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WWR
WWR
WWR - White Water Resources - Audited abridged consolidated financial results
for the financial year ended 31 march 2010 and notice of annual general meeting
White Water 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")
AUDITED ABRIDGED CONSOLIDATED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31
MARCH 2010 AND NOTICE OF ANNUAL GENERAL MEETING
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
12 months 12 months
to to
Change 31 March 31 March
% 2010 2009
R`000 R`000
Other income 2 1
159 603
Operating expenses (4 294) (8 787)
Operating loss 70.3 (2 135) (7 184)
Investment revenue
81 129
Fair value adjustments 1 839 (364)
Finance costs - (1)
Loss before taxation 97.1 (215) (7 420)
Taxation (122) 51
Loss for the year 95.4 (337) (7 369)
Attributable to:
Equity holders of the (337) (7 369)
group
Minority interest
- -
Total ordinary shares
in issue 370 547 370 547
286 286
Weighted average number
of ordinary shares in 370 547 370 547
issue 286 286
Loss per share (cents) 95.0 (0.1) (2.0)
Headline loss per share
(cents) 45.5 (1.2) (2.2)
RECONCILIATION OF HEADLINE LOSS
Audited Audited
12 months 12 months
to to
31 March 31 March
2010 2009
R`000 R`000
Loss for the year (337) (7 369)
Adjustments for:
Fair value adjustment on investment
property -
364
Fair value adjustment on financial (1 839) -
assets
Profit on sale of listed (2 154) (1 024)
investments
Headline loss (4 330) (8 029)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited at Audited at
31 March 31 March
2010 2009
R`000 R`000
ASSETS
Non-current assets
Investment property 3 107 3 107
Exploration and evaluation assets 1 1
Other financial assets 891 -
Intangible assets 3 000 1 500
Current assets
Other financial assets 21 702 18 547
Trade and other receivables 16 -
Cash and cash equivalents 1 059 5 512
Total assets 29 776 28 667
EQUITY AND LIABILITIES
Share capital 292 189 290 789
Accumulated losses (265 404) (265 067)
Equity attributable to equity
holders of the group 26 785 25 722
Non-current liabilities
Loans from shareholders - 36
Deferred tax 392 392
Current liabilities
Trade and other payables 1 224 1 219
Current tax payable 122 -
Other financial liabilities 1 253 1 298
Total equity and liabilities 29 776 28 667
Net asset value per share (cents) 7.2 6.9
Net tangible asset value per share 6.4 6.5
(cents)
CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
12 months 12 months
to to
31 March 31 March
2010 2009
R`000 R`000
Cash utilised in operating (4 218) (2 625)
activities
Cash effect of investing activities (154) 6 828
Cash effect of financing activities (81) 87
Net cash change for the year (4 453) 4 290
Cash at the beginning of the year 5 512 1 222
Net cash at the end of the year 1 059 5 512
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total Accumulat Total
share ed losses equity
capital R`000 R`000
R`000
Balance 1 April 2008 294 189 (257 36 491
689)
Losses for the year - (7 369) (7 369)
Purchase of treasury (3 400) - (3 400)
shares
Balance 1 April 2009 290 789 (265 25 722
067)
Losses for the year - (337) (337)
Purchase of treasury (912) - (912)
shares
Disposal of treasury 2 312 - 2 312
shares
Balance 31 March 2010 292 189 (265 26 785
404)
COMMENTARY
1. FINANCIAL STATEMENTS - BASIS OF PREPARATION
The financial statements of White Water Resources for the financial year
ended 31 March 2010 ("financial year") have been prepared in accordance
with International Financial Reporting Standards, IAS 34, the Companies
Act, 1973 (Act 61 of 1973), as amended, and the Listings Requirements of
JSE Limited, and are based on appropriate accounting policies, consistently
applied with those applied in the most recent audited financial statements,
save as set out below, which are supported by reasonable and prudent
judgements and estimates.
During the financial year ended 31 March 2010, the group adopted the
following standards and interpretations which are effective for the current
financial year and which are relevant to its operations:
- IAS 1 (Revised) Presentation of Financial Statements
- May 2008 Annual Improvements to IFRS`s: Amendments to IAS 8
Accounting Policies Changes in Accounting Estimates and Errors
- May 2008 Annual Improvements to IFRS`s: Amendments to IAS 16
Property, Plant and Equipment
- May 2008 Annual Improvements to IFRS`s: Amendments to IAS 23
Borrowing Costs (as revised in 2007)
- IAS 36 Impairment of Assets: Consequential amendments
The results have been audited by the group`s auditors, ACT Audit Solutions
Inc, whose unqualified audit opinion is available for inspection at the
company`s registered office.
Extract from auditor`s report
"Emphasis of Matter
Without qualifying our opinion, we draw attention to the directors report
which indicates that the company incurred a net loss of R(337 000) for the
year ended 31 March 2010. The director`s report also indicates that these
conditions, along with other matters, indicate the existence of a material
uncertainty which may cast significant doubt on the company`s ability to
continue as a going concern."
2. NATURE OF THE BUSINESS
The company, which operates in South Africa, is engaged in sourcing and
evaluating new mining investment opportunities.
3. FINANCIAL AND OPERATIONAL PERFORMANCE
During the current financial year, the group turned its operational
performance around, reflecting a net loss of R337 000 compared to a net
loss of R7.369 million for the comparative period ended 31 March 2009. At
31 March 2010, the group showed an accumulated loss of R265.4 million. The
headline loss of the company for the current financial year was R4.33
million compared to the headline loss of R8.03 million for the comparative
period ended 31 March 2009.
Operational changes and the subsequent restructuring of White Water
Resources during 2009 provided the platform for the group to improve during
the 2010 financial year. The disposal of non-core assets which were
converted into other listed investments, improved the earnings per share of
the company from a loss of 2.0 cents per share to a loss of 0.1 cents per
share, reflecting a positive change of 95% over the twelve month period.
4. PROSPECTS AND FUTURE PERFORMANCE
The board of directors ("the Board") continues to reduce the operational
costs of White Water Resources and is determined to return the company to
sustainable profitability. The Board has resolved to focus the company on
its gold investments within the prospecting rights held by the company, and
its subsidiaries.
5. SEGMENTAL REPORTING
Based on the fact that the group`s risks and returns are predominantly
affected by its products and services rather than geographical areas, the
Board considers the primary reporting format to be based on business units,
and has identified two reportable segments.
Mining Involved in potential mining, prospecting and
exploration.
Other operations Represents the interest received on investments.
Business Segment Information
Mining operations Other operations
2010 2009 2010 2009
R`000 R`000 R`000 R`000
Revenue - - - -
Segment - - (31 472) (47 142)
result
Operating - - (31 472) (47 142)
(loss)/profit
Investment - - 31 571 40 088
income
Finance costs - - - (2)
(Loss) before - - (215) (7 420)
tax
Income tax - - (122) 51
expenses
(Loss) for - - (337) (7 369)
the year
Attributable
to:
- Equity - - - -
holders
Other
information:
Segment - - 31 775 29 754
assets
Segment - - (2 860) (2 937)
liabilities
Depreciation - - - (6)
Business Segment Information (continued)
Eliminations Group
2010 2009 2010 2009
R`000 R`000 R`000 R`000
Revenue - - - -
Segment 29 337 39 958 (2 135) (7 184)
result
Operating 29 337 39 958 (2 135) (7 184)
(loss)/profit
Investment (31 490) (39 959) 81 129
income
Finance costs - 1 - (1)
(Loss) before - - (215) (7 420)
tax
Income tax - - (122) 51
expenses
(Loss) for - - (337) (7 369)
the year
Attributable
to:
- Equity - - (337) (7 369)
holders
Other
information:
Segment (1 999) (1 087) 29 776 28 667
assets
Segment (131) (8) (2 991) (2 945)
liabilities
Depreciation - - - (6)
6. POST-BALANCE SHEET EVENTS
The Board is not aware of any matter or circumstance arising since the end
of the financial year to the date of this report.
7. DIRECTORATE
During the year under review, the following changes in function took place:
- Stephen Black, previously non-executive director, was appointed as
Financial Director; and
- Sandile Swana, previously independent non-executive director, was
appointed as non-executive Chairman.
8. DIVIDENDS
In accordance with the Memorandum and Articles of Association of the
company, dividends are proposed and approved by the Board, 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 year.
9. PRIOR YEAR ADJUSTMENTS
No prior year adjustments were made in the current year.
10. NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of White Water
Resources shareholders is to be held at 11:00 on Friday, 30 July 2010 at
the offices of White Water Resources, Trinity Place, Block D, The Terraces,
Steenberg Office Park, 1 Silverwood Close, Tokai, Cape Town, 7945.
The annual financial statements for the year ended 31 March 2010,
incorporating a notice of annual general meeting, will be mailed to all
shareholders on or about 30 June 2010.
For and on behalf of the Board
Waron John Mann Stephen Black
Chief Executive Officer Financial Director
Cape Town
30 June 2010
Directors:
S Swana# (Chairman), W J Mann (Chief Executive Officer), H W 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 Capital
AUDITORS
ACT Audit Solutions Inc.
Date: 30/06/2010 09:01:01 Produced by the JSE SENS Department.
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