RE: RNS8 Sep 2021 12:51
Pan African expecting decent rise in full-year earnings
https://www.proactiveinvestors.co.uk/LON:PAF/Pan-African-Resources-PLC/rns/1030138
TRADING STATEMENT FOR THE YEAR ENDED30 JUNE 2021
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next, will differ by at least 20% from those of the previous corresponding period.
Pan African’s presentation currency is dollar (US$). All Group subsidiaries are incorporated in and their functional currency is South African rand (ZAR). The Group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in US$ prior to conversion into ZAR.the United StatesSouth Africa
The US$/ZAR exchange rate affects the translation of ZAR results into US$. The average US$/ZAR exchange rate is used for this translation.
During the year ended (“Reporting Period”), the average US$/ZAR exchange rate was US$/ZAR:15.40 (2020: US$/ZAR:15.67), and the closing US$/ZAR exchange rate at was US$/ZAR:14.28 (2020: US$/ZAR:17.33).30 June 202130 June 2021
The year-on-year change in the average and closing exchange rates of 1.7% and 17.6%, respectively, must be considered when comparing period-on-period results. The weighted average number of outstanding shares remained unchanged at 1,928.3 million shares (2020: 1,928.3 million shares).
Pan African advises shareholders that its headline earnings per share (“HEPS”) and earnings per share (“EPS”), in respect of its operations for the Reporting Period, are expected to be as follows:
The considerable improvement in EPS and HEPS are primarily due to the following:
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