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YBA
YBA
YBA - Yomhlaba - Reviewed results for the six months ended 31 December 2006
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")
Reviewed results for the six months ended 31 December 2006
BALANCE SHEETS
Unaudited Audited Unaudited
31 December 30 June 2006 31 December
2006 2005
ASSETS R`000 R`000 R`000
Non-Current assets 13,573 13,850 21,634
Property, plant and equipment 13,573 13,850 21,634
Intangible assets - - -
Current Assets 8,662 10,017 11,223
Trade and other receivables 1,150 1,024 1,085
Cash and cash equivalents 7,512 8,993 10,138
Total assets 22,235 23,867 32,857
EQUITY AND LIABILITIES
Capital and Reserves (25,054) (23,868) (15,085)
Share Capital 6,000 6,000 6,000
Share premium 12,562 12,562 12,562
Retained income/(loss) (43,616) (42,430) (33,647)
Non-current liabilities 44,512 44,900 45,367
Long term liabilities 9,000 9,388 26,495
Shareholders loan 35,512 35,512 18,872
Current Liabilities 2,777 2,835 2,575
Trade and other payables 2,777 2,429 2,346
Bank overdraft - - 10
Current portion of borrowings - 406 219
Total equity and liabilities 22,235 23,867 32,857
Net asset value per share (4) (4) 1.21
(cents)
Net tangible asset value per (4) (4) 0.33
share (cents)
Closing number of shares 600,000 600,000 600,000
(`000)
INCOME STATEMENTS
Unaudited Audited Unaudited
31 December 2006 30 June 2006 31 December
2005
R`000 R`000 R`000
Revenue - - -
Cost of Sales - - 29
Gross Loss/Revenue - - (29)
Other Income 18 146 143
Operating Expenses 1,424 (4,337) 3,101
Loss before interest and (1,406) (4,191) (2,987)
taxation
Interest received 282 568 307
Finance charges (62) (95) (59)
Loss before taxation (1,186) (3,718) (2,739)
Taxation - - -
Loss after Taxation (1,186) (3,718) (2,739)
Loss from discontinued - (7,500) -
operations
Net loss for the period (1,186) (11,218) (2,739)
Reconciliation between
earnings and headline
earnings :
Earnings per share (cents) (0.2) (1.9) (0.46)
Impairments (cps) - 1.25 -
Headline earnings per share (0.2) (0.6) (0.46)
(cents)
Closing number of shares 600,000 600,000 600,000
(`000)
CASH FLOW STATEMENTS
Unaudited Audited Unaudited
31 December 2006 30 June 2006 31 December
2005
R`000 R`000 R`000
Cash flows from operating (687) (3,276) (3,142)
activities
Cash flows from investing - - -
activities
Cash flows from financing (794) (793) 208
activities
Net movement in cash and cash (1,481) (4,069) (2,934)
equivalents
Cash and cash equivalents at 8,993 13,062 13,062
beginning of period
Cash and cash equivalents at 7,512 8,993 10,128
end of period
STATEMENTS OF CHANGES IN EQUITY
Share Share Accumulated Total
capital loss
R`000 R`000 R`000 R`000
Balance at 01 Jul 6,000 12,562 (31,212) (12,650)
2005
Net loss for the (11,218) (11,218)
period
Balance at 1 Jul 6,000 12,562 (42,430) (23,868)
2006
Net loss for the (1,186) (1,186)
period
Balance at 31 Dec 6,000 12,562 (43,616) (25,054)
2006
COMMENTARY
1. FINANCIAL AND OPERATIONAL REVIEW
The interim results for the six months ended 31 December 2006 reflect the
continuation of the restructuring process. The focus of the board has been on
the completion of the acquisition of Ilanga and Umlabu as set out in the annual
financial statement and the released transaction announcement. The expenses
incurred during this period were for professional and legal services relating to
the acquisitions and the legal case against Ingwe. The board believes that the
figures reflect all impairments and costs associated with the closure of
Jigmining and no further costs with the closure are anticipated.
2. PROSPECTS
Management looks forward to the finalisation of the Ilanga and Umlabu
transactions, upon which YBA will own its own reserves, have an operating mine
and will be a fully operational and productive coal producer.
Subsequent to the Ilanga transaction, YBA will also qualify as a Broad Based
Black Economic Empowerment ("BBBEE") company in terms of the Mining Charter and
Act. Management is of the opinion that this new status will enable YBA to
aggressively increase its coal reserves and to obtain a larger export allocation
through Richardsbat Coal Terminal ("RBCT"). llanga Coal already has a 200 000
tonne annual allocation through RBCT.
3. GOING CONCERN
The Company`s going concern status is entirely dependent on the successful
conclusion of the proposed transaction for the acquisition of Ilanga and Umlabu,
which is subject to certain conditions precedent to be fulfilled.
4. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The accounting policies of the company comply in al material respects with the
International Financial Reporting Standards. The accounting policies and
methods of measurement and requirements are consistent with those applied in the
previous financial period.
5. DIVIDENDS
No dividends were recommended or declared for the interim period.
6. REVIEW OPINION BY AUDITORS
The company`s auditors Compendium (Pretoria) Inc. have performed their review in
accordance with the guidelines for auditors on review of interim financial
information issued by the South African Institute of Chartered Accountants. The
unqualified review report prepared by the company`s auditors is available for
inspection at the company`s offices.
06 March 2007
For and on behalf of the Board
KG Gribnitz; J Jonck, TV Mokgatlha and D Steyn
Sponsor & Designated Adviser
Sasfin Capital
(a division of Sasfin Bank Limited)
Corporate Adviser
Radagast Capital (Pty) Limited
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
Registered address
Mirkwood Estate
Plot 26
Klipkop, JR 396
Gauteng
Date: 07/03/2007 09:16:55 Produced by the JSE SENS Department.
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