CHROMETCO LIMITED - Trading Statement and Restatement of Prior Year Results

Trading Statement and Restatement of Prior Year Results

CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
("Chrometco" or "the Company")


TRADING STATEMENT AND RESTATEMENT OF PRIOR YEAR RESULTS


In terms of the JSE Limited Listings Requirements, a listed company is required to publish a
trading statement as soon as it becomes reasonably certain that the financial results for the
next period to be reported on will differ by 20% or more from the financial results for the
restated previous corresponding period.

The Company hereby advises that a reasonable degree of certainty exists that for the 12
months ended 29 February 2020:

-       headline loss per share will be between -0.97 cents and -1.27 cents, representing a
        decrease of between 16.32% and 36.32% compared to the restated previous headline
        loss per share of -1.52 cents reported for the 12 months ended 28 February 2019; and

-       loss per share will be between -0.85 cents and -1.55 cents, representing a decrease of
        between 55.91% and 75.91% compared to the restated previous loss per share of -3.52 cents 
        reported for the 12 months ended 28 February 2019.

Shareholders are advised that the Group’s results contain a prior year adjustment and that the
comparative balances accordingly differ from those previously reported. The prior year
financial statements revenue was understated by R20 million due to a calculation error on
consolidation. The material items impacted by this restatement is revenue and taxation.

Below is the impact of the adjustment on the comparative numbers for the year ending 28
February 2019:

                                                              2019           2019     Change
                                                            Results      Restated         %
                                                                          Results
                                                             R ‘000        R ‘000


    Revenue                                               1,307,564      1,327,923       1.56%
    Gross profit                                            245,889        266,248       8.28%
    Loss before tax                                       (170,005)      (149,646)    (11.98%)
    Taxation                                                 16,334         11,072    (32.22%)
    Loss for the year                                     (153,671)      (138,574)     (9.82%)

    Basic loss per share                                       (3.87)        (3.52)    (9.04%)
    Diluted loss per share                                     (3.87)        (3.52)    (9.04%)
    Headline loss per share                                    (1.86)        (1.52)   (18.28%)

Further details will be included in our results announcement on SENS.

The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The reviewed results for the 12 months ended 29
February 2020 are expected to be published on or about 16 July 2020.

Johannesburg
13 July 2020

Designated Advisor
PSG Capital

Date: 13-07-2020 04:23:00
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.