Pan African Resources Plc Trading Statement
February 08 2021 - 01:00AM
UK Regulatory
TIDMPAF
Pan African Resources PLC
(Incorporated and registered in England and Wales under the 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 SIX MONTHS ENDED 31 DECEMBER 2020 (CURRENT 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 six months ended 31 December 2019 (Corresponding Reporting
Period).
Pan African's presentation currency is the United States dollar (US$). All
Group subsidiaries are incorporated in South Africa and their functional
currency is the South African rand (ZAR). The Group's business is conducted in
ZAR and the accounting records are maintained in the same currency, except
precious metal product sales, which are conducted in US$ prior to conversion
into ZAR.
The US$/ZAR exchange rate affects the reporting of the Group's results in US$.
The average US$/ZAR exchange rate is used in translating ZAR financial
performance into US$.
During the Current Reporting Period, the average US$/ZAR exchange rate was US$/
ZAR:16.26 (2019: US$/ZAR:14.70), and the closing US$/ZAR exchange rate as at 31
December 2020 was US$/ZAR:14.70 (2019: US$/ZAR:14.08).
The year-on-year change in the average and closing exchange rates of 10.6% and
4.4%, respectively, must be considered when comparing period-on-period results.
The weighted average number of outstanding shares remained unchanged at
1,928,329,479 shares (2019: 1,928,329,479 shares) during the Current Reporting
Period.
Pan African advises shareholders that its headline earnings per share (HEPS)
and earnings per share (EPS) for the Current Reporting Period are expected to
be as follows:
* HEPS of between US 2.05 cents per share and US 2.17 cents per share
compared to US 1.13 cents per share for the Corresponding Reporting Period,
being an increase of between 81% and 92%, respectively.
* EPS of between US 2.05 cents per share and US 2.17 cents per share compared
to US 1.14 cents per share for the Corresponding Reporting Period, being an
increase of between 80% and 90%, respectively.
The increases in EPS and HEPS for the Current Reporting Period, relative to the
Corresponding Reporting Period, are largely as a result of an 38.4% increase in
gold revenue to US$183.8 million (2019: US$132.8 million), attributable to the
following:
* the average US$ gold price received increased by 27.4% to US$1,865/oz
(2019: US$1,464/oz); and
* gold sold increased by 8.6% to 98,386oz (2019: 90,602oz).
The financial information contained in this announcement has neither been
reviewed nor audited by the Company's auditors. The Group's interim results for
the six months ended 31 December 2020 will be released on 16 February 2021.
Rosebank
8 February 2021
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
2nd Floor, Office 204 Second Floor
Corner Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0) 11 243 2900 United Kingdom
info@paf.co.za Office: + 44 (0) 20 7796 8644
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief executive officer Financial director
Office: + 27 (0) 11 243 Office: + 27 (0) 11 243 2900
2900
Phil Dexter/Jane Kirton Ross Allister/David McKeown
St James's Corporate Services Limited Peel Hunt LLP
Company secretary Nominated Adviser and Joint Broker
Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7418 8900
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary BMO Capital Markets Limited
Limited Joint Broker
JSE Sponsor Office: +44 (0) 20 7236 1010
Office: + 27 (0) 11 011 9200
Hethen Hira Website: www.panafricanresources.com
Pan African Resources PLC
Head: Investor relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
END
(END) Dow Jones Newswires
February 08, 2021 02:00 ET (07:00 GMT)
Pan African Resources (LSE:PAF)
Historical Stock Chart
From Feb 2024 to Mar 2024
Pan African Resources (LSE:PAF)
Historical Stock Chart
From Mar 2023 to Mar 2024