|
WWR
WWR
WWR - White Water Resources Limited - Unaudited condensed consolidated interim
financial results for the six months ended 30 September 2010 and renewal of
cautionary announcement
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")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2010 AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
six months six months to 12 months
to 30 30 September to
Change % September 2009 31 March
2010 R`000 2010
R`000 R`000
Other income (97.9) 129 6 140 2 159
Operating (3 348) (3 132) (4 294)
expenses
Operating (207.0) (3 219) 3 008 (2 135)
(loss)/profit
Investment 21 52 81
revenue
Fair value -
adjustments - 1 839
Finance costs - - -
(Loss)/Profit (204.5) (3 198) 3 060 (215)
before taxation
Taxation - - (122)
Total (204.5) (3 198) 3 060 (337)
comprehensive
(loss)/income
for the period
Attributable
to:
Equity holders (3 198)
of the group 3 060 (337)
Minority - - -
interest
370 547 286
Total number of 370 547 286 370 547
ordinary shares 286
in issue
Weighted 370 547 286
average number
of ordinary 370 547 286 370 547
shares in issue 286
(0.9)
Earnings per (212.5) 0.8 (0.1)
share (cents)
Headline (0.9)
earnings per (212.5) 0.8 (1.2)
share (cents)
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
six months to six months to 12 months
30 September 30 September to 30
2010 2009 March
R`000 R`000 2010
R`000
(Loss)/Profit for the (3 198) 3 060 (337)
period
Adjustments for:
Fair value adjustment - - (1 839)
on financial assets
Profit/(Loss) on sale 24
of listed investments - (2 154)
Headline (3 174) 3 060 (4 330)
(loss)/earnings
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited Unaudited Audited at
at at 31 March
30 September 30 2010
2010 September R`000
R`000 2009
R`000
ASSETS
Non-current assets
Investment property 3 107 3 107 3 107
Exploration and 1 - 1
evaluation assets
Property, plant and 25 1 -
equipment
Other financial assets - - -
Loans to group 805 - -
companies
Intangible assets 3 000 3 000 3 000
Other financial assets 653 - 891
Current assets
Other financial assets 18 454 25 607 21 702
Trade and other 6 29 16
receivables
Cash and cash 829 801 1 059
equivalents
Total assets 26 880 32 545 29 776
EQUITY AND LIABILITIES
Share capital 292 489 291 689 292 189
Accumulated losses (268 602) (262 007) (265 404)
Equity attributable to 23 887
equity holders of the 29 682 26 785
group
Non-current 392 392 392
liabilities
Current liabilities
Trade and other 1 226 1 218 1 224
payables
Current tax payable 122 - 122
Other financial 1 253 1 253 1 253
liabilities
Total equity and 26 880 32 545 29 776
liabilities
6.4
Net asset value per 8.0 7.2
share (cents)
Net tangible asset 5.6 7.2 6.4
value per share
(cents)
CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
six months six months 12 months
to to to
30 30 31 March
September September 2010
2010 2009 R`000
R`000 R`000
Cash utilised in (3 291)
operating activities (3 109) (4 218)
Cash effect of 3 866
investing activities (1 521) (154)
Cash effect of
financing activities (805) (81) (81)
Net cash change for (230)
the period (4 711) (4 453)
Cash at the beginning 1 059
of the period 5 512 5 512
Net cash at the end of 829
the period 801 1 059
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Total
share Total equity
capital and Accumulated of the group
premium losses R`000
R`000 R`000
Balance at 1 April 2009 290 789 (265 067) 25 722
Profit for the period - 3 060 3060
Change in treasury 900 - 900
shares
Balance 30 September 291 689 (262 007) 29 682
2009
Loss for the period - (3 397) (3 397)
Purchase of treasury (912) - (912)
shares
Disposal of treasury 1 412 - 1 412
shares
Balance at 1 April 2010 292 189 (265 404) 26 785
Loss for the period - (3 198) (3 198)
Disposal of treasury 300 - 300
shares
Balance at 30 September 292 489 (268 602) 23 887
2010
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 2010. 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 2010, the group had accumulated losses of R268.6 million. The
net loss of the company for the six months ended 30 September 2010 was R3.2
million compared to a profit of R3.1 million for the comparative six months
ended 30 September 2009.
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 risks of return are affected predominantly by
differences in products and services rather than by the fact that the company
operates in different geographical areas, the Board considers 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 operations Involved in potential mining, prospecting and exploration.
Other operations Represents the interest received on investments.
Business Segment Information
Mining operations Other operations
Six Six 12 Six Six 12 months
months months months months months to
to to to to to 31 Mar
30 Sep 30 Sep 31 Mar 30 Sep 30 Sep
2010 2009 2010 2010 2009 2010
R`000 R`000 R`000 R`000 R`000 R`000
Revenue - - - - - -
Segment result - - - (3 345) 3 008 (31 472)
Operating - - - (3 345) 3 008 (31 472)
(loss)/profit
Investment - - - 21 52 31 571
income
Finance costs - - - - - -
Profit/(Loss) - - - 3 324 3 060 (215)
before tax
Income tax - - - - - (122)
expenses
Profit/(Loss) - - - 3 324 3 060 (337)
for the period
Segment assets - - - 28 452 32 545 31 775
Segment - - - (2 861) (2 (2 860)
liabilities 863)
Eliminations Group
Six Six 12 months Six Six 12 months
months month to months months to to
to s to 31 Mar to 30 Sep 31 Mar
30 Sep 30 30 Sep
Sep
2010 2009 2010 2010 2009 2010
R`000 R`000 R`000 R`000 R`000 R`000
Revenue - - - - - -
Segment result - - 29 337 (3 219) 3 008 (2 135)
Operating - - 29 337 (3 219) 3 008 (2 135)
profit/(loss)
Investment - - (31 490) 21 52 81
income
Finance costs - - - - - -
Loss/(Profit) - - - (3 198) 3 060 (215)
before tax
Income tax - - - - - (122)
expenses
Loss/(Profit) - - - (3 198) 3 060 (337)
for the period
Segment assets (1 572) - (1 999) 26 880 32 545 29 776
Segment (132) - (131) (2 993) (2 863) (2 991)
liabilities
6. POST-BALANCE SHEET EVENTS
Shareholders are referred to the announcements released on SENS on 13 October
2010 and 12 November 2010, respectively, wherein they were advised that White
Water Resources had signed a binding terms sheet with Gold One International
Limited and Gold One Africa Limited on 12 October 2010 and a further binding
acquisition agreement regarding the proposed acquisition by White Water
Resources of the deeper level assets of Gold One Africa Limited, together with
the plant, equipment, and service contracts related thereto ("the Transaction").
7. 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
period.
8. CHANGES TO THE BOARD
As announced on SENS on 23 September 2010, Mr Hylton Cochrane resigned as an
independent non-executive director of the company with effect from 21 September
2010. Messrs Peter Van Zyl and Charles Pettit were appointed as independent non-
executive directors of the company with effect from 22 September 2010 and 23
September 2010, respectively.
9. RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released on SENS on 12 November 2010,
shareholders are advised that the financial effects of the Transaction are still
being finalised and 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.
Waron John Mann
Chief Executive Officer
23 December 2010
Directors:
S Swana# (Chairman), WJ Mann (Chief Executive Officer), C Pettit*,
P Van Zyl*, 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
Date: 23/12/2010 16:00:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
