audited or reviewed by the group`s
auditors.
2. NATURE OF THE BUSINESS
The company is engaged in sourcing and evaluating new mining investment
opportunities and operates in South Africa.
3. FINANCIAL AND OPERATIONAL PERFORMANCE
As at 30 September 2009, the group had accumulated losses of R262.0
million. The net profit of the company for the six months ended 30
September 2009 was R3.1 million compared to a loss of R1.6 million for the
comparative six months ended 30 September 2008.
4. PROSPECTS AND FUTURE PERFORMANCE
During the reporting period White Water Resources renewed its cautionary
announcement, shareholders are subsequently advised that negotiations are
still in progress which, if successfully concluded, may have a material
effect on the price of the company`s securities. Accordingly, shareholders
are advised to continue exercising caution when dealing in the company`s
securities until a further announcement is made.
The board has the mandate to bring the existing exploration rights and
assets closer to production. Strategies to consolidate the East Rand
region that will unlock value to shareholders are being considered with the
view of returning the company to sustainable profitability.
After the prior twelve month restructuring period, management have made
investments which resulted in the earnings per share of the company to
improve from a loss of 0.4 cents per share for the six months ended 30
September 2008 to a profit of 0.8 cents per share for the six months ended
30 September 2009.
5. SEGMENTAL REPORTING
Based on the fact that the risks of return are affected predominantly by
differences in products and services other than by the fact that it
operated in different geographical areas, the directors consider that the
primary reporting format is a business segment. The group was organised
into two different business units. These business units were the basis on
which the group reports its primary segment information. The secondary
reporting format was by geographic segment within the Republic of South
Africa. The risks and returns for the geographic segment were considered to
be the same.
The principal business units in the group were as follows:
Business unit:
Mining Involved in potential mining, prospecting
and exploration.
Other operations Represents the interest received on investments.
Business Segment Information
Mining operations Other operations
30 Sep 31 Mar 30 Sep 31 Mar
2009 2009 2009 2009
R`000 R`000 R`000 R`000
Revenue - - - -
Segment result - - 3 008 (47 142)
Operating profit / (loss) - - 3 008 (47 142)
Investment income - - 52 40 088
Fair value adjustments (364)
Finance costs - - - (2)
Profit / (loss) before tax - - 3 060 (7 420)
Income tax expenses - - - 51
Profit / (loss) for the year - - 3 060 (7 369)
Other information - - - -
Segment assets - - 32 545 29 754
Segment liabilities - - (2 863) (2 945)
Eliminations Group
30 Sep 31 Mar 30 Sep 31 Mar
2009 2009 2009 2009
R`000 R`000 R`000 R`000
Revenue - - - -
Segment result - 39 958 3 008 (7 184)
Operating profit / (loss) - 39 958 3 008 (7 184)
Investment income - (39 959) 52 129
Fair value adjustments (364)
Finance costs - 1 - (1)
Profit / (loss) before tax - - 3 060 (7 420)
Income tax expenses - - - 51
Profit / (loss) for the year - - 3 060 (7 369)
Other information - - - -
Segment assets - (1 087) 32 545 28 667
Segment liabilities - - (2 863) (2 945)
6. POST-BALANCE SHEET EVENTS
Save for the aforementioned investments as mentioned above, the directors
are not aware of any matter or circumstance arising since the end of the
six month period.
7. DIVIDENDS
In accordance with the memorandum and articles of association of the
company, dividends are proposed and approved by the board of directors of
White Water Resources, based on interim and year-end financial
performances. Payments of dividends will depend on the board`s ongoing
assessment of White Water Resources` earnings, financial position,
including its cash requirements, future earnings prospects and other
relevant factors.
No dividends were declared or paid to shareholders during the current
financial period.
Waron John Mann
Chief Executive Officer
10 November 2009
Directors:
S Swana# (Chairman), WJ Mann (Chief Executive Officer), HW Cochrane*, S Black
(Financial Director)
#Non-executive *Independent Non-executive
REGISTERED OFFICE
Block D, The Terraces, Steenberg Boulevard, Steenberg Office Park, 1 Silverwood
Close, Tokai, Cape Town, 7945
COMPANY SECRETARY
Russel George Frederick Turner
Block D, The Terraces, Steenberg Boulevard, Steenberg Office Park, 1 Silverwood
Close, Tokai, Cape Town, 7945
SPONSOR
Merchantec (Proprietary) Limited
Date: 10/11/2009 13:22:01 Produced by the JSE SENS Department.
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