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MRF
MRF
MRF - Merafe- Restated audited results for the year ended 31 December 2007
Merafe Resources Limited
Incorporated in the Republic of South Africa)
Registration number: 1987/003452/06
("Merafe" or "the company")
Share code: MRF ISIN: ZAE000060000
RESTATED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
Merafe announced on SENS yesterday, 19 June 2007, that the annual financial
statements for the twelve months ended 31 December 2006 will be distributed
to shareholders on Friday, 29 June 2007 and listed the individual
modifications that were made to the reviewed results for the same period.
Merafe is required to publish the audited results at 31 December 2006 in
full, which incorporate those modifications.
Group Abridged Income Statements
Year ended 31 Year ended 31
December 2006 December 2005
Audited Audited
R`000 R`000
Revenue 1,030,486 614,562
EBITDA 178,643 110,162
Depreciation (25,303) (6,987)
Net financing costs (9,221) (29,652)
Profit before taxation 144,119 73,523
Dividends on (29,967) (28,281)
preference shares
Taxation 24,991 (3,535)
Net profit after tax 139,143 41,707
Earnings per share 6 3
(cents)
Headline earnings per 6 3
share (cents)
Ordinary shares in 2,341,569,564 2,247,157,460
Issue
Weighted average
shares for the year 2,296,747,099 1,365,455,520
Group Abridged Balance Sheets
As at 31 December As at 31 December 2005
Audited Audited
R`000 R`000
Assets
Non-current assets 1,494,910 1,330,840
Options for mineral 0 258
Rights
Property, plant and 1,465,739 1,330,236
Equipment
Deferred tax 28,825 -
Investments 346 346
Current assets 612,540 692,500
Inventories 319,356 324,309
Trade and other 273,708 281,449
Receivables
Bank and cash 19,476 86,742
Total assets 2,107,450 2,023,340
Equity and liabilities
Capital and reserves 1,105,989 904,868
Issued share capital 23,416 22,475
Share premium 1,142,887 1,091,743
Equity-settled share- 3,300 2,510
based payment
Non-distributable 9,103 -
Reserve
Accumulated loss (72,717) (211,860)
Non-current 424,753 232,425
Liabilities
Non-current borrowings 413,799 224,833
Provision for close 10,954 7,592
down and restoration
costs
Current liabilities 576,708 886,047
Trade and other 316,194 611,831
Payables
Other provisions
Current portion of non 153,371 100,047
-current borrowings
Bank overdraft 107,143 174,169
Total equity and 2,107,450 2,023,340
Liabilities
Statements of changes in equity
Year ended 31 Year ended 31
December 2006 December 2005
Audited Audited
R`000 R`000
Issued share capital - 23,416 22,475
ordinary shares
Balance at the 22,475 12,379
beginning of the year
New shares issued 941 10,096
during the year
Share premium - 1,142,887 1,091,743
ordinary shares
Balance at the 1,091,743 557,035
beginning of the year
Premium on new shares 51,144 534,708
issued during the year
Equity-settled share- 3,300 2,510
based payments
Balance at the 2,510 1,545
beginning of the year
Share-based payments 790 965
Accumulated loss (72,717) (211,860)
Balance at the (211,860) (253,567)
beginning of the year
Net profit/(loss) 139,143 41,707
for the year
Non-distributable 9,103 -
Reserve
Balance at the - -
beginning of the year
Downstream project 9,103 -
Balance at end of year 1,105,989 904,868
Group Abridged Cash Flow Statements
Year ended Year ended
31 December 2006 31 December 2005
Audited Audited
R`000 R`000
Cash flows from (85,091) 113,535
operating activities
Interest paid (39,915) (60,948)
Interest received 726 3,015
Taxation paid (3,746) (3,535)
Cash flows from (128,026) 52,067
operating activities
Cash flows from (166,589) (590,920)
investing activities
Cash flows from 294,375 423,239
financing activities
Net decrease in cash (240) (115,614)
and cash equivalents
Cash and cash (87,427) 28,187
equivalents at the
beginning of the year
Cash and cash (87,667) (87,427)
equivalents at the end
of the year
Basis of preparation
In compliance with the JSE Limited Listings Requirements, Merafe has prepared
its consolidated annual financial statements in accordance with International
Financial Reporting Standards (IFRS) for the year ended 31 December 2006. The
accounting policies adopted are consistent with those applied in the annual
financial statements for the year ended 31 December 2005.
Modification
The results for the year ended 31 December 2006 were audited by KPMG Inc. and
their audit report is available for inspection at the Company`s registered
office.
The major change announced on SENS yesterday, relates to the raising of a
deferred tax asset whilst the other changes were balance sheet
reclassification changes and had no effect on reported cash flows or net
profit after tax.
In terms of Merafe`s 31 December 2006 reviewed results (reviewed by the
Company`s auditors, KPMG Inc.) published on 6 March 2007, shareholders were
informed that in compliance with IAS 12, Merafe had raised a deferred tax
asset of R49.799 million. This decision was taken based on advice from the
Company`s auditors.
Following the final review of the audited annual financial statements, the
Company`s auditors have now advised differently. The different advice relates
to the calculation of the deferred tax asset which is reduced by R21.062
million, from R49.799 million to R28.737 million. This change has no effect
on Merafe`s profit before taxation or reported cash flows, however, the
change has reduced the net profit after taxation by R21.062 million from
R160.205 million to R139.143 million and has reduced the earnings per share
and headline earnings per share by 1 cent from 7 cents to 6 cents per share
for the year ended 31 December 2006.
Chris Molefe Steve Phiri
Non-Executive Chairman Chief Executive Officer
Sandton
20 June 2007
Sponsor
ABSA Capital - A division of ABSA Bank Limited (Reg no 1986/004794/06)
Date: 20/06/2007 17:22:16 Produced by the JSE SENS Department.
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