PALABORA MINING COMPANY LIMITED - TRADING STATEMENT
PAM
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 half year ended 30 June
2012 are expected to be as follows:
? Earnings before interest, tax, depreciation and amortisation (EBITDA)
between R605 million (1 250 cents per share) and R889 million (1 841 cents
per share);
? Basic earnings between R263 million (543 cents per share) and R413 million
(854 cents per share);
? Headline earnings between R 264 million (545 cents per share) and R416
million ( 860 cents per share); and
? Cash and cash equivalents between R2 074 million and R2 415 million.
Palabora holds the majority of its cash and cash equivalents in foreign currency,
most notably the US Dollar. At 30 June 2012 Palabora estimated that 84%
(2011:72%) was held in US Dollars, 12% (2010: 24%) in South African Rand and 4%
(2010:4%) in other currencies, notably the Euro and the British Pound.
The above guidance compares with EBITDA of R1 429 million (2 956 cents per
share), basic earnings of R 758 million (1 568) cents per share) and headline
earnings of R764 million (1 580 cents per share) for the comparative previous year.
The reported operating earnings for the half year ended 30 June 2011 were R1 065
million. This has been adjusted to arrive at the EBITDA of R1 429 million by including
the depreciation expense of R317 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 708 million and net cash R1 609 million as at 30
June 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 half year ended 31 June 2012 will be published
on or about 6 August 2012.
Phalaborwa
16 July 2012
Sponsor: One Capital
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