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Chrometco - Interim Consolidated Results for the Six Months Ended 31 August 2005
Chrometco Limited
(Formerly Sweet Equity Investments (Proprietary) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO & ISIN: ZAE000070249
("Chrometco" or "the group")
INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005
BALANCE SHEET
Interim Audited
as at as at
31 Aug 28 Feb
2005 2005
R"000 R"000
ASSETS
Non-current assets 9 131 2 961
Motor vehicles and equipment 222 235
Intangible assets 2 600 2 600
Investment in Subsidiaries/JV"s 5 500 -
Other long-term Receivables 808 126
Current assets 4 700 257
Inventories 53 53
Trade and other payables 183 5
Cash and cash equivalents 4 464 198
Total assets 13 830 3 217
EQUITY AND LIABILITIES
Capital and reserves 13 093 1 034
Issued capital 1 1
Share premium 15 751 2 013
Non-distributable reserves - -
Accumulated loss (2 479) (981)
Non current liabilities 114 1 954
Long-term liabilities 1 1 819
Long-term finance leases 113 135
Current liabilities 623 231
Trade and other payables 551 167
Provisions 3 3
Current portion of long-term
borrowings 38 34
Taxation Payable 26 26
Total equity and liabilities 13 830 3 217
Net asset value per share 0.10 0.024
(cents)
Net tangible asset value per 0.03 0.03
share (cents)
Closing number of shares 144 442 133 520
(`000)
INCOME STATEMENT
Interim Audited
6months 12months
ended ended
31 Aug 28 Feb
2005 2005
R"000 R"000
Revenue - 172
Cost of sales - (125)
Gross profit - 47
Other income - 2
Operating expenses (1 308) (1 074)
Fair value adjustment for
non-derivative financial liabilities (182) 182
Net loss before interest
and Taxation (1 489) (843)
Investment income - 5
Finance charges (8) (19)
Net loss before taxation (1 497) (857)
Taxation - -
Minority interest - 0.5
Net Loss for the period (1 497) (857)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (1.089) (0.89)
Diluted loss per share (cents) (1.089) (0.89)
Headline loss per share (cents) (0.957) (1.08)
Weighted average number of
shares (`000) 137 543 96 494
CASH FLOW STATEMENTS
Interim Audited
6months 12months
ended ended
31 Aug 28 Feb
2005 2005
R"000 R"000
Cash flows from operating
activities (1 067) (861)
Cash flows from investing
activities (6 199) (702)
Cash flows from financing
activities 11 540 1 305
Net movement in cash and cash
equivalents 4 266 (272)
Cash and cash equivalents at
the beginning of the period 198 471
Cash and cash equivalents at
the end of the period. 4 464 198
STATEMENT IN CHANGES OF EQUITY
Capital Minority
and Premium interest Reserve Profit Total
R"000 R"000 R"000 R"000 R"000
Balance at 1
March 2004 2 015 - - (124) 1 891
Net loss for
the period - (0.5) - (857) (857)
Change in share
holding of - 0.5 - - 0.5
Subsidiaries
Balance at 28
February 2005 2 015 - - (981) 1 034
Change in share
Holding of
Subsidiaries - 0.1 - - 0.1
Issue of
Shares 13 557 - - - 13 557
Net loss for
the period - (0.1) - (1 497) (1 497)
Balance at 31
Aug 2005 15 572 - - (2 478) 13 093
COMMENTARY
1. Financial and operational overview
The directors present the interim consolidated financial results for the six
months ended 31 August 2005
2. Basis of preparation
The accounting policies of the group comply with ("IFRS") International
Financial Reporting Standards and the Companies Act of 1973. The accounting
policies and methods of measurement and recognition is consistent with those
applied in the financial period ended 28 February 2005.
3. Investments are valued at cost.
Nature of business.
The company is involved in the exploration of chrome resources and the possible
benification thereof, as well as investigations into parallel activities in
copper, cobalt, nickel and manganese.
General review of operations.
Chrometco Limited was listed on the Alt"X sector of the JSE on 12th August 2005.
During the period under review, the group engaged in the following activities:-
Finalised the proposal for the second phase exploration program to be conducted
on the Rooderand property. Mr. Nico Bleeker was instructed to prepare a detailed
core drilling program and comprehensive budget. Approximately 1600 meters will
be drilled during this phase which should see the eventual upgrade of the LG 6
chromite seam from an inferred resource to an indicated resource.
In addition, the first phase exploration program to be undertaken on the Naboom
property has been finalized. Mr. Nico Bleeker was instructed to prepare a
detailed core drilling program and comprehensive budget. Approximately 1500
meters will be drilled during this phase which should see the resource being
upgraded to an indicated resource of the LG 6 chromite seam down to the depth of
300 meters.
The Ingonyama Copper/Cobalt refining project has been advanced through the
negotiation of contracts for the additional supply of raw material feedstock for
the refinery.
For and on behalf of the board of directors
E.Bramley
Managing Director
26 October 2005
Warning: Investors are warned that investing in companies listed on ALTx is
speculative in nature and the JSE does not guarantee the viability or success of
the company. In accordance with ALTx"s Listing Requirements, a Designated
Advisor has to be retained by the company. The Designated Advisor is required
to, inter alia, attend all board meetings held by the company to ensure that all
JSE Listing Requirements and applicable regulations are complied with, approve
the financial director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain the Designated
Advisor it must make arrangements to appoint a new Designated Advisor within 10
business days, failing which the company faces suspension of trading of its
securities. If a designated advisor is not appointed within 30 days of its
suspension the company faces the termination of its listing without an offer to
minority shareholders.
Designated Adviser
River Group
Date: 04/11/2005 03:19:12 PM Produced by the JSE SENS Department
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