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CMO
CMO
CMO - Chrometco Limited - Audited consolidated results for the year ended 28
February 2011
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO ISIN: ZAE000070249
("Chrometco" or "the group")
AUDITED CONSOLIDATED RESULTS
FOR THE YEAR ENDED 28 FEBRUARY 2011
STATEMENT OF FINANCIAL POSITION
Reviewed Audited
as at as at
28 Feb 2011 28 Feb 2010
R`000 R`000
ASSETS
Non-current assets 46 650
Tangible assets 46 55
Deferred taxation - 595
Current assets 39 211 42 499
Trade and other receivables 1 552 1 053
Cash and cash equivalents 37 659 41 446
Total assets 39 257 43 149
EQUITY AND LIABILITIES
Capital and reserves 38 817 42 916
Issued capital 2 2
Share premium 35 485 35 485
Retained earnings 3 330 7 429
Non-current liabilities 386 -
Deferred taxation 386 -
Current liabilities 54 233
Trade and other payables 54 233
Total equity and liabilities 39 257 43 149
Net asset value per share (cents) 20,99 23,21
Closing number of shares (`000) 184 929 184 929
STATEMENT OF COMPREHENSIVE INCOME
Reviewed Audited
for year for year
ended ended
28 Feb 2011 28 Feb 2010
R`000 R`000
Revenue - -
Cost of sales - -
Gross profit - -
Other income 318 412
Reversal of impairment loss 13 000 -
Operating expenses (8 077) (9 169)
Net profit/(loss) before interest and 5 241 (8 757)
taxation
Investment income 1 813 2 431
Finance charges - -
Profit/(loss) before taxation 7 054 (6 326)
Taxation (1 906) 988
Profit/(loss) for the year 5 148 (5 338)
Other comprehensive income - -
Taxation on other comprehensive income - -
Total comprehensive income/(loss) for the 5 148 (5 338)
year
Reconciliation between earnings and headline
earnings per share
Basic earnings/(loss) per share (cents) 2,78 (2,89)
Diluted earnings/(loss) per share (cents) 2,78 (2,89)
Profit/(loss) for the year 5 148 (5 338)
Adjustments:
Reversal of impairment loss (13 000) -
Profit on disposal of subsidiary (7) -
Impairment of receivable - 80
Headline loss attributable to ordinary (7 859) (5 258)
shareholders
Headline loss per share (cents) (4,25) (2,84)
Weighted average number of shares (`000) 184 929 184 929
STATEMENT OF CASH FLOWS
Reviewed Audited
for year for year
ended ended
28 Feb 2011 28 Feb 2010
R`000 R`000
Cash flows from operating activities (7 534) 4 889
Cash flows from investing activities 12 993 (30)
Cash flows from financing activities (9 246) -
Net movement in cash and cash equivalents (3 787) 4 859
Cash and cash equivalents at the beginning 41 446 36 587
of the period
Cash and cash equivalents at the end of the 37 659 41 446
period
STATEMENT IN CHANGES OF EQUITY
Share
capital Retained
and premium earnings Total
R`000 R`000 R`000
Balance at 1 March 2009 35 487 12 766 48 249
Comprehensive loss for the - (5 338) (5 337)
period
Balance at 28 February 2010 35 487 7 428 42 916
Balance at 1 March 2010 35 487 7 428 42 916
Comprehensive income for the - 5 148 5 148
period
Dividends paid - (9 246) (9 246)
Balance at 28 February 2011 35 487 3 330 38 817
COMMENTARY
1. Financial and operational overview
The directors present the reviewed results for the year ended 28 February 2011.
2. Basis of preparation
The accounting policies of the group 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 28 February 2010,
the AC 500 Standards as issued by the Accounting Practices Board and its
successor, as well as the presentation and disclosure requirements of IAS 34 -
Interim Financial Reporting, 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 2010.
3. Auditors` report
The Chrometco group`s auditors, RSM Betty & Dickson (Johannesburg), have
reviewed these results. Their unmodified review report is available for
inspection at the company`s registered office during normal office hours.
4. Nature of business
The company is involved in the exploration of mineral resources and the possible
beneficiation thereof.
5. Disposal of subsidiary
Shareholders are advised that the company disposed of its investment in
Ingonyama Holdings (Proprietary) Limited during the year under review.
6. General review of operations
During the period under review, the group focused its attention on the following
important issues:
- Finalisation of the conditional sale of Korpo Trust (Proprietary) Limited and
Rooderand Chrome (Proprietary) Limited and conversion and transfer of the used
old order mining license held by Pilanesberg Mining Company (Proprietary)
Limited to a new order mining right and the transfer of the new order mining
right to Rooderand Chrome (Proprietary) Limited.
- Management and oversight of mining operations subcontracted to DCM Chrome
(Proprietary) Limited on the Rooderand site.
- The disposal of its subsidiary, Ingonyama Holdings (Proprietary) Limited.
- The acquisition of mineral rights, and business opportunities in the Republic
and elsewhere in Africa.
- Optimisation of the allocation of capital resources.
7. Future prospects
The company intends to proceed with the conversion and transfer of the used old
order mining license held by Pilanesberg Mining Company (Proprietary) Limited to
a new order mining right and the transfer of the new order mining right to
Rooderand Chrome (Proprietary) Limited.
Shareholders will be requested to vote on the conditional sale of Rooderand
Chrome (Proprietary) Limited and Korpo Trust (Proprietary) Limited at an
extraordinary general meeting of the company which is being called for that
purpose. The future strategy of the company will largely depend on the decision
of shareholders at that meeting.
For and on behalf of the board of directors
PJ Cilliers
Managing Director
31 May 2011
Directors:
JG Scott (Chairman)
E Bramley
PJ Cilliers (MD)
TW Scott (FD)
Designated Advisor:
Sasfin Capital, a division of Sasfin Bank.
Company Secretary:
Computershare
Registered Office:
70 Marshall Street, Johannesburg
(PO Box 3787, Dainfern, 2055)
www.chrometco.co.za
Date: 31/05/2011 17:24:07 Produced by the JSE SENS Department.
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