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PAM
PAM
PAM - Palabora - Trading Update
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number - 1956/002134/06
JSE Code: PAM ISIN: ZAE000005245
("Palabora" or "the Company")
TRADING UPDATE
As required by the Listings Requirements of the JSE Limited, shareholders are
advised that Palabora`s earnings for the year ended 31 December 2008 are
expected to be as follows:
- Earnings before interest, tax, depreciation and amortisation (EBITDA)
between R 1 276 million (2 640 cents per share) and R 1 334 million (2 759
cents per share);
- Basic earnings between R 693 million (1 434 cents per share) and R 725
million (1 500 cents per share);
- Headline earnings between R 695 million (1 438 cents per share) and R 727
million (1 504 cents per share);
- Cash and cash equivalents between R 731 million and R 763 million; and
- Net cash between R 543 million and R 567 million.
The above guidance compares with EBITDA (excluding the impairment reversal) of
R1 489 million (3 080 cents per share), basic earnings (excluding the impairment
reversal) of R722 million (1 494 cents per share) and headline earnings of R721
million (1 489 cents per share) for the previous year. The reported operating
earnings for 2007 were R1 861 million. This has been adjusted to arrive at the
EBITDA of R1 489 million by including the depreciation expense of R287 million
and excluding the impairment reversal of R1 690 million.
EBITDA is operating income excluding finance costs, foreign exchange gains and
losses, income tax expenses and depreciation and amortization. Palabora`s
management believes that EBITDA provide a more meaningful comparison of the
Company`s earnings from ongoing operations due to the additional depreciation
recognized in 2008 as a result of the impairment reversal at 31 December 2007.
Cash and cash equivalents were R841 million and net cash R433 million at 31
December 2007.
Shareholders are advised that the information contained in this Trading Update
has not been reviewed and/or reported on by the external auditors of the
Company. It is anticipated that the results for the year ended 31 December 2008
will be published on or about 2 February 2009.
Phalaborwa
27 January 2009
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 27/01/2009 16:05:02 Produced by the JSE SENS Department.
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