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PAM
PAM
PAM - Palabora Mining Company Limited - 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
In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements,
shareholders are advised that Palabora`s earnings for the year ended 31 December
2011 are expected to be as follows:
* Earnings before interest, tax, depreciation and amortisation (EBITDA)
between R2 340 million (4 840 cents per share) and R2 646 million (5 474
cents per share);
* Basic earnings between R1 440 million (2 978 cents per share) and R1 558
million (3 224 cents per share);
* Headline earnings between R 1 444 million (2 986 cents per share) and R1
563 million ( 3 231 cents per share); and
* Cash and cash equivalents between R2 039 million and R2 367 million.
Palabora holds the majority of its cash and cash equivalents in foreign
currency, most notably the US Dollar. At 31 December 2011 Palabora estimated
that 72% (2010:63%) was held in US Dollars, 24% (2010: 30%) in South African
Rand and 4% (2010:7%) in other currencies, notably the Euro and the British
Pound.
The above guidance compares with EBITDA of R1 533 million (3 171 cents per
share), basic earnings of R 595 million (1 231 cents per share) and headline
earnings of R594 million (1 228 cents per share) for the comparative previous
year. The reported operating earnings for the year to 31 December 2010 were R1
050 million. This has been adjusted to arrive at the EBITDA of R1 533 million by
including the depreciation expense of R483 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 R1 641 million and net cash R1 543 million at 31
December 2011.
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
2011 will be published on or about 6 February 2012.
Phalaborwa
20 January 2012
Sponsor: One Capital
Date: 20/01/2012 16:46:27 Produced by the JSE SENS Department.
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