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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Pan African Resources plc    PAF   GB0004300496

Delayed Quote. Delayed  - 08/18 05:35:26 pm
14 GBp   -1.75%
08/18 PAN AFRICAN RES : Trading Statement
08/17 PAN AFRICAN RES : Afrika Youth Movement Ghana Chapter launched
08/13 THE GOVT-ACACIA : It’s the strategy that matters
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Pan African Resources : Trading Statement

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08/18/2017 | 12:19pm CEST
                               Pan African Resources PLC                           
                    ("Pan African" or "the Company" or "the Group")                

    (Incorporated and registered in England and Wales under Companies Act 1985 with
                    registered number 3937466 on 25 February 2000)                 

                                Share code on AIM: PAF                             

                                Share code on JSE: PAN                             

                                  ISIN: GB0004300496                               

              TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017          

    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 is incorporated in England and Wales under the Companies Act 1985
    and accordingly, its presentation currency is Pounds Sterling ("GBP").

    The average ZAR:GBP exchange rate affects the reporting of results in GBP. For
    the reporting period ended 30 June 2017 ("current reporting period"), the
    average prevailing ZAR:GBP exchange rate will be used to translate earnings per
    share ("EPS") and headline earnings per share ("HEPS") from ZAR to GBP.

    For the reporting period ended 30 June 2016 ("prior reporting period"), the
    average ZAR:GBP exchange rate was ZAR21.45:1. For the current reporting period,
    the ZAR strengthened against the GBP, with an average exchange rate of
    ZAR17.25:1. This 19.6% year-on-year appreciation in the average exchange rate
    should be taken into account for purposes of a comparison with the prior
    reporting period.

    The Group records its revenue from precious metals sales in ZAR. The strength
    in the value of the ZAR/USD exchange rate during the period under review had an
    adverse impact on the USD metals revenue received when translated into ZAR. In
    the current reporting period, the average ZAR/USD exchange rate was 6.3%
    stronger at R13.59:1 (2016: R14.51:1).

    In the current reporting period the Group's weighted average number of shares
    in issue decreased by 13.6% to 1,564,346,115 shares, from 1,811,427,377 shares
    in the prior reporting period. This reduction is due to the following:

    -    For accounting purposes, the weighted average number of shares upon
    consolidation excludes the 436,358,058 shares held by PAR Gold Proprietary
    Limited ("PAR Gold"). The PAR Gold shares were acquired on 7 June 2016 and, in
    the current reporting period, the Group benefitted from a full year exclusion
    of these shares in the calculation of the weighted average number of shares
    outstanding. In the prior reporting period, these shares were only excluded for
    less than a month for the purposes of calculating the weighted average number
    of shares in issue.

    -    In the current reporting period, on 12 April 2017, the Group issued
    291,480,983 ordinary shares to fund the equity component of the Elikhulu
    tailings retreatment plant's construction.

    Shareholders are referred to the recent Group operational update released on 20
    July 2017, which highlighted the Group's production performance for the year
    ended 30 June 2017.

    Pan African advises shareholders that its EPS and HEPS for the current
    reporting period are expected to be between:

    1)  EPS: 39% to 29% lower than the 30.20 cents for the prior reporting period
    (being expected EPS of 18.30 cents to 21.32 cents).

    2)  HEPS: 38% to 28% lower than the 30.20 cents for the prior reporting period
    (being expected HEPS of 18.66 cents to 21.68 cents).

    Using the average ZAR:GBP 17.25:1 exchange rate that prevailed during the
    current reporting period, the Group's EPS and HEPS in GBP terms for the current
    reporting period are expected to be between:

    1)  EPS: 24% to 13% lower than the 1.41 pence for the prior reporting period
    (being expected EPS of 1.07 pence to 1.22 pence).

    2)  HEPS: 22% to 12% lower than the 1.41 pence for the prior reporting period
    (being expected HEPS of 1.10 pence to 1.24 pence).

    Phoenix Platinum (Pty) Ltd. and Uitkomst Colliery (Pty) Ltd. were classified as
    discontinued operations at the end of the current reporting period, therefore
    the EPS and HEPS guidance provided above comprises earnings from discontinued
    and continued operations. There were no discontinued operations in the prior
    reporting period.

    The Group's audited year end results for the year ended 30 June 2017 will be
    released on 21 September 2017.

    For further information on Pan African, please visit the Company's website at
    www.panafricanresources.com

    18 August 2017

    Corporate Office

    The Firs Office Building

    1st Floor, Office 101

    Cnr. Cradock and Biermann Avenues

    Rosebank, Johannesburg

    South Africa

    Office:   + 27 (0) 11 243 2900

    Facsimile: + 27 (0) 11 880 1240


    Registered Office

    Suite 31

    Second Floor

    107 Cheapside

    London

    EC2V 6DN

    United Kingdom

    Office:   + 44 (0) 20 7796 8644

    Facsimile: + 44 (0) 20 7796 8645


    Cobus Loots                             Deon Louw

    Pan African Resources PLC               Pan African Resources PLC

    Chief Executive Officer                 Financial Director

    Office: + 27 (0) 11 243 2900            Office: + 27 (0) 11 243 2900


    Phil Dexter                             John Prior / Paul Gillam

    St James's Corporate Services Limited   Numis Securities Limited

    Company Secretary                       Nominated Adviser and Joint Broker

    Office: + 44 (0) 20 7796 8644           Office: +44 (0) 20 7260 1000


    Sholto Simpson                          Matthew Armitt / Ross Allister

    One Capital                            Peel Hunt LLP

    JSE Sponsor                            Joint Broker

    Office: + 27 (0) 11 550 5009            Office: +44 (0) 20 7418 8900


    Julian Gwillim                          Jeffrey Couch/Neil Haycock/Thomas Rider

    Aprio Strategic Communications          BMO Capital Markets Limited

    Public & Investor Relations SA          Joint Broker

    Office: +27 (0)11 880 0037              Office: +44 (0) 20 7236 1010


    Bobby Morse/Chris Judd

    Buchanan Communications

    Public & Investor Relations UK

    Office: +44 (0) 207 466 5000

    www.panafricanresources.com



    END
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Financials ( GBP)
Sales 2017 202 M
EBIT 2017 36,5 M
Net income 2017 31,5 M
Finance 2017 10,5 M
Yield 2017 4,76%
P/E ratio 2017 12,56
P/E ratio 2018 6,76
EV / Sales 2017 1,49x
EV / Sales 2018 1,56x
Capitalization 313 M
Chart PAN AFRICAN RESOURCES PLC
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Pan African Resources plc Technical Analysis Chart | PAF | GB0004300496 | 4-Traders
Technical analysis trends PAN AFRICAN RESOURCES PLC
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 0,21  GBP
Spread / Average Target 53%
EPS Revisions
Managers
NameTitle
Cobus Loots Chief Executive Officer & Executive Director
Keith Cousens Spencer Independent Non-Executive Chairman
Gideon Petrus Louw Finance Director & Executive Director
Niel Symington Group Manager-Management Accounting & IT
Hester Helena Hickey Independent Non-Executive Director
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