METALS X LIMITED Metals X Limited Half-Year Report - 31 December 2016
CORPORATE DIRECTORYThis half-year report covers the consolidated entity comprising Metals X Limited (the Company) and its subsidiaries (the Consolidated Entity). The Consolidated Entity's functional and presentation currency is AUD ($).
A description of the Consolidated Entity's operations and its principal activities is included in the review of operations and activities in the directors' report on page 3.
Directors Peter Newton (Non-Executive Chairman) Warren Hallam (Managing Director) Simon Heggen (Non-Executive Director) Stephen Robinson (Non-Executive Director) Yimin Zhang (Non-Executive Director) Company Secretary Fiona Van Maanen | Registered Office Level 3 18 - 32 Parliament Place WEST PERTH WA 6005 Phone: 61-8-9220 5700 Fax: 61-8-9220 5757 E-mail: reception@metalsx.com.auWebsite: www.metalsx.com.au Postal Address PO Box 1959 WEST PERTH WA 6872 |
Share Registry Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 Phone: 61-8-9315 2333 Fax: 61-8-9315 2233 E-mail: registrar@securitytransfer.com.au | Securities Exchange Listed on the Australian Securities Exchange Codes: ASX: MLX |
Domicile and Country of Incorporation Australia |
APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX 2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2016 12
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 13
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2016 14
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2016 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2016 16
AUDITOR'S INDEPENDENCE DECLARATION 31
Page 1
APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASXThis Appendix 4D is to be read in conjunction with the 2016 Annual Financial Report, the December 2016 Interim Financial Report and Directors' Report.
The Directors do not propose to pay any dividend for the half-year ended 31 December 2016.
Key Financial Highlights
Consolidated | 31 December 2016 $ | 31 December 2015 $ | Movement $ | Movement % |
Revenue from ordinary activities: | 127,970,883 | 36,422,219 | 91,548,664 | 251% |
(Loss)/profit from ordinary | ||||
activities after tax attributable to | ||||
members: | (92,600,839) | 2,315,132 | (94,915,971) | -4,100% |
Profit/(loss) from discontinued | ||||
operations after tax: | 237,765,012 | (1,502,791) | 239,267,803 | 15,922% |
Net profit attributable to | ||||
members: | 145,164,173 | 812,341 | 144,351,832 | 17,770% |
Net tangible assets per share: | 0.35 | 0.86 |
Financial performance | 31 Dec 2016 $ | 31 Dec 2015 $ | Movement $ |
Continuing Operations | 127,970,883 | 36,422,219 | 91,548,664 |
Total sales revenue | |||
Cost of sales | (115,692,163) | (30,666,670) | (85,025,493) |
Gross profit | 12,278,720 | 5,755,549 | 6,523,171 |
Net (loss)/profit after tax | (92,600,839) | 2,315,132 | (94,915,971) |
Discontinued Operations | |||
Net profit after tax | 237,765,012 | (1,502,791) | 239,267,803 |
Cash flows | |||
Cash flow from operating activities | 1,845,729 | 12,503,527 | (10,657,798) |
Capital reinvestment | |||
Property, plant and equipment | (12,853,081) | (8,866,147) | (3,986,934) |
Mine properties and development | (28,396,782) | (44,820,542) | 16,423,760 |
Exploration and evaluation expenditure | (13,593,864) | (14,036,307) | 442,443 |
Financial position | 31 Dec 2016 $ | 30 Jun 2016 $ | Movement % |
Net assets Cash balance | 213,438,876 28,269,528 | 394,908,333 39,184,787 | -45.95% -27.86% |
Review of Results: refer to the review of results included in the Directors' Report.
DIRECTORS' REPORTYour directors submit their report for the half-year ended 31 December 2016.
DIRECTORSThe names of the Company's directors in office during the half-year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.
Peter Newton (Non-Executive Chairman) Warren Hallam (Managing Director)
Peter Cook (Non-Executive Director) (resigned 2 February 2017)
Stephen Robinson (Non-Executive Director) (appointed 25 November 2016) Simon Heggen (Non-Executive Director)
Yimin Zhang (Non-Executive Director) (appointed 9 January 2017) Xie Penggen (Non-Executive Director) (resigned 9 January 2017) Paul Cmrlec (Non-Executive Director) (resigned 5 October 2016)
RESULTS AND REVIEW OF OPERATIONS RESULTS OF OPERATIONSConsolidated total profit after income tax - $145,164,173 (2015: $812,341);
Total consolidated revenue of continuing operations - $127,970,883 (2015: $36,422,219);
Total cost of sales of continuing operations - $115,692,163 (2015: $30,666,670);
Gain on distribution of controlled entities - $228,503,915 (2015: Nil);
Impairment of mine properties and development and exploration and evaluation expenditure - $72,853,914 (2015: $94,407);
Cash flow from operating activities - $1,845,728 (2015: $12,503,527);
Cash flows used in investing activities - $120,585,992 (2015: $70,395,612); and
Cash flows from financing activities - $107,825,005 (2015: $10,828,282 outflow).
Key results for the half-year are: Copper Division
Revenue from the Nifty Copper Operation (Nifty) was $86.6M (2015: nil). The Company took control of Nifty on 1 August 2016.
The cost of sales was $86.6M (2015: nil).
Tin Division
Revenue from the 50% owned Renison Tin Operation was $40.2M (2015: $35.5M). The revenue was higher than the previous year as a result of higher tin prices.
The cost of sales was $29.1M (2015: $30.7M) with costs decreasing due to a reduction in costs associated with efficiencies introduced in both mining and processing and the change from contractor to owner-operator mining.
Gold Division - Discontinued Operation
Total revenue from the Gold Operations for the half-year was $163.1M (2015: $109.9M) due to an increase in production at the CMGP project.
Total cost of sales was $155.5M (2015: $111.3M).
Metals X Limited published this content on 28 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 February 2017 08:25:15 UTC.
Original documenthttps://www.metalsx.com.au/system/announcements/814/Interim_Half_Yearly_Report_31_Dec_2016.pdf
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