| Thu 30 Jun 2011, 13:47 | | RACP - RECM and Calibre Limited - Audited condensed financial results for the |
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JSE RACP
REC
RACP - RECM and Calibre Limited - Audited condensed financial results for the
year ended 31 March 2011
RECM and CALIBRE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/012403/06)
Preference share code: RACP
ISIN: ZAE000145041
("RAC" or "the Company")
Audited results
Audited condensed financial results for the year ended 31 March 2011
Condensed Statement of FINANCIAL POSITION as at 31 March 2011
31 March 2011 31 March 2010
Audited Audited
R R
ASSETS
Non-Current assets
Other financial assets 219 875 090 0
Current assets
Other financial assets 288 509 508 0
Trade and other receivables 6 217 106 0
Cash and cash equivalents 883 079 0
Total assets 515 484 783 0
EQUITY AND LIABILITIES
Equity 63 127 654 (344 198)
Share capital 50 000 000 70
Reserves 86 017 0
Retained Income 1 226 749 (344 268)
Preference shareholders` interest 11 814 888 0
Non-current liabilities 450 140 279 0
Other financial liabilities 450 000 000 0
Deferred tax 140 279 0
Current liabilities 2 216 850 344 198
Loans from shareholders 0 338 622
Trade and other payables 2 216 850 5 576
Total equity and liabilities 515 484 783 0
Condensed Statement of COMPREHENSIVE INCOME
for the period ended 31 March 2011
12 months 9 months
31 March 2011 31 March 2010
Audited Audited
R R
Operating expenses (6 376 434) (344 268)
Operating Loss (6 376 434) (344 268)
Investment revenue 24 041 715 0
Finance costs (113) 0
Taxation (5 053 413) 0
Profit for the year 12 611 755 (344 268)
Available-for-sale financial assets adjustments 1 000 446 0
Taxation related to components of other
comprehensive income (140 167) 0
Other comprehensive income for the year
net of taxation 860 167 0
Total comprehensive income/(loss) 13 471 922 (344 268)
Condensed Statement of CHANGES IN EQUITY
for the period ended 31 March 2011
12 months 9 months
31 March 2011 31 March 2010
Audited Audited
R R
Balance as at 24 June 2009 0
Balance as at 1 April 2010 (344 198) -
Issue of shares 49 930 70
Share premium 49 950 000 -
Fair value adjustment assets-
Available-for-sale reserve 860 167 -
Total comprehensive income/(loss)
for the year 12 611 755 (344 268)
Total equity 63 127 654 (344 198)
Condensed Statement of CASH FLOWS
for the period ended 31 March 2011
12 months 9 months
31 March 2011 31 March 2010
Audited Audited
R R
Cash flows from operating activities
Cash utilised in operations (11 920 757) (338 692)
Interest income 23 452 240 0
Dividends received 589 475 0
Finance costs (113) 0
Tax paid (3 514 922) 0
Net cash from operating activities 8 605 923 (338 692)
Cash flows from investing activities
Additions to other financial assets (507 384 152) 0
Net cash from investing activities (507 384 152) 0
Cash flows from financing activities
Proceeds on shares issued 49 999 930 70
Proceeds from other financial liabilities 450 000 000 0
Proceeds from shareholders loan 338 622
Repayment of shareholders loan (338 622) 0
Net cash from financing activities 499 661 308 338 692
Net change in cash and cash equivalents 883 079 0
Cash and cash equivalents at beginning of period 0 0
Cash and cash equivalents at end of period 883 079 0
Cents Cents
Net Asset Value per share 1026.3 -
Basic Earnings per share 25.2 -
Calculated on shares in issue 50 000 000 50 000 000
- Ordinary shares 5 000 000 5 000 000
- Preference shares 45 000 000 45 000 000
COMMENTARY
Nature of business
Recm and Calibre Limited is an investment holding company, which was
incorporated on 24 June 2009.
Financial review
On 4 May 2010 the company issued 4 930 000 ordinary shares at R0.01 each and a
share premium of R9.99 each. The company also issued 45 million redeemable,
participating, non-cumulative preference shares of R0.01 each and a share
premium of R9.99 each. The preference shares were listed on the JSE on 8 June
2010. The company has deployed its capital by investing in a number of
financial instruments yielding investment revenue of R24 million. After
accounting for operating expenses and finance expenses as well as an
adjustment for available-for-sale financial assets, the company has earned
R 13.4 million in income for the year (loss of R 344 268 in 2010).
Basis of preparation and presentation of audited results
The audited condensed financial results of the Company for the year ended 31
March 2011 have been prepared and presented in accordance with International
Financial Reporting Standards IAS34, the Listing Requirements of the JSE
Limited and the requirements of the Companies Act 61 of 1973, as amended.
The accounting policies adopted are consistent with those applied at 31
March 2010.
Subsequent events
After year end the company, together with Transhex and other parties, reached
agreement with De Beers Consolidated Mines("DBCM") to acquire the assets and
liabilities relating to Namaqualand Mines, a division of DBCM, subject to
certain conditions precedent.
Future outlook
Market conditions continue to be of such a nature so as to prevent us
aggressively allocating capital to new ideas. In both public and private
markets, prices of businesses have not yet adjusted to a level that
adequately compensates us for a future that is, as always, fraught with both
known and unknown risks. Until such time as the future is clear (unlikely)
or the price-to-value relationship improves (likely), we will continue to
be predominantly invested in liquid, high quality assets - i.e. cash.
Report of the independent auditors
These condensed financial statements have been audited by our auditors Grant
Thornton, whose unqualified report is available for inspection at the company`s
registered office.
30 June 2011
Cape Town
Directors: V Davis#, T de Bruyn*; L Potgieter* (Financial); G Pretorius#; W
Stals#;
JG Swiegers#; PG Viljoen* (Executive chairman)
*Executive #Non-executive Australian
Registered office: 7th Floor, Claremont Central, 8 Vineyard Road, Claremont,
Cape Town, 7700
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Transfer secretaries: Link Market Services South Africa (Pty) Limited
Auditors: Grant Thornton
Date: 30/06/2011 13:47:01 Produced by the JSE SENS Department.
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