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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