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Trading statement in respect of the six months ended 31 December 2013
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
(“ARM” or the “Company”)
Trading statement in respect of the six months ended 31 December 2013
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 on next will
differ by at least 20% from those of the previous corresponding period.
Accordingly, ARM announces that headline earnings per share for the six
months ended 31 December 2013 are expected to increase to between 1 025
and 1 130 cents per share (six months ended 31 December 2012: 654 cents
per share).
The increase in headline earnings is mainly as a result of higher
realised US Dollar prices for iron ore and a weakening of the Rand
versus the US Dollar. This was partially offset by a reduced
contribution from the Participating Coal Business (“PCB”) operations
which resulted from lower production and above inflation cost increases.
Delays experienced in the ramp-up of the Lubambe Copper Mine have also
had a negative effect on the results for the period.
An unrealised mark-to-market loss on the Harmony Gold Mining Company
Limited investment impacted ARM’s basic earnings which are expected to
be between 760 and 820 cents per share (six months ended 31 December
2012: 654 cents per share).
The Company adopted certain changes to its accounting policies,
following changes to the International Financial Reporting Standards
(“IFRS”). These changes affect disclosures made in the Company’s
consolidated financial statements but do not affect the earnings of the
Company as previously reported.
The financial information on which this trading statement is based has
neither been reviewed nor reported on by the external auditors of ARM.
The Company’s interim results will be released on Friday, 7 March 2014.
ENDS
For all investor relations queries please contact:
Jongisa Klaas
Corporate Development and Head of Investor Relations
Office: +27 11 779 1300
E-mail: jongisa.klaas@arm.co.za
Johannesburg
20 February 2014
Sponsor: Deutsche Securities (SA) Proprietary Limited
Date: 20/02/2014 05:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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