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MTX
MEMTX
MTX - Metorex - Pro Forma Income Statement for the 6 months ended 30 June 2010
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "the Company")
PRO FORMA INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2010
Shareholders are referred to the announcement released on SENS on Tuesday, 1
March 2011 regarding the reviewed provisional results of the Company for the 18
months ended 31 December 2010 ("Results Announcement").
The Results Announcement includes references to the pro forma income statement
for the 6 months ended 30 June 2010. The figures included in the pro forma
income statement for the 6 months ended 30 June 2010 were calculated by
subtracting the income statement figures included in the published results for
the 6 months ended 31 December 2009 from the income statement figures included
in the published results for the 12 months ended 30 June 2010.
As a result of this information not having been previously published by the
Company or audited or reviewed by the Company`s auditors, Metorex is required to
publish the calculation of this pro forma financial information. The relevant
calculations have been provided below.
The unaudited pro forma financial information is provided for illustrative
purposes only. Due to the nature of the pro forma financial information, it may
not fairly present the financial position, changes in equity, results of
operations or cash flows of the Company. The unaudited pro forma financial
information has been prepared in accordance with the JSE Limited Listings
Requirements and the Guide on Pro Forma Financial Information as issued by the
South African Institute of Chartered Accountants.
The unaudited pro forma financial information is the responsibility of the board
of directors of Metorex as at the date of this announcement and has not been
reviewed or reported on by the Company`s auditors.
UNAUDITED PRO FORMA INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2010
Reported Reported Pro Forma
Reviewed Unaudited for the
12 months 6 months 6 months
ended ended ended
June 2010 December June 2010
2009
R`000`s R`000`s R`000`s
Revenue:
Mineral Sales
Copper
2 121 856 1 109 384 1 012 472
Cobalt
659 444 279 888 379 556
Gross Revenue
2 781 300 1 389 272 1 392 028
Realisation Costs
369 714 166 841 202 873
On-Mine Revenue
2 411 586 1 222 431 1 189 155
Cost of production
1 482 391 762 005 720 386
Stock Movement
63 510 (1 275) 64 785
Mining profit
865 685 461 701 403 984
Royalties
(115 354) (54 356) (60 998)
Other income
420 784 413 635 7 149
EBITDA
1 171 115 820 980 350 135
Finance costs, net
(78 578) (54 212) (24 366)
Income before depreciation
1 092 537 766 768 325 769
Depreciation
296 141 153 071 143 070
Income before Assets held for sale
("AHFS") 796 396 613 697 182 699
AHFS and Discontinued operations
(31 903) (18 643) (13 260)
Income before taxation
764 493 595 054 169 439
Taxation
124 617 82 024 42 593
Income after taxation
639 876 513 030 126 846
Income attributable to non-
controlling interests 59 720 27 569 32 151
Retained income for the period
580 156 485 461 94 695
From continuing and discontinuing
operations
Earnings per share (c) 72.4 65.3 11.0
Diluted earnings per share (c) 72.3 64.6 10.9
Headline earnings per share (c) 25.2 14.2 11.2
("HEPS")
Diluted headline earnings per 25.2 14.0 11.1
share (c)
Adjusted headline earnings per 24.6 11.8 12.8
share (c) ("Adjusted HEPS")
Weighted average shares in issue
(000`s) 801 794 743 567 860 091
Diluted number of shares in issue
(000`s) 802 115 751 747 868 014
Shares in issue (000`s)
742 538 745 763 1 002 263
HEPS reconciliation:
-
Income attributable to ordinary
shareholders 580 156 485 461 94 695
(Profit) Loss on the sale of fixed
assets and subsidiaries, net of (378 485) (380 378) 1 893
tax
Discontinued operation
386 261 125
Headline earnings
202 057 105 344 96 713
Headline earnings per share (c) 25.2 14.2 11.2
Diluted headline earnings per 25.2 14.0 11.1
share (c)
Adjusted HEPS reconciliation:
Headline earnings (R 000`s)
202 057 105 344 96 713
Once-off deferred tax credit
relating to AHFS (42 077) (42 077) -
AHFS, net of tax
31 903 18 643 13 260
Non-controlling interest relating
to AHFS 5 740 5 740 -
Adjusted headline earnings (R
000`s) 197 623 87 650 109 973
Adjusted headline earnings per
share (c) 24.6 11.8 12.8
Johannesburg
1 March 2011
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 01/03/2011 07:06:02 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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