Sharenet Sites 
Sharenet Sites
CMO - Chrometco Limited - Audited consolidated results for the year ended 28 February 2011 Chrometco Limited (Incorporated in the Republic of South Africa) (Registration number 2002/026265/06) Share code: CMO ISIN: ZAE000070249 ("Chrometco" or "the group") AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2011 STATEMENT OF FINANCIAL POSITION Reviewed Audited as at as at
28 Feb 2011 28 Feb 2010 R`000 R`000 ASSETS Non-current assets 46 650 Tangible assets 46 55 Deferred taxation - 595 Current assets 39 211 42 499 Trade and other receivables 1 552 1 053 Cash and cash equivalents 37 659 41 446 Total assets 39 257 43 149 EQUITY AND LIABILITIES Capital and reserves 38 817 42 916 Issued capital 2 2 Share premium 35 485 35 485 Retained earnings 3 330 7 429 Non-current liabilities 386 - Deferred taxation 386 - Current liabilities 54 233 Trade and other payables 54 233 Total equity and liabilities 39 257 43 149 Net asset value per share (cents) 20,99 23,21 Closing number of shares (`000) 184 929 184 929 STATEMENT OF COMPREHENSIVE INCOME Reviewed Audited
for year for year ended ended 28 Feb 2011 28 Feb 2010 R`000 R`000
Revenue - - Cost of sales - - Gross profit - - Other income 318 412 Reversal of impairment loss 13 000 - Operating expenses (8 077) (9 169) Net profit/(loss) before interest and 5 241 (8 757) taxation Investment income 1 813 2 431 Finance charges - - Profit/(loss) before taxation 7 054 (6 326) Taxation (1 906) 988 Profit/(loss) for the year 5 148 (5 338) Other comprehensive income - - Taxation on other comprehensive income - - Total comprehensive income/(loss) for the 5 148 (5 338) year Reconciliation between earnings and headline earnings per share Basic earnings/(loss) per share (cents) 2,78 (2,89) Diluted earnings/(loss) per share (cents) 2,78 (2,89) Profit/(loss) for the year 5 148 (5 338) Adjustments: Reversal of impairment loss (13 000) - Profit on disposal of subsidiary (7) - Impairment of receivable - 80 Headline loss attributable to ordinary (7 859) (5 258) shareholders Headline loss per share (cents) (4,25) (2,84) Weighted average number of shares (`000) 184 929 184 929 STATEMENT OF CASH FLOWS Reviewed Audited
for year for year ended ended 28 Feb 2011 28 Feb 2010 R`000 R`000
Cash flows from operating activities (7 534) 4 889 Cash flows from investing activities 12 993 (30) Cash flows from financing activities (9 246) - Net movement in cash and cash equivalents (3 787) 4 859 Cash and cash equivalents at the beginning 41 446 36 587 of the period Cash and cash equivalents at the end of the 37 659 41 446 period STATEMENT IN CHANGES OF EQUITY Share capital Retained and premium earnings Total
R`000 R`000 R`000 Balance at 1 March 2009 35 487 12 766 48 249 Comprehensive loss for the - (5 338) (5 337) period Balance at 28 February 2010 35 487 7 428 42 916 Balance at 1 March 2010 35 487 7 428 42 916 Comprehensive income for the - 5 148 5 148 period Dividends paid - (9 246) (9 246) Balance at 28 February 2011 35 487 3 330 38 817 COMMENTARY 1. Financial and operational overview The directors present the reviewed results for the year ended 28 February 2011. 2. Basis of preparation The accounting policies of the group comply in all material respects with recognition and measurement criteria of International Financial Reporting Standards ("IFRS") and its interpretations adopted by the International Accounting Standards Board ("IASB") in issue and effective at 28 February 2010, the AC 500 Standards as issued by the Accounting Practices Board and its successor, as well as the presentation and disclosure requirements of IAS 34 - Interim Financial Reporting, the JSE Listings Requirements 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 2010. 3. Auditors` report The Chrometco group`s auditors, RSM Betty & Dickson (Johannesburg), have reviewed these results. Their unmodified review report is available for inspection at the company`s registered office during normal office hours. 4. Nature of business The company is involved in the exploration of mineral resources and the possible beneficiation thereof. 5. Disposal of subsidiary Shareholders are advised that the company disposed of its investment in Ingonyama Holdings (Proprietary) Limited during the year under review. 6. General review of operations During the period under review, the group focused its attention on the following important issues: - Finalisation of the conditional sale of Korpo Trust (Proprietary) Limited and Rooderand Chrome (Proprietary) Limited and conversion and transfer of the used old order mining license held by Pilanesberg Mining Company (Proprietary) Limited to a new order mining right and the transfer of the new order mining right to Rooderand Chrome (Proprietary) Limited. - Management and oversight of mining operations subcontracted to DCM Chrome (Proprietary) Limited on the Rooderand site. - The disposal of its subsidiary, Ingonyama Holdings (Proprietary) Limited. - The acquisition of mineral rights, and business opportunities in the Republic and elsewhere in Africa. - Optimisation of the allocation of capital resources. 7. Future prospects The company intends to proceed with the conversion and transfer of the used old order mining license held by Pilanesberg Mining Company (Proprietary) Limited to a new order mining right and the transfer of the new order mining right to Rooderand Chrome (Proprietary) Limited. Shareholders will be requested to vote on the conditional sale of Rooderand Chrome (Proprietary) Limited and Korpo Trust (Proprietary) Limited at an extraordinary general meeting of the company which is being called for that purpose. The future strategy of the company will largely depend on the decision of shareholders at that meeting. For and on behalf of the board of directors PJ Cilliers Managing Director 31 May 2011 Directors: JG Scott (Chairman) E Bramley PJ Cilliers (MD) TW Scott (FD) Designated Advisor: Sasfin Capital, a division of Sasfin Bank. Company Secretary: Computershare Registered Office: 70 Marshall Street, Johannesburg (PO Box 3787, Dainfern, 2055) www.chrometco.co.za Date: 31/05/2011 17:24:07 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
