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PAM
PAM
PAM - Palabora - Trading Statement
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 STATEMENT
As required by the Listings Requirements of the JSE Limited, shareholders are
advised that Palabora`s earnings for the year ended 31 December 2010 are
expected to be as follows:
- Earnings before interest, tax, depreciation and amortisation (EBITDA)
between R 1 470 million (3 063 cents per share) and R 1 590 million (3 313
cents per share);
- Basic earnings between R 555 million (1 156 cents per share) and R 610
million (1 271 cents per share);
- Headline earnings between R 560 million (1 167 cents per share) and R 615
million (1 281 cents per share);
- Cash and cash equivalents between R 1 570 million and R 1 690 million; and
- Net cash between R 1 465 million and R 1 610 million.
Palabora holds the majority of its cash and cash equivalents in foreign
currency, most notably the US Dollar. At 31 December 2010 Palabora estimated
that 88% (2009:63%) was held in US Dollars, 9% (2009: 35%) in South African Rand
and 3% (2009:2%) in other currencies, notably the Euro and the British Pound.
The above guidance compares with EBITDA of R 1 128 million (2 358 cents per
share), basic earnings of R 284 million (587 cents per share) and headline
earnings of R 289 million (598 cents per share) for the previous year. The
reported operating earnings for 2009 were R 577 million. This has been adjusted
to arrive at the EBITDA of R 1 128 million by including the depreciation expense
of R551 million.
EBITDA is operating income excluding finance costs, foreign exchange gains and
losses, income tax expenses and depreciation and amortisation.
Cash and cash equivalents were R 1 395 million and net cash R 1 292 million at
31 December 2009.
Shareholders are advised that the information contained in this trading
statement 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
2010 will be published on or about 7 February 2011.
Phalaborwa
25 January 2011
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/01/2011 09:52:06 Produced by the JSE SENS Department.
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