REG - Thungela Resources - Trading Statement

Thungela ResourcesAnnouncement

23/02/2024 07:00

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RNS Number : 1613E  Thungela Resources Limited  23 February 2024

THUNGELA RESOURCES LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 2021/303811/06

JSE Share Code: TGA

LSE Share Code: TGA

ISIN: ZAE000296554

Tax number: 9111917259

('Thungela' or the 'Company' and, together with its affiliates, the 'Group')

 

Thungela Resources Limited Trading Statement for the year ended 31 December
2023

 

Shareholders are advised that Thungela and its directors have a reasonable
degree of certainty related to the expected financial results of the Group for
the year ended 31 December 2023 in line with paragraph 3.4(b) of the JSE
Listings Requirements.

 

Expected earnings per share and headline earnings per share

 

Shareholders are advised that earnings per share ('EPS') for the year ended
31 December 2023 (the 'current period') is expected to be between R34 and
R39, a decrease of between R88.08 and R93.08 per share compared to EPS of
R127.08 for the year ended 31 December 2022 (the 'prior period'). Earnings
attributable to the shareholders of the Group for the current period is
expected to be between R4.6 billion and R5.3 billion.

 

Headline earnings per share(1) ('HEPS') for the current period is expected to
be between R31 and R36, a decrease of between R94.82 and R99.82 per share
compared to HEPS of R130.82 for the prior period. Headline earnings
attributable to the shareholders of the Group for the current period is likely
to be between R4.3 billion and R4.9 billion (compared to R17.5 billion in the
prior period).

 

These earnings numbers include various once-off, non-cash adjustments related
to the acquisition of the Ensham Business, and the related accounting
treatment thereof. The Group has consolidated 85% of the results of the Ensham
Business from the acquisition date of 31 August 2023.

 

These EPS and HEPS figures are calculated using a weighted average number of
shares of 137,056,628 for the current period and 133,684,828 for the prior
period.

 

 

 

 

The expected EPS and HEPS ranges for the current period are summarised in the
table below:

 

       Expected EPS/HEPS range (Rand per share)  Expected decrease from prior period  Expected decrease from prior period

                                                 (Rand per share)                     (%)
 EPS   34.00 - 39.00                             88.08 - 93.08                        69 - 73
 HEPS  31.00 - 36.00                             94.82 - 99.82                        72 - 76

 

Key areas of judgement which may impact the expected EPS and HEPS figures
above are in the process of being finalised, and any changes to these ranges,
if necessary, will be communicated to shareholders.

 

Thungela expects to release its financial results for the year ended 31
December 2023 on 18 March 2024. The financial results will be released on the
Stock Exchange News Service of the JSE and the Regulatory News Service of the
London Stock Exchange, and will be accompanied by an investor webinar and
conference call on the same date.

 

The live webinar and conference call will start at 12:00 SAST (10:00 GMT).
Details to register for the webinar and conference call are available below:

 

Webinar registration:

https://78449.themediaframe.com/links/thungela240318_1200.html
(https://protect-za.mimecast.com/s/F6E7CGZ750i1gAxvH0-RlT?domain=us-west-2.protection.sophos.com)

 

Conference call registration:

https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=1552324&linkSecurityString=48259d3f0
(https://protect-za.mimecast.com/s/RD2ICKOkZDt2J4gVtnZQR0?domain=us-west-2.protection.sophos.com)

 

 

Deon Smith

Chief financial officer

 

Footnote

1.   HEPS is determined in reference to Circular 1/2023 - Headline earnings
('Circular 1/2023') as issued by the South African Institute of Chartered
Accountants. In order to calculate headline earnings, earnings attributable to
the equity shareholders of the Group is adjusted for separately identifiable
remeasurements, as defined in Circular 1/2021, net of related tax and
non-controlling interests.

 

 

Rosebank

23 February 2024

 

 

 

 

Review of Trading Statement

The information contained in this Trading Statement is the responsibility of
the directors of Thungela and has not been reviewed or reported on by the
Group's independent external auditor.

 

Disclaimer

This document includes forward-looking statements. All statements other than
statements of historical facts included in this document, including, without
limitation, those regarding Thungela's financial position, business,
acquisition and divestment strategy, dividend policy, plans and objectives of
management for future operations (including development plans and objectives
relating to Thungela's products, production forecasts and reserve and resource
positions), are forward-looking statements. By their nature, such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Thungela, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. The Group assumes no responsibility to update
forward-looking statements in this announcement except as required by law.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation
(EU) no. 596/2014 as amended by the market abuse (amendment) (UK mar)
regulations 2019. Upon the publication of this announcement via the regulatory
information service, this inside information is now considered to be in the
public domain.

 

 

 

Investor Relations

Ryan Africa

Email: ryan.africa@thungela.com

 

Shreshini Singh

Email: shreshini.singh@thungela.com

 

 

Media Contacts

Hulisani Rasivhaga

Email: hulisani.rasivhaga@thungela.com
(mailto:hulisani.rasivhaga@thungela.com)

 

 

UK Financial adviser and corporate broker

Liberum Capital Limited

 

 

Sponsor

Rand Merchant Bank

(A division of FirstRand Bank Limited)

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