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CMO
CMO
Chrometco - Interim Consolidated Results: six months ended 31 August 2006
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO & ISIN: ZAE000070249
("Chrometco" or "the group")
Interim Consolidated Results for the six months ended 31 August 2006
BALANCE SHEET Interim Audited Audited
as at as at as at
31 Aug 28 Feb 28 Feb
2006 2006 2005
R"000 R"000 R"000
ASSETS
Non-current assets 213 245 2 961
Property, plant and equipment 213 245 235
Intangible assets - - 2 600
Other long-term receivables - - 126
Current assets 2 336 2 119 256
Inventories 53 53 53
Trade and other receivables 153 239 5
Cash and cash equivalents 2 130 1 827 198
Total assets 2 549 2 364 3 217
EQUITY AND LIABILITIES
Capital and reserves 2 020 1 043 1 033
Issued capital 2 1 1
Share premium 14 957 11 946 2 013
Accumulated loss (12 939) (10 904) (981)
Non-current liabilities 78 96 1 954
Long-term liabilities - - 1 819
Long-term borrowings 78 96 135
Current liabilities 451 1 225 230
Trade and other payables 328 1 101 167
Provisions 52 52 3
Current portion of long-term
borrowings 37 38 34
Taxation payable 34 34 26
Total equity and liabilities 2 549 2 364 3 217
Net asset value per share 1.32 0.72 0.77
(cents)
Net tangible asset value per 1.32 0.72 0.77
share (cents)
Closing number of shares 152 000 144 442 133 520
(`000)
INCOME STATEMENT
Interim Audited Audited
6 months 12 months 12 months
ended ended ended
31 Aug 28 Feb 28 Feb
2006 2006 2005
R"000 R"000 R"000
Revenue - - 172
Cost of sales - - (125)
Gross profit - - 47
Other income - 11 2
Operating expenses (2 029) (5 169) (1 074)
Fair value adjustment for
non-derivative financial
liabilities - (182) 182
Impairment of intangible assets - (4 600) -
Net loss before interest
and taxation (2 029) (9 940) (843)
Investment income - 41 5
Finance charges (6) (24) (19)
Net loss before taxation (2 035) (9 923) (857)
Taxation - - -
Attributable to minority interest - 0.1 0.5
Net Loss for the period (2 035) (9 923) (857)
Reconciliation between earnings and headline earnings
per share
Basic loss per share (cents) (1.40) (7.00) (0.89)
Diluted loss per share (cents) (1.40) (7.00) (0.89)
Headline loss per share for the six months ended 31 August 2006
Loss for the six months (2 035) (9 923) -
Adjustments:
Fair value adjustment - 182 -
Impairment Loss - 4 600 -
Headline loss attributable
to ordinary shareholders (2 035) (5 141) -
Headline loss per share (cents) (1.40) (3.62) (1.08)
Weighted average number of
shares (`000) 145 072 141 851 96 494
CASH FLOW STATEMENTS
Interim Audited Audited
6 months 12 months 12 months
ended 28 Feb 28 Feb
2006 2006 2005
R"000 R"000 R"000
Cash flows from operating
activities (2 690) (4 162) (875)
Cash flows from investing
activities - (106) (702)
Cash flows from financing
activities 2 993 5 897 1 305
Net movement in cash and cash
equivalents 303 1 629 (272)
Cash and cash equivalents at
the beginning of the period 1 827 198 470
Cash and cash equivalents at
the end of the period. 2 130 1 827 198
STATEMENT IN CHANGES OF EQUITY
Capital Minority Accumulated
and Premium interest Reserve Loss Total
R"000 R"000 R"000 R"000 R"000
Balance at 1
March 2005 2 015 - - (981) 1 034
Issue of shares 9 932 - - - 9 932
Net loss for
the period - (0.1) - (9 923) (9 923)
Change in share
holding of - 0.1 - - 0.1
subsidiaries
Balance at 28
February 2006 11 947 - - (10 904) 1 043
Change in share
holding of
subsidiaries - - - - -
Issue of
shares 3 012 - - - 3 012
Net loss for
the period - - - (2 035) (2 035)
Balance at 31
Aug 2006 14 959 - - (12 939) 2 020
COMMENTARY - Financial and operational overview.
1. The directors present the Interim consolidated financial results for
the six months ended 31 August 2006
2. Basis of preparation
The accounting policies of the group comply in all material respects
with ("IFRS") International Financial Reporting Standards 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 2006.
3. Investments are valued at cost.
4. Nature of business.
The company is involved in the exploration of chrome resources and
the possible beneficiation thereof, as well as investigations into
parallel activities in copper, cobalt and nickel.
5. 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:-
The Ingonyama Copper/Cobalt refinery feasibility study is complete
and once sufficient funding is in place the board will vote on its
development.
6. Going Concern
The financial statements have been prepared on the going concern
basis, since the directors have reason to believe that the company
has adequate resources in place and available to it from its
shareholders to continue in operation for the foreseeable future.
The directors have taken the following steps and placed into action
the following plans to ensure the company"s ability to continue as a
going concern:
* In February 2006, management visited numerous potential
providers of finance in London and returned feeling comfortable
with the positive reception they had received during their brief
stay. Messrs. Williamson and Simons also made enquiries
regarding a Secondary Listing of Chrometco Limited on the AIM
Sector of the London Stock Exchange (LSE).
* In August 2006, a private placement of ordinary shares took
place in order for the company to obtain further cash resources
(refer to the discussion of significant subsequent events for
further information, as contained in the Annual Report). The
funds received will allow the Company to establish a copper
ingot production operation.
* Exploration activities indicate the presence of sufficient
chrome resources to warrant further exploration with the aim of
defining a Measured Reserve on Rooderand 46 QJ.
The group"s ability to continue as a going concern is dependant on
the successful conclusion of the above actions together with the
implementation and establishment of the potential opportunities
detailed.
7. Change of Address and Registered Office.
The Board is pleased to announce that the company is relocating to:
Building no 10
Waterford Office Park.
Waterford Drive cnr Witkoppen Road
Fourways.
P.O.Box 3787,
Dainfern.
2055.
Telephone: (011) 996 4800 & 996 4801
For and on behalf of the board of directors
S.H.Simons
Chief Executive Officer
27th September 2006
Designated Advisor & Company Secretary
River Group (Proprietary) Limited
(Registration number 2000/025913/07)
Parc Nouveau Building
225 Veale Street, Brooklyn.
Pretoria.
(P.O.Box 166, Groenkloof, 0027)
Directors.
B.A.Williamson (Chairman), S.H.Simons (CEO), J.R.Francey (CFO), E.Bramley,
T.W.Scott.
Current Registered Office,
Office 8, Morgenster Building
3 Main Road
Irene,1675
(P.O.Box 460, Irene, 0062)
New Registered Office, from 5th October 2006, will be:
Building no 10
Waterford Office Park
Waterford Drive cnr Witkoppen Road
Fourways.
(P.O.Box 3787, Dainfern. 2055)
www.chrometco.co.za
Transfer Secretaries
Computershare Investor Services 2004 (Proprietary) Limited
(Registration number 2004/003647/07)
70 Marshall Street
Johannesburg, 2001
(P.O.Box 61763 Marshalltown,2107)
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.
Date: 28/09/2006 10:11:19 AM Produced by the JSE SENS Department
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