OM : Variation to Appendix 4E
No. of Pages Lodged: 3
31 March 2017
ASX Market Announcements ASX Limited
20 Bridge Street
SYDNEY NSW 2000
OM HOLDINGS LIMITED
(ARBN 081 028 337)
VARIATIONS TO APPENDIX 4E
In accordance with the ASX Disclosure Rules and as a consequence of finalisation of the audit of OM Holdings Limited (“OMH”, or the “Company”, and together with its subsidiaries, the “Group”), we advise that a number of variations have occurred from the unaudited financial results disclosed in the Appendix 4E: Preliminary Report lodged with the ASX on 28 February 2017.
The variations have resulted in a net decrease of A$16.8 million to the statutory net loss after tax of the Group from A$33.5 million to a net loss after tax of A$16.7 million for the financial year ended 31 December 2016. The statutory loss attributable to owners of the Company of A$8.8 million as reported in the Appendix 4E has also been revised to a net profit attributable to owners of the Company of A$7.9 million.
The variations were mainly due to a reduction in the depreciation charged as a result of one of the Group’s subsidiary that was in Voluntary Administration from 4 January 2016 to 24 August 2016. Thereafter, the subsidiary was in care and maintenance for the remainder of the year to 31 December 2016 where there was no mining or production activity carried out. As such, the auditors of the subsidiary have made an adjustment to remove the depreciation charged for the year for the processing plant and the mining fleet equipment as these assets are depreciated on a unit of production method.
A summary of the variations are listed below.
#08 – 08, Parkway Parade 1
80 Marine Parade Road, 449269 Singapore
Tel: 65-6346 5515 Fax: 65-6342 2242
OM HOLDINGS LIMITED
Heng Siow Kwee/Julie Wolseley
BACKGROUND INFORMATION ON OM HOLDINGS LIMITED
OMH Holdings Limited (OMH) was listed on the ASX in March 1998 and has its foundations in metals trading – incorporating the sourcing and distribution of manganese ore products.
OMH is involved in mining manganese product in Australia and South Africa and is constructing a smelter in Sarawak, Malaysia to produce ferrosilicon and ferro-manganese intermediate products. The smelter project is owned 75% by OMH.
The first phase of the Sarawak smelter project commenced production in September 2014 and will ramp up to full commercial production by the end of 2015. When completed the ferrosilicon production facility’s capacity of 308,000 tonnes per annum will make it one of the largest ferrosilicon smelters globally.
OMH, through a wholly owned subsidiary, owns the Bootu Creek manganese mine in the Northern Territory. This mine has the capacity to produce up to 1,000,000 tonnes of manganese product per annum.
OMH also owns a 26% investment in Ntsimbintle Mining (Proprietary) Ltd, which, in turn owns 50.1% interest in the world class Tshipi Borwa (“Tshipi”) manganese mine in South Africa. This mine has the capacity to produce up to 2,400,000 tonnes of manganese product per annum when the permanent processing plant is completed.
The manganese products of Bootu Creek, and those from Tshipi, are exclusively marketed through the OMH’s trading division and OM Tshipi Pte Ltd (33.33% owned) respectively. Through all these activities OMH has established itself as a significant manganese supplier to the Chinese market.
OM Holdings Limited published this content on 31 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 April 2017 03:02:07 UTC.