Pan African Resources Plc - Trading Statement
(Incorporated and registered in and under Companies Act 1985 with registered number 3937466 on )
Share code on AIM: PAF
Share code on JSE: PAN
ADR ticker code: PAFRY
(Pan African or the Company or the Group)
TRADING STATEMENT FOR THE YEAR ENDED (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$). All Group subsidiaries are incorporated in and their functional currency is South African Rand (ZAR). The Group’s business is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal product sales, which are conducted in US$ 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 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:
The considerable improvement in EPS and HEPS are primarily due to the following:
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 will be released on .
For further information on Pan African, please visit the Company's website at
-- HEPS of between US per share and US per share compared to US per share for the previous corresponding period, being an increase of between 87% and 97% respectively for the Reporting Period.
2.23 cents 2.35 cents 1.19 cents
-- EPS of between US per share and US per share compared to US per share for the previous corresponding period, being an increase of between 12% and 22% respectively for the Reporting Period.
2.20 cents 2.40 cents 1.97 cents
-- Gold revenue increased by 25.9% to (2019: ) 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 /oz (2019: /oz) -- An impairment charge reversal of (net of tax) for the year ended (2019: ) was excluded from the calculation of HEPS. Impairment charges and any subsequent reversal thereof, are included in the calculation of EPS.
US$273.7 million US$217.4 million US$1,574 US$1,266 US$0.1 million US$15.1 million 30 June 2020
Contact information Corporate Office Registered Office Suite 31 2nd Floor, Office 204 Second Floor Cnr. Cradock and Biermann Avenues 107 Cheapside Rosebank, EC2V 6DN Office: + 27 (0)11 243 2900 United Kingdom Office: + 44 (0)20 7796 8644 Chief Executive Officer Financial Director Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900 / Hethen Hira St James's Company Secretary Head : Investor Relations Office: + 44 (0)20 7796 8644 Tel: + 27 (0)11 243 2900 E-mail: / Nominated Adviser and Joint Broker Office: +44 (0)20 7418 8900 Office: + 27 (0)11 011 9200 / Joint Broker Office: +44 (0)20 7236 1010 Website:
The Firs Office Building Johannesburg London South Africa[email protected][email protected]www.panafricanresources.com Cobus Loots Deon Louw Phil Dexter Jane Kirton Ciska Kloppers Ross Allister David McKeown JSE Sponsor Thomas Rider Neil Elliot Pan African Resources PLC Pan African Resources PLC Corporate Services Limited Pan African Resources PLC Questco Corporate Advisory Proprietary Peel Hunt LLP Limited BMO Capital Markets Limited
Quick facts: Pan African Resources plc
Market Cap: £372.17 m
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