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MATODZI RESOURCES LIMITED -
MATODZI RESOURCES LIMITED
(formerly New Mining Corporation Limited)
(Registration number 1933/004523/06)
Share code: MTZ ISIN: ZAE000042412
("Matodzi" or "the Company")
PRELIMINARY report for the YEAR ended 31 MARCH 2003
Highlights
* Funding to complete the Letseng Diamond Mine project in the Kingdom of
Lesotho has been secured subject to
certain suspensive conditions.
* Preference Shares of R90 million has been redeemed in the first phase of
restructuring.
* Matodzi has submitted a comprehensive list of its Mynpachten and Claims to
the Department of Minerals and Energy
as part of a Verification process.
* Matodzi is a 75% BEE company
Consolidated income statements (abridged)
Unaudited Audited
year year
ended ended
31 March 31 March
2003 2002
Notes R"000 R"000
Revenue 7 076 13 239
Net loss for the year 1 (184) (2 065)
Share of earnings of associated companies - 219
Exceptional items 2 13 642 (1 641)
Net profit/(loss) before taxation 13 458 (3 487)
Taxation 3 - 967
Profit/(Loss) attributable to shareholders 13 458 (4 454)
Earnings/(Loss) per share - (cents) 4
- headline loss (0,1) (1,9)
- attributable earnings/(loss) 9,0 (3,0)
Headline earnings are calculated as follows:
Net profit/(loss) for year 13 458 (4 454)
Exceptional items (13 642) 1 641
(184) (2 813)
Notes to the income statements
1. Income is stated after taking into
account the following:
- Dividends received 7 2 768
- Interest received 2 462 2 486
- Depreciation 440 412
- Interest paid 2 002 2 314
2. Exceptional items
- Assets written down (33 810) -
- Investments written up/(down) 17 948 (918)
- Loss on sale of investments (120) (723)
- Profit on cancellation of "A" Preference shares 30 485 -
- Restructuring costs (861) -
13 642 (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 year
4. Earnings/(Loss) per share calculation is based on
the weighted number of shares in issue of 149 672 587 149 672 587
Cash flow statements (abridged)
Unaudited Audited
year year
ended ended
31 March 31 March
2003 2002
R"000 R"000
Cash flows from operating activities (7 068) (23 032)
Cash flows from investing activities (57 428) 36 739
Cash flows from financing activities 63 310 (9 349)
Net movement in cash and cash equivalent (1 186) 4 358
Cash and cash equivalents
- at beginning of year 1 802 (2 556)
- of subsidiary sold (381) -
Cash and cash equivalents at end of year 235 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) (89 446) - (90 746)
Net profit for the year - - 13 458 13 458
Balance on 31 March 2003 39 418 179 287 (89 800) 128 905
Notes
At a general meeting held on 23 October 2002, shareholders approved the
acquisition of 126 834 740 shares in JCI Limited ("JCI"). This acquisition
increases the current holding of Matodzi in JCI to 210 168 073 shares (12 %).
The additional shares will restore Matodzi"s percentage holding in JCI to that
prior to JCI"s restructuring.
Consolidated balance sheets (abridged)
Unaudited Audited
year year
ended ended
31 March 31 March
2003 2002
Notes R"000 R"000
Assets
Non-current assets
- Mining assets, property plant and
equipment 24 949 74 281
- Investments 2 228 513 165 605
- Loans 10 102 15 763
263 564 255 649
Current assets 1 351 41 575
Total assets 264 915 297 224
Equity and liabilities
Capital and reserves 3 128 905 206 193
Minorities" interest 71 000 71 000
199 905 277 193
Non-current borrowings - 904
Current liabilities
- interest bearing - 706
- non-interest bearing 4 65 010 18 421
65 010 19 127
Total equity and liabilities 264 915 297 224
Number of shares in issue
- ordinary shares of 25 cents each 149 672 587 149 672 587
- "A" participating preference
shares of 1 cent each - 130 000 000
- "B" preference shares of 1 cent each 200 000 000 200 000 000
Net asset value per share - cents
- ordinary shares 37 33
- "A" participating preference share - 70
- "B" preference share 37 33
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.
These results have not been audited or reviewed by the Company"s Auditors
(Charles Orbach & Company).
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.
Unaudited Audited
31 March 31 March
2003 2002
R"000 R"000
Investments at carrying value:
Listed investments
- other 152 983 90 073
Unlisted investments
- associated companies 74 530 74 530
- other 1 000 1 002
Market value of listed investments are:
- other 145 479 57 964
Directors" valuation of unlisted investments are:
- associated companies 74 530 74 530
- other 1 000 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" preference shares as consideration for the disposal of certain of its
non-mining assets, as per the circular to shareholders dated 1 October 2002. On
receipt, these shares were cancelled in the issued share capital of the Company.
4. Included in non-interest bearing liabilities on an amount of R63 million
relating to the acquisition of additional shares in JCI.
For and on behalf of the board
Andrew Mlangeni Sello Rasethaba
Non-executive Chairman Executive Director
Johannesburg
27 June 2003
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: 27/06/2003 04:25:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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