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Audited abridged financial results for the year ended 28 February 2013
METMAR LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/007269/06)
Share code: MML & ISIN code: ZAE000078747
(Metmar or the Company or the Group)
Audited abridged financial results for the year ended 28 February 2013
- Strategic reassessment and alignment of Group completed
- Raised R99,4 million to reposition the Group
- Addressed skills deficiencies in key functional areas through a service agreement with
Beacon Rock Corporate Services and recruitment of specialised staff
- New appointment to Metmar Board to strengthen overall leadership of the Group
AUDITED ABRIDGED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
at Note 28 February 2013 29 February 2012
R000 R000
ASSETS
Non-current assets
Property, plant and equipment 39 253 57 469
Goodwill and intangible assets 150 150 155 090
Investment in associates 89 795 49 398
Investments 2 207 600 253 361
Deferred taxation 18 547 4 629
505 345 519 947
Current assets
Inventories 423 539 339 696
Trade and receivables 541 464 755 295
Other receivables 54 612 111 877
Cash and cash equivalents 5 80 148 88 313
1 100 241 1 295 181
Non-current assets held-for-sale 3 36 642 11 842
Total assets 1 642 228 1 826 970
EQUITY AND LIABILITIES
Equity and retained earnings 644 402 645 098
Non-current liabilities
Financial liabilities 23 309 76 437
Deferred taxation 51 652 53 183
74 961 129 620
Current liabilities
Financial liabilities 22 401 71 384
Trade and other payables 4 324 686 399 447
Trade finance facilities 4 469 459 526 257
Bank overdrafts 5 99 890 48 765
916 436 1 045 853
Non-current liabilities and disposal groups held-for-sale 3 6 429 6 399
Total liabilities 997 826 1 181 872
Total equity and liabilities 1 642 228 1 826 970
Net asset value per share (cents) 241,07 277,53
Net tangible asset value per share (cents) 183,27 210,81
Number of shares in issue 267 306 552 232 440 480
AUDITED ABRIDGED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the years ended Note 28 February 2013 29 February 2012
R000 R000
CONTINUING OPERATIONS
Revenue 2 024 533 2 644 545
Cost of sales (1 859 607) (2 358 581)
Gross profit 164 926 285 964
Other income 6 26 813 41 599
Operating expenses 7 (255 869) (229 103)
Fair value movements on forward exchange contracts (692) 9 431
Operating (loss)/profit (64 822) 107 891
Net finance cost 8 (45 370) (29 381)
Fair value adjustments on listed investments (11 454) 27 980
(Loss)/income from equity accounted investments (1 815) 1 657
(Loss)/profit before taxation (123 461) 108 147
Taxation 9 12 427 (31 829)
(Loss)/profit from continuing operations (111 034) 76 318
DISCONTINUED OPERATIONS
(Loss) before taxation (515) -
Taxation - -
(Loss) from discontinued operations (515) -
Total
(Loss)/profit before taxation (123 976) 108 147
Taxation 12 427 (31 829)
Attributable (loss)/profit for the year (111 549) 76 318
Other comprehensive income:
Movements on revaluations of financial assets (23 574) (12 187)
Movement in foreign currency reserves (3 828) (2 312)
Total comprehensive (loss)/income (138 951) 61 819
(Loss)/profit for the year attributable to:
Equity holders of the Group (101 006) 80 205
Non-controlling interests (10 543) (3 887)
Total (loss)/profit for the year (111 549) 76 318
Total comprehensive (loss)/income attributable to:
Equity holders of the Group (112 140) 65 706
Non-controlling interests (26 811) (3 887)
(138 951) 61 819
(Loss)/earnings per share
Basic and diluted (cents) 10 (39,5) 34,5
Headline (cents) 10 (32,4) 34,1
AUDITED ABRIDGED CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
Share Foreign Re- Share- Acquisition Non-
capital and currency valuation holders of shares in Retained controlling Total
premium reserve reserve loans subsidiary earnings interests equity
R000 R000 R000 R000 R000 R000 R000 R000
Balance at 1 March 2011 60 636 5 768 - - (5 704) 548 633 (761) 608 572
Total comprehensive income for the year - (1 482) 30 094 - - 80 205 (46 998) 61 819
Dividends paid - - - - - (25 568) (1 000) (26 568)
Interest in subsidiaries - - - - (21 843) - 533 (21 310)
Business combinations - - - - - - 22 585 22 585
Balance at 1 March 2012 60 636 4 286 30 094 - (27 547) 603 270 (25 641) 645 098
Issue of shares 99 369 - - - - - - 99 369
Total comprehensive loss for the year - (3 095) (8 039) - - (101 006) (26 811) (138 951)
Dividends paid - - - - - (38 353) - (38 353)
Dilution of shareholding in
Metmar Africa Limited - - - - - - 4 354 4 354
Reclassification to shareholders loan - - - 72 885 - - - 72 885
Balance at 28 February 2013 160 005 1 191 22 055 72 885 (27 547) 463 911 (48 098) 644 402
AUDITED ABRIDGED CONDENSED GROUP CASH FLOW STATEMENTS
for the years ended Note 28 February 2013 29 February 2012
R000 R000
Cash flows (used in)/generated from operating activities
Cash (used in)/generated from operations 11 (41 428) 129 574
Net finance costs (45 370) (29 381)
Taxation paid (8 322) (45 918)
Net cash (used in)/generated from operating activities (95 120) 54 275
Net cash flows from investing activities 967 (78 853)
Net cash generated from financing activities 34 863 15 739
Total cash movement for the year (59 290) (8 839)
Cash and cash equivalents at the beginning of the year 39 548 48 387
(Net overdraft)/cash and cash equivalents at the end of the year (19 742) 39 548
NOTES TO THE AUDITED ABRIDGED FINANCIAL RESULTS
1. Basis of preparation
The audited abridged financial results have been prepared in accordance with, and containing the information required by,
International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Reporting Pronouncements (FRPs) as issued by the Financial Reporting Standards Council (FRSC), the 2008
South African Companies Act and the JSE Listings Requirements. The principal accounting policies used in the preparation of the
financial results for the year ended 28 February 2013 are in terms of IFRS and are consistent with those applied for the year ended
29 February 2012 except for IAS 1 presentation.
2. Investments
28 February 29 February
2013 2012
R000 R000
Investments
Kalahari Resources Proprietary Limited 166 000 108 800
Kivu Resources Limited - 9 333
SA Metals Equity Proprietary Limited 28 500 28 500
Zimbabwe Alloys Chrome (Private) Limited 13 100 46 728
Pering Base Metals Proprietary Limited - 60 000
207 600 253 361
3. Non-current assets held-for-sale
Pering Base Metals Proprietary Limited 25 870 -
Clay Fusion Technologies Proprietary Limited 3 000 11 762
24 Sloane Street Properties Proprietary Limited 3 564 -
Property, plant and equipment 4 128 -
Other assets 80 80
Total assets 36 642 11 842
Less: Liabilities of disposal groups (6 429) (6 399)
30 213 5 443
4. Trade and other payables
Trade and other payables 324 686 383 595
Trade finance facilities 469 459 526 257
794 145 909 852
5. Cash and cash equivalents
Cash and cash equivalents 80 148 88 313
Less: Bank overdrafts (99 890) (48 765)
(19 742) 39 548
Trade finance facilities are accounted for separately.
6. Other income
Includes:
Gain on disposal of associate - 4 800
Net profit on foreign exchange - 11 649
Commission received 14 500 18 133
Gain on disposal of assets 3 331 -
Other 8 982 7 017
26 813 41 599
7. Operating expenses
Operating expenses for the year are stated after accounting for:
Commission paid 36 353 56 978
Consulting and professional fees 5 710 4 664
Employee costs 78 782 68 506
Legal fees 2 832 4 479
Operating lease charges 7 123 3 199
Repairs and maintenance 5 325 7 164
Impairments 60 363 36 197
Depreciation and amortisation 8 452 6 455
Unrealised loss on foreign exchange 21 360 -
Other 29 569 41 461
255 869 229 103
8. Net finance costs
Includes:
Trading contracts 26 558 17 587
Bank overdrafts 20 629 9 610
Financing effect on purchases and trade and other payables 17 633 17 888
Discounting on deferred payments - 13 037
Total 64 820 58 122
Less: Finance income (19 450) (28 741)
45 370 29 381
9. Taxation
Normal taxation 10 016 33 700
Deferred taxation (22 443) (1 871)
(12 427) 31 829
10. Reconciliation of headline (loss)/profit for the year
(Loss)/profit for the year (101 006) 80 205
Adjustments for:
- (Gain)/loss on disposal of property, plant and equipment (2 376) (27)
- Capital gain on disposal of investment - (4 800)
- Impairments 20 736 3 785
Headline (loss)/earnings (82 646) 79 163
Headline (loss)/earnings per share (cents) (32,4) 34,1
- Attributable (loss)/earnings per share (cents) (39,5) 34,5
Weighted average number of shares in issue 255 461 640 232 440 480
*Weighted number of shares in issue 255 461 640
- at 1 March 2012 232 440 480
- new issue 2 July 2012 (34 866 072 shares 241/365 days) 23 021 160
11. Cash (utilised in)/generated from operations
Profit before taxation (123 976) 108 147
Adjustments for:
- Non-cash items 60 517 (33 240)
- Net finance costs 45 370 29 381
Changes in working capital:
- Inventories (102 537) (69 840)
- Trade and other receivables 205 277 (229 418)
- Trade and other payables (126 079) 324 544
(41 428) 129 574
12. Segment report
In identifying its operating segments, management generally distinguishes investment in resource-based operations from the trading
activities of the Group.
The following factors have been used to identify reportable segments of the Group:
- distinction between the investment and trading activities;
- investments segment includes investment in equity, property, plant and equipment
- trading segment relates to the traditional core trading activities of the Group together with the resource-based activities emanating
from off-take agreements and arrangements in place as a result of investment in equity, property, plant and equipment.
As a commodity trader and financial and logistics facilitator, Metmar is focused on developing assets and revenues related to the trading
and production of a diverse range of bulk commodities, specifically metals, plastics, rubber and chemicals.
There has been no aggregation of the two segments identified as:
- investments; and
- trading.
The Chief Operating Decision Maker (CODM) evaluates the performance of the Groups segments based on earnings before interest, taxation,
depreciation and amortisation.
Included in the management reports reviewed by the CODM are summaries of depreciation and amortisation expense related to each of the
segments, even though these amounts are not allocated within the segment results reported.
No allocations of interest or taxation are made and only entity-wide amounts for these items are reported to the CODM.
Each of the operating segments is managed separately as each of these service lines requires different processes and other resources as
well as marketing approaches. All inter-segment transfers are carried out at arms length prices.
The measurement policies the Group uses for the segment reporting under IFRS 8 are the same as those used in its annual financial
statements, except that:
- post-employment benefit expenses;
- expenses relating to share-based payments;
- research costs relating to new business activities; and
- revenue and costs
are not included in arriving at the operating profit of the operating segments in prior periods.
The measurement methods used to determine reported segment profit and loss included allocations of the amounts described above.
Management currently identifies the Groups two activities as operating segments. These operating segments are monitored as strategic
decisions are made on the basis of segment operating results.
28 February 2013 - Audited 29 February 2012 - Audited
Adjustments Adjustments
and and
Trading Investment eliminations Total Trading Investment eliminations Total
R000 R000 R000 R000 R000 R000 R000 R000
Segment revenues 2 005 739 43 547 (25 050) 2 024 236 2 632 798 253 157 (241 410) 2 644 545
Net finance costs (28 799) (16 845) 274 (45 370) (8 435) (5 652) (15 294) (29 381)
Depreciation and amortisation
of non-financial assets (4 851) (3 856) 255 (8 452) (4 558) (2 035) 147 (6 446)
1 972 089 22 846 (24 521) 1 970 414 2 619 805 245 470 (256 557) 2 608 718
The totals presented for the Groups operating segments reconcile to the entitys key financial results as presented:
Segment revenues 2 005 739 43 547 (25 050) 2 024 236 2 632 798 253 157 (241 410) 2 644 545
Other income 21 101 24 445 (18 733) 26 813 31 856 17 754 (8 011) 41 599
2 026 840 67 992 (43 783) 2 051 049 2 664 654 270 911 (249 421) 2 686 144
Segment profit/(loss)
Segment operating profit/(loss) 4 712 (68 300) (1 234) (64 822) 88 476 21 124 (1 709) 107 891
Fair value adjustments for listed investments 10 044 (18 095) (3 403) (11 454) 179 27 801 - 27 980
Net finance costs (28 799) (16 845) 274 (45 370) (8 435) (5 654) (15 292) (29 381)
Discontinued operations (515) (515)
(Loss)/income from equity accounted investments - (1 815) - (1 815) - 1 657 - 1 657
(Loss)/profit before taxation (14 043) (105 570) (4 363) (123 976) 80 220 44 928 (17 001) 108 147
Taxation (1 309) 11 444 2 292 12 427 (22 461) (13 366) 3 998 (31 829)
(Loss)/profit for the period (15 352) (94 126) (2 071) (111 549) 57 759 31 562 (13 003) 76 318
Segment assets 1 148 280 783 914 (289 966) 1 642 228 1 240 111 820 271 (233 412) 1 826 970
1 148 280 783 914 (289 966) 1 642 228 1 240 111 820 271 (233 412) 1 826 970
Segment liabilities 794 450 815 200 (611 824) 997 826 856 987 802 430 (477 545) 1 181 872
794 450 815 200 (611 824) 997 826 856 987 802 430 (477 545) 1 181 872
13. Corporate governance
The Metmar Group complies with the Code of Good Corporate Practice and Conduct published in the King III report on Corporate
Governance.
14. Post-balance sheet events
The Company sold its subsidiary company 24 Sloane Street Properties Proprietary Limited for R12,8 million. The deal is conditional
on a new mortgage bond being signed and registered.
The mortgage bond has already been approved and is currently at the deeds office to be registered after which Metmar will receive
the cash.
15. Related-party transactions
During the period, the Company and its subsidiaries in the ordinary course of business, entered into various transactions with their
associates. These transactions were subject to terms that are no less favourable than those arranged with third parties.
16. Audit opinion
These results have been audited by the Groups independent auditors, Grant Thornton. Their unmodified audit report, dated 29 April 2013,
is available for inspection at the registered offices of the Group. The auditors report does not necessarily cover all of the information
contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the
auditors work they should obtain a copy of that report together with the accompanying financial information from the registered office of the
Company. Any reference to future financial performance included in this announcement, has not been reviewed or reported on by the Groups
independent auditors.
COMMENTARY
Financial performance
In the difficult trading environment which prevailed throughout the financial year ended 28 February 2013, particularly in the second half, Metmar
incurred a loss owing to inter alia lower volumes traded and depressed commodity prices, which in turn were driven by low international demand
and overstocking, particularly in China.
Revenue declined by 23% to R2,0 billion (2012: R2,6 billion) and gross profit margins in the Trading segment (which comprises the metals trading
business and plastics and rubber distribution business), were squeezed to 8% (2012: 11%).
An operating loss of R64,8 million was incurred (2012: profit of R107,9 million.
Operating expenses increased to R255,9 million (2012: R229,1 million) due in the main to increases in impairments of R60,4 million (2012:
R36,2 million) and unrealised loss on foreign exchange differences of R21,4 million (2012: unrealised gain of R11,6 million). The Group incurred
a loss before tax of R124,0 million (2012: profit of R108,1 million). This adverse result was due to an increase in net finance costs to R45,4 million
(2012: R29,4 million) partly caused by the holding cost of metallurgical coke breeze and negative fair value adjustments of R11,5 million (2012: gain
of R27,9 million). The imminent startup of the Kalagadi sinter plant will allow the Group to realise portion of its metallurgical coke breeze stockpile,
thus generating cash and reducing finance charges.
The attributable loss of the equity holders of the Group is R101,0 million (2012: profit of R80,2 million) and the headline loss is R82,6 million
(2012: profit of R79,2 million).
The net asset value decreased by 13,1% to 241,1 cents per share (2012: 277,5 cents per share) due to losses incurred and investments revaluations.
The investments were valued by an independent expert and are disclosed at R207,6 million (2012: R253,4 million) after reclassification of the Pering
Base Metals Proprietary Limited valued at R25,9 million to non-current assets held for sale following managements decision to sell this investment.
Cash used in operations was R95,1 million (2012: cash generated from operations of R54,3 million). The Company raised R99,4 million during
the year through an issue of shares at Metmar Limited level to a strategic investor. The cash position at year end is a net overdraft balance of
R19,7 million (2012: net cash balance of R39,5 million).
Management has instituted various strategic plans to return the Group to profitability and a positive cash flow position in the 2013/14 financial year
including cost cutting, identification and disposal of non-core investments and operations, and the recruitment of an experienced corporate financier
to manage investments and attend to general corporate finance matters, thus allowing the Company to focus on its core business of trading.
DIVISIONAL PERFORMANCE AND PROSPECTS
The Group comprises of two reportable segments which are Trading (which includes Polychem) and Investments.
TRADING
Metals trading
Metals trading achieved an operating profit of R4,7 million (2012: R88,5 million) due to the decline in trading margins. The weak Rand in the second
half of the financial year was not beneficial given that US Dollar purchases converted to Rand were higher than US Dollar sales converted to Rand.
Furthermore, US Dollar facilities at year end had to be converted to Rand. Overall metals trading turnover reduced to R2,0 billion (2012: R2,6 billion).
Loss for the year was R15,4 million (2012: profit of R57,8 million). The financial year 2014 is presenting a number of trading opportunities which the
metals trading business is adequately equipped to handle given its access to trade finance facilities, logistics services and a skilled trading team.
Management is cautiously optimistic that the commodities market will pick up in 2014 financial year as consumers are expected to reduce their
overstocked positions.
Polychem
Polychem distributes polymers, natural rubber and rubber chemicals and delivered lower than anticipated financial results. Turnover increased to
R628 million (2012: R530 million) whereas gross profit reduced to R62 million (2012: R64 million) reflecting the extent of difficult trading conditions
experienced in the current year despite increases in volumes. Profit after tax also declined to R28 million (2012: R32 million) due to high finance
costs and increased logistics costs. Margins are expected to continue to be under pressure in 2014 financial year and management plans to focus
on increasing volumes of high margin products.
INVESTMENTS
The evaluation of each investment was completed during the year, enabling Metmar Investments and Resources (Investments) to identify its ongoing
core assets. Non-core assets are in the process of being sold and are reflected at an estimated net realisable value in the balance sheet. This process
has resulted in impairments which were recognised in the income statement contributing to the loss incurred by the Group.
For the year under review, Investments incurred an operating loss of R68,3 million (2012: profit of R21,1 million) due to impairments and reversal of
coke breeze sales. Turnover decreased to R43,5 million (2012: R253,2 million) mainly due to the coke breeze sales reversal.
The R99,4 million raised by Metmar Limited was intended to be used at the Investments level to pay off debt and invest in profitable projects. The
funds have been applied for their stated purpose which includes funding of a further stake in Kivu and further funding, through the shareholders loans,
of the Eastern Belt Chrome Mines Proprietary Limiteds (EBCM) project known as Sefateng Chrome Mine Proprietary Limited to enable it to develop
Sefateng chrome mine from which Metmar has 100% off-take. The funding also assisted in reducing debt incurred in the purchase of EBCM shares,
buyout of minorities in Metmar Industrial, investing in the construction of a storage and loading terminal in one of the major ports in the southern
African Region and paying off bank debt.
Report of each of the major investments is as follows:
- Metmar owns 11,66% of Kalahari Resources Proprietary Limited (Kalahari Resources), which owns 40% of Kalagadi Manganese Proprietary
Limited (Kalagadi). Kalagadi completed cold commissioning of the sinter plant and hot commissioning is imminent once electricity
is connected. Eskom is to supply a mobile electricity unit while the connection to the grid is finalised. The manganese mine is expected to be
completed in the first half of the 2014 calendar year. This has presented an opportunity for toll treating manganese fines at Kalagadi using the
metallurgical coke breeze in stock to produce manganese sinter which has seen good price increases over the last year. Metmar will supply both
manganese fines and coke while Kalagadi is to charge a toll fee for conversion.
The manganese mine in the Northern Cape is expected to produce 3 million tons of ore per annum. The sinter plant is expected to produce
2,4 million tons of beneficiated sintered ore. The off-take agreement with Kalagadi to market 50% of its produce is in the final process of
negotiations.
- The Company owned 8,98% of Kivu Resources (Kivu) at the beginning of the current year but the shareholding was increased to 32,4%
following a rights issue in which not all shareholders participated. Kivu previously owned a tin project in the Democratic Republic of Congo which
was later sold in exchange for shares in Alphamin Resources Limited (Alphamin), a company listed on the Canadian Stock Exchange. These
shares were distributed to the shareholders of Kivu resulting in Metmar owning 2,7 million shares in Kivu. Metmar was owed R48 million by Kivu
for tin purchases paid for by Metmar but never delivered. Kivu agreed with Metmar to exchange the debt owed for further shares in Alphamin. This
resulted in Metmar Group receiving a further 7,2 million shares of which 5 million was received in the current year.
Kivu also owns a tin project in Rwanda in partnership with the Rwandan government. This project did not achieve production targets during
the year due to shortage of mining and beneficiation equipment and lack of skilled personnel. The funds raised by Kivu through the rights issue
in which Metmar participated were used to acquire mining and beneficiation equipment. Metmar assisted the project to recruit an experienced
Managing Director who has successfully put in place a management team. This project is expected to produce in excess of 150 tons of tin per
month at its optimal production expected within the next 18 months. Metmars negotiations and finalisation of the off-take agreement have been
hampered by the projects non-registration to International Tin Research Institute (ITRI). This registration is expected to be approved in the first
quarter of 2014 financial year and Metmar will sign up the 100% off-take from the project.
- Eastern Belt Chrome Mines Proprietary Limited (EBCM) continued to benefit from the chrome off-take agreement with Sefateng Chrome
Mine Proprietary Limited (Sefateng), a company in which it owns an effective 20% stake. Over the last two years Sefateng moved in excess
of 350 000 tons of run of mine chrome to China and other export destinations. This is reflected by the profit after tax of R8,7 million which it
achieved in the current financial year. Sefateng cut production towards the end of the current year due to poor chrome prices and expiry of the
small scale mining permit. The mining right application together with an application for another small scale mining permit is to be submitted within
the first quarter of 2013/14 financial year. Metmar has secured a 100% off-take agreement for chrome produced from the small scale mining
permit and continues to negotiate an off-take agreement for all product mined once the mining right is approved. The 51% owned Steelpoort
Chrome Mines Proprietary Limited (Goudmyn) continues to be unable to use its approved mining rights due to the water use licence not yet been
issued. Goudmyn has 700 000 tons of open cast minable high quality LG6 material and Sefateng has 2,5 million metric tons of open cast minable
LG6 and a further 37 million metric tons to be mined underground.
OTHER ISSUES
Ruukki
The dispute with Ruukki SA Proprietary Limited regarding the outstanding payments of the proceeds to the Mogale Vendors was resolved during
the current year. Vendors were paid a cash settlement of R175 million plus 8 695 652 shares in the Ruukki Group Plc pending the South African
Reserve Bank (SARB) approval. Metmar received its cash portion amounting to R26 million. Shares in Ruukki Group have not been received since
the SARB approval has not been obtained. Ruukki has requested extension from the Mogale Vendors to secure the SARB approval and Vendors
are considering this.
DIRECTORATE AND COMPANY SECRETARY
The following changes to Metmars board of directors took effect during the year under review:
- Mr Tom Borman was appointed as a non-executive director with effect from 12 March 2013.
- Ms Kgomotso Moroka was appointed as an independent non-executive director with effect from 13 March 2013.
- Ms AC Swart was appointed as a Company Secretary with effect from 1 February 2013 following the resignation of Mr MRD Boyns.
OUTLOOK
Recently released Chinas GDP growth figures have come below expectations. This has fuelled fears of continued subdued demand for commodities
given that China is the biggest buyer of commodities globally. Such fears are mitigated by the understanding that China could start buying at the
current low commodity prices. With other significant economies not yet showing good growth the next financial year is likely to continue to be
challenging for commodity traders. However, the actions taken by management to reduce costs and obtain new sources of product, which are
already bearing fruit, should restore the Group to a profitable position in 2014. Notwithstanding the lackluster performance of FY 2013, the strategic
work performed at Group level is expected to deliver turnaround in the Groups performance, irrespective of what commodity markets do.
DIVIDEND
Metmars policy continues to be to pay approximately half the attributable earnings earned as a dividend. Given that in the current year we incurred
a loss no dividend will be declared nor paid.
ANNUAL GENERAL MEETING
The Companys annual general meeting of shareholders will be held at Metmars registered office at 25 Culross Road, Corner Main and Culross Road,
Bryanston on 7 August 2013. A separate notice convening the meeting will be posted to the shareholders in due course.
CB Brayshaw DJ Ellwood
Non-executive Chairman Chief Executive Officer
30 April 2013
Directors: CB Brayshaw** (Chairman), DJ Ellwood (Chief Executive Officer), D Earp**, PP Boshoff, T Borman*, K Moroka**,
GP Lotis, D Mashile-Nkosi*, SMS Nkosi (Chief Financial Officer), L Matteucci** *Non-executive **Independent and Non-executive
Company Secretary: AC Swart
Registered office: 25 Culross Road, Bryanston, 2191 (PO Box 98549, Sloane Park, 2152)
Transfer secretaries: Computershare Investor Services (Pty) Limited (PO Box 61051, Marshalltown, 2107)
Sponsor: One Capital
Auditors: Grant Thornton
www.metmar.com
These results may be viewed on the internet on http://www.metmar.com
Date: 30/04/2013 09:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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