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Trading statement for the year ended 30 June 2023
Pan African Resources PLC Pan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under the Companies Act 1985 with registered Incorporated in the Republic of South Africa
number 3937466 on 25 February 2000) with limited liability
Share code on AIM: PAF Registration number: 2012/021237/06
Share code on JSE: PAN Alpha code: PARI
ISIN: GB0004300496
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the “Group”)
(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 Registered office
The Firs Building 2nd Floor
2nd Floor, Office 204 107 Cheapside
Corner Cradock and Biermann Avenues London
Rosebank, Johannesburg EC2V 6DN
South Africa United Kingdom
Office: + 27 (0) 11 243 2900 Office: + 44 (0) 20 7796 8644
info@paf.co.za info@paf.co.za
Chief executive officer Financial director
Cobus Loots Deon Louw
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Head: Investor relations Website: www.panafricanresources.com
Hethen Hira
Tel: + 27 (0) 11 243 2900
E-mail: hhira@paf.co.za
Company secretary Nominated adviser and joint broker
Phil Dexter/Jane Kirton Ross Allister/David McKeown
St James's Corporate Services Limited Peel Hunt LLP
Office: + 44 (0) 20 7796 8644 Office: +44 (0) 20 7418 8900
JSE sponsor Joint broker
Ciska Kloppers Thomas Rider/Nick Macann 2
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
Office: + 27 (0) 11 011 9200 Office: +44 (0) 20 7236 1010
Joint broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0) 20 3207 7800
Date: 01-09-2023 08:00:00
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