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Trading Statement for the year ended 30 June 2021
Pan African Resources PLC
(Incorporated and registered in England and Wales under the Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the “Group”)
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2021
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 upon next, will differ by at least 20% from those of the
previous corresponding period.
Pan African’s presentation currency is the United States dollar (US$). All Group subsidiaries are
incorporated in South Africa and their functional currency is South African rand (ZAR). The Group’s business
is conducted in ZAR and the accounting records are maintained in the same currency, except precious metal
product sales, which are conducted in US$ prior to conversion into ZAR.
The US$/ZAR exchange rate affects the translation of ZAR results into US$. The average US$/ZAR exchange
rate is used for this translation.
During the year ended 30 June 2021 (“Reporting Period”), the average US$/ZAR exchange rate was
US$/ZAR:15.40 (2020: US$/ZAR:15.67), and the closing US$/ZAR exchange rate at 30 June 2021 was
US$/ZAR:14.28 (2020: US$/ZAR:17.33).
The year-on-year change in the average and closing exchange rates of 1.7% and 17.6%, respectively, must
be considered when comparing period-on-period results. The weighted average number of outstanding
shares remained unchanged at 1,928.3 million shares (2020: 1,928.3 million shares).
Pan African advises shareholders that its headline earnings per share (“HEPS”) and earnings per share
(“EPS”), in respect of its operations for the Reporting Period, are expected to be as follows:
• HEPS of between US 3.76 cents per share and US 4.10 cents per share compared to US 2.29
cents per share for the previous corresponding period, being an increase of between 64% and
79% respectively for the Reporting Period.
• EPS of between US 3.76 cents per share and US 4.10 cents per share compared to US 2.30
cents per share for the previous corresponding period, being an increase of between 63% and
78% respectively for the Reporting Period.
The considerable improvement in EPS and HEPS are primarily due to the following:
• Gold and other revenue increased by 34.8% to US$368.9 million (2020: US$273.7 million)
predominantly due to an increase in gold sold of 12.4% to 201,777oz (2020: 179,457oz) and the
average US$ gold price received increasing by 15.7% to US$1,821/oz (2020: US$1,574/oz)
• offset by an increase of 281.0% in the taxation charge for the period to US$30.1 million (2020:
US$7.9 million) as a result of an increase in taxation payable and the deferred taxation rate, due to
an increase in projected taxable income based on expected future profitability, production and
capital expenditure.
The financial information contained in this announcement has neither been reviewed nor reported on
by the Company’s auditors. The Group’s audited results for the year ended 30 June 2021 will be
released on 15 September 2021.
Rosebank
8 September 2021
For further information on Pan African, please visit the Company's website at
www.panafricanresources.com
Contact information
Corporate Office Registered Office
The Firs Office Building Suite 31
2nd Floor, Office 204 Second Floor
Cnr. Cradock and Biermann Avenues 107 Cheapside
Rosebank, Johannesburg London
South Africa EC2V 6DN
Office: + 27 (0)11 243 2900 United Kingdom
info@paf.co.za Office: + 44 (0)20 7796 8644
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0)11 243 2900 Office: + 27 (0)11 243 2900
Phil Dexter/Jane Kirton Ross Allister/David McKeown
St James's Corporate Services Limited Peel Hunt LLP
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0)20 7796 8644 Office: +44 (0)20 7418 8900
Ciska Kloppers Thomas Rider/Nick Macann
Questco Corporate Advisory Proprietary Limited BMO Capital Markets Limited
JSE Sponsor Joint Broker
Office: + 27 (0)11 011 9200 Office: +44 (0)20 7236 1010
Hethen Hira Website: www.panafricanresources.com
Pan African Resources PLC
Head: Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za
Date: 08-09-2021 07:57:00
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