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YBA
YBA
YBA - Yomhlaba - Abridged audited consolidated financial results for the year
ended 30 June 2006 and posting of the Annual Financial Statements
Yomhlaba Resources Limited
(Previously Zenith Concessions Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1994/009012/06)
Share code YBA & ISIN ZAE000060281
("Yomhlaba" or "the Company" or "the Group")
Abridged audited consolidated financial results for the year ended 30 June 2006
and posting of annual financial statements
INCOME STATEMENTS GROUP COMPANY
2006 2005 2006 2005
R R R R
Other income 146,347 1,310,845 - 733,984
Operating costs 4,337,151 5,036,735 - 243,958
Operating (4,190,804) (3,725,890) - 490,026
(loss)/Profit
Interest received 568,273 1,062,079 - 4
Finance costs (95,696) (810,807) - -
(Loss)/profit from (3,718,227) (3,474,618) - 490,030
continuing
operations
(Loss)/profit from (7,500,000) (18,950,644) - -
discontinued
operations
Net (loss)/profit (11,218,227) (22,425,262) - 490,030
(Loss)/profit (1.9) (3.7) - 0.08
attributable to
equity holders of
the parent entity
per ordinary share
(cents)
(Loss)/profit from (0.6) (0.6) - 0.08
continuing
operations
attributable to
equity
holders of the
parent entity
(cents)
Headline loss per (0.6) (1.8) - (0.04)
ordinary share
(cents)
Reconciliation of headline (loss)/earnings 2006 2005
Net (loss)/profit (11 218 227) (22 425 262)
Loss/(profit ) on sale of fixed assets - 54 070
Loans written off (732 099)
Impairments on assets 7 500 000 11 384 814
Headline (loss)/profit (3 718 227) (11 718 477)
STATEMENTS OF CHANGES IN EQUITY
GROUP Share Share Accumulated Total
Capital Premium Loss
R R R R
Note
Balance at 01 July 2,655,519 5,606,900 (8,482,878) (220,459)
2004
Restatement : VAT - - (304,009) (304,009)
adjustment
Net loss for the - - (22,425,262) (22,425,262)
year
Issue of share 5,400,000 5,400,000 - 10,800,000
capital
Repurchase of (250,000) (250,000) - (500,000)
shares
Par value (1,805,519) 1,805,519 - -
reduction Effect
Balance at 30 June 6,000,000 12,562,419 (31,212,149) (126,497,230)
2005
Net (loss) for the - - (11,218,227) (11,218,227)
year
Balance at 30 June 6,000,000 12,562,419 (42,430,376) (23,867,957)
2006
COMPANY Share Share Accumulated Total
Capital Premium Loss
R R R R
Balance at 01 July 2,655,519 5,606,900 (8,482,878) (220,459)
2004
Restatement : VAT - - (304,009) (304,009)
adjustment
Net profit for the - - 490,030 490,030
Year
Issue of share 5,400,000 5,400,000 - 10,800,000
Capital
Repurchase of (250,000) (250,000) - (500,000)
shares
Par value (1,805,519) (1,805,519) - -
reduction
Effect
Balance at 30 June 6,000,000 12,562,419 (8,296,857) 10,265,562
2005
Net profit for the - -
year
Balance at 30 June 6,000,000 12,562,419 (8,296,857) 10,265,562
2006
BALANCE SHEETS GROUP COMPANY
2006 2005 2006 2005
R R R R
Assets
Non-current assets 13,850,074 21,904,041 10,800,001 10,800,001
Property, plant 13,850,073 21,904,040 - -
and equipment
Investment in - - 10,800,000 10,800,000
Subsidiary
Intangible assets 1 1 1 1
Current assets 10,017,132 14,456,083 13,222 13,222
Trade and other 1,024,488 1,384,030 - -
Receivables
Cash and cash 8,992,644 13,072,053 13,222 13,222
Equivalents
Total assets 23,867,206 36,360,124 10,813,223 10,813,223
Equity and
liabilities
Capital and (23,867,957) (12,649,730) 10,265,562 10,265,562
reserves
Issued capital 18,562,419 18,562,419 18,562,419 18,562,419
Accumulated loss (42,430,376) (31,212,149) (8,296,857) (8,296,857)
Non-current 44,900,119 45,367,494 547,661 547,661
liabilities
Shareholder`s loan 35,511,711 35,511,711 - -
Long-term 9,388,408 9,855,783 547,661 547,661
liabilities
Current 2,835,044 3,642,360 - -
liabilities
Trade and other 2,428,841 3,204,252 - -
Payables
Current portion of 406,203 428,095 - -
Borrowings
Bank overdraft - 10,013 - -
Total equity and 23,867,206 36,360,124 10,813,223 10,813,223
liabilities
CASH FLOW GROUP COMPANY
STATEMENTS 2006 2005 2006 2005
R R R R
Cash flow from (3,276,119) (7,180,050) - (243,954)
operating
activities
Cash receipts from - 25,290,995 - -
customers
Cash paid to (3,748,483) (32,722,316) - (243,958)
suppliers and
Employees
Cash utilised in (3,748,483) (7,431,321) - (243,958)
operating
activities
Interest received 568,060 1,062,079 - 4
Interest paid (95,696) (810,807) - -
Cash flow from - 22,185,994 - -
investing
activities
Expenditure to - (4,882,782) - -
maintain operating
capacity Property,
plant and
equipment Acquired
Intangible assets - (21,900) - -
acquired
Proceeds of - 93,810 - -
disposal of
property, plant
and equipment
Acquisition of - 26,996,866 - -
Subsidiary
Cash flow from (793,277) (1,983,193) - 217,887
financing
activities
Loans raised - - - 243,652
Loans repaid / (793,277) (1,983,193) - (25,765)
granted
Increase in cash (4,069,396) (13,022,751) - (26,067)
and cash
equivalents
Cash and cash 13,062,040 39,289 13,222 39,289
equivalents at
beginning, of the
year
Cash and cash 8,992,644 13,062,040 13,222 13,222
equivalents at end
of the, year
REVIEW OF OPERATIONS AND ACTIVITIES
The period under review is a continuation of the events that took place in the
beginning of 2005. The group has been managed as part of a restructuring plan
and the board focused on resolving outstanding issues pertaining to Jig Mining
and the acquisition of new coal assets. The figures include the provisions and
costs associated with the closure of Jigmining Operations 1 (Pty) Ltd and
Jigmining Operations 3 (Pty) Ltd.
The board is pleased to inform shareholders that it has built up a good working
relationship with its controlling shareholder NAMF, who has supported the
restructuring process and have assisted the board to refocus the group and
change the fortunes of the company.
The future of the company is based on the completion of the existing transaction
with the vendor, Risk Reduction International Limited, for the purchase of Coal
Mines.
Regardless of the allegations of fraudulent activities by the board, made in the
media by Ingwe (a division of BHP Billiton Limited), no criminal case was filed
against any of the group companies or directors, managers or employees, as the
public prosecutor was of the opinion that there was no criminal case to pursue.
Subsidiaries of the company filed acclaim of R41 198 050 in the name of
Jigmining Operations 1 (Pty) Ltd and a clam of R7 047 864 in the name of
Jigmining Operations 3 (Pty) Ltd against Ingwe Collieries Limited.
The board is confident that there is no impediment in order to achieve a
successful outcome. Shareholders are however advised that the process could
take up to three years to resolve as bringing these matters to trail could be a
lengthy process. The board expects the case to cost between R3 million to R4
million over the three year period
2. STATEMENT ON GOING CONCERN
The Company`s going concern status is entirely dependent on the successful
conclusion of the proposed transaction for the acquisition of the two coal
mines, which is subject to certain conditions precedent to be fulfilled as set
out in the terms announcement.
4. PROSPECTS
The Company embarked on an extensive restructuring activity that will result in
the substantial change in the fortunes of the company. For more details see
interim and transaction announcements made by the company.
5. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies of the Company comply in all material respects with the
International Financial Reporting Standards and the Companies Act 61 of 1973.
The accounting policies and methods of measurement and recognition are
consistent with those applied in the previous financial period.
6. DIVIDENDS
No dividends were recommended or declared for the year.
7. AUDIT REPORT
The annual results have been audited by the company`s auditors Compendium
(Pretoria) Inc who did not qualify their opinion. The audit report is available
for inspection at the groups` registered address.
8. POSTING OF ANNUAL FINANCIAL STATEMENTS
Shareholders are informed that no abridged results announcement for the year
ended 30 June 2006 was made and that the Annual Financial Statements for the
year ended 30 June 2006 was posted to shareholders on 06 March 2007.
The Annual General Meeting of the company will be held at Plot 26, Farm Klipkop,
Mirkwood Estate, Gauteng JR396 on 27 March 2007 a 10:00. The notice of the
meeting is contained in the abovementioned Annual Financial Statements.
For and on behalf of the Board
KJ Gribnitz
Chairman
06 March 2007
Pretoria
Transfer Secretaries
Computershare Investor Services 2004 (Pty) Limited
Designated Adviser
Sasfin Capital
A division of Sasfin Bank Limited
Corporate Adviser
Radagast Capital
Date: 07/03/2007 09:15:56 Produced by the JSE SENS Department.
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