TIDMGEM
RNS Number : 3970M
Gemfields Group Limited
14 September 2023
Incorporated in Guernsey. Guernsey registration Number:
47656.
South African external company registration number
2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Trading Statement for the six months ended 30 June 2023
LONDON, 14 SEPTEMBER 2023
In accordance with paragraph 3.4(b) of the JSE Listings
Requirements, Gemfields is reasonably certain that its net profit
after tax(1) will be USD 18.1 million for the six months ended 30
June 2023 (comparative six-month period ended 30 June 2022: USD
56.7 million). In ZAR terms, the net profit after tax is expected
to be ZAR 334 million (comparative period: ZAR 864 million).
Earnings per share(2) is expected to be USDc 0.8 for the six
months ended 30 June 2023 (comparative period: USDc 3.7). In ZAR
terms, the earnings per share is expected to be ZARc 14.9
(comparative period: ZARc 57.1).
Gemfields' two key operating assets, Kagem and MRM, generated
revenues of USD 64.6 million and USD 80.4 million respectively
during the six-month period to 30 June 2023 (comparative period:
Kagem - USD 85.2 million; MRM - USD 95.6 million). After the
step-change in market pricing seen in 2022, the commercial-quality
emerald and mixed-quality ruby auctions saw robust demand for
coloured gemstones, alongside June's higher-quality emerald auction
setting a new record for any Kagem auction.
Fabergé recorded revenues of USD 8.4 million (comparative
period: USD 9.5 million) due to a softer luxury market. A review of
Gemfields' shareholding in Sedibelo Resources Limited ("Sedibelo")
has resulted in a fair value write down of USD 13.3 million to USD
18.7 million. The write down of the asset reflects the reduced
public market valuations for comparable platinum group metals
companies and the reduced operating and financial results for
Sedibelo over the period.
Headline earnings per share(2) , which includes Sedibelo's fair
value loss, is expected to be USDc 0.8 for the six months ended 30
June 2023 (comparative period: USDc 3.7). In ZAR terms, headline
earnings per share is expected to be ZARc 14.9 (comparative period:
ZARc 57.1).
Adjusted headline earnings per share(2) , which excludes
Sedibelo's fair value loss, is expected to be USDc 1.9 for the six
months ended 30 June 2023 (comparative period: USDc 4.1). In ZAR
terms, headline earnings per share is expected to be ZARc 35.1
(comparative period: ZARc 62.6).
The Company's weighted average shares in issue during the six
months ended 30 June 2023 was 1,214,296,090 (1,177,416,414 for the
six months ended 30 June 2022).
The financial information upon which this trading statement is
based, is under review by Gemfields' auditors. The Company's
financial results for the six month period ended 30 June 2023 are
expected to be released on SENS and RNS on 22 September 2023.
(1) Net profit after tax is reported on a 100% basis for the
current period (i.e. inclusive of the minority interest).
(2) Per share metrics based on weighted average number of shares
over the period and earnings are based on parent-only figures (i.e.
exclusive of the minority interest).
Shareholder and analyst webcast
There will be a shareholder and analyst webcast on Friday, 22
September 2023 at 09:00 am (UK) / 10:00 am (South African). Sean
Gilbertson (CEO) and David Lovett (CFO) will present the Company's
2023 Interim Results. The webcast will contain a telephone dial-in
option. Questions will only be taken in writing via the webcast
page. The Company will also accept questions received before the
webcast via email to ir@gemfields.com .
Shareholders who wish to participate in the webcast are
requested to register via the link below:
https://investorpresentations.co.za/gemfields/events/39-gemfields-group-limited-interim-results-presentation
Should you have any further queries with regards to the
proceedings of the event, kindly contact Investor Relations (
ir@gemfields.com ) below by 5pm (UK) on Thursday, 21 September 2023
to obtain further details.
-ENDS-
Further information on Gemfields Group Limited can be found
at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which
forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
-------------------------------------
NOMINATED ADVISER Cavendish Capital Markets Limited
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern
/ Edward Whiley
T: +44(0) 20 7220 0500
-------------------------------------
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
T: +44(0) 20 3100 2222
-------------------------------------
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
-------------------------------------
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of
coloured gemstones. Gemfields is the operator and 75% owner of both
the Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby mine in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds
controlling interests in various other gemstone mining and
prospecting licences in Zambia, Mozambique, Ethiopia and
Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and
prestigious brand of exceptional heritage - enables Gemfields to
optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's
"mine and market" vision.
Gemfields has developed a proprietary grading system and a
pioneering auction and trading platform to provide a consistent
supply of coloured gemstones to downstream markets, a key component
of Gemfields' business model that has played an important role in
the growth of the global coloured gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS | FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
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END
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