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RACP - RECM and Calibre Limited - Audited condensed financial results for the year ended 31 March 2011 RECM and CALIBRE LIMITED (Incorporated in the Republic of South Africa) (Registration number 2009/012403/06) Preference share code: RACP ISIN: ZAE000145041 ("RAC" or "the Company") Audited results Audited condensed financial results for the year ended 31 March 2011 Condensed Statement of FINANCIAL POSITION as at 31 March 2011 31 March 2011 31 March 2010
Audited Audited R R ASSETS Non-Current assets Other financial assets 219 875 090 0 Current assets Other financial assets 288 509 508 0 Trade and other receivables 6 217 106 0 Cash and cash equivalents 883 079 0 Total assets 515 484 783 0 EQUITY AND LIABILITIES Equity 63 127 654 (344 198) Share capital 50 000 000 70 Reserves 86 017 0 Retained Income 1 226 749 (344 268) Preference shareholders` interest 11 814 888 0 Non-current liabilities 450 140 279 0 Other financial liabilities 450 000 000 0 Deferred tax 140 279 0 Current liabilities 2 216 850 344 198 Loans from shareholders 0 338 622 Trade and other payables 2 216 850 5 576 Total equity and liabilities 515 484 783 0 Condensed Statement of COMPREHENSIVE INCOME for the period ended 31 March 2011 12 months 9 months 31 March 2011 31 March 2010 Audited Audited
R R Operating expenses (6 376 434) (344 268) Operating Loss (6 376 434) (344 268) Investment revenue 24 041 715 0 Finance costs (113) 0 Taxation (5 053 413) 0 Profit for the year 12 611 755 (344 268) Available-for-sale financial assets adjustments 1 000 446 0 Taxation related to components of other comprehensive income (140 167) 0 Other comprehensive income for the year net of taxation 860 167 0 Total comprehensive income/(loss) 13 471 922 (344 268) Condensed Statement of CHANGES IN EQUITY for the period ended 31 March 2011 12 months 9 months
31 March 2011 31 March 2010 Audited Audited R R Balance as at 24 June 2009 0 Balance as at 1 April 2010 (344 198) - Issue of shares 49 930 70 Share premium 49 950 000 - Fair value adjustment assets- Available-for-sale reserve 860 167 - Total comprehensive income/(loss) for the year 12 611 755 (344 268) Total equity 63 127 654 (344 198) Condensed Statement of CASH FLOWS for the period ended 31 March 2011 12 months 9 months 31 March 2011 31 March 2010
Audited Audited R R Cash flows from operating activities Cash utilised in operations (11 920 757) (338 692) Interest income 23 452 240 0 Dividends received 589 475 0 Finance costs (113) 0 Tax paid (3 514 922) 0 Net cash from operating activities 8 605 923 (338 692) Cash flows from investing activities Additions to other financial assets (507 384 152) 0 Net cash from investing activities (507 384 152) 0 Cash flows from financing activities Proceeds on shares issued 49 999 930 70 Proceeds from other financial liabilities 450 000 000 0 Proceeds from shareholders loan 338 622 Repayment of shareholders loan (338 622) 0 Net cash from financing activities 499 661 308 338 692 Net change in cash and cash equivalents 883 079 0 Cash and cash equivalents at beginning of period 0 0 Cash and cash equivalents at end of period 883 079 0 Cents Cents Net Asset Value per share 1026.3 - Basic Earnings per share 25.2 - Calculated on shares in issue 50 000 000 50 000 000 - Ordinary shares 5 000 000 5 000 000 - Preference shares 45 000 000 45 000 000 COMMENTARY Nature of business Recm and Calibre Limited is an investment holding company, which was incorporated on 24 June 2009. Financial review On 4 May 2010 the company issued 4 930 000 ordinary shares at R0.01 each and a share premium of R9.99 each. The company also issued 45 million redeemable, participating, non-cumulative preference shares of R0.01 each and a share premium of R9.99 each. The preference shares were listed on the JSE on 8 June 2010. The company has deployed its capital by investing in a number of financial instruments yielding investment revenue of R24 million. After accounting for operating expenses and finance expenses as well as an adjustment for available-for-sale financial assets, the company has earned R 13.4 million in income for the year (loss of R 344 268 in 2010). Basis of preparation and presentation of audited results The audited condensed financial results of the Company for the year ended 31 March 2011 have been prepared and presented in accordance with International Financial Reporting Standards IAS34, the Listing Requirements of the JSE Limited and the requirements of the Companies Act 61 of 1973, as amended. The accounting policies adopted are consistent with those applied at 31 March 2010. Subsequent events After year end the company, together with Transhex and other parties, reached agreement with De Beers Consolidated Mines("DBCM") to acquire the assets and liabilities relating to Namaqualand Mines, a division of DBCM, subject to certain conditions precedent. Future outlook Market conditions continue to be of such a nature so as to prevent us aggressively allocating capital to new ideas. In both public and private markets, prices of businesses have not yet adjusted to a level that adequately compensates us for a future that is, as always, fraught with both known and unknown risks. Until such time as the future is clear (unlikely) or the price-to-value relationship improves (likely), we will continue to be predominantly invested in liquid, high quality assets - i.e. cash. Report of the independent auditors These condensed financial statements have been audited by our auditors Grant Thornton, whose unqualified report is available for inspection at the company`s registered office. 30 June 2011 Cape Town Directors: V Davis#, T de Bruyn*; L Potgieter* (Financial); G Pretorius#; W Stals#; JG Swiegers#; PG Viljoen* (Executive chairman) *Executive #Non-executive Australian Registered office: 7th Floor, Claremont Central, 8 Vineyard Road, Claremont, Cape Town, 7700 Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited Transfer secretaries: Link Market Services South Africa (Pty) Limited Auditors: Grant Thornton Date: 30/06/2011 13:47:01 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.
