PAF Pan African Resources Plc

 
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 YEAR ENDED 30 JUNE 2021 
 
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$/ZAR exchange rate affects the translation of ZAR results into US$. The 
average US$/ZAR exchange rate is used for this translation. 
 
During the year ended 30 June 2021 ("Reporting Period"), the average US$/ZAR 
exchange rate was US$/ZAR:15.40 (2020: US$/ZAR:15.67), and the closing US$/ZAR 
exchange rate at 30 June 2021 was US$/ZAR:14.28 (2020: US$/ZAR:17.33). 
 
The year-on-year change in the average and closing exchange rates of 1.7% and 
17.6%, 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 (2020: 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 Reporting 
Period, are expected to be as follows: 
 
  * HEPS of between US 3.76 cents per share and US 4.10 cents per share 
    compared to US 2.29 cents per share for the previous corresponding period, 
    being an increase of between 64% and 79% respectively for the Reporting 
    Period. 
 
  * EPS of between US 3.76 cents per share and US 4.10 cents per share compared 
    to US 2.30 cents per share for the previous corresponding period, being an 
    increase of between 63% and 78% respectively for the Reporting Period. 
 
The considerable improvement in EPS and HEPS are primarily due to the 
following: 
 
  * Gold and other revenue increased by 34.8% to US$368.9 million (2020: 
    US$273.7 million) predominantly due to an increase in gold sold of 12.4% to 
    201,777oz (2020: 179,457oz) and the average US$ gold price received 
    increasing by 15.7% to US$1,821/oz (2020: US$1,574/oz) 
  * offset by an increase of 281.0% in the taxation charge for the period to 
    US$30.1 million (2020: US$7.9 million) as a result of an increase in 
    taxation payable and the deferred taxation rate, due to an increase in 
    projected taxable income based on expected future profitability, production 
    and capital expenditure. 
 
The financial information contained in this announcement has neither been 
reviewed nor reported on by the Company's auditors. The Group's audited results 
for the year ended 30 June 2021 will be released on 15 September 2021. 
 
Rosebank 
 
8 September 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 
Cnr. 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 Limited BMO Capital Markets Limited 
JSE Sponsor                                    Joint Broker 
Office: + 27 (0)11 011 9200                    Office: +44 (0)20 7236 1010 
 
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

September 08, 2021 02:01 ET (06:01 GMT)

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