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Kumba trading statement for 2017

Mining News - Published on Tue, 13 Feb 2018

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Shareholders are advised that Kumba is currently finalising its financial results for the year ended 31 December 2017, which will be released on the Stock Exchange News Service on or about 13 February 2018. In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that headline earnings for the period are likely to increase to between R9,300 million and R9,985 million, with headline earnings per share likely to be between R29.13 and R31.27, an increase of between 7% and 15%. The increase in headline earnings is largely attributable to higher sales volumes on the back of improved operational performance as well as an increase in export iron ore prices.

Basic earnings for the period are expected to increase to between R11,795 million and R12,660 million, with basic earnings per share expected to be between R36.94 and R39.65, an increase of between 37% and 47%.

The improved operational performance at Sishen mine, as a result of improved levels of production and operating efficiencies, as well as the recovery in the price outlook for the iron ore market, has necessitated an assessment of the recoverable amount of the Sishen mine. This has resulted in an impairment reversal relating to Sishen mine of R4.8 billion. The impairment reversal, net of tax and non-controlling interest, is R2.6 billion and will be included in basic earnings but excluded from headline earnings. More information will be provided in the Company’s financial results for the period to be released on SENS on or about 13 February 2018.

Reported headline earnings and basic earnings for the prior comparative period were R8,724 million and R8,621 million respectively, while reported HEPS and EPS for the comparative period were R27.30 and R26.98 respectively.

The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s external auditors.

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Posted By : Amom Remju on Tue, 13 Feb 2018
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