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Matodzi Resources Limited - Audited Results For The Year Ended 31 March 2004 And
Release Date: 30/06/2004 16:58:14 Code(s): MTZ
Matodzi Resources Limited - Audited results for the year ended 31 March 2004 and
withdrawal of cautionary announcement
MATODZI RESOURCES LIMITED
(Formerly New Mining Corporation Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1933/004523/06)
Share code: MTZ ISIN: ZAE 000042412
(`Matodzi` or `the Company` or `the Group`)
Audited results for the year ended 31 March 2004 and withdrawal of cautionary
announcement
Highlights
- The LetsGBPeng project commissioning commenced in March 2004
- The acquisition of Anglo`s stake in JCI Limited has been concluded
- Drive to expand the investment portfolio continues
- Results to date are in line with expectations
- Expansion into Africa
- Planned consolidation of mineral rights held in various BEE companies into
Matodzi
Consolidated income statements (abridged)
Audited Audited
year ended year ended
31 March 2004 31 March 2003
Notes R`000 R`000
Revenue 1 153 7 076
Investment income 3 2 469
Operating costs (14 732) (2 002)
Finance costs 2 (5 423) (7 727)
Fair value adjustments 3 27 711 -
Exceptional items 4 - 13 642
Net profit before taxation 7 712 13 458
Taxation 5 (317) -
Net profit after taxation 7 395 13 458
Profit attributable to (4 167) -
outside shareholders
Profit attributable to 3 228 13 458
shareholders
Earnings/(Loss) per share 6
- (cents)
- headline earnings/(loss) 2,2 (0,1)
- attributable earnings 2,2 9,0
- diluted headline 0,9 (0,1)
earnings/(loss)
- diluted attributable 0,9 3,9
earnings
Headline earnings/(loss)
are calculated as follows:
Net profit for year 3 228 13 458
Exceptional items - (13 642)
3 228 (184)
Notes to the income statements
1. The major classes of revenue
comprise
- Royalties 153 1 271
- Sale of merchandise - 5 805
2. Finance costs
Finance costs relate mainly to
the interest-bearing loan of
R64,6 million to acquire
the 126 834 740 ordinary shares
in JCI Limited
3. Fair value adjustments
- Investments written up 27 711 -
4. Exceptional items
- Investments written up - 17 948
- Restructuring costs - (861)
- Profit on repurchase of `A` - 30 485
preference shares
- Loss on sale of investments - (120)
- Mining assets written down - (33 810)
- 13 642
5. Taxation
Current SA normal taxation
- current year 5 -
- prior year under provision 312 -
317 -
6. Earnings/(loss) per share:
- calculation is based on the
weighted
number of shares in issue of 149 262 157 149 514 037
Diluted earnings/(loss) per
share:
- calculation is based on
weighted
number of shares of 349 262 157 349 514 037
Consolidated balance sheets (abridged)
Audited Audited
31 March 31 March
2004 2003
Notes R`000 R`000
Assets
Non-current assets
- Mining assets, property, 25 177 24 949
plant and equipment
- Investments 2 248 661 175 198
273 838 200 147
Current assets 848 1 351
Total assets 274 686 201 498
Equity and liabilities
Capital and reserves 3 137 133 128 905
Outside shareholders 52 500 71 000
Interest-bearing borrowings 4 78 067 -
267 700 199 905
Current liabilities
- interest-bearing 73 -
- non-interest-bearing 6 913 1 593
6 986 1 593
Total equity and liabilities 274 686 201 498
Number of shares in issue
- ordinary shares of 25 cents 149 262 157 149 262 157
each
- `B` preference shares of 1 200 000 000 200 000 000
cent each
Net asset value per share -
cents
- ordinary shares 39,3 36,9
- `B` preference shares 39,3 36,9
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 2004, with the
exception of the adoption of AC133: `Financial instruments - recognition and
measurement` (`AC133`).
Notes to the balance sheets (continued)
2. Investments
Audited Audited
31 March 31 March
2004 2003
R`000 R`000
Investments comprise:
Listed investments - fair value 163 029 89 566
Investments in associates - carrying 84 632 84 632
value
Unlisted investments - fair value 1 000 1 000
Directors` valuation of associate 94 886 84 632
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 149 262 157 ordinary shares
and 200 000 000 `B` preference shares remained in issue throughout the period.
4. A loan was entered into to acquire 126 834 740 ordinary shares in JCI
Limited. The initial loan amount of R64,6 million accrues interest at the prime
overdraft rate, is secured by a pledge of the 126 834 740 JCI Limited shares and
is repayable on 31 August 2006. Over and above the interest the lender is also
entitled to receive an amount equal to 50% of any increase in the market value
of the shares at the date of repayment.
Cash flow statements (abridged)
Audited Audited
year ended year ended
31 March 2004 31 March 2003
R`000 R`000
Cash flows/utilised in (19 560) (7 068)
operating activities
Cash flows (utilised in)/from (63 661) 5 989
investing activities
Cash flows from/(utilised in) 83 083 (107)
financing activities
Net movement in cash and cash (138) (1 186)
equivalents
Cash and cash equivalents
- at beginning of period 235 1 802
- of subsidiary sold - (381)
Cash and cash equivalents at 97 235
end of period
Statement of changes in equity
Share Share Accumu-
capital premium lated loss Total
Note R`000 R`000 R`000 R`000
Balance at 1 40 718 268 733 (103 258) 206 193
April 2002
Repurchase of (1 300) (89 446) - (90 746)
`A` preference
shares
Net profit for - - 13 458 13 458
the year
Odd-lot offer (103) 103 - -
Balance at 31 39 315 179 390 (89 800) 128 905
March 2003
Change in
accounting
policy -
AC133 1 - - 5 000 5 000
restatement
Net profit for - - 3 228 3 228
the year
Balance on 31 39 315 179 390 (81 572) 137 133
March 2004
Note to the statement of changes in equity
1. During the year the Group changed its accounting policies for financial
instruments to comply with the requirements of AC133. Listed and unlisted
investments are now stated at fair value. In accordance with the adoption
provisions of AC133, an adjustment has been made to the Group`s accumulated
losses at the beginning of the year and no adjustment has been made to prior
year figures. The change in accounting policy had no tax effect.
Commentary
Matodzi has achieved its goals set out for the year ending 2004. This included
extending its core business as well as implementing the results of the
restructuring strategy. The Company has also seen the commencement of production
at the LetsGBPeng Mine and sale of its first parcel of diamonds.
The goals for 2005 remain unchanged and the Matodzi board of directors are
committed to these goals. Matodzi will remain focused on the growth of sustained
shareholder value through its core business of investment in mining resources.
The principal activities of the Company include, identifying and evaluating
investment opportunities, as well as effective operational and executive
involvement in selected mining ventures.
Growth of the business will be obtained by an increase of the number of quality
income-generating projects and effective participation at various levels in
economically viable and sustainable projects.
Matodzi will also aim to be cash self-sufficient within the next two years,
thereby facilitating the planned accretionary growth.
auditor`s report
The financial results have been audited by the Group`s auditors, Charles Orbach
& Co. A copy of their report on the financial statements is available for
inspection at the Company registered office.
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 28 June 2004. 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 Chief executive officer
Johannesburg
30 June 2004
Registered office
28 Harrison Street, Johannesburg, 2001 (PO Box 11165, 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
Transfer secretaries
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Tel: + 27 11 370 5000, Fax: + 27 11 688 4721
Sponsor
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