|
MTZ
MTZ
MTZ - Matodzi - Unreviewed Consolidated Interim Financial Results For The Six
Months Ended 30 September 2008
Matodzi Resources Limited
Incorporated in the Republic of South Africa
(Registration number: 1933/004523/06)
Share code: MTZ ISIN: ZAE000042412
("Matodzi" or "the company" or "the group")
UNREVIEWED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2008
CONSOLIDATED GROUP INCOME STATEMENT
Unreviewed Unreviewed Audited
6 months 6 months 12 months
to 30 to to
Chang September 30 31 March
e % 2008 September 2008
R `000 2007 R `000
R `000
Other income (5.6) 655 694 441
Operating (2 384) (4 510) (7 069)
expenses
Operating loss (54.7 (1 729) (3 816) (6 628)
)
Investment 82 - 1 326
revenue
Fair value
adjustments - - 161
Finance costs - - (345)
Loss before (56.8 (1 647) (3 816) (5 486)
taxation )
Taxation - - (453)
Loss for the (56.8 (1 647) (3 816) (5 939)
period )
Attributable to:
Equity holders of
the group (1 647) (4 035) (6 035)
Minority interest - 216 96
Total ordinary
shares in issue 370 547 370 547 370 547
286 286 286
Weighted average
number of
ordinary shares 370 547 370 547 370 547
in issue 286 286 286
Earnings per
share (cents) (63.6 (0.4) (1.1) (1.6)
)
Headline earnings
per share (cents) (63.6 (0.4) (1.1) (1.8)
)
RECONCILIATION OF HEADLINE EARNINGS
Unreviewed Unreviewed Audited
6 months 6 months 12 months
to 30 to 30 to 30
September September March
2008 2007 2008
R `000 R `000 R `000
Loss for the period (1 647) (4 035) (6 035)
Adjustments for:
Fair value adjustment on
investment property - - (161)
Profit on sale of
unlisted investments - - (417)
Profit on sale of - - (1)
subsidiary
Headline earnings (1 647) (4 035) (6 614)
CONSOLIDATED GROUP BALANCE SHEET
Unreviewed Audited at
at 31 March
30 September 2008
2008 R `000
R `000
ASSETS
Non-current assets
Investment property 3 471 3 471
Property, plant and equipment - 7
Investments 33 653 33 641
Current assets
Trade and other receivables - 1 535
Cash and cash equivalents 636 1 222
Total assets 37 760 39 876
EQUITY AND LIABILITIES
Share capital 294 189 294 189
Accumulated losses (258 902) (257 255)
Equity attributable to equity
holders of the group 35 287 36 934
Current liabilities
Trade and other payables 1 220 1 695
Other financial liabilities 1 253 1 247
Total equity and liabilities 37 760 39 876
Net asset value per share 9.5 10.0
(cents)
CONSOLIDATED GROUP CASH FLOW STATEMENT
Unreviewed Unreviewed Audited
6 months 6 months 12 months
to to to
30 30 30 March
September September 2008
2008 2008 R `000
R `000 R `000
Cash utilised in
operating activities (620) (3 371) (7 597)
Cash effect of
investing activities 40 (4) (9 519)
Cash effect of
financing activities (6) 1 518 (23)
Net cash change for
the period (586) (1 857) (17 139)
Cash at beginning of
the period 1 222 18 361 18 361
Net cash at end of the
period 636 16 504 1 222
CONSOLIDATED GROUP STATEMENT OF CHANGES IN EQUITY
Total
Total attributab
share le to
capital Accumulate equity
and d losses holders of
premium R`000 the group
R`000 R`000
Balance 1 April 2007 294 189 (251 220) 42 969
Profit/(Losses) for
the period - (4 035) (4 035)
Balance 30 September 294 189 (255 255) 38 934
2007
Losses for the period - (2 000) (2 000)
Dividends - - -
Balance 1 April 2008 294 189 (257 255) 36 934
Loss for the six - (1 647) (1 647)
months
Balance 30 September 294 189 (258 902) 35 287
2008
Minority
interest Total
R`000 equity
R`000
Balance 1 April 2007 1 138 44 107
Profit/(Losses) for
the period 219 (3 816)
Balance 30 September 1 357 40 291
2007
Losses for the period (123) (2 123)
Dividends (1 234) (1 234)
Balance 1 April 2008 - 36 934
Loss for the six - (1 647)
months
Balance 30 September - 35 287
2008
COMMENTARY
1. INTERIM FINANCIAL STATEMENTS
The interim financial statements of Matodzi for the six months ended 30
September 2008 have been prepared in accordance with International
Financial Reporting Standards, IAS 34 and the Companies Act, 1973 (Act 61
of 1973), as amended, and are based on appropriate accounting policies,
consistently applied with those applied in the most recent audited
financial statements which are supported by reasonable and prudent
judgements and estimates.
The interim results have not been audited or reviewed by the group`s
auditors.
2. NATURE OF THE BUSINESS
The company is engaged in sourcing and evaluating new mining investment
opportunities and operates in South Africa.
3. FINANCIAL AND OPERATIONAL PERFORMANCE
As at 30 September 2008, the group had accumulated losses of R259.0
million. The aforementioned losses were accumulated prior to the change of
control of Matodzi in favour of Trinity Holdings (Proprietary) Limited
("Trinity") detailed in paragraph 4 below. The net loss of the company for
the six months was R1.6 million compared to a loss of R3.8 million for the
comparative six months ended 30 September 2007.
4. PROSPECTS AND FUTURE PERFORMANCE
During the interim period JCI Limited ("JCI") agreed to sell its stake in
Matodzi to Trinity based on the following share swap terms: Trinity will
exchange one Randgold & Exploration Company Limited ("R&E") share for every
126 Matodzi shares owned by JCI ("share swap transaction"). Trinity has
acquired 211 590 414 Matodzi shares (57.1%) in the ordinary share capital
of the company. Trinity acquired a further 32 584 808 Matodzi shares from
Phomella Investments (Proprietary) Limited based on the same terms as that
relating to the share swap transaction. Trinity therefore now holds 65.1%
of the issued ordinary share capital of Matodzi.
Trinity, the new controlling shareholder of Matodzi, has mandated the board
of directors to reduce the operational costs of Matodzi and to return the
company to sustainable profitability.
The operational changes at Matodzi and the subsequent restructuring caused
the earnings per share of the company to improve from a loss of 1.1 cents
per share to a smaller loss of 0.4 cents per share. The new cost structure
will enable Matodzi to build a stronger company going forward.
Further terms and conditions relating to the mandatory offer resulting from
the share swap transaction are detailed in the circular to shareholders
dated 22 December 2008.
5. SEGMENTAL REPORTING
The company has not elected early adoption of IFRS 8: Segmental Reporting,
and will only implement IFRS 8 for periods commencing on 1 April 2009.
Management has therefore not presented segmental reporting during the
period being reported on.
6. POST-BALANCE SHEET EVENTS
At the general meeting to be convened in terms of the notice contained in
the circular to shareholders dated 22 December 2008, shareholders will be
required to consider and, if deemed fit, approve, inter alia, the proposed
change of name of the company from "Matodzi Resource Limited" to "White
Water Resources Limited" as well as an amendment of the articles of
association of the company to reduce the prescribed minimum number of
directors. Further details relating to the aforementioned proposals are set
out in the circular to shareholders dated 22 December 2008.
Save for the aforementioned proposals the directors are not aware of any
matter or circumstance arising since the end of the six-month period.
7. DIVIDENDS
In accordance with the memorandum and articles of association of the
company, dividends are proposed and approved by the board of directors of
Matodzi, based on interim and year-end financial performances. Payments of
dividends will depend on the board`s ongoing assessment of Matodzi`s
earnings, financial position, including its cash requirements, future
earnings prospects and other relevant factors.
No dividends were declared or paid to shareholders during the current
financial period.
Waron John Mann
Chief Executive Officer
23 December 2008
Directors:
A Mlangeni# (Chairman), WJ Mann (Chief Executive Officer), HW Cochrane*, TS
Kwinana*, N Swana*, S Swana*
#Non-executive *Independent Non-executive
REGISTERED OFFICE
Block D, The Terraces, Steenberg Boulevard, Steenberg Office Park, 1 Silverwood
Close, Tokai, Cape Town, 7945
COMPANY SECRETARY
Russel George Frederick Turner
Block D, The Terraces, Steenberg Boulevard, Steenberg Office Park, 1 Silverwood
Close, Tokai, Cape Town, 7945
SPONSOR
Merchantec (Proprietary) Limited
Date: 23/12/2008 15:12:21 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
