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MTX - Metorex - Pro Forma Income Statement for the 6 months ended 30 June 2010 METOREX LIMITED (Incorporated in the Republic of South Africa) (Registration number 1934/005478/06) Share code: MTX ISIN: ZAE000022745 Issuer code: MEMTX ("Metorex" or "the Company") PRO FORMA INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2010 Shareholders are referred to the announcement released on SENS on Tuesday, 1 March 2011 regarding the reviewed provisional results of the Company for the 18 months ended 31 December 2010 ("Results Announcement"). The Results Announcement includes references to the pro forma income statement for the 6 months ended 30 June 2010. The figures included in the pro forma income statement for the 6 months ended 30 June 2010 were calculated by subtracting the income statement figures included in the published results for the 6 months ended 31 December 2009 from the income statement figures included in the published results for the 12 months ended 30 June 2010. As a result of this information not having been previously published by the Company or audited or reviewed by the Company`s auditors, Metorex is required to publish the calculation of this pro forma financial information. The relevant calculations have been provided below. The unaudited pro forma financial information is provided for illustrative purposes only. Due to the nature of the pro forma financial information, it may not fairly present the financial position, changes in equity, results of operations or cash flows of the Company. The unaudited pro forma financial information has been prepared in accordance with the JSE Limited Listings Requirements and the Guide on Pro Forma Financial Information as issued by the South African Institute of Chartered Accountants. The unaudited pro forma financial information is the responsibility of the board of directors of Metorex as at the date of this announcement and has not been reviewed or reported on by the Company`s auditors. UNAUDITED PRO FORMA INCOME STATEMENT FOR THE 6 MONTHS ENDED 30 JUNE 2010 Reported Reported Pro Forma Reviewed Unaudited for the 12 months 6 months 6 months
ended ended ended June 2010 December June 2010 2009 R`000`s R`000`s R`000`s
Revenue: Mineral Sales Copper 2 121 856 1 109 384 1 012 472
Cobalt 659 444 279 888 379 556 Gross Revenue 2 781 300 1 389 272 1 392 028
Realisation Costs 369 714 166 841 202 873 On-Mine Revenue 2 411 586 1 222 431 1 189 155
Cost of production 1 482 391 762 005 720 386 Stock Movement 63 510 (1 275) 64 785
Mining profit 865 685 461 701 403 984 Royalties (115 354) (54 356) (60 998)
Other income 420 784 413 635 7 149 EBITDA 1 171 115 820 980 350 135
Finance costs, net (78 578) (54 212) (24 366) Income before depreciation 1 092 537 766 768 325 769
Depreciation 296 141 153 071 143 070 Income before Assets held for sale ("AHFS") 796 396 613 697 182 699 AHFS and Discontinued operations (31 903) (18 643) (13 260) Income before taxation 764 493 595 054 169 439
Taxation 124 617 82 024 42 593 Income after taxation 639 876 513 030 126 846
Income attributable to non- controlling interests 59 720 27 569 32 151 Retained income for the period 580 156 485 461 94 695
From continuing and discontinuing operations Earnings per share (c) 72.4 65.3 11.0 Diluted earnings per share (c) 72.3 64.6 10.9 Headline earnings per share (c) 25.2 14.2 11.2 ("HEPS") Diluted headline earnings per 25.2 14.0 11.1 share (c) Adjusted headline earnings per 24.6 11.8 12.8 share (c) ("Adjusted HEPS") Weighted average shares in issue (000`s) 801 794 743 567 860 091 Diluted number of shares in issue (000`s) 802 115 751 747 868 014 Shares in issue (000`s) 742 538 745 763 1 002 263 HEPS reconciliation: -
Income attributable to ordinary shareholders 580 156 485 461 94 695 (Profit) Loss on the sale of fixed assets and subsidiaries, net of (378 485) (380 378) 1 893 tax Discontinued operation 386 261 125 Headline earnings 202 057 105 344 96 713 Headline earnings per share (c) 25.2 14.2 11.2 Diluted headline earnings per 25.2 14.0 11.1 share (c) Adjusted HEPS reconciliation: Headline earnings (R 000`s) 202 057 105 344 96 713 Once-off deferred tax credit relating to AHFS (42 077) (42 077) - AHFS, net of tax 31 903 18 643 13 260 Non-controlling interest relating to AHFS 5 740 5 740 - Adjusted headline earnings (R 000`s) 197 623 87 650 109 973 Adjusted headline earnings per share (c) 24.6 11.8 12.8 Johannesburg 1 March 2011 Sponsor: Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited Date: 01/03/2011 07:06:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
