AFRICAN RAINBOW MINERALS LIMITED - Change Statement

Release Date: 30/10/2018 17:06
Code(s): ARI
 
Wrap Text
Change Statement

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")

CHANGE STATEMENT

Shareholders are advised that the audited 2018 Annual Financial
Statements contain the following modification to the reviewed
consolidated provisional financial statements for the year ended
30 June 2018 released on the Stock Exchange News Service (SENS) of
the JSE Limited on Friday, 7 September 2018.

Revenue in the Group statement of profit or loss has been
modified to disclose revenue from discontinued operations
separately. The revenue disclosed in the reviewed
consolidated provisional financial statements released on
SENS on 7 September 2018 included revenue from both continuing
and discontinued operations (i.e. total operations).

Impact of split on                    Continuing   Discontinued        Total   
Revenue (R' million)                  operations     operations   operations   
Modified and published in                  9 263            340        9 603   
the audited 2018 Annual                                              
Financial Statements                                                 
issued on 30 October 2018                                                     
Published in the reviewed 
consolidated provisional financial 
statements released 
on 7 September 2018                        9 603              0        9 603  
Difference                                   340          (340)            0   

As required by International Financial Reporting Standards (IFRS)
5, discontinued operations should be excluded from all items of
profit and loss and disclosed as a separate line.

Results from discontinued operations, as reported on 7 September
2018, have been correctly excluded from all other line items and
notes in the reviewed consolidated provisional financial statements, 
including the comparative amounts.

The revenue line disclosed in the Group statement of profit or loss
is for the purpose of compliance with IFRS. This amount

         -   is not additive in nature in the Group statement of
             profit or loss or any other statement or note; and
         -   has no impact on the Group's net profit or earnings per
             share calculations.

The abridged Group statement of profit or loss for the year ended
30 June 2018 is therefore as follows:

Group statement of profit or loss
for the year ended 30 June 2018

                                                                                               F2018      F2017
                                                                                                  Rm         Rm   
                                                                                   Notes    Reviewed    Audited
                            
Revenue - continuing operations                                                                9 263      9 019
Revenue - discontinued operations                                                                340        600
Continuing operations                            
Sales                                                                                          8 346      8 158
Cost of sales                                                                                (6 900)    (6 951)
Gross profit                                                                                   1 446      1 207
Other operating income*                                                               12       1 527        757
Other operating expenses                                                                     (1 263)    (1 750)
Profit from operations before special items                                                    1 710        214
Income from investments                                                                          177        238
Finance costs                                                                                  (360)      (423)
Income from associate*                                                                13         619        181
Income from joint venture**                                                            8       3 510      3 265
Profit before taxation and special items                                                       5 656      3 475
Special items before tax                                                               6        (42)    (2 322)
Profit before taxation from continuing operation                                               5 614      1 153
Taxation                                                                              14       (573)        409
Profit for the year from continuing operation                                                  5 041      1 562
Discontinued operation                            
Loss after tax for the year from discontinued operation                               16       (219)      (130)
Profit for the year                                                                            4 822      1 432
Attributable to:                            
 Equity holders of ARM                            
 Profit for the year from continuing operations                                                4 747      1 431
 Loss for the year from discontinued operation                                                 (185)       (59)
Basic earnings for the year                                                                    4 562      1 372
 Non-controlling interest                             
 Profit for the year from continuing operations                                                  294        131
 Loss for the year from discontinued operation                                                  (34)       (71)
                                                                                                 260         60
Profit for the year                                                                            4 822      1 432

*   The restructuring of the ARM coal loans had an impact of
    R652 million profit with no tax effect in other operating income and
    R325 profit in income from associate with no tax effect (refer notes
    10, 11 and 12). Impairment included in income from associate is
    R19 million (F2017: nil) less tax of R5 million (F2017: nil).

**  Impairments included in income from joint venture of R26 million
    before tax of R7 million (F2017: R470 million before tax of R27 million).

Earnings per share                                                                   7
Basic earnings per share (cents)                                                               2 393        723
Basic earnings from continuing operations per share (cents)                                    2 490        754
Basic loss from discontinued operation per share (cents)                                        (97)       (31)
Diluted basic earnings per share (cents)                                                       2 325        703
Diluted basic earnings from continuing operations per share (cents)                            2 419        733
Diluted basic loss from discontinued operation per share (cents)                                (94)       (30)

The 2018 Annual Financial Statements were audited by the Company's
external auditor, Ernst & Young Inc., and their unmodified report
is available for inspection at ARM's registered office.

Copies of the audited 2018 Annual Financial Statements and the 2018
Integrated Annual Report (including the Notice of Annual General
Meeting) may be obtained from the Company's registered address or
may be requested by emailing ir.admin@arm.co.za.

NOTICE OF ANNUAL GENERAL MEETING
A notice for the 85th Annual General Meeting of shareholders of the
Company has been issued separately on SENS today, 30 October 2018.


For all investor relations queries please contact:

Jongisa Magagula
Corporate Development and Head of Investor Relations
Tel:           +27 11 779 1300
E-mail:        jongisa.magagula@arm.co.za

Johannesburg
30 October 2018


Sponsor: Investec Bank Limited



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