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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:0282P Metorex Ld 26 August 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") Reviewed consolidated results for the financial year ended 30 June 2003 New Gold acquisition exceeds expectations Coal performance excellent Fluorspar quality improves to world standards Rand strength impacts negatively on earnings Chib South and Middelburg Townlands developments progressing Consolidated income statement Year ended Year ended 30 June 2003 30 June 2002 (Reviewed) (Audited) R000 R000 Revenue Mineral sales Copper 290 092 340 441 Zinc 83 492 105 774 Coal 179 236 122 928 Fluorspar 93 730 119 746 Gold 105 703 80 291 Antimony 121 484 71 772 Cobalt 5 986 15 558 Other 6 594 6 441 Gross revenue 886 317 862 951 Realisation costs 150 709 170 524 On-mine revenue 735 608 692 427 Cost of production 653 120 553 619 Depreciation 40 934 30 397 Mining profit 41 554 108 411 Foreign exchange (losses)/gains (5 948) 3 066 Other income 3 890 6 024 Income before exceptional items and finance costs 39 496 117 501 Finance income 4 692 5 539 Finance costs (18 926) (12 010) Income before exceptional items 25 262 111 030 Exceptional items - (132 702) Income/(Loss) before taxation 25 262 (21 672) Taxation - normal and STC 6 820 25 257 Taxation - deferred 5 630 (31 943) Income/(Loss) after taxation 12 812 (14 986) Income attributable to outside Shareholders 2 459 8 088 Income/(Loss) attributable to ordinary shareholders 10 353 (23 074) Earnings per share (cents) 7,4 (18,6) Headline earnings per share (cents) 9,1 72,8 Diluted earnings per share (cents) 7,4 (18,6) Diluted headline earnings per share (cents) 9,1 72,8 Dividend per share (cents) 14,0 12,0 Earnings per share and headline earnings per share are calculated using the following: Income attributable to ordinary Shareholders 10 353 (23 074) Exceptional items net of tax - 112 368 Exceptional items - 132 702 Tax effect on exceptional items - (20 334) Goodwill amortisation 3 662 3 662 Profit on sale of assets (1 704) (3 720) Tax effect on sale of assets 511 1 116 Headline earnings (R000's) 12 822 90 352 Weighted average number of shares in issue (000's) 140 498 124 140 Number of shares in issue at year end (000's) 175 019 138 970 Consolidated balance sheet 30 June 2003 30 June 2002 (Reviewed) (Audited) R000 R000 ASSETS Non-current assets Property, plant and equipment 499 952 239 346 Mineral rights 218 288 240 665 Goodwill 21 971 25 633 Investments 891 891 Rehabilitation trust funds 41 063 21 636 Deferred tax asset - 8 030 782 165 536 201 Current assets Inventories 53 074 70 858 Trade and other receivables 109 072 110 809 Derivative instruments 840 - Taxation prepaid 9 550 6 314 Bank balances and cash 23 498 82 986 196 034 270 967 Total assets 978 199 807 169 EQUITY AND LIABILITIES Capital and reserves Share capital and premium 473 204 383 083 Hedging and translation reserve (32 391) 10 924 Retained income 116 069 125 175 Equity reserve (128 066) (128 066) 428 816 391 116 Minority interest 16 699 16 490 Non-current liabilities Long-term liabilities interest bearing 179 974 84 907 Long-term provisions 71 081 48 434 Deferred tax liabilities 56 370 71 283 Deferred income 1 343 - 308 768 204 624 Current liabilities Trade and other payables 124 582 102 224 Derivative instruments - 380 Short-term borrowings interest bearing 45 080 57 734 Short-term provisions 28 168 14 517 Bank overdraft 25 554 9 353 Taxation 532 10 731 223 916 194 939 Total equity and liabilities 978 199 807 169 Net asset value per share (cents) 245 281 Net tangible asset value per share (cents) 233 263 Statement of changes in equity 30 June 2003 30 June 2002 (Reviewed) (Audited) R 000 R 000 Share capital 17 502 13 897 - Balance at start of year 13 897 12 073 - Issue of new shares 3 605 1 824 Share premium 455 702 369 186 - Balance at start of year 369 186 313 578 - Issue of new shares 86 516 56 472 - Share issue expenses - (864) Reverse acquisition reserve (128 066) (128 066) Foreign exchange translation Reserve (33 231) 11 304 - Balance at start of year 11 304 (4 903) - Foreign exchange reserve 15 832 (18 309) - Translation (loss)/gain on foreign monetary item (84 631) 42 230 - Tax effect of translation (loss)/gain on foreign monetary item 24 264 (7 714) Hedging reserve 840 (380) - Balance at start of year (380) - - Change in accounting policy - 718 - Restated hedging reserve (380) 718 - Fair value gains/(losses) for the year 5 603 (10 227) - Foreign exchange movement (92) - - Transferred to income Statement (4 291) 9 129 Retained income 116 069 125 175 - Balance at start of year 125 175 162 746 - Net income/(loss) for the year 10 353 (23 074) - Dividends distributed (19 459) (14 497) Total equity 428 816 391 116 Consolidated cash flow statement 30 June 2003 30 June 2002 (Reviewed) (Audited) R000 R000 Cash generated before working capital changes 82 388 145 147 Working capital changes 11 828 (62 730) Cash generated by operations 94 216 82 417 Dividends received - 47 Dividends paid (21 709) (20 706) Taxation paid (20 159) (33 793) Finance costs (14 234) (6 471) Cash inflows from operating Activities 38 114 21 494 Cash outflows from investing activities (39 986) (94 061) Cash (outflows)/inflows from financing activities (53 109) 79 161 Net increase in cash and cash equivalents (54 981) 6 594 Cash at beginning of year 95 269 88 186 Effect of foreign exchange rate changes (1 281) 489 Cash at end of year 39 007 95 269 Segmental report - 2003 Mining profit Revenue (Pre-depreciation) % % Copper 33 17 Flourspar 11 21 Zinc 9 5 Antimony/Gold 26 34 Coal 20 23 Other 1 - 100 100 2003 2002 Exchange rate (average) 9,07 10,10 Exchange rate (year-end) 7,58 10,31 COMMENTARY METOREX GOLD ACQUISITION The recent gold mine acquisition of BML (ETC division of Avgold) from Avgold, with our empowerment partner MCI Gold(Pty) Ltd, has exceeded initial production expectations. These production improvements combined with the forward sale contracts, of 177 kilograms (+/- 65% of production) per month at a price of R103 462 per kilogram for the forthcoming three years, generated profits for the two weeks of ownership in the financial year. Good progress has been made in converting BML to a Metorex style of management with positive feedback from the on-mine staff. OPERATING PERFORMANCE Group base metal operations experienced a difficult and frustrating year. While the metal prices in US Dollars were generally most welcome, the strengthening of the Rand/Dollar exchange rate negated these benefits. Production problems at Chibuluma West and O'Okiep compounded these financial effects to produce a disappointing contribution from the group's copper operations. Zinc profits were also materially affected by the Rand's strength although production at Maranda remained stable. Coal operations had a commendable year with gratifying increases in both sales volumes and prices. Fluorspar operations at Vergenoeg achieved significant progress in their primary objective of improving product quality. It is now clear that a globally competitive product can be produced, which will command significantly higher prices on world markets. The impact of this achievement during the past year has been an increase in unit production costs and reduction in recovery and saleable product, which together with the impact of the exchange rate, resulted in significantly lower profitability. Gold and antimony production at Cons Murch was lower than anticipated due to lower grades however, improved profit performance was forthcoming due to increased gold and antimony prices and Cons Murch achieved record profits. The increase in the cost of production was primarily due to increased production volumes and mix at Cons Murch and the coal operations, the inclusion of BML operating costs and a reduction in product stock levels. The depreciation charge increased with the commissioning of the O'Okiep slag plant during the year. FINANCIAL POSITION AND CASHFLOW The Group net asset value increased to R429 million with the issue of 36 million shares for the funding of the gold acquisition. The current ratio decreased to 0,88 : 1 due to the consolidation of the BML net current liability position of R33 million on acquisition immediately prior to year-end. This acquisition also absorbed a portion of the group's cash reserves. Cash generated by operations increased by R12 million to R94 million for the year ended 30 June 2003. After dividends, tax and finance costs the Group cash inflow from operating activities amounted to R38 million. Debt repayments amounted to R53 million and capital expenditure of R30 million was funded with cash resources. Further cash was allocated to the acquisition of ETC and related costs, all of which have temporarily reduced the Group current ratio. FUTURE PROSPECTS The Group is partially protected against a strong Rand due to the local sales generated by its profitable coal operations and the hedged gold book at Barberton Mines Limited, which provides a sustained price of R103,462/kg gold for 177 kg per month. The hedge book enables Barberton to sell total production at hedged prices where spot gold is at a low level. COPPER AND COAL EXPANSIONS APPROVED The opening of the Chibuluma South sulphide orebody was approved with the Industrial Development Corporation as equity partners in the project. Development of the decline shaft will commence in September 2003 with Metorex responsible for 13% of the project funding. A plant for the new Middelburg Townlands coal project was purchased and will be modified for production to commence in early 2004 producing low phosphorus coal. FINAL DIVIDEND APPROVED A final dividend of 3 cents per share has been approved for declaration giving a total dividend for the financial year of 7 cents per share (2002: 10 cents per share). This exceeds the policy of 20 - 30% of earnings but recognises the cash earnings of the group. CAPITAL EXPENDITURE AND COMMITMENTS Group capital expenditure, excluding the acquisition of ETC, totalled R30 million (2002: R99 million), which mainly related to the smelter refurbishment at O'Okiep and machinery upgrades at the coal operations. Contracted capital commitments at 30 June 2003 amount to R1 million (2002: R1 million), whilst uncontracted commitments amount to R7 million (2002: R5 million). Operating lease commitments, which fall due within one year amount to R3 million (2002: R2 million), whilst commitments of R5 million (2002: R2 million) fall due in years two to five. SHARES ISSUED On 13 June 2003, Metorex issued 36 million shares at a price of 250 cents per share as part of the BML acquisition. AUDIT REVIEW Deloitte & Touche, the company's auditors, have reviewed the financial results. A copy of their unqualified reviewed report is available for inspection at the company's registered office. ACCOUNTING POLICIES The 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 International Financial Reporting Standards applicable to Interim Financial Reporting. The accounting policies are consistent with those adopted in the previous year. SAFETY The Group safety record for the year was marred by four fatal accidents. Two occurred at Wakefield and one each at Maranda and Consolidated Murchison. The Group strives to conduct it's activities with due regard to the safety and health of its employees. A.S. MALONE Chairman C.D.S NEEDHAM Financial Director DECLARATION OF DIVIDEND Notice is hereby given that a final dividend referenced 006 of 3 (three) cents per share has been declared in respect of the year ended 30 June 2003. The dividend, which is declared in the currency of the Republic of South Africa, will be paid on 29 September 2003. The last day to trade in the company's shares for purposes of entitlement to the dividend is Thursday, 18 September 2003. The shares will commence trading ex-dividend on Friday, 19 September 2003 and the record date is Friday, 26 September 2003. Share certificates may not be dematerialised or rematerialised from Friday, 19 September 2003 to Friday, 26 September 2003, both days inclusive. By order of the board 26 August 2003 Secretaries Moore Stephens MWM 7 West Street Houghton, 2198 Transfer secretaries Computershare Limited 70 Marshall Street Johannesburg, 2001 Contact details for Metorex Limited and Corporate Advisers Metorex Limited Postal: PO Box 2814 Saxonwold 2132 South Africa Telephone: (+27 11) 880-3155 Facsimile: (+27 11) 880-3322 website: www.metorexgroup.com e-mail info@metorexgroup.com Registrars: South African and United Kingdom Computershare Limited PO Box 1053 Johannesburg 2000 South Africa Telephone: (+27 11) 370-5000 Capita Group plc The Registry 34 Beckenham Road Beckenham Kent BR 34 TU England Telephone: (+44 208) 639-2486 Fax: (+44 208) 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 FR SEFFLMSDSEDA
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