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1 Sep 2020 07:15
Pan African Resources Plc - Trading StatementPan African Resources Plc - Trading Statement
PR Newswire
London, August 31
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(Pan African or the Company or the Group)
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2020 (REPORTING PERIOD)
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 the United States Dollar (US$). All Group subsidiaries are incorporated in South Africa and their functional currency is South African Rand (ZAR). The Group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in US$ prior to conversion into ZAR.
The US$/ZAR exchange rate affects the reporting of results in US$. The average US$/ZAR exchange rate is used in translating ZAR results into US$.
During the Reporting Period, the average US$/ZAR exchange rate was US$/ZAR:15.67 (2019: US$/ZAR:14.19), and the closing US$/ZAR exchange rate at 30 June 2020 was US$/ZAR:17.33 (2019: US$/ZAR:14.08).
The year-on-year change in the average and closing exchange rates of 10.4% and 23.1%, 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 (2019: 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 current Reporting Period, are expected to be as follows:
HEPS of between US 2.23 cents per share and US 2.35 cents per share compared to US 1.19 cents per share for the previous corresponding period, being an increase of between 87% and 97% respectively for the Reporting Period. EPS of between US 2.20 cents per share and US 2.40 cents per share compared to US 1.97 cents per share for the previous corresponding period, being an increase of between 12% and 22% respectively for the Reporting Period.The considerable improvement in EPS and HEPS are primarily due to the following:
Gold revenue increased by 25.9% to US$273.7 million (2019: US$217.4 million) predominantly due to an increase in gold sold of 1.3% to 173,864oz (2019: 171,706oz) and the average US$ gold price received increasing by 24.3% to US$1,574/oz (2019: US$1,266/oz) An impairment charge reversal of US$0.1 million (net of tax) for the year ended 30 June 2020 (2019: US$15.1 million) was excluded from the calculation of HEPS. Impairment charges and any subsequent reversal thereof, are included in the calculation of EPS.The financial information contained in this announcement has neither been reviewed nor audited by the Company’s auditors. The Group’s audited results for the year ended 30 June 2020 will be released on 16 September 2020.
Rosebank
1 September 2020
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
| Contact information | |
| Corporate Office The Firs Office Building 2nd Floor, Office 204 Cnr. Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0)11 243 2900 info@paf.co.za | Registered Office Suite 31 Second Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0)20 7796 8644 |
| Cobus Loots Pan African Resources PLC Chief Executive Officer Office: + 27 (0)11 243 2900 | Deon Louw Pan African Resources PLC Financial Director Office: + 27 (0)11 243 2900 |
| Phil Dexter/Jane Kirton St James's Corporate Services Limited Company Secretary Office: + 44 (0)20 7796 8644 | Hethen Hira Pan African Resources PLC Head : Investor Relations Tel: + 27 (0)11 243 2900 E-mail: hhira@paf.co.za |
| Ciska Kloppers Questco Corporate Advisory Proprietary Limited JSE Sponsor Office: + 27 (0)11 011 9200 | Ross Allister/David McKeown Peel Hunt LLP Nominated Adviser and Joint Broker Office: +44 (0)20 7418 8900 |
| Thomas Rider/Neil Elliot BMO Capital Markets Limited Joint Broker Office: +44 (0)20 7236 1010 | |
| Website: www.panafricanresources.com | |
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