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Trading statement in respect of the six months ended 31 December 2014
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 2014
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.
ARM’s headline earnings for the six months ended 31 December 2014 are
anticipated to be at least 45% (R1 053 million) less than those for the
same period in the previous financial year. Headline earnings per share
are anticipated to be at least 45% (488 cents) less than those for the
same period in the previous financial year.
Headline earnings reported for the six months ended 31 December 2013
were R2 341 million, while headline earnings per share were 1 084 cents.
The decrease in headline earnings is largely attributable to the fall in
US Dollar export commodity prices in comparison to those achieved in the
previous period, especially for iron ore, partially offset by a weaker
exchange rate during the period.
ARM’s basic earnings are expected to be negatively impacted by an
unrealized mark-to-market loss on its Harmony Gold Mining Company
Limited (“Harmony”) investment due to the fall in the Harmony share
price below the previously reported level of R25.90 per share, below
which further mark- to-market adjustments through the income statement
would be required. Based on the current Harmony share price of
approximately R18.44 per share the basic earnings for the period to 31
December 2014 will be reduced by an income statement charge of
approximately R385 million after tax. This calculation will only be
finalised based on the Harmony share price on 31 December 2014.
Basic earnings reported for the six months ended 31 December 2013 were
R1 714 million, while basic earnings per share were 794 cents.
Accordingly, ARM announces that basic earnings for the six months ended
31 December 2014 are anticipated to be at least 55% (R943 million) less
than those for the same period in the previous financial year. Basic
earnings per share are anticipated to be at least 55% (437 cents) less
than those for the same period in the previous financial year.
Shareholders are advised that a further trading statement will be issued
as soon as there is a reasonable degree of certainty as to the likely
range within 20%, by which the Company’s headline earnings per share and
basic earnings per share are expected to decrease.
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 in March 2015.
ENDS
For all investor relations queries please contact:
Stompie Shiels
Executive: Business Development
Office: +27 11 779 1300
E-mail: stompie.shiels@arm.co.za
Johannesburg
3 December 2014
Sponsor: Deutsche Securities (SA) Proprietary Limited
Date: 03/12/2014 02:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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