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CMO
CMO
CMO - Chrometco Ltd - Reviewed interim financial results for the six months
ended 31 August 2010 and cautionary announcement
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE000070249
("Chrometco" or "the group" or "the company")
REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2010 AND
CAUTIONARY ANNOUNCEMENT.
ABRIDGED STATEMENT OF FINANCIAL POSITION
Reviewed Unaudited
Interim Interim
as at as at
31 Aug 31 Aug
2010 2009
(Restated)
R`000 R`000
ASSETS
Non-current assets 1 232 56
Motor vehicles and equipment 57 56
Deferred taxation 1 175 -
Other long-term receivables - -
Current assets 29 770 47 466
Trade and other receivables 1 320 13 690
Cash and cash equivalents 28 450 33 776
Total assets 31 002 47 522
EQUITY AND LIABILITIES
Capital and reserves 29 908 46 390
Issued capital 2 2
Share premium 35 485 35 485
Non-distributable reserves - -
(Accumulated loss)/retained earnings (5 579) 10 903
Non-current liabilities - 120
Deferred taxation - 120
Current liabilities 1 094 1 012
Trade and other payables 169 1 012
Taxation payable 925 -
Total equity and liabilities 31 002 47 522
Net asset value per share 16.17 25.15
(cents)
Net tangible asset value per 16.17 25.15
share (cents)
Closing number of shares 184 929 184 929
(`000)
ABRIDGED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Unaudited
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2010 2009
(Restated)
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income 7 -
Operating expenses (4 466) (3 442)
Net loss before interest
and taxation (4 459) (3 442)
Investment income 1 043 1 310
Net loss before taxation (3 416) (2 132)
Taxation (345) 273
Attributable to minority interest - -
Net loss for the period (3 761) (1 859)
Other comprehensive income - -
Total comprehensive loss for
the period (3 761) (1 859)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (2.03) (1.01)
Diluted loss per share (cents) (2.03) (1.01)
Headline loss per share for the half year ended 31 August 2010
Total comprehensive loss
for the six months (3 761) (1 859)
Adjustments:
Profit on disposal of
subsidiary 7 -
Headline loss attributable
to ordinary shareholders (3 768) (1 859)
Headline loss per share (cents) (2.04) (1.01)
Weighted average number of
shares (`000) 184 929 184 929
CASH FLOW STATEMENTS
Reviewed Unaudited
Interim Interim
6 months 6 months
ended ended
31 Aug 31 Aug
2010 2009
R`000 R`000
(Restated)
Cash flows from operating
activities (3 809) (2 811)
Cash flows from investing
activities (14) -
Cash flows from financing
activities (9 172) -
Net movement in cash and cash
equivalents (12 995) (2 811)
Cash and cash equivalents at
the beginning of the period 41 445 36 587
Cash and cash equivalents at
the end of the period. 28 450 33 776
STATEMENT IN CHANGES OF EQUITY
Capital Retained
and Premium Earnings Total
R`000 R`000 R`000
Balance at 1
March 2009 35 487 12 762 48 249
Total comprehensive
loss for the year - (5 333) (5 333)
Balance at 28
February 2010 35 487 7 429 42 916
Balance at 1
March 2010 35 487 7 429 42 916
Dividends paid - (9 247) (9 247)
Total comprehensive
loss for the six
months ended 31
August 2010 - (3 761) (3 761)
Balance at 31
August 2010 35 487 (5 579) 29 908
COMMENTARY - Financial and operational overview.
1. The directors present the interim financial results for the six months ended
31 August 2010.
2. Basis of preparation
The accounting policies of the company 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 2010, as
well as the presentation and disclosure requirements of IAS 34 - Interim
Financial Reporting, the JSE Listings Requirements, the Companies Act of 1973
and the AC 500 series as issued by the Accounting Practices Board and/or its
successor. The accounting policies and methods of measurement and recognition
are consistent with those applied in the financial period ended 31 August 2009
and 28 February 2010.
3. These results have been reviewed by the company`s independent auditors RSM
Betty & Dickson (Johannesburg). Their unmodified report is available for
inspection at the company`s registered office during ordinary business hours.
4. Long term receivables are measured at amortised 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.
During the six months under review, the company focused its attention on the
following important issues:-
- The ongoing detailed review of the Rooderand transactions;
- Conversion of "old order" mineral rights to "new order" mining rights in terms
of the Mineral and Petroleum Resources Development Act; and
- Optimisation of the allocation of capital resources.
7. Changes to the board
E. Bramley was appointed as a non-executive director with effect from 16
November 2010.
8. Prospects
The company currently has chrome prospects in the North West province of the
Republic of South Africa. The company is also occupied with the exploration and
beneficiation of mineral resource opportunities in the Republic of South Africa
and elsewhere.
CAUTIONARY ANNOUNCEMENT
As part of the process of preparing a circular to shareholders concerning the
conditional sale of Rooderand, the company is in the process of updating its
mineral resources and reserves statement. The results of the update of the
company`s mineral resources and reserves statement may have a material effect on
the price of the company`s securities and the relevant information will be made
available to shareholders as soon as possible. Accordingly, shareholders are
advised to exercise caution when dealing in the company`s securities until a
further announcement is made.
For and on behalf of the board of directors
PJ Cilliers
Managing Director
29 November 2010
Directors: PC Baloyi (Chairman), PJ Cilliers (MD),E Bramley
JG Scott, TW Scott.
Designated Advisor: Sasfin Capital, a division of Sasfin Bank Limited.
Company Secretary: Computershare Investor Services (Pty) Limited
Registered Office:
70 Marshall Street
Johannesburg
2001
(P.O.Box 3787, Dainfern. 2055)
www.chrometco.co.za
Date: 29/11/2010 16:24:01 Produced by the JSE SENS Department.
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