| Thu 27 Oct 2011, 17:27 | | MML - Metmar Limited - Unaudited interim financial results for the six |
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MML
MML
MML - Metmar Limited - Unaudited interim financial results for the six
months ended 31 August 2011
METMAR LIMITED
Incorporated in the Republic of South Africa
Registration Number 1998/007269/06
Share Code: MML
ISIN Code: ZAE000078747
("Metmar" or "the Company" or "the Group")
Unaudited interim financial results for the six months ended 31 August 2011
*Revenue increased 12% to R1 306 million
*Gross margin increased to 8.2%
*Reorganised the Group into three separately managed operations
*Subsequent to period end purchase of a further 60% in Eastern Belt Chrome
Mines
INTERIM FINANCIAL REPORT COMMENTARY
FINANCIAL PERFORMANCE
Revenue increased by 12% from R1.16 billion to R1.30 billion compared to
the same period in 2010 due to higher trading volumes. It is pleasing to
report that the gross margin increased to 8.2% (2010: 7.7%).
Operating profit of R44.6 million (2010: R42.7 million) grew by 4.4% after
being adversely impacted by a 28% increase in operating expenses. This
increase in expenses is mainly as a result of additional commissions paid
on chrome sales, as well as an increase in remuneration costs.
The Group profit of R19.3 million was 20.5% lower than the R24.3 million
achieved in 2010. This was mainly due to additional financing costs of R4.3
million attributable to the growth in trading volumes, and an increase in
the tax charge.
The tax charge increase was mainly due to the secondary tax on companies
(STC) of R3.1 million payable on the dividends distributed during this
period. During the comparable period the Group had made distributions to
shareholders out of the share premium account.
The capital raising late last financial year increased the weighted average
number of shares in issue and this together with the lower after tax profit
was largely the reason why the headline earnings per share of 8.6 cents
(2010: 12.1 cents) are down.
The cash flow inflow from operations amounted to R44.2 million. The
financial position of the Group remains strong, with a net asset value per
share of 256.9 cents (2010: 227.6 cents).
REORGANISATION
In order to improve accountability and understanding, Metmar reorganised
the Group into three separately managed operations, namely Metmar Trading,
Metmar Polychem and Metmar Investments and Resources.
During the period under review, the board resolved to acquire strategic
controlling interests in some operating entities, as opposed to minority
stakes where Metmar has the ability to secure off-take agreements. In this
way Metmar will have control over these entities` production while
retaining full marketing rights. Subsequent to 31 August 2011 Metmar
concluded a transaction to acquire a further 60% in Eastern Belt Chrome
Mines for a purchase consideration of R61.4 million, increasing its equity
interest from 20% to 80%.
OPERATIONAL PERFORMANCE AND PROSPECTS
As a result of the reorganisation, operational performance has been split
into Metmar Trading, Metmar Polychem and Metmar Investment and Resources.
Metmar Trading
Revenue was R1.1 billion, while operating profit amounted to R27.1 million.
Profit before tax contribution to Group earnings was R19.3 million. For the
six months, both volumes and trading margins were satisfactory, but the
strong Rand Dollar exchange rate for the period ended August 2011 had a
negative impact on results. Trade finance facilities have increased in line
with increases in revenue, reflecting Metmar`s excellent relationship with
banks.
Metmar Polychem
For the period under review, Metmar Polychem produced good results and was
a major contributor to the Group`s profit before tax. Demand for all of its
products was strong and margins good. Revenue was R211.6 million, yielding
an operating profit of R22.4 million and contributing profit before tax of
R18.0 million to the Group results. Metmar Polychem is reported separately
for the first time in this period.
Metmar Investments and Resources
Considerable time was spent analysing which investments to retain and which
to be disposed of. Certain of the investments currently held are non-core.
When the right opportunity arises, they will be disposed of. Going forward,
Metmar`s main drive will be to maximise returns from the investments
retained.
During the period under review, Metmar Investments and Resources achieved
turnover of R81.8 million and incurred an operating loss of R4.9 million
and loss before tax of R5.9 million. Details of the major interests held by
Investments and Resources are as follows:
* Metmar Industrial Proprietary Limited ("Metmar Industrial") is active
both locally and in Zimbabwe, participating in projects involving the
recovery of slurry coal, the recycling of waste, and the re-screening
of Zimbabwean coke stockpiles into various sizes. Long-term contracts
have been secured with large consumers of coke. Gubha Resources
Proprietary Limited, the coke screening operation at Hwange Colliery
in Zimbabwe, was terminated and its assets transferred to Metmar
Industrial, which fully complies with Zimbabwean legislation.
* Kivu Resources` ("Kivu") main activity is mining exploration with its
assets located in Rwanda and the eastern part of the Democratic
Republic of Congo ("DRC"). Metmar has an exclusive marketing agreement
for this high-value ore for current and future production. Exploration
activities in Rwanda are progressing steadily and a small-scale mine
is now operating. A new management team has been appointed to increase
monthly production of tin and tantalum, with niobium and tungsten
being secondary commodities. Kivu owns close to 80% of a Gatumba Joint
Venture, with the Rwandan Government owning the balance.
* Tufflex Plastic Products Proprietary Limited ("Tufflex") has produced
sound results with a greater acceptance of the technical specification
of recycled polymers manufactured in-house, and now marketed by the
West African Group, a division of Metmar Polychem. Plastic wood decks
and pallets have been particularly well received in the market.
* Metmar Speciality Metals Proprietary Limited ("MSM") owns vanadium
slag stockpiles. Although Metmar secured the full off-take from this
project, it is reviewing its participation and is currently in
negotiations with its partners to determine whether to increase its
stake in it or dispose of the project in its entirety.
* Kalagadi Manganese is well advanced in developing a manganese mine in
the Northern Cape which will produce 3 million tons of ore per annum.
This ore will be beneficiated by the sinter plant at the mine to
produce 2.4 million tons per annum. A smelter will be built at Coega
to produce 320 000 tons of manganese alloys per annum. The smelter
will consume 700 000 tons of sinter, leaving 1.7 million tons for
export. Metmar is currently negotiating a marketing partnership with
Kalahari Resources for part of the manganese sinter, as well as part
of the alloy which will be produced by Kalagadi Manganese. The mine
and the sinter plant are anticipated to be completed in the second
half of 2012, with the smelter in Coega completed in the second half
of 2013. Metmar is strategically positioned to derive value from the
commissioning of this manganese project.
* Pering Base Metals Proprietary Limited ("Pering") owns a zinc and lead
resource in the North West province. A Lump Sum Turn Key ("LSTK")
contract is currently being negotiated for the funding to construct a
plant and for all the mining operations. Pering is targeting to
conclude the LSTK agreement during the fourth quarter of 2011.
* SA Metals Equity Proprietary Limited`s objective is to build a plant
to extract pig iron from vanadium calcine dumps. Metmar Trading has
the marketing rights to the pig iron, vanadium and the resultant slag
from this project. The National Empowerment Fund, who is a shareholder
in the project, has recently provided funding to enable the project to
complete all feasibility studies. Capital raising is planned for 2012
and construction of the plant is planned in 2013, with production
planned to commence in 2014.
* Metmar Mauritius holds 51% in Metmar Africa which holds 15% of
Zimbabwe Alloys Chrome ("ZAC"). ZAC is incorporated in Zimbabwe and
complies with Zimbabwe`s indigenisation laws and mining regulations.
Metmar Trading has secured the marketing rights of the chrome ore,
concentrated chrome ore and ferrochrome alloy. Zimbabwe imposed a ban
on exports of chrome ore and concentrate earlier this year, resulting
in only ferrochrome alloy exports being allowed. ZAC is in the process
of raising funds for the refurbishment of its furnaces which will be
used to produce about 80 000 tons per annum of high carbon
ferrochrome. The process of verification and confirmation of chrome
reserves has commenced.
* During the reporting period, Metmar owned 20% of Eastern Belt Chrome
Mines Proprietary Limited ("EBCM"). EBCM owns 51% of Steelpoort Chrome
Mines Proprietary Limited ("Goudmyn") and 49.9% of Bolepu Holdings
Proprietary Limited ("Bolepu"). Bolepu owns 40% of Sefateng Chrome
Proprietary Limited ("Sefateng"). Metmar Trading secured the off-take
for 200 000 metric tons of chrome ore from the mining operations at
Sefateng`s Zwartkoppies mine. Sefateng has started supplying 20 000
metric tons of chrome ore per month to Metmar Trading. Metmar Trading
also acquired the entire off-take for all chrome ore from the mining
operations at Goudmyn.
POST BALANCE SHEET EVENTS
* Metmar acquired a further 60% in EBCM for a purchase consideration of
R61.4 million on 22 September 2011, funded through debt and equity,
giving it control of this entity.
* Kivu has distributed 70% of the shares in a subsidiary company which
holds the DRC assets pro rata to its shareholders .The shareholders
have exchanged these shares for Alphamin Resources Corp ("Alphamin")
shares, a listed entity on the Canadian stock exchange and Metmar
received 2 733 260 Alphamin shares with a current value of R9.5
million. Alphamin has a call option and Kivu shareholders have a put
option on an additional 20% of the DRC at C$0.80, or approximately
18.4 million shares in Alphamin at the election of Kivu shareholders
for the period of three years. Metmar`s portion of Alphamin shares for
this option will be 2 069 606 and at C$0.80 valued at approximately
R12.8 million. Alphamin has raised the required capital via a
convertible note (C$0.80) and have sufficient working capital to
complete the geological work on the DRC tin deposit.
DIVIDEND
Metmar`s policy is to declare one dividend per annum after the end of the
financial year.
PROSPECTS
The remainder of the year has many uncertainties and is likely to remain
volatile, making conditions difficult for all businesses. However, at
present, even with prices of commodities having softened, demand for
products in which Metmar trades remains strong. The weakening of the Rand
will also be beneficial. It is therefore anticipated that volumes traded in
the second half of the financial year ending 29 February 2012 should be
higher than in the first half.
Notes to the unaudited interim financial statements
1. Basis of preparation
The unaudited consolidated interim financial results have been
prepared in accordance with and containing the information
required by IAS 34 Interim Financial Reporting, International
Financial Reporting Standards ("IFRS"), the AC500 standards as
issued by the Accounting Practices Board or its successor, the
2008 South African Companies Act and the JSE Listings
Requirements.
The principal accounting policies used in the preparation of the
financial results for the period ended 31 August 2011 are
consistent with those applied for the year ended 28 February
2011.
Figures in R`000 Unaudited Unaudited Audited
six months to six months to year to
31 August 31 August 28 February
2011 2010 2011
2. Financial assets
Long-term financial
assets
Kalahari Resources 20 000 20 000 20 000
Proprietary Limited
Kivu Resources Limited 11 583 11 634 11 745
SA Metals Equity 8 000 8 000 8 000
Proprietary Limited
Deferred payment - 76 495 -
consideration PGR17
Investments
Proprietary Limited
("PGR17")
Zimbabwe Alloys Chrome 133 779 156 370 116 293
(Private) Limited
Pering Base Metals 80 000 - 80 000
Proprietary Limited
Eastern Belt Chrome 8 204 - 7 200
Mines Proprietary
Limited
261 566 272 499 243 238
Short-term financial
assets
Deferred payment 72 591 - 72 591
consideration PGR17
Zimbabwe Alloys Chrome - - 17 487
(Private) Limited
Other 6 886 27 143 -
79 477 27 143 90 078
3. Trade and other payables
Trade and other payables (345 842) (490 276) (340 365)
Trade finance facilities (265 434) (237 844) (247 927)
Deferred purchase - (6 065) (5 000)
consideration - WAG
division
Zimbabwe Alloys Limited - (311 054) -
Other - - (10 557)
(611 276) (1 045 239) (603 849)
4. Cash and cash
equivalents
Cash and cash
equivalents comprise
cash balances with banks
Trade finance facilities
are accounted for
separately.
5. Other income
Includes:
Profit on foreign 12 874 11 598 27 288
exchange differences
Commissions and fees 5 501 1 545 28 402
received
Other 1 526 4 429 780
Other Income 19 901 17 572 56 470
6. Operating expenses
Operating expenses for
the period are stated
after accounting for the
following:
Commission paid 13 809 7 650 18 393
Consulting and 1 460 574 6 368
professional fees
Employee costs 22 337 17 235 55 053
Legal fees 2 011 348 1 945
Operating lease charges 1 651 866 1 842
Repairs and maintenance 3 371 2 200 3 680
Other 37 772 35 648 59 626
Operating expenses 82 411 64 521 146 907
7. Finance cost
Includes:
Contract interest 8 088 5 119 12 262
Bank overdrafts 4 091 1 271 8 674
Financing effect on 5 658 7 145 26 971
purchases and trade and
other payables
17 837 13 535 47 907
8. Taxation
Normal taxation 11 485 12 084 25 603
Secondary taxation on 3 057 - -
companies
Deferred taxation (406) (1 268) (2 934)
14 136 10 816 22 669
9. Reconciliation of
headline earnings
Profit for the period 19 373 24 309 46 746
Adjustments for:
- loss on disposal of 46 13 241
property, plant and
equipment
- fair value adjustments 610 217 1 587
Headline earnings 20 029 24 539 48 574
Headline earnings per 8.6 12.1 23.1
share (cents)
Weighted average number 232 440 480* 202 122 157 210 511 611
of shares in issue
* Weighted average
number of shares is
equal to the number
of shares in issue at
31 August 2011.
10. Cash generated
from/(utilised in)
operations
Profit before taxation 31 348 35 793 70 095
Adjustments for:
- Non-cash items 163 48 12 086
- Net finance costs 13 262 6 942 22 235
Changes in working
capital:
- Inventories 3 028 (69 494) (43 558)
inflow/(outflow)
- Trade and other (11 022) 3 336 (130 840)
receivables
(outflows)/inflows
- Trade and other 7 427 (68 782) 45 169
payables
- Zimbabwe Alloys 311 054
Limited **
44 206 218 897 (24 813)
** Trade and other payables for 2010 included an amount of R311
million owing for the acquisition of Zimbabwe Alloys Limited.
11. Segment Report
Following the reorganisation of the Group with effect from 1
March 2011, management identified three separately managed
operations as operating segments, being Metmar Trading, Metmar
Polychem and Metmar Investments and Resources.
Metmar Trading includes trading in non-ferrous alloys, ferro
alloys and carbons; Metmar Polychem includes trading in plastic
raw materials (polymer), rubber, rubber chemicals and food
chemicals; and Metmar Investments and Resources includes
investment in resource-based bulk commodities. Each of these
operations has separate accounting and reporting structures.
There are no comparatives for the reporting periods ended 31
August 2010 and 28 February 2011 in respect of Metmar Polychem,
as this separate segment was formed following the subsequent
reorganisation of the Group.
The Group has accordingly used the following factors to identify
reportable segments:
-?distinction between the Metmar Trading, Metmar Polychem and
Metmar Investments and Resources activities of the Group;
-?Metmar Investments and Resources segment includes investment in
equity, property, plant and equipment;
-?Metmar Trading and Polychem Trading, which include the results
of the two trading activities of the Group.
Figures in R`000 Unaudited Unaudited Audited
six months to six months to year to
31 August 31 August 28 February
2011 2010 2011
SEGMENTS` ASSETS
Metmar Trading 631 347 1 367 446 1 324 133
Metmar Polychem 282 774 - -
Metmar Investments and 407 345 203 329 11 842
Resources
1 321 466 1 570 775 1 335 975
SEGMENTS` LIABILITIES
Metmar Trading 343 864 1 110 590 721 004
Metmar Polychem 218 199 - -
Metmar Investments and 162 299 - 6 399
Resources
724 362 1 110 590 727 403
The totals presented for
the Group`s operating
segments reconcile to
the entity`s key
financial results as
presented.
Metmar Trading
Segment revenues
Total segment revenue 1 012 993 1 163 752 2 326 774
Other income 12 600 17 572 56 740
1 025 593 1 181 324 2 383 514
Metmar Polychem
Segment revenues
Total segment revenue 211 636 - -
Other income 5 874 - -
217 510 - -
Metmar Investments and
Resources
Segment revenues
Total segment revenue 81 785 - (300)
Other income 1 427 - -
83 212 - (300)
Total
Total segment revenue 1 306 414 1 163 752 2 326 474
Other income 19 901 17 572 56 740
1 326 315 1 181 324 2 383 214
Metmar Trading
Segment profit or loss
before tax
Segment operating profit 27 054 42 735 92 630
Net finance (cost) (7 759) (6 942) (22 235)
Total profit before 19 295 35 793 70 395
taxation
Metmar Polychem
Segment profit or loss
before tax
Segment operating profit 22 429 - -
Net finance (cost) (4 422) - -
Total profit before 18 007 - -
taxation
Metmar Investments and
Resources
Segment profit or loss
before tax
Segment operating profit (4 873) - (300)
Net finance (cost) (1 081) - -
Total profit before (5 954) - (300)
taxation
Total - segments` profit
or loss before tax
Segment operating profit 44 610 42 735 92 330
Net finance (cost) (13 262) (6 942) (22 235)
Total profit before 31 348 35 793 70 095
taxation
12. Related party
transactions
During the period, the Company and its subsidiaries in the
ordinary course of business entered into various transactions
with their associates. These transactions were subject to terms
that are no less favourable than those arranged with third
parties.
13. Corporate governance
The Metmar Group complies with the Code of Good Corporate
Practice and Conduct published in the King II report on Corporate
Governance.
14. Changes to the Board
In terms of its corporate reorganisation which took effect on 1
March 2011, the following changes to Metmar`s board of directors
were made, or are about to be made:
* Molleen de Wet resigned as CFO of Metmar with effect from 1
October 2011 to focus on her responsibility as CFO of Metmar
Trading Proprietary Limited, which represents a major activity of
the Group;
* Glen Forsdyke will retire from Metmar and step down from the
board with effect from 31 October 2011. Glen was instrumental in
building a highly successful plastics and polymer trading
division within the Company. A seamless succession has been
ensured as these operations have been consolidated into Metmar
Polychem. This division has been under the leadership of Brent
Hean since 1 March 2011;
* Sizwe Nkosi was appointed as the new CFO of Metmar with effect
from 1 October 2011. Sizwe is a CA(SA) and holds an MBA. He has
in excess of 15 years` experience including financial management
and commodity marketing in resources and financial services
companies in South Africa. Sizwe will fulfil the duties of CFO
for Metmar Investments and Resources Proprietary Limited; and
* Dawn Earp has been appointed as an independent Non-Executive
Director of the Company and a member of its audit and risk
committee with effect from 1 October 2011. Dawn is a CA(SA) and
has held executive finance positions in several Anglo American
companies over an 18-year period before joining Implats as
Director of Finance in 2007.
15. Post-balance sheet events
Metmar shareholders ("Shareholders") are referred to the
announcement published by the Company on 24 June 2011 and 27 June
2011 on SENS and in the press, respectively, and the further
announcement published on 18 July 2011 on SENS and in the press,
which sets out details of the acquisition of a further 60%
interest in Eastern Belt Chrome (Proprietary) Limited ("the
Transaction") for an aggregate purchase price amounting to R61
408 559.37 ("the Purchase Price"), which is payable as follows:
* R56 259 439.39, which was paid by Metmar Investments and
Resources (Proprietary) Limited to the Sellers on 22 September
2011 following successful completion of the conditions precedent;
and
* R5 149 119.98 in 24 equal monthly instalments commencing on 30
May 2011 and thereafter on the last business day of every
subsequent month.
No other material events have occurred between the balance sheet
date and the date of these unaudited interim financial results
that would have a material effect on the financial statements of
the Metmar Group.
Condensed consolidated statements of financial position
Figures in R`000 Unaudited Unaudited Audited
Notes at at at
31 August 31 August 28 February
2011 2010 2011
ASSETS
Property, plant and 58 482 99 444 56 006
equipment
Goodwill and other 60 554 69 135 61 914
intangible assets
Investment in associates - 87 200 -
Financial assets 2 261 566 272 499 243 238
Non-current assets 380 602 528 278 361 158
Inventories 266 828 296 193 269 856
Financial assets 2 79 477 27 143 90 078
Trade and other 542 090 396 349 532 849
receivables
Cash and cash equivalents 40 627 88 256 70 192
Current assets 929 022 807 941 962 975
Non-current assets 11 842 234 556 11 842
classified as held for
sale
Total assets 1 321 466 1 570 775 1 335 975
EQUITY AND LIABILITIES
Capital and reserves 597 104 460 185 608 572
Borrowings 10 270 8 094 67 081
Other liabilities 2 391 2 613 6 319
Deferred tax liabilities 11 822 12 607 11 328
Non-current liabilities 24 483 23 314 84 728
Trade and other payables 3 611 276 1 045 239 603 849
Tax liabilities 12 077 5 569 10 622
Bank overdraft 70 127 36 468 21 805
Current liabilities 693 480 1 087 276 636 276
Non-current liabilities 6 399 - 6 399
classified as held for
sale
Total liabilities 724 362 1 110 590 727 403
Total equity and 1 321 466 1 570 775 1 335 975
liabilities
Net asset value per share 256.88 227.68 261.82
(cents)
Net tangible asset value 230.83 193.47 235.18
per share (cents)
Number of shares in issue 232 440 480 202 122 157 232 440 480
Condensed consolidated statements of comprehensive income
Figures in R`000 Notes Unaudited Unaudited Audited
six months to six months to year to
31 August 31 August 28 February
2011 2010 2011
CONTINUING OPERATIONS
Revenue 1 306 414 1 163 752 2 326 774
Cost of sales (1 199 294) (1 074 068) (2 144 007)
Gross profit 107 120 89 684 182 767
Other income 5 19 901 17 572 56 470
Operating expenses 6 (82 411) (64 521) (146 907)
Operating profit 44 610 42 735 92 330
Finance income 4 575 6 593 25 672
Finance costs 7 (17 837) (13 535) (47 907)
Profit before taxation 31 348 35 793 70 095
Taxation 8 (14 136) (10 816) (22 669)
Profit from continuing 17 212 24 977 47 426
operations
DISCONTINUED OPERATIONS
Loss before taxation - - (300)
Taxation - - (388)
Loss from discontinued - - (688)
operations
TOTAL GROUP
Profit before taxation 31 348 35 793 69 795
Taxation (14 136) (10 816) (23 057)
Profit for the period 17 212 24 977 46 738
Movement in foreign (3 112) 76 4 763
currency reserves
Total comprehensive 14 100 25 053 51 501
income for the period
Profit attributable to:
Owners of the parent 19 373 24 309 46 746
Non-controlling (2 161) 668 (8)
interests
17 212 24 977 46 738
Total comprehensive
income attributable to:
Owners of the parent 16 261 24 385 51 509
Non-controlling (2 161) 668 (8)
interests
14 100 25 053 51 501
Earnings per share
Basic and diluted 8.3 12.0 22.2
(cents)
Headline (cents) 9 8.6 12.1 23.1
Condensed consolidated statements of cash flows
Figures in R`000 Notes Unaudited Unaudited Audited
six months to six months to year to
31 August 31 August 28 February
2011 2010 2011
Net cash generated
from/(utilised in)
operating activities
Cash generated 10 44 206 218 496 (24 813)
from/(utilised in)
operations
Net finance costs (13 262) (6 942) (26 467)
Taxation (paid)/received (11 306) 7 343 (2 905)
Net cash generated 19 638 218 897 (54 185)
from/(utilised in)
operating activities
Net cash utilised in
investing activities
Net expenditure on (3 916) (37 120) (9 997)
property, plant and
equipment
Purchase of shares in - (14 412) -
subsidiaries and
associate
Net movement in (7 302) (158 201) (114 195)
financial assets
Net cash utilised in (11 218) (209 733) (124 192)
investing activities
Net cash (utilised
in)/generated from
financing activities
Proceeds from share - - 127 641
issue
Net movement in (3 928) (5 000) -
financial liabilities
Net movement in (56 811) 209 51 708
borrowings
Distributions to (25 568) (50 531) (50 531)
shareholders
Net cash (utilised (86 307) (55 322) 128 818
in)/generated from
financing activities
Total cash movement for (77 887) (46 158) (49 559)
the period
Cash at the beginning of 48 387 97 946 97 946
the period
(Bank overdraft)/Cash (29 500) 51 788 48 387
and cash equivalents at
end of the period
Condensed consolidated statements of changes in equity
Figures in R`000 Share Translation Acquisition of
capital reserve additional
and shares in
premium subsidiary
Balance at 1 March 2010 (16 475) 1 005 -
Loss at acquisition of - -
subsidiaries
Total comprehensive income - 76 -
for the period
Distribution to (50 531) - -
shareholders
Balance at 31 August 2010 (67 006) 1 081 -
Issue of shares 127 642 - -
Loss at acquisition of - (5 704)
subsidiary
Total comprehensive income - 4 687 -
for the period
Balance at 28 February 2011 60 636 5 768 (5 704)
Total comprehensive income - (3 112) -
for the period
Distribution to - - -
shareholders
Balance at 31 August 2011 60 636 2 656 (5 704)
Condensed consolidated Group statements of changes in equity (continued)
Figures in R`000 Retained Non- Total
earnings Controlling equity
interests
Balance at 1 March 2010 501 887 755 487 172
Loss at acquisition of - (1 509) (1 509)
subsidiaries
Total comprehensive income 24 309 668 25 053
for the period
Distribution to - - (50 531)
shareholders
Balance at 31 August 2010 526 196 (86) 460 185
Issue of shares - - 127 642
Loss at acquisition of - - (5 704)
subsidiary
Total comprehensive income 22 437 (675) 26 449
for the period
Balance at 28 February 2011 548 633 (761) 608 572
Total comprehensive income 19 373 (2 161) 14 100
for the period
Distribution to (25 568) - (25 568)
shareholders
Balance at 31 August 2011 542 438 (2 922) 597 104
27 October 2011
Directors: CB Brayshaw* (Chairman), DJ Ellwood (Chief Executive Officer),
PP Boshoff, D Earp*, SMS Nkosi (Chief Financial Officer), GR Forsdyke,
GP Lotis, D Mashile-Nkosi*, L Matteucci* *Non-Executive
Company secretary: MRD Boyns (British)
Registered office: 24 Sloane Street, Bryanston, 2191 (PO Box 98549, Sloane
Park, 2152)
Transfer Secretaries: Computershare Investor Services (Pty) Limited (PO Box
61051, Marshalltown, 2107)
Sponsor: One Capital Auditors: Grant Thornton
These results may be viewed on the internet on www.metmar.com
Date: 27/10/2011 17:27:02 Produced by the JSE SENS Department.
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