REG-Pan African Resources Plc: Trading Statement for the year ended 30 June 2023

Pan African ResourcesAnnouncement

01/09/2023 07:15

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”)              Pan African Resources Funding Company Limited Incorporated in the Republic of South Africa with limited liability Registration number: 2012/021237/06 Alpha code: PARI  

 (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 The Firs Building 2nd Floor, Office 204 Corner Cradock and Biermann Avenues Rosebank, Johannesburg South Africa Office: + 27 (0) 11 243 2900 info@paf.co.za                                                                    Registered office 2nd Floor 107 Cheapside London EC2V 6DN United Kingdom Office: + 44 (0) 20 7796 8644 info@paf.co.za  
 Chief executive officer Cobus Loots Office: + 27 (0) 11 243 2900                                                                                                                                                                                Financial director Deon Louw Office: + 27 (0) 11 243 2900                                                              
 Head: Investor relations Hethen Hira                                                                                                                                                                                                            Website: www.panafricanresources.com                                                                                   
  Tel: + 27 (0) 11 243 2900                                                                                                                                                                                                                                                                                                                                             
  E-mail: hhira@paf.co.za                                                                                                                                                                                                                                                                                                                                               
 Company secretary Phil Dexter/Jane Kirton St James's Corporate Services Limited Office: + 44 (0) 20 7796 8644                                                                                                                                   Nominated adviser and joint broker Ross Allister/David McKeown Peel Hunt LLP Office: +44 (0) 20 7418 8900              
 JSE sponsor Ciska Kloppers Questco Corporate Advisory Proprietary Limited Office: + 27 (0) 11 011 9200 (https://www.google.co.za/search?q=questco&rlz=1C1EJFC_enZA816ZA818&oq=questco&aqs=chrome..69i57j0l5.1159j0j4&sourceid=chrome&ie=UTF-8)  Joint broker Thomas Rider/Nick Macann BMO Capital Markets Limited Office: +44 (0) 20 7236 1010                         
                                                                                                                                                                                                                                                 Joint broker Matthew Armitt/Jennifer Lee Joh. Berenberg, Gossler & Co KG (Berenberg) Office: +44 (0) 20 3207 7800      

 

 



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