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METOREX LIMITED - ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2004
Registration number 1934/005478/06 - Incorporated in the Republic of South
Africa
Share code MTX ISIN 000022745 - Issue code MEMTX
Listed on the JSE Securities Exchange and London Stock Exchange
ABRIDGED AUDITED CONSOLIDATED FINANCIAL
STATEMENTS FOR THE YEAR ENDED 30 JUNE 2004
The company published its reviewed provisional results for the year ended 30
June 2004 on 26 August 2004 and distributed its annual report to shareholders on
25 October 2004. The annual report contains modifications to the aforementioned
provisional results, as detailed below. These modifications have no impact on
the Group`s income statement, earnings, headline earnings or net asset value per
share.
CONSOLIDATED INCOME STATEMENT
Year ended Year ended
30 June 30 June
2004 2003
(Audited) (Audited)
R000 R000
Revenue
Mineral sales
Copper 188 333 290 092
Zinc 60 127 83 492
Coal 208 618 179 236
Fluorspar 111 538 93 730
Gold 388 467 105 703
Antimony 89 581 121 484
Cobalt 3 393 5 986
Other 5 360 6 594
Gross revenue 1 055 417 886 317
Realisation costs 142 603 150 709
On-mine revenue 912 814 735 608
Cost of production 828 346 632 685
Stock movement 10 698 20 435
Depreciation 67 964 40 934
Mining profit 5 806 41 554
Profit on closure of hedges 48 241 -
Retrenchment costs (11 494) -
Impairment of assets (27 905) -
Foreign exchange gains/(losses) 590 (5 948)
Other income, net 13 630 3 890
Operating income before finance costs 28 868 39 496
Finance income 1 757 4 692
Finance costs (26 827) (18 926)
Income before taxation 3 798 25 262
Taxation - normal and STC (6 497) (6 820)
Taxation - deferred 20 566 (5 630)
Income after taxation 17 867 12 812
Income attributable to outside
shareholders 32 225 2 459
(Loss)/income attributable to ordinary
shareholders (14 358) 10 353
(Loss)/earnings per share (cents) (8,0) 7,4
Headline earnings per share (cents) 2,8 9,1
Diluted (loss)/earnings per share (cents) (8,0) 7,4
Diluted headline earnings per
share (cents) 2,8 9,1
Dividend per share (cents) 3,0 14,0
Earnings per share and headline earnings
per share are calculated using
the following:
(Loss)/income attributable to
ordinary shareholders (14 358) 10 353
Impairment of assets net of tax 22 711 -
Impairment of assets 27 905 -
Tax effect on impairment of assets (5 194) -
Goodwill amortisation 3 662 3 662
Profit on sale of assets (9 054) (1 704)
Tax effect on sale of assets 2 037 511
Headline earnings 4 998 12 822
Weighted average number of shares in
issue (000`s) 178 839 140 498
Number of shares in issue at year
end (000`s) 187 233 175 019
STATEMENT OF CHANGES IN EQUITY
Year ended Year ended
30 June 2004 30 June 2003
(Audited) (Audited)
R000 R000
Share capital 18 723 17 502
- Balance at start of year 17 502 13 897
- Issue of new shares 1 221 3 605
Share premium 483 088 455 702
- Balance at start of year 455 702 369 186
- Issue of new shares 27 386 86 516
Reverse acquisition reserve (128 066) (128 066)
Foreign exchange translation reserve (50 750) (33 231)
- Balance at start of year (33 231) 11 304
- Foreign exchange reserve 26 612 15 832
- Translation loss on foreign monetary
item (58 842) (84 631)
- Tax effect of translation loss on
foreign monetary item 14 711 24 264
Hedging reserve - 840
- Balance at start of year 840 (380)
- Fair value losses for the year - 5 603
- Foreign exchange movement - (92)
- Transferred to income statement (840) (4 291)
Retained income 96 460 116 069
- Balance at start of year 116 069 125 175
- Net (loss)/income for the year (14 358) 10 353
- Dividends distributed (5 251) (19 459)
Total equity 419 455 428 816
CONSOLIDATED BALANCE SHEET
30 June 30 June 30 Jun 30June
2004 2004 2004 2003
(Reviewed) Adjustment Note (Audited (Audited)
R000 R000 R000 R000
ASSETS
Non-current assets
Property, plant
and equipment 500 543 (4801) 1 495 742 499 952
Mineral rights 218 527 218 527 218 288
Goodwill 18 310 18 309 21 971
Investments 891 891 891
Rehabilitation
trust funds 44 374 44 374 41 063
Deferred tax asset 40 441 40 441 -
823 086 (4802) 818 284 782 165
Current assets
Inventories 37 246 37 246 53 074
Trade and other
receivables 165 947 (559) 165 388 109 072
Derivative
instruments 329 559 888 840
Taxation prepaid 4 829 4 829 9 550
Bank balances
and cash 29 530 29 530 23 498
237 881 237 881 196 034
Total assets 1 060 967 (4802) 1 056 165 978 199
EQUITY AND LIABILITIES
Capital and reserves
Share capital
and premium 501 811 501 811 473 204
Hedging and
translation reserve (50 750) (50 750) (32 391)
Retained income 96 460 96 460 116 069
Equity reserve (128 066) (128 066) (128 066)
419 455 419 455 428 816
Minority interest 118 960 118 960 16 699
Non-current liabilities
Long-term liabilities
interest bearing 98 318 (2492) 95 826 179 974
Long-term provisions 74 109 74 109 72 424
Deferred tax
liabilities 72 696 (4801) 1 67 895 56 370
245 123 (7293) 237 830 308 768
Current liabilities
Trade and other
payables 150 302 (1) 150 301 124 582
Short-term borrowings
- interest bearing 61 814 2492 64 306 45 080
Short-term provisions 33 579 33 579 28 168
Bank overdraft 30 571 30 571 25 554
Taxation 1 163 1 163 532
277 429 2491 279 920 223 916
Total equity and
liabilities 1 060 967 (4802) 1 056 165 978 199
Net asset value
per share (cents) 224 224 245
Net tangible asset
value per share
(cents) 214 214 233
Note:
On 17 September 2004, the department of Minerals and Energy and the South
African Revenue Services approved a final effective date valuation on the assets
and liabilities of the ETC Division, acquired on 15 June 2003. The redeemable
portion of the purchase price is 84,4%. The fair value of property, plant and
equipment and deferred taxation had been restated relative to the acquisition of
Barberton Mines (Pty) Ltd on 15 June 2003 in accordance with IAS22, Business
Combinations.
CONSOLIDATED CASH FLOW STATEMENT
Year Year Year
ended ended ended
30 June 30 June 30 June
2004 2004 2003
(Reviewed) Adjustment (Audited) (Audited)
R000 R000 R000
Cash generated
before working
capital changes 119 347 119 347 82 388
Working capital
changes (10 777) (10 777) 11 828
Cash generated
by operations 108 570 108 570 94 216
Dividends paid (8 131) (8 131) (21 709)
Taxation paid (1 092) (2) (1 094) (20 159)
Finance costs (25 070) (25 070) (14 234)
Cash inflows from
operating activities 74 277 (2) 74 275 38 114
Cash outflows from
investing activities (109 436) (995) (110 431) (59 413)
Cash inflows/(outflows)
from financing
activities 36 230 997 38 227 (53 109)
Net increase/(decrease)
in cash and cash
equivalents 1 071 1 071 (74 408)
Cash at start of
year (2 056) (2 056) 73 633
Effect of foreign
exchange rate
changes (56) (56) (1 281)
Cash at end of year (1 041) (1 041) (2 056)
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of the Company will be
held at the Grace Hotel, 54 Bath Avenue, Rosebank, Johannesburg on Tuesday, 16
November 2004 at 10:00 to transact the business as stated in the notice of the
annual general meeting included in the annual report.
ACCOUNTING POLICIES
The annual financial statements have been prepared on the historical cost basis,
except for certain financial instruments and the assets and liabilities acquired
with a business, which are stated at fair value and in accordance with the
International Financial Reporting Standard and the South African Statement of
Generally Accepted Accounting Practice applicable to Interim Financial
Reporting. The accounting policies are consistent with those adopted in the
previous year.
AUDITORS REPORT
The consolidated results for the year ended 30 June 2004 were audited by the
Company`s external auditors, Deloitte & Touche, Chartered Accountants (SA), and
their unqualified report is included in the annual report and is available for
inspection at the company`s registered office.
Johannesburg
25 October 2005
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