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Trading statement for the year ended 31 December 2014
Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye Gold”, “Sibanye” or “the Company”)
Trading statement for the year ended 31 December 2014
Westonaria, 9 February 2015: Shareholders are advised that
profit attributable to shareholders of Sibanye (JSE: SGL &
NYSE: SBGL) is expected to be between R1.55 billion and R1.63
billion. These estimates are approximately 8% and 4% lower
respectively, than that reported for the year ended 31
December 2013.
Headline earnings, after accounting for, inter alia, a R120
million impairment charge in respect of Sibanye’s investment
in Rand Refinery (reported in the interim results for the six
months ended 30 June 2014), a R114 million impairment of the
Python Plant and a R360 million impairment reversal of Beatrix
West Section, are estimated to be between R1.42 billion and
R1.50 billion. These estimates are approximately 38% and 35%
lower respectively, than headline earnings reported for the
year ended 31 December 2013, which included a R591 million
impairment at Beatrix West Section.
Like-for-like comparisons between earnings per share ("EPS")
and headline earnings per share ("HEPS") for the year ended 31
December 2014 and the comparable period in 2013 are distorted
as a result of an estimated 28% increase in the weighted
average number of shares year-on-year. This difference is
primarily due to the fact that, until its unbundling from Gold
Fields Limited in mid-February 2013, Sibanye only had 1,000
shares in issue. The weighted average number of shares in
issue in 2013, was 650.6 million, compared with the 735.1
million shares in issue at year end.
For the acquisition of the Cooke assets during May 2014,
Sibanye also issued 156.9 million new ordinary shares to Gold
One which resulted in the weighted average number of shares in
issue for the year ended 31 December 2014 being 835.9 million,
with 898.8 million shares in issue at year end.
Mainly as a consequence of the difference in the weighted
average number of shares between the periods, EPS and HEPS for
the year ended 31 December 2014 are expected to be
approximately 30% and 50% lower respectively, than the
reported EPS of 260 cents per share and HEPS of 355 cents per
share for the year ended 31 December 2013. EPS are estimated
to be between 185 and 195 cents per share and HEPs are
estimated to be 170 and 180 cents per share respectively.
The financial information, on which the trading statement has
been based, has not been reviewed or reported on by the
Company’s auditors.
James Wellsted
SVP Investor Relations
Sibanye Gold Limited
+27 83 453 4014
james.wellsted@sibanyegold.co.za
Sponsor
Sponsor: J.P. Morgan Equities South Africa Proprietary Ltd
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute “forward
looking statements” within the meaning of Section 27A of the
US Securities Act of 1933 and Section 21E of the US Securities
Exchange Act of 1934.
These forward-looking statements, including, among others,
those relating to Sibanye’s future business prospects,
revenues and income, wherever they may occur in this document
and the exhibits to this document, are necessarily estimates
reflecting the best judgment of the senior management of
Sibanye and involve a number of known and unknown risks and
uncertainties that could cause actual results, performance or
achievements of the Group to differ materially from those
suggested by the forward-looking statements. As a consequence,
these forward looking statements should be considered in light
of various important factors, including those set forth in
this document. Important factors that could cause the actual
results to differ materially from estimates or projections
contained in the forward looking statements include without
limitation: economic, business, political and social
conditions in South Africa and elsewhere; changes in
assumptions underlying Sibanye’s estimation of its current
mineral reserves and resources; the ability to achieve
anticipated efficiencies and other cost savings in connection
with past and future acquisitions as well as existing
operations; the success of exploration and development
activities; changes in the market price of gold and/or
uranium; the occurrence of hazards associated with underground
and surface gold and uranium mining; the occurrence of labour
disruptions and industrial action; the availability, terms and
deployment of capital or credit; changes in government
regulations, particularly environmental regulations and new
legislation affecting water, mining and mineral rights; the
outcome and consequence of any potential or pending litigation
or regulatory proceedings or other environmental, health and
safety issues; power disruptions and cost increases;
fluctuations in exchange rates, currency devaluations,
inflation and other macro-economic factors; the occurrence of
temporary stoppages of mines for safety incidents and
unplanned maintenance reasons; Sibanye’s ability to hire and
retain senior management or sufficient technically skilled
employees, as well as its ability to attract sufficient
historically disadvantaged South Africans representation in
its management positions; failure of Sibanye’s information
technology and communications systems; the adequacy of
Sibanye’s insurance coverage; any social unrest, sickness or
natural or man-made disaster at informal settlements in the
vicinity of some of Sibanye’s operations; and the impact of
HIV, tuberculosis and other contagious diseases. These forward
looking statements speak only as of the date of this document.
The Group undertakes no obligation to update publicly or
release any revisions to these forward looking statements to
reflect events or circumstances after the date of this
document or to reflect the occurrence of unanticipated events.
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