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Matodzi Resources Limited - Unaudited interim report for the six months ended
30 September 2003 and withdrawal of cautionary
announcement
MATODZI RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1933/004523/06)
JSE Share code: MTZ
ISIN: ZAE000042412
("Matodzi" or "the Company")
Unaudited interim report for the six months ended 30 September 2003 and
withdrawal of cautionary announcement
Highlights
The results to date are in line with expectation; no unforeseen events have
occurred
The acquisition of JCI shares from Anglo has been concluded
The Letseng Project will be commissioned in the first quarter of 2004
Investments expected to become profitable in the near future
Consolidated income statements (abridged)
Audited
30 September 30 September 31 March
2003 2002 2003
Notes R"000 R"000 R"000
Revenue 88 3 149 7 076
Net (loss)/profit for the 1 (4 777) 2 300 (184)
period
Exceptional items 2 - 32 578 13 642
Net (loss)/profit before (4 777) 34 878 13 458
taxation
Taxation 3 - - -
(Loss)/Profit attributable (4 777) 34 878 13 458
to shareholders
(Loss)/Earnings per share 4
- (cents)
- headline (loss)/earnings (3,2) 1,5 (0,1)
- attributable (3,2) 23,3 9,0
(loss)/earnings
Headline earnings are
calculated as follows:
Net (loss)/profit for year (4 777) 34 878 13 458
Exceptional items - (32 578) (13 642)
(4 777) 2 300 (184)
Notes to the income statements
1. Income is stated after taking into account the following:
- Dividends received - 7 7
- Interest received 2 851 3 142 2 462
- Depreciation - - 440
- Interest paid 2 136 1 2 002
2. Exceptional items
- Assets written down - - (33 810)
- Investments written up - - 17 948
- Profit/(Loss) on sale of - 32 578 (120)
investments
- Profit on cancellation
of
"A" preference shares - - 30 485
- Restructuring costs - - (861)
- 32 578 13 642
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 for the period.
4. Earnings/(Loss) per 149 262 157 149 672 587 149 262 157
share calculation is based
on the weighted number of
shares in issue of
Cash flow statements (abridged)
Audited
30 September 30 31 March
September
2003 2002 2003
R"000 R"000 R"000
Cash from/(utilised) in operating 4 037 (4 712) (7 069)
activities
Cash flows from investing 63 420 11 454 5 990
activities
Cash utilised in financing (67 835) (8 088) (107)
activities
Net decrease in cash and cash (378) (1 346) (1 186)
equivalents
Cash and cash equivalents
- at beginning of period 235 1 802 1 802
- of subsidiary sold - (381) (381)
Cash and cash equivalents at end (143) 75 235
of period
Statement of changes in equity
Share Share
capital premium
Note R"000 R"000
Balance at 1 April 2002 40 718 268 733
Share repurchase (1 300) (89 446)
Net profit for the year - -
Odd-lot offer (103) 103
Balance at 31 March 2003 39 315 179 390
Change in accounting policy:
AC133 restatement - -
Restated balance at 31 March 2003 39 315 179 390
Attributable loss for the six - -
months
Fair value adjustments 1 - -
Balance at 30 September 2003 39 315 179 390
Statement of changes in equity
Accumulated
loss Total
R"000 R"000
Balance at 1 April 2002 (103 258) 206 193
Share repurchase - (90 746)
Net profit for the year 13 458 13 458
Odd-lot offer - -
Balance at 31 March 2003 (89 800) 128 905
Change in accounting policy:
AC133 restatement (17 667) (17 667)
Restated balance at 31 March 2003 (107 467) 111 238
Attributable loss for the six months (4 777) (4 777)
Fair value adjustments 27 086 27 086
Balance at 30 September 2003 (85 158) 133 547
Audited
30 September 30 September 31 March
2003 2002 2003
R"000 R"000
R"000
Note to the statement of changes
in equity
1. Fair value adjustments
- Investments 41 672 - -
- Liabilities (14 586) - -
27 086 - -
Consolidated balance sheets (abridged)
Audited
30 September 30 September 31 March
2003 2002 2003
Notes R"000 R"000 R"000
Assets
Non-current assets
- Mining assets, 24 949 58 949 24 949
property, plant and
equipment
- Investments 2/4 262 622 171 686 175 198
287 571 230 635 200 147
Current assets 470 1 709 1 351
Total assets 288 041 232 344 201 498
Equity and liabilities
Capital and reserves 3 133 547 150 453 128 905
Minorities" interest 71 000 71 000 71 000
Non-current borrowings 4 65 655 - -
270 202 221 453 199 905
Current liabilities
- interest bearing - 8 016 -
- non-interest bearing 17 839 2 875 1 593
17 839 10 891 1 593
Total equity and 288 041 232 344 201 498
liabilities
Number of shares in issue
- ordinary shares of 25 149 262 157 149 672 587 149 262 157
cents each
- "B" preference shares 200 000 000 200 000 000 200 000 000
of 1 cent each
Net asset value per share
- cents
- ordinary shares 38,2 43,0 37,0
- "B" preference shares 38,2 43,0 37,0
Notes to the balance sheets
1. Basis of accounting
The 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 2003, with the
exception of the adoption of AC133, Financial Instrument: Recognition and
Measurement.
2. Investments
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.
Audited
30 September 30 September 31 March
2003 2002 2003
R"000 R"000 R"000
Investments at carrying value:
Listed investments 176 988 71 619 89 566
Unlisted investments
- associated companies 74 530 74 530 74 530
- other 1 000 1 000 1 000
Market value of listed investments 176 988 71 619 89 566
Directors" valuation of unlisted
investments
- associated companies 190 000 74 530 74 530
- other 3 500 1 000 1 000
3. During the period under review, the Company"s authorised share capital
remained unchanged at 250 000 000 ordinary shares of 25 cents 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.
4. The purchase of 126 834 740 shares in JCI Limited, from Anglo South Africa
Capital (Proprietary) Limited was concluded on 29 August 2003. The asset and the
corresponding liability are reflected in the balance sheet. These shares have a
current market value of R92 589 360.
Commentary
The acquisition of additional assets, have resulted in a more robust balance
sheet.
The strengthening of the Rand did not negatively affect our business, and the
loss reflected on the income statement was in line with the Company"s
expectations.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 5 December 2003. With the publication of
these results, the cautionary is hereby withdrawn.
For and on behalf of the board
Andrew Mlangeni Sello Rasethaba
Non-executive Chairman Executive Director
Johannesburg
22 December 2003
Registered office
28 Harrison Street, Johannesburg, 2001. (PO Box 6966, Johannesburg, 2000)
Investor relations
George Poole, e-mail gpoole@jci.co.za
Tel: + 27 11 688 5100, Fax: + 27 11 836 3757
Transfer secretaries
Computershare Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Sponsor
River Group
Date: 22/12/2003 09:28:06 AM Produced by the JSE SENS Department
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