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CMO
CMO
CMO - Chrometco Ltd:- Reviewed Consolidated Results for the Financial Year Ended
28 February 2010
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE00007020249
("Chrometco" or "the group")
REVIEWED CONSOLIDATED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY
2010 AND DIVIDEND DECLARATION
STATEMENT OF FINANCIAL POSITION Reviewed Audited
as at as at
28-Feb 28-Feb
2010 2009
R`000 R`000
ASSETS
Non-current assets 3 401 2 967
Motor vehicles and equipment 55 40
Intangible assets 2 600 2 600
Investment in equity accounted 40 -
investee
Deferred taxation 706 327
Current assets 42 513 36 789
Trade and other receivables 1 053 198
Cash and cash equivalents 41 460 36 591
Total assets 45 914 39 756
EQUITY AND LIABILITIES
Capital and reserves 45 681 35 680
Issued capital 2 2
Share premium 35 485 35 485
Retained earnings 10 194 193
Non-controlling interests - -
Current liabilities 233 4 076
Trade and other payables 233 1 170
Taxation payable - 2 906
Total equity and liabilities 45 914 39 756
STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited
12 months 12 Months
ended 28 ended 28
Feb 2010 Feb 2009
R`000 R`000
Revenue 13 000 13 061
Cost of sales - (53)
Gross profit 13 000 13 008
Other income 322 85
Operating expenses (9 077) (7 233)
Net profit before interest and 4 245 5 860
taxation
Investment income 2 431 2 895
Finance charges - (42)
Share of profit of equity
accounted
Investee 40 -
Net profit before taxation 6 716 8 713
Taxation 3 286 (2 740)
Profit for the year 10 002 5 973
Other comprehensive income - -
Profits attributable to non- - -
controlling interest
Total comprehensive income for 10 002 5 973
the period
Reconciliation between earnings
and headline earnings per share
Basic earnings per share 5.41 3.19
(cents)
Diluted earnings per share 5.41 3.19
(cents)
Headline earnings per share for the year ended 28
February 2010
Earnings for the year 10 002 5 973
Adjustments:
Loss on disposal of property, - 202
plant and equipment
Headline profit attributable to 10 002 6 175
ordinary shareholders
Headline earnings per share 5.41 3.3
(cents)
Weighted average number of shares 184 929 187 372
(`000)
CASH FLOW STATEMENTS
Reviewed Audited
12 months 12 months
ended 28 ended 28
Feb 2010 Feb 2009
R`000 R`000
Cash flows from operating 4 899 7 909
activities
Cash flows from investing (30) 325
activities
Cash flows from financing - (938)
activities
Net movement in cash and cash 4 869 7 296
equivalents
Cash and cash equivalents at the 36 591 29 295
beginning of the period
Cash and cash equivalents at the 41 460 36 591
end of the period
STATEMENT IN CHANGES OF EQUITY
Non
Capital Controlling Retained Total
and Interest Earning
Premium
R`000 R`000 R`000 R`000
Balance at 1 March 35 987 - (5 780) 30 207
2008
Repurchase of shares (500) - - (500)
Comprehensive income - - 5 973 5 973
for the period
Balance at 1 March 2009 35 487 - 193 35 680
Comprehensive income - - 10 002 10 002
for the period
Balance at 28 February 35 487 - 10 195 45 682
2010
COMMENTARY - Financial and operational overview.
1. The directors present the reviewed consolidated financial results for the
twelve months ended 28 February 2010
2. Basis of preparation
The accounting policies of the group comply in all material respects with the
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 2010.
These results have been prepared in accordance with IFRS, as well as the AC 500
standards as issued by the Accounting Practices Board and also in accordance
with the presentation and disclosure requirements of IAS 34 - Interim Financial
Reporting, and also in accordance with 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. Auditors` report
The Chrometco group`s auditors, RSM Betty & Dickson (Johannesburg), have
reviewed these year-end results. Their unqualified report is available for
inspection at the company secretary`s registered office during normal office
hours.
4. Investments are valued at cost less accumulated impairment losses.
5. Nature of business
The company is involved in the exploration of mineral resources and the possible
beneficiation thereof.
6. General review of operations and prospects
During the year under review, management focused its attention on the following
significant issues:-
- Conversion of its used old order mineral right on its Rooderand property to a
new order right.
- Finalisation of the sale of its chrome ore reserve. In terms of the sale
agreement, Chrometco is entitled to receive a further R23 million upon the
successful conversion of Rooderand used old order mineral right to a new order
right.
- The acquisition of mineral rights, and business opportunities in the Republic
and elsewhere in Africa.
- Optimisation of the allocation of capital resources.
-The acquisition of Lime-Chem. Shareholders attention is drawn to the
announcement made on 5 May 2010, in terms of which the non-fulfillment of
conditions precedent to the Lime-Chem, Lime-Chem Minerals and Summer Season
acquisitions were announced.
Management will continue to search for lucrative mineral and resource related
opportunities.
7. Declaration of ordinary dividend
A final cash dividend of 5 cents per ordinary share in respect of the period 28
February 2010 has been declared for those shareholders registered on Friday 28
May 2010, in line with the board`s belief that some relaxation in its dividend
policy is appropriate.
In order to comply with the requirements of Strate the salient dates relating to
the ordinary dividend are as follows:
Date
Last date to trade cum- Friday, 28 May 2010
dividend
Share to commence trading ex-Monday, 31 May 2010
dividend
Record date Friday,4 June 2010
Payment date Monday,7 June 2010
No share certificates may be dematerialised or rematerialised between Monday, 31
May 2010 and Friday, 4 June 2010, both dates inclusive.
For and on behalf of the board of directors
PJ Cilliers
Managing Director
Designated Advisor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 07/05/2010 14:50:02 Produced by the JSE SENS Department.
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