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Trading statement for the year ended 31 December 2017
ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
("RBPlat" or the "company")
Trading statement for the year ended 31 December 2017
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, 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 and can with a reasonable degree of certainty
provide an estimated range with a maximum variance of 20%.
RBPlat is in the process of finalising its financial results for the year ended
31 December 2017. The company delivered a solid operational performance for the
year with an 8.2% increase in total platinum ounces produced and a 1.4% reduction
in cash cost per platinum ounce. The company advises that it anticipates
headline earnings per share (“HEPS”) of between 51 cents and 60 cents per share
(between 41.2% and 30.8% lower), compared to HEPS of 86.7 cents for the previous
corresponding period (the year ended 31 December 2016).
“Normalised HEPS” for the year ended 31 December 2017, after adjusting for the
impact of the 2017 restructuring charge as well as the once-off tax benefit in
respect of the 2016 housing contribution is anticipated to be between 64 cents
and 72 cents (between 2.7% and 15.6% higher) compared to Normalised HEPS of
62.3 cents for the previous corresponding period.
Given the apparent structural strengthening of the South African Rand against
the US Dollar it was agreed that it would be prudent to impair the remaining
R863 million goodwill still reflected on the balance sheet of the company. This
resulted in an anticipated loss per share ("LPS") for the year ended 31 December
2017 of between 397 cents and 387 cents (between 553.2% and 541.8% lower),
compared to earnings per share (“EPS”) of 87.6 cents for the previous
corresponding period.
The improved operational performance with the resultant enhanced cash flow
contribution from on-reef development revenue at the Styldrift I project
resulted in the Group having a substantial cash balance and robust balance sheet
at the end of the year.
The information set out in this announcement has not yet been reviewed and
reported on by the company's external auditors.
RBPlat expects to release its results for the year ended 31 December 2017 on or
about 6 March 2018.
Johannesburg
23 February 2018
JSE Sponsor
Merrill Lynch South Africa Proprietary Limited
For further information, please contact:
Lindiwe Montshiwagae
Executive: Investor Relations
Tel: +27 (0)10 590 4517
Mobile: +27 (0)82 920 7803
Date: 23/02/2018 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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