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Matodzi - Interim Report For The Six Months Ended 30 September 2002
Release Date: 20/12/2002 08:21:23 Code(s): MTZ
Matodzi - Interim Report For The Six Months Ended 30 September 2002
Matodzi Resources Limited
(formerly New Mining Corporation Limited)
(Registration number 1933/004523/06)
Share code: MTZ ISIN: ZAE000042412
("Matodzi" or "the Company")
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002
CONSOLIDATED INCOME STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
Notes R`000 R`000 R`000
Revenue 3 149 8 658 13 239
Net profit/(loss) for the period 1 2 300 (3 931) (2 065)
Share of earnings of associated
companies - 247 219
Exceptional items 2 32 578 - (1 641)
Net profit/(loss) before taxation 34 878 (3 684) (3 487)
Taxation 3 - - 967
Profit/(Loss) attributable to
shareholders 34 878 (3 684) (4 454)
Earnings/(Loss) per share - (cents) 4
- headline earnings 1.5 (2.5) (1.9)
- attributable earnings 23.3 (2.5) (3.0)
Headline earnings are calculated
as follows:
Net profit/(loss) for year 34 878 (3 684) (4 454)
Exceptional items (32 578) - 1 641
2 300 (3 684) (2 813)
Notes to the income statements
1. Income is stated after taking
into account the following:
- Dividends received 7 1 077 2 768
- Interest received 3 142 32 2 486
- Interest paid 1 1 197 2 314
2. Exceptional items
- Listed investments written-down - - (918)
- Profit/(Loss) on sale of investments 32 578 - (723)
32 578 - (1 641)
3. Taxation
No provision for normal company taxation has been made as the Company and
certain subsidiaries have computed tax losses in excess of their taxable income
in the current period
4. Loss per share calculation is based on the weighted
number of shares in issue of 149 672 587 149 672 587 149 672 587
CASH FLOW STATEMENTS (ABRIDGED)
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Cash flows from operating activities (4 712) 3 824 (23 032)
Cash flows from investing activities 11 454 7 374 36 739
Cash flows from financing activities (8 088) (7 591) (9 349)
Net movement in cash and cash equivalent (1 346) 3 607 4 358
Cash and cash equivalents
- at beginning of period 1 802 (2 556) (2 556)
- of subsidiary sold (381) - -
Cash and cash equivalents at end of period 75 1 051 1 802
STATEMENT OF CHANGES IN EQUITY
Share Share Accumulated
capital premium loss Total
R`000 R`000 R`000 R`000
Balance on 1 April 2001 40 718 268 733 (98 804) 210 647
Net loss for the year - - (4 454) (4 454)
Balance on 31 March 2002 40 718 268 733 (103 258) 206 193
Share repurchase (1 300) (89 306) - (90 606)
Scheme costs written-off - (12) - (12)
Net profit for the period - - 34 878 34 878
Balance on 30 September 2002 39 418 179 415 (68 380) 150 453
Comments
At a general meeting held on 23 October 2002, shareholders approved the
acquisition of 126 834 740 shares in JCI Limited ("JCI"). This acquisition will
increase the current holding of Matodzi in JCI to 210 168 073 (12 %). The
additional shares will basically restore Matodzi`s holding in JCI to its holding
prior to JCI`s restructuring.
CONSOLIDATED BALANCE SHEETS (ABRIDGED)
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2002 2001 2002
Notes R`000 R`000 R`000
Assets
Non-current assets
- Mining assets, property plant
and equipment 58 949 75 611 74 281
- Investments 2 147 149 256 238 165 605
- Loans 24 537 3 501 15 763
230 635 335 350 255 649
Current assets 1 709 21 455 41 575
Total assets 232 344 356 805 297 224
Equity and liabilities
Capital and reserves 3 150 453 206 963 206 193
Minorities` interest 71 000 130 000 71 000
221 453 336 963 277 193
Non-current borrowings - 1 461 904
Current liabilities
- interest bearing 8 016 5 808 706
- non-interest bearing 2 875 12 573 18 421
10 891 18 381 19 127
Total equity and liabilities 232 344 356 805 226 224
Number of shares in issue
- ordinary shares of 25 cents each 149 672 587 149 672 587 149 672 587
- `A` participating preference shares
of 1 cent each - 130 000 000 130 000 000
- `B` preference shares
of 1 cent each 200 000 000 200 000 000 200 000 000
Net asset value per share - cents
- ordinary shares 43,0 33,3 33,1
- `A` participating preference shares - 69,7 69,7
- `B` preference shares 43,0 33,3 33,1
Notes to the balance sheets
1. Basis of accounting
These consolidated results are prepared in accordance with South African
Statements of Generally Accepted Accounting Practice ("GAAP") and Schedule 4 of
the Companies Act. These Accounting Policies are consistent with those used in
the annual financial statements for the year ended 31 March 2002.
2. Investments in associated companies are accounted for on the equity
accounting method and carrying values are disclosed after the amortisation of
any goodwill arising on the acquisition of the investments.
Investments at carrying value:
Unaudited Unaudited Audited
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Listed investments
- associated companies - 16 040 -
- other 71 619 129 775 90 073
Unlisted investments
- associated companies 74 530 109 422 74 530
- other 1 000 1 001 1 002
Market value of listed investments are:
- associated companies - 20 288 -
- other 36 333 56 699 57 964
Directors` valuation of unlisted investments are:
- associated companies 74 530 109 422 74 530
- other 1 000 1 001 1 002
3. During the period under review, the Company`s authorised share capital
remained unchanged at 250 000 000 ordinary shares of 25 cents each, 130 000 000
`A` preference shares of 1 cent each and 200 000 000 `B` preference shares of 1
cent each, of which 149 672 587 ordinary shares and 200 000 000 `B` preference
shares remained in issue throughout the period. The Company received the 130 000
000 `A` participating preference shares as consideration for the disposal of
certain of its non-mining assets, as per the circular to shareholders dated 1
October 2002. These shares were cancelled on receipt thereof, in the issued
share capital of the company.
For and on behalf of the board
S M Rasethaba E B Molefe
Executive Chairman Director
Johannesburg
20 December 2002
Registered office:
28 Harrison Street, Johannesburg, 2001
(PO Box 11165, Johannesburg, 2000)
Transfer secretaries:
Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Investor relations:
George Poole
28 Harrison Street, Johannesburg, 2001
(PO Box 11165, Johannesburg, 2000)
Tel: + 27 11 688 5100
Fax: + 27 11 836 3757
Date: 20/12/2002 08:21:18 AM Produced by the JSE SENS Department
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