procedure ConvertWMF2BMP
(const WMFFileName, BMPFileName: TFileName);
var
 MetaFile : TMetafile;
 Bitmap : TBitmap;
begin
 Metafile := TMetaFile.Create;
 Bitmap := TBitmap.Create;
 try
  MetaFile.LoadFromFile(WMFFileName);
  with Bitmap do
  begin
  Height := Metafile.Height;
  Width := Metafile.Width;
  Canvas.Draw(0, 0, MetaFile);
  SaveToFile(BMPFileName);
  end;
 finally
        Bitmap.Free;
  MetaFile.Free;
 end;
end;

ConvertWMF2BMP('c:\mypic.wmf','c:\mypic.bmp')