Shareholders are advised that Kumba is currently finalising its results for the year ended 31 December 2016 (“the period”), which will be released on the Stock Exchange News Service of the JSE Limited (“SENS”) on 14 February 2017.
In accordance with section 3.4(b) of the JSE Limited Listings requirements, and further to the trading statement released on SENS on 2 December 2016 in which the Company indicated that headline earnings per share (“HEPS”) and basic earnings per share (“EPS”) for the period would be at least 20% higher than the previous year ended 31 December 2015 (“the comparative period”); shareholders are advised that headline earnings for the period are likely to be between R8,453 million and R8,890 million, with basic earnings for the period expected to be between R8,351 million and R8,782 million. HEPS is likely to be between R26.36 and R27.72, an increase of between 123% and 135%. Basic EPS is expected to be between R26.04 and R27.38.
Reported headline earnings and basic earnings for the comparative period (released on SENS on 9 February 2016) were R3,792 million and R469 million respectively, while reported HEPS and EPS for the comparative period were R11.82 and R1.46 respectively.
The increase in earnings is largely attributable to the increase in export iron ore prices, as well as the impairment charge of R5,978 million that was included in basic earnings but excluded from headline earnings in the comparative period. More information will be provided in the Company’s results to be released on SENS on 14 February 2017.
The financial information, on which this trading statement is based, has not been reviewed or reported on by the Company’s external auditors.
25 January 2017
RAND MERCHANT BANK (A division of FirstRand Bank Limited)