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Change Statement, Distribution of Integrated Annual Report and Notice of Annual General Meeting
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/026265/06)
Share code: CMO
ISIN: ZAE007020249
("Chrometco" or "the Company" or “the Group”)
CHANGE STATEMENT, DISTRIBUTION OF INTEGRATED ANNUAL REPORT AND
NOTICE OF ANNUAL GENERAL MEETING
DISTRIBUTION OF INTERGRATED ANNUAL REPORT
Shareholders of the Company (“Shareholders”) are hereby advised that the
Group’s integrated annual report (“Integrated Report”), incorporating the
full audited consolidated annual financial statements of the Group for the
year ended 29 February 2020 (“Financial Statements”) and the notice of the
annual general meeting of the Company (“Notice of AGM”) was dispatched to
Shareholders today, 18 August 2020, and contains modifications, as stated
below, to the reviewed results announced on SENS on 16 July 2020.
The Integrated Report and the Annual Financial Statements will also be
available on the Company’s website, at www.chrometco.co.za as from today 18
August 2020.
The full auditor’s report includes details of key audit matters. This
auditor’s report is available, along with the annual financial statements,
on the Company’s website at www.chrometco.co.za.
CHANGE STATEMENT
The Financial Statements contain the following modification to the results
announced on SENS on Thursday, 16 July 2020, the modifications which are
disclosed are in line with the JSE requirements and only modifications
affecting earning per share, headline earnings per share, and/or the
amounts presented in:
• the Statement of Financial Position;
• the Statement of Comprehensive Loss;
• the Statement of Changes in Equity; and/or
• the Statement of Cash Flows
have been reported in this SENS announcement.
Changes in the Consolidated Statement of Financial Position as at 29
February 2020
The following changes relating to the 2020 Statement of Financial Position
were made:
- A reclassification between trade receivables and trade payables of
R55.6 million;and
- A decrease in taxation of R6.7 million resulting in a decrease in
deferred tax liability of the same value.
Reviewed
results as at Final Audited
29 February results as at
2020 issued 29 February
on SENS 2020 Change
R'000 R’000 %
ASSETS
Non-current assets 1,214,615 1,214,615
Tangible assets 1,169,371 1,169,371
Other financial assets 34,115 34,115
Deferred taxation asset 100 100
Environmental rehabilitation 11,029 11,029
obligation investments
Current assets 649,295 593,661 -9%
Trade and other receivables 178,348 122,714 -31%
Inventory 321,398 321,398
Cash and cash equivalents 9,448 9,448
Disposal group assets held-for-sale 140,101 140,101
Total assets 1,863,910 1,808,276 -3%
EQUITY AND LIABILITIES
Capital and reserves 444,409 437,727 -2%
Stated capital 388,512 388,512
Accumulated losses (126,633) (130,041) 3%
Attributable to equity owners of the 261,879 258,471 -1%
parent
Non-controlling interest 182,530 179,256 -2%
Non-current liabilities 319,966 326,648 2%
Deferred taxation liability 66,744 73,426 10%
Borrowings 105,259 105,259
Other financial liabilities 37,720 37,720
Finance lease liability 87,878 87,878
Environmental rehabilitation provision 22,365 22,365
Current liabilities 1,099,535 1,043,901 -5%
Trade and other payables 673,716 618,082 -8%
Structured finance facility 294,992 294,992
Borrowings 19,374 19,374
Finance lease liability 71,815 71,815
Other financial liabilities 4,537 4,537
Disposal group liabilities held-for-sale 35,101 35,101
Total equity and liabilities 1,863,910 1,808,276 -3%
Changes in the Consolidated Statement of Comprehensive Loss for the year
ended 29 February 2020
The change in the Statement of Comprehensive Loss is due to the following
items:
- A reclassification between depreciation and other expenses of R8.5
million; and
- A decrease in taxation of R6.7 million.
Loss per share increased from -1.20 cents per share to -1.33 cents per
share as a result of the decrease in taxation.
Reviewed
results for Final
the year audited
ended results for Change
29 Feb 2020 the year
released on ended 29
SENS Feb 2020
R'000 R'000 %
Revenue 1,141,492 1,141,492
Cost of sales (933,405) (933,405)
Gross profit 208,087 208,087
Depreciation and amortisation (161,106) (169,585) 5%
Other income 16,541 16,541
Other expenses (90,460) (81,981) -9%
Salaries (50,975) (50,975)
Professional fees (13,768) (13,768)
Maintenance expenses (1,105) (1,105)
Impairments (4,814) (4,814)
Income from discontinued operation 1,923 1,923
Investment income 3,521 3,521
Finance charges (35,861) (35,861)
Loss before tax (128,017) (128,017)
Taxation 38,849 32,168 -17%
Loss for the year (89,168) (95,849) 7%
Other comprehensive income - -
Total comprehensive loss for the year (89,168) (95,849) 7%
Attributable to:
Owners of the parent (30,447) (33,855) 11%
Non-controlling interest (58,721) (61,995) 6%
Basic loss per share (cents) (1.20) (1.33) 11%
Diluted loss per share (cents) (1.20) (1.33) 11%
Headline loss per share (cents) (1.12) (1.20) 7%
Changes in the Consolidated Statement of Changes in Equity for the year
ended 29 Feb 2020
The changes in the Consolidated Statement of Changes in Equity is due to
the adjustment to tax as described above.
Stated Accumulated Non- Total
capital loss controlling
interest
R'000 R'000 R'000 R'000
Opening balance 1
March 2018 388,512 (49,607) 176,301 515,206
Non-controlling
interest share of - - (60,374) (60,374)
loss for the year
(restated)
Total comprehensive
loss for the year - (78,200) - (78,200)
(restated)
Transaction with
shareholders: - - 167,218 167,218
Conversion of
borrowings to loans
Transactions with a
shareholder: change - 40,897 (40,897) -
in share holding
Transactions with a
shareholder: change - (8,338) - (8,338)
in estimate
Transactions with a
shareholder: Gain on - 568 545 1,113
acquisition
Balance at 28 388,512 (94,680) 242,793 536,625
February 2019
(restated)
Change in accounting - (1,506) (1,542) (3,048)
policy
Balance at 1 March 388,512 (96,186) 241,251 533,577
2019 (restated)
Reviewed as at 29
February 2020 issued
on SENS
Non-controlling
interest share of - - (58,721) (58,721)
loss for the year
(restated)
Total comprehensive
loss for the year - (30,447) - (30,447)
(restated)
Balance at 29 388,512 (126,633) 182,530 444,409
February 2020
Stated Accumulated Non- Total
capital loss controlling
interest
R'000 R'000 R'000 R'000
Balance at 1 March 388,512 (96,186) 241,251 533,577
2019 (restated)
Audited as at 29
February 2020
Non-controlling
interest share of - - (61,995) (61,995)
loss for the year
(restated)
Total comprehensive
loss for the year - (33,855) - (33,855)
(restated)
Balance at 29 388,512 (130,041) 179,256 437,727
February 2020
Changes in the Consolidated Statement of Cash Flows for the year ended 29 Feb
2020
There were no changes to the Consolidated Statement of Cash Flows due to the
changes as described above.
Changes in the Notes to the financial statements for the year ended 29 Feb 2020
Reviewed Audited as
as at 29 at 29
February February
2020 2020
11. Other expenses R’000 R’000
Other expenses include:
Legal fees - -
Insurance 7,313 7,313
Medical expenses - -
Travel and accommodation 2,542 2,542
Change in estimate adjustment - -
Community and local development 495 495
Commission 5,345 5,345
Foreign exchange losses 55,164 55,164
SAGE fees - -
Computer expenses 3,429 3,429
Banking fees - 7,516
Other 16,172 177
12. Headline loss per share and diluted headline loss
per share
Reviewed as Audited as
at 29 at 29
February February
2020 2020
R'000 R'000
Loss after taxation attributable (30,447) (33,855)
to equity holders of the Group
Headline loss per share (cents) (1.12) (1.20)
Diluted headline loss per share (1.12) (1.20)
(cents)
NOTICE OF AGM
Notice is hereby given that the AGM will be held at 10:00 on Friday, 18
September 2020 at Chrometco (Pty) Ltd, Unit 25 Sunninghill Office Park,
Sunninghill, Johannesburg to transact the business as set out in the Notice
of AGM which forms part of the Integrated Annual Report.
The date on which Shareholders must be recorded as such in the share
register of the Company to be eligible to vote at the AGM is Friday, 11
September 2020 with the last day to trade being Tuesday, 8 September 2020.
Signed on behalf of the Board of Directors
Marcel Naude CA(SA)
Chief Financial officer
Johannesburg
18 August 2020
Directors:
BL Sibiya+ (Chairman), L McCann (CEO), MC Naude (CFO),
LJ Jordaan+, NP Thomas+
+ independent non-executive
CORPORATE INFORMATION
Designated Advisor:
PSG Capital
Company Secretary:
Acorim Secretarial and Governance
Registered Office
Unit 25 Sunninghill Office Park
4 Peltier Drive
Sunninghill
Gauteng
2196
Postal address
PO Box 1553
Kelvin
2054
Date: 18-08-2020 04:44:00
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