Pan African Resources Plc Trading Statement for the year ended 30 June 2023
September 01 2023 - 2:00AM
UK Regulatory
TIDMPAF
Pan African Pan African Resources Funding
Resources PLC Company Limited
(Incorporated Incorporated in the Republic of
and South Africa with limited
registered in liability
England and
Wales under Registration number:
the Companies 2012/021237/06
Act 1985 with
registered Alpha code: PARI
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")
(Key features are reported in United States dollar (US$) and South African rand
(ZAR))
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2023 (CURRENT FINANCIAL YEAR)
This announcement contains inside information
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a
listed company is required to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the financial
results for the current financial year, will differ by at least 20% from those
of the year ended 30 June 2022 (previous financial year).
Pan African's presentation currency is the US$ and its functional currency is
the ZAR. Movements in the US$/ZAR exchange rate affects the Group's US$ reported
results. The average US$/ZAR exchange rate, that prevailed during the current
financial year, is used in translating the Group's ZAR financial performance
into US$.
During the current financial year, the average US$/ZAR exchange rate was
US$/ZAR:17.77 (2022: US$/ZAR:15.22), and the closing US$/ZAR exchange rate as at
30 June 2023 was US$/ZAR:18.83 (2022: US$/ZAR:16.28).
The year-on-year change in the average and closing exchange rates of 16.8% and
15.7%, respectively, must be considered when comparing period-on-period results.
The weighted average number of outstanding shares as at 30 June 2023 was
1,916,503,988 shares (2022: 1,926,065,760 shares).
Pan African advises shareholders that its headline earnings per share (HEPS) for
the current financial year are expected to be between US 2.95 cents per share
and US 3.35 cents per share, compared to US 3.93 cents per share for the
previous financial year, a decrease of between 15% and 25%. Earnings per share
(EPS) for the current financial year are expected to be between US 3.00 cents
per share and US 3.39 cents per share respectively, compared to US 3.90 cents
per share for the previous financial year, a decrease of between 13% and 23%.
The decreases in HEPS and EPS for the current financial year, relative to the
previous financial year, are largely as a result of a 16.8% depreciation in the
average US$/ZAR exchange rate, while earnings in ZAR terms remained fairly
consistent with that of the previous financial year, as a result of the
following primary factors:
· Revenue in ZAR terms decreased by 0.2% only, as the 15% decrease in gold
sold volumes previously announced was offset by a 17.5% increase in the average
ZAR gold price received during the current financial year, and
· ZAR gross profit decreased by 3.2%, and ZAR profit after tax decrease by
5.4%, compared to the previous financial year.
The financial information contained in this announcement has neither been
reviewed nor audited by the Company's auditors. The Group's results for the year
ended 30 June 2023 will be released on 13 September 2023.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European
Union (Withdrawal) Act 2018. Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Rosebank
1 September 2023
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
+-----------------------------------------------+---------------------------+
|Corporate information |
+-----------------------------------------------+---------------------------+
|Corporate office |Registered office |
| | |
|The Firs Building |2nd Floor |
| | |
|2nd Floor, Office 204 |107 Cheapside |
| | |
|Corner Cradock and Biermann Avenues |London |
| | |
|Rosebank, Johannesburg |EC2V 6DN |
| | |
|South Africa |United Kingdom |
| | |
|Office: + 27 (0) 11 243 2900 |Office: + 44 (0) 20 7796 |
| |8644 |
|info@paf.co.za | |
| |info@paf.co.za |
+-----------------------------------------------+---------------------------+
|Chief executive officer |Financial director |
| | |
|Cobus Loots |Deon Louw |
| | |
|Office: + 27 (0) 11 243 2900 |Office: + 27 (0) 11 243 |
| |2900 |
+-----------------------------------------------+---------------------------+
|Head: Investor relations |Website: |
| |www.panafricanresources.com|
|Hethen Hira | |
|Tel: + 27 (0) 11 243 2900 | |
|E-mail: hhira@paf.co.za | |
+-----------------------------------------------+---------------------------+
|Company secretary |Nominated adviser and joint|
| |broker |
|Phil Dexter/Jane Kirton | |
| |Ross Allister/David McKeown|
|St James's Corporate Services Limited | |
| |Peel Hunt LLP |
|Office: + 44 (0) 20 7796 8644 | |
| |Office: +44 (0) 20 7418 |
| |8900 |
+-----------------------------------------------+---------------------------+
|JSE sponsor |Joint broker |
| | |
|Ciska Kloppers |Thomas Rider/Nick Macann |
| | |
|Questco Corporate Advisory Proprietary Limited |BMO Capital Markets Limited|
| | |
|Office: + 27 (0) 11 011 |Office: +44 (0) 20 7236 |
|9200 (https://www.google.co.za/search?q=questco|1010 |
|&rlz=1C1EJFC_enZA816ZA818&oq=q | |
|uestco&aqs=chrome..69i57j0l5.1 | |
|159j0j4&sourceid=chrome&ie=UTF-8) | |
+-----------------------------------------------+---------------------------+
| |Joint broker |
| | |
| |Matthew Armitt/Jennifer Lee|
| | |
| |Joh. Berenberg, Gossler & |
| |Co KG (Berenberg) |
| | |
| |Office: +44 (0) 20 3207 |
| |7800 |
+-----------------------------------------------+---------------------------+
This information was brought to you by Cision http://news.cision.com
END
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