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OPT
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OPT - Optimum Coal Holdings Limited - Trading Statement
Optimum Coal Holdings Limited
(Registration number: 2006/007799/06)
JSE share code: OPT
ISIN: ZAE000144663
("Optimum Coal" or "the Company")
TRADING STATEMENT
Optimum Coal is currently finalising its interim results for the 6 months
ended 31 December 2011, which will be released on SENS on or about Thursday,
9 February 2012. In this regard, shareholders are advised that operating cash
generated during the 6 month period to 31 December 2011 ("the current
reporting period") has surged 62% to R716 million, up from R443 million
generated in the period to 31 December 2010 ("the corresponding reporting
period"). Operating cash flow has been driven by an increase in Rand export
prices and strong export railings which have seen export stocks at operations
reduce to 105kt at 31 December 2011 from 503kt as at 30 June 2011.
Furthermore, shareholders are advised that earnings per share ("EPS") and
headline earnings per share ("HEPS") for the current reporting period are
likely to be lower than the EPS and HEPS generated in the corresponding
reporting period. The reduction in calculated EPS and HEPS has been
considerably impacted by non-cash movements in the statement of comprehensive
income.
Optimum Coal hereby advises that the forecast ranges of EPS and HEPS for the
current reporting period are expected to be as follows:
Reviewed period ended Reviewed period ended 31
31 December 2011 December 2010
EPS - IFRS (cps) 66.71 - 81.53 137.47
HEPS - IFRS (cps) 68.44 - 83.65 139.22
Normalised EPS 52.93 - 64.69 109.08
(cps)*
54.30 - 66.37 110.47
Normalised HEPS
(cps)* 251 786 186 251 786 186
Weighted average
number of ordinary
shares in issue
(# shares)
Effect of own (52 000 000) (52 000 000)
shares held**
(# shares)
Weighted average 199 786 186 199 786 186
number of shares
for IFRS purposes
(# shares)
* The Company feels that is useful and appropriate to disclose normalised EPS
and HEPS. Normalised EPS and HEPS are calculated using IFRS earnings, however
are based on the total number of issued shares outstanding during the year,
ignoring the IFRS accounting effects of the consolidation of the Employee,
Community and Executive Share Incentive trusts. The consolidation of these
trusts in terms of IFRS results in a deemed reduction in issued share capital
of 52 million shares.
**52 million shares collectively owned by the Employee, Community and
Executive Share Incentive Trusts are deemed to be under the control of the
Company and are therefore excluded from the calculation of shares outstanding
for IFRS purposes.
Headline earnings have been adjusted for the effects of one-off items
recognised during the financial year.
The financial information on which this trading statement is based has not
been reviewed and reported on by the Company`s external auditors.
2 February 2012
Johannesburg
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Financial Communications Advisers
COLLEGE HILL
Date: 02/02/2012 13:22:01 Produced by the JSE SENS Department.
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