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MTZ
MTZ
MTZ - Matodzi Resources Limited - Abridged Annual financial statements, notice
of annual general meeting, change of registered office and further cautionary
MATODZI RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1933/004523/06
Share code: MTZ ISIN: ZAE000042412
("Matodzi" or "the Company")
ABRIDGED ANNUAL FINANCIAL STATEMENTS, NOTICE OF ANNUAL GENERAL MEETING, CHANGE
OF REGISTERED OFFICE AND FURTHER CAUTIONARY
ABRIDGED CONSOLIDATED INCOME STATEMENTS
2008 2007
R000`s R000`s
Revenue - 135 760
Cost of sales - (66 685)
Gross profit - 69 075
Other operating income 23 178
Operating expenses (7 069) (38 209)
Fair value adjustment of investment 161 2 000
property
Profit on sale of unlisted investment 417 -
Profit on sale of subsidiary 1 684 442
Operating (loss)/profit (6 467) 717 486
Finance income 1 326 28 591
Finance costs (345) (15 696)
(Loss)/profit before tax (5 486) 730 381
Income tax expense (453) (113
656)
(Loss)/profit for the year (5 939) 616 725
Attributable to:
Equity holders of the Company (6 035) 261 822
Minority interest 96 354 903
(5 939) 616 725
Loss/earnings per share (cents)
Basic loss/earnings per share (1.6) 70.7
Diluted loss/earnings per share (1.6) 70.7
Weighted average number of ordinary shares 370 547 286 370 547
in issue 286
Number of ordinary shares in issue 370 547 286 370 547
286
Headline loss:
Reconciliation between attributable
(loss)/profit and headline loss:
Attributable (loss)/profit (6 035) 261 822
Fair value adjustment of investment (161) (2 000)
property
Profit on sale of unlisted investment (417) -
Profit on sale of subsidiary (1) (309 528)
Impairment of loan to minority shareholder - 4 800
Headline loss (6 614) (44 906)
Headline loss per share (1.8) (12.1)
Diluted headline loss per share (1.8) (12.1)
ABRIDGED CONSOLIDATED BALANCE SHEETS
2008 2007
R000`s R000`s
ASSETS
Non-current assets
Property, plant and equipment 7 34
Investment property 3 471 3 310
Investments 33 641 33 641
Total non-current assets 37 119 36 985
Current assets
Other receivables 1 535 -
Cash and cash equivalents 1 222 18 361
Total current assets 2 757 18 361
TOTAL ASSETS 39 876 55 346
EQUITY AND LIABILITIES
EQUITY
Equity attributable to equity holders 36 934 42 969
Minority interest - 1 138
Total equity 36 934 44 107
LIABILITIES
Non-current liabilities
Loans and borrowings - 2 678
Total non-current liabilities - 2 678
Current liabilities
Trade and other payables 1 433 2 181
Accruals 262 545
Taxation - 5 812
Loans and borrowings 1 247 23
Total current liabilities 2 942 8 561
TOTAL EQUITY AND LIABILITIES 39 876 55 346
ABRIDGED CONSOLIDATED CASH FLOW STATEMENTS
2008 2007
R000`s R000`s
Cash flows utilised in operating activities (7 596) (56 514)
Cash flows (utilised in)/generated from (9 520) 984 917
investing activities
Cash flows utilised in financing activities (23) (930
397)
Net decrease in cash and cash equivalents (17 139) (1 994)
Cash and cash equivalents at beginning of 18 361 20 355
the year
Cash and cash equivalents at end of the 1 222 18 361
year
STATEMENT OF CHANGES IN EQUITY
Ordinar Share Accumula Minority Total
y share premiu ted loss interest equity
capital m
R000`s R000`s R000`s R000`s R000`s
Balance as at 31 92 637 201 (231 66 036 128 799
March 2006 552 426)
Net profit for the - - 261 822 354 903 616 725
year
Dividends paid - - (281 (377 (658
616) 008) 624)
Minority share of - - - (42 793) (42
subsidiary sold 793)
Balance as at 31 92 637 201 (251 1 138 44 107
March 2007 552 220)
Net loss for the year - - (6 035) 96 (5 939)
Dividends paid - - - (1 234) (1 234)
Balance as at 31 92 637 201 (257 - 36 934
March 2008 552 255)
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
BASIS OF PREPARATION
The published annual financial statements have been prepared in accordance with
IFRS and IAS 34 consistent with that of the prior period and have been audited
by KPMG Inc., whose audit opinion is available for inspection at 10 Benmore
Road, Morningside, Sandton.
GOING CONCERN
Matodzi will be in a position to meet its obligations as and when they fall due.
Accordingly the directors continue to adopt the going concern basis in the
preparation of the financial statements.
SUBSEQUENT EVENTS
There have been no material events subsequent to the reporting period and before
the date of this report that need to be disclosed.
DIRECTORATE CHANGE
The following directorate change took place during the period under review:
Sello Mashao Rasethaba resigned as the Chief Executive Officer, a director and
as the public officer of the Matodzi Group with effect from 30 October 2007.
FURTHER RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the new cautionary announcement released on SENS on 20 May 2008,
shareholders are advised that discussions are taking place, which, if
successfully concluded, may have a material effect on the price at which
Matodzi`s shares trade. Accordingly, Matodzi shareholders are advised to
exercise caution when dealing in the Company`s shares until a further
announcement is made.
MAILING OF ANNUAL FINANCIAL STATEMENTS
The annual financial statements for the 2008 year will be mailed on or around 26
June 2008 to all shareholders registered with the transfer secretaries,
Computershare Investor Services (Pty) Limited.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of Matodzi shareholders
is to be held at 10 Benmore Road, Morningside, Sandton, on Thursday, 31 July
2008 at 10h00.
CHANGE OF REGISTERED OFFICE
The Registered Office of the Company has changed from 28 Harrison Street,
Johannesburg to 10 Benmore Road, Morningside, Sandton.
Johannesburg
27 June 2008
Registered office
10 Benmore Road, Morningside, Sandton, 2146.
PO Box 11165, Johannesburg, 2000.
Transfer secretaries
Computershare Investors Services Pty) Limited.
70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Johannesburg, 2107.
Sponsor
Sasfin Capital
(A Division of Sasfin Bank Limited)
Sasfin Place, 13-15 Scott Street,
Waverley, 2090.
http://www.matodzi.co.za/
Date: 24/06/2008 09:51:01 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.
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