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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:7163R Metorex Ld 05 November 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 Share code MTX ISIN code ZAE000022745 Issuer code MEMTX www.metorexgroup.com ("the Group") Unaudited consolidated results for the quarter ended 30 September 2003 Barberton exceeds expectations Chibuluma South underground development commences Middelburg Townlands project progressing Group generates cash of R22,4 million during the quarter O'Okiep operations under review Consolidated income statement Quarter ended Quarter ended 30 September 2003 30 June 2003 (Unaudited) (Unaudited) R000 R000 Mineral sales Copper 53 719 68 992 Zinc 18 493 18 706 Coal 45 330 47 091 Fluorspar 33 012 28 273 Gold 103 519 31 992 Antimony 24 888 28 791 Other 2 283 1 851 Gross revenue 281 244 225 696 Realisation costs 35 452 35 103 On-mine revenue 245 792 190 593 Cost of production 246 321 196 540 cash costs 221 678 163 163 stock movement 7 669 22 542 depreciation 16 974 10 835 Mining loss (529) (5 947) Other income 6 122 2 818 Income/(loss) before finance costs 5 593 (3 129) Net finance costs 8 228 4 055 Loss before taxation (2 635) (7 184) Taxation 1 161 (851) Loss after taxation (3 796) (6 333) Income attributable to outside shareholders 3 683 737 Loss attributable to ordinary shareholders (7 479) (7 070) Weighted average shares in issue (000's) 175 019 144 889 Earnings per share (cents) (4,27) (4,88) Headline earnings per share (cents) (4,16) (4,25) Headline earnings is calculated as follows: Loss attributable to ordinary shareholders (7 479) (7 070) Profit on sale of assets (712) - Goodwill amortisation 915 915 Headline earnings (7 276) (6 155) Abridged consolidated cash flow statement Quarter ended Quarter ended 30 September 2003 30 June 2003 (Unaudited) (Unaudited) R000 R000 Cash inflow from operating Activities 13 633 14 215 Cash generated by operations 22 438 21 264 Dividends paid (5 251) (450) Taxation refunded/(paid) 4 674 (2 544) Net finance costs (8 228) (4 055) Cash outflow from investing Activities (10 282) (24 452) Cash outflow from financing Activities (7 420) (9 893) Net decrease in cash (4 069) (20 130) Opening cash (2 056) 18 074 Closing cash (6 125) (2 056) Abridged consolidated balance sheet 30 September 2003 30 June 2003 (Unaudited) (Audited) R000 R000 Assets Non-current assets 757 211 782 165 Current assets 177 799 196 034 Total assets 935 010 978 199 Equity and liabilities Capital and reserves 402 675 428 816 Minority interest 20 382 16 699 Non-current liabilities 301 309 308 768 Current liabilities 210 644 223 916 Total equity and liabilities 935 010 978 199 Share information Quarter ended Quarter ended 30 September 2003 30 June 2003 Shares in issue (000's) 175 019 175 019 Shares traded (000's) 5 430 14 806 Share price (cents) - high 280 245 Share price (cents) - low 215 205 Closing price (cents) 240 220 Commodity sales statistics Quarter ended Quarter ended 30 September 2003 30 June 2003 Copper (t) 4 229 5 556 Zinc (t) 3 073 3 172 Coal (t) 352 955 350 741 Fluorspar (dmt) 40 349 33 349 Gold - Barberton Mines (kg) 875 138 Gold - other (kg) 175 214 Antimony (mtu) 148 754 148 100 Commodity prices achieved (averaged) Quarter ended Quarter ended 30 September 2003 30 June 2003 Copper ($/t) 1 707 1 602 Zinc ($/t) 809 761 Coal (R/t) 128 134 Fluorspar (all grades) ($/t) 110 109 Gold - Barberton Mines (R/kg) 101 356 101 896 ($/oz) 424 409 Gold - other (R/kg) 84 438 83 970 ($/oz) 353 337 Antimony ($/mtu) 22 25 Exchange rate (average) (R/$) 7,44 7,75 Segmental report - Quarter ended 30 September 2003 Revenue Mining profit/(loss) % R000 Gold - Barberton Mines 32 18 062 Antimony / Gold 14 (5 341) Copper 19 (15 253) Fluorspar 12 584 Coal 16 304 Zinc 7 (191) Other - 1 306 100 (529) COMMENTARY The sustained strength of the Rand resulted in a challenging quarter for the base metal operations, which was compounded by problems with the copper grades at both O'Okiep Copper Company and Chibuluma West. The Barberton Mines acquisition during the last month of the previous quarter has outperformed expectations and has largely negated the losses from the base metal operations. A management action programme has been implemented with focus on increased production and reduced operating costs in all of the Group operations. This programme is yielding benefits with the quarter-on-quarter escalation of operating expenses, excluding the impact of the Barberton Mines acquisition, amounting to just 3% after the implementation of salary and wage increases. OPERATING PERFORMANCE The performance from Barberton Mines for the quarter exceeded expectations with sales of 875 kg at an average price of R101356/kg. Cash costs are presently at R74 332/kg produced and further cost reductions are in prospect for the forthcoming quarter. Production problems at both Chibuluma West and O'Okiep resulted in lower metal realisation. While action to improve performance has been implemented, it is not anticipated that these problems will be wholly overcome. In these circumstances the recent improvement in base metal prices will, if maintained, be most helpful. The coal operations continued to contribute to the Group's earnings. Fluorspar operations at Vergenoeg had a successful quarter notwithstanding the impact of the strong Rand. Vergenoeg is beginning to benefit from improvements in the product quality, resulting in increased pricing and volume demand. Gold production at Consolidated Murchison was lower than anticipated due to lower grades, however antimony production achieved internal target levels. FINANCIAL POSITION AND CASH FLOW The Group incurred a mining loss of R529 000 during the quarter compared with a loss of R5,95 million the previous quarter. The contribution from Barberton Mines was the main contributor to this improvement. The increase in revenue from R226 million to R281 million and the increase in cash costs from R163 million to R222 million are primarily attributable to the inclusion of Barberton Mines. The loss attributable to ordinary shareholders of R7,5 million is comparable with that of the previous quarter. Cash generated by operations increased marginally from R21,3 million to R22,4 million for the quarter. Dividends, taxation refunds and financing costs absorbed R8,8 million of this cashflow and capital expenditure and debt repayments absorbed a further R17,6 million resulting in a net decrease in cash for the quarter of R4,1 million. FUTURE PROSPECTS The recent strength in commodity prices combined with the gold hedges in Barberton Mines should contribute to increased revenues in the forthcoming quarter. The effect of sustained strength in the Rand/Dollar exchange rate has had, and will continue to have a significant affect on the Group's earnings. During this period management is focused on cost reductions and volume increases. CURRENT DEVELOPMENTS Barberton Mines The Group has commenced collating mine exploration data prior to embarking on a regional exploration programme to expand existing mine reserves and delineate potential future ore bodies. Chibuluma South The financing and conditions precedent for the development of the Chibuluma South mine have been finalised and development of the decline shaft has commenced. This project is expected to commence production from the sulphide orebody within twelve months. As a high-quality orebody with an established life of fifteen years, this project is expected to make a significant contribution to the future of the Group. Middelburg Townlands The Company has applied for a mining authorisation from the Department of Minerals and Energy. Site establishment has commenced, a processing plant has been purchased for re-siting at Middelburg and a plant consultant appointed. This project should commence production during the last quarter of the financial year and is expected to produce a proportion of its production in the form of a premium-priced lower phosphorus coal product for use in the ferrochrome and ferroalloy industries. Future prospects Discussions are being held with various parties with regard to the involvement in projects in the platinum and nickel industries. The Group is in addition embarking upon a more aggressive exploration programme in the regions surrounding the existing mines to potentially discover extensions to the existing ore reserves or new orebodies. The Group is targeting longer life, quality ore bodies for future development. CAPITAL EXPENDITURE Group capital expenditure for the quarter totalled R10,3 million (previous quarter: R3,9 million), mainly on underground development and equipment at Barberton Mines, expenditure on Middelburg Townlands, Chibuluma South project expenditure and equipment at Vergenoeg. SAFETY The Group is saddened to report that its safety record has recently been marred by the tragic loss of three employees at Consolidated Murchison Mine through an underground accident involving a fall of ground. The directors and staff express their sincere condolences to the families of the deceased. The Group reiterates its commitment to operating its mining activities with due regard to the safety and health of its employees. By order of the Board ASMALONE CDSNEEDHAM Chairman Financial Director 5 November 2003 Contact details for Metorex Limited and Corporate Advisers Metorex Limited Postal: PO Box 2814 Saxonwold 2132 Republic of South Africa Telephone: (+27 11) 880-3155 Facsimile: (+27 11) 880-3322 website: www.metorexgroup.com e-mail info@metorexgroup.com Registrars: Ultra Registrars (Pty) Limited PO Box 4844 Johannesburg 2000 South Africa Telephone: (+27 11) 834-2266 Capita Group plc The Registry 34 Beckenham Road Beckenham Kent BR 34TU England Telephone: 0944 208 639-2486 Fax 0944 208 639-2279 Company Secretaries: Moore Stephens MWM PO Box 1574 Houghton, 2041 Telephone (+27 11) 728-7240 Auditors: Deloitte & Touche Private Bag X6 Gallo Manor, 2052 RSA Telephone: (+27 011) 806-5000 This information is provided by RNS The company news service from the London Stock Exchange END QRFEADFSESEDFFE
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