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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MTU Aero Engines AG | TG:MTX | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.90 | 1.54% | 257.50 | 257.00 | 258.00 | 258.40 | 253.30 | 253.40 | 5,755 | 20:58:00 |
RNS Number:4543L Metorex Ld 22 May 2003 Metorex Limited Registration number 1934/005478/06 Incorporated in the Republic of South Africa Listed on the JSE Securities Exchange South Africa and London Stock Exchange JSE alpha MTX ISIN ZAE000022745 Issuer code MEMTX www.metorexgroup.com * Shareholders approve ETC acquisition * O'Okiep smelter refurbishment completed * Loss of 8,14 cents per share * Rand is major contributor to poor results Results of operations for the quarter ended 31 March 2003 Consolidated income statement Quarter ended Quarter ended 31 March 2003 31 December 2002 (Unaudited) (Unaudited) R000 R000 Revenue - Mineral sales Copper 59 327 70 672 Zinc 16 508 23 466 Coal 39 311 42 745 Fluorspar 14 479 36 536 Gold 24 606 23 739 Antimony 17 544 27 377 Other 721 3 448 Gross revenue 172 496 227 983 Realisation costs 27 160 33 063 On-mine revenue 145 336 194 920 Cost of production 152 297 177 435 Cash costs 155 375 151 618 Stock movement (13 295) 15 493 Depreciation 10 217 10 324 Mining (loss)/profit (6 961) 17 485 Other expenses 1 866 1 004 (Loss)/income before finance costs (8 827) 16 481 Net finance costs 3 174 3 559 (Loss)/income before taxation (12 001) 12 922 Taxation (578) 7 497 (Loss)/income after taxation (11 423) 5 425 (Loss)/income attributable to outside shareholders (100) 973 (Loss)/income attributable to ordinary shareholders (11 323) 4 452 Weighted average shares in issue (000's) 139 019 138 985 Earnings per share (cents) (8,14) 3,20 Headline earnings per share (cents) (7,49) 3,86 Headline earnings is calculated as follows: (Loss)/income attributable to ordinary shareholders (11 323) 4 452 Goodwill amortisation 915 915 Headline earnings (10 408) 5 367 Share information Quarter ended Quarter ended 31 March 2003 31 December 2002 Shares in issue (000's) 139 019 139 019 Shares traded (000's) 3 840 31 543 Share price (cents) - High 332 375 Share price (cents) - Low 240 300 Closing price (cents) 240 310 Commodity sales statistics Quarter ended Quarter ended 31 March 2003 31 December 2002 Copper (t) 4 434 4 977 Zinc (t) 2 578 3 227 Coal (t) 322 897 343 694 Fluorspar (dmt) 18 224 40 795 Gold (kg) 265 241 Antimony (mtu) 116 412 131 575 Commodity prices achieved (averaged) Quarter ended Quarter ended 31 March 2003 31 December 2002 Copper (net of refining) ($/t) 1 597 1 468 Zinc ($/t) 764 752 Coal (R/t) 122 124 Fluorspar (all grades) ($/t) 95 93 Gold ($/oz) 345 317 Antimony ($/mtu) 18 22 Exchange rate (Average) (R/$) 8,38 9,67 COMMENTARY FINANCIAL RESULTS The Group incurred a loss attributable to ordinary shareholders of R11,3 million for the quarter ended 31 March 2003. This performance was driven by a 24% decrease in gross revenue to R172 million from the previous quarter. The ETC acquisition will significantly increase the Group's turnover in the future. The Group's Rand denominated commodity prices declined from the previous quarter, mainly as a result of the strengthening of the Rand/US Dollar exchange rate by 13% to an average of R8,38/US$ for the quarter from R9,67/US$ the previous quarter. Antimony sales volumes decreased by 12% as a result of the annual shut down of the Antimony Products plant during the quarter and lower headgrade from the Beta Shaft. Fluorspar sales volumes were lower due to the timing of export shipments from the first to the second quarter of this calendar year. Efforts to improve qualities at the Vergenoeg mine have achieved results with the securing of favourably priced contracts with new customers. The Company is pursuing a favourable sales mix in order to optimise profitability. The O'Okiep smelter refurbishment took five weeks to complete during the current quarter, which affected copper production and sales volumes. The smelter was brought back into use at the beginning of April 2003. Zinc sales volumes were affected by the unavailability of railway trucks, which resulted in zinc in transit at quarter-end. ETC ACQUISITION Metorex shareholders approved the ETC acquisition on 21 May 2003. The effective date of ownership and management control is 15 June 2003. The ETC acquisition, to be operated together with our empowerment partner Millennium Consolidated Investments (Pty) Ltd ("MCI"), chaired by Mr Cyril Ramaphosa, will be renamed Barberton Mines Limited ("Barberton"), and is a strategic acquisition for the Metorex Group, which provides the Group with a long life project, increased exposure to gold and an expected significant increment to the Group's earnings and asset value. Investec Bank and ABSA Bank, the joint financiers of the acquisition, require that a certain proportion of the future gold production is sold forward. At the current gold price, which is nearing a ten year high, this process partially protects the income stream from ETC at prices above the feasibility study financial model. CURRENT DEVELOPMENTS * Chibuluma South The shareholders' agreement and other documentation with the IDC and ZCCM-IH is nearing completion. Discussions are underway with mining contractors for the development of the ramp decline and underground infrastructure. * Middelburg Townlands The Environmental Management Program Report is awaiting approval by the Department of Minerals and Energy. In the meantime work is progressing on sourcing a coal washing plant for the property. * Black Economic Empowerment The Group continues its discussions with other potential empowerment partners, which will add to the existing partnerships with Millennium Consolidated Investments in Barberton and Umnotho weSizwe in Wakefield Coal. FUTURE PROSPECTS Sustained strength of the Rand/US Dollar exchange rate in the short to medium term will continue to affect Group earnings significantly. The Metorex Group has responded to this situation and has a major drive on reducing costs and is investigating methods of increasing production levels. The current strength of the Rand is the single major reason for the quarterly loss incurred by the Group. The Rand strength together with the high interest rates are contrary to the Government's declared objective of an export led growth economy. A sustained period of high interest rates and strength in the Rand will have a profoundly negative effect on the South African mining industry, which exacerbated by the proposed Royalty Bill could result in job losses and reduced revenue to the fiscus. Metorex, however, takes a positive longer-term view on improvements in commodity prices and an exchange rate more appropriate to an export economy. CAPITAL EXPENDITURE The Group incurred capital expenditure of R11,2 million during the quarter, mainly on the smelter refurbishment at O'Okiep. SAFETY The Group's operations generally produced commendable safety statistics and thanks are extended to all staff for their contributions to this record. Management is firmly committed to the elimination of all risks that threaten the health and safety of its employees. It is with regret that the Group reports a fatal accident, which occurred at Maranda Mines during the quarter. By order of the Board 22 May 2003 A S MALONE C D S NEEDHAM Chairman Financial Director Secretaries: Transfer secretaries: Moore Stephens MWM Computershare Investor Services Limited 7 West Street 70 Marshall Street Houghton Johannesburg 2198 2001 Contact details for Metorex Limited: Postal PO Box 2814 Saxonwold, 2132 Republic of South Africa Telephone +27 (011) 880-3155 Facsimile +27 (011) 880-3322 e-mail info@metorexgroup.com website www.metorexgroup.com This information is provided by RNS The company news service from the London Stock Exchange END QRFEASSAADDDEFE
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