Kumba’s results for the year ending 31 December 2016 ("the period") will be released on the Stock Exchange News Service of the JSE Limited (“SENS”) on 14 February 2017.
In terms of the Listings Requirements of the JSE Limited (“Listings Requirements”), companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding reporting period.
Headline earnings and basic earnings reported for the year ended 31 December 2015 (as released on SENS on 9 February 2016) ("the comparative period") were R3,792 million and R469 million respectively, while headline earnings per share (“HEPS”) and earnings per share (“EPS”) reported for the comparative period were R11.82 and R1.46 respectively.
Kumba’s headline earnings and basic earnings for the period are likely to be at least 20% higher than the comparative period translating to an increase of at least R758 million and R94 million, respectively. In this regard, HEPS and EPS are also likely to be at least 20% higher than the comparative period translating to an increase of R2.36 and R0.30, respectively.
The expected increase in earnings is largely attributable to the increase in export iron ore prices during the year and the weaker average ZAR/US$ exchange rate.
Shareholders are advised that a further trading statement will be issued in due course to provide forecast ranges for HEPS and EPS as required by the Listings Requirements.
The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.