In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period. Accordingly, ARM announces that headline earnings per share for the six months ended 31 December 2013 are expected to increase to between 1 025 and 1 130 cents per share (six months ended 31 December 2012: 654 cents per share). The increase in headline earnings is mainly as a result of higher realised US Dollar prices for iron ore and a weakening of the Rand versus the US Dollar. This was partially offset by a reduced contribution from the Participating Coal Business (?PCB?) operations which resulted from lower production and above inflation cost increases. Delays experienced in the ramp-up of the Lubambe Copper Mine have also had a negative effect on the results for the period. An unrealised mark-to-market loss on the Harmony Gold Mining Company Limited investment impacted ARM?s basic earnings which are expected to be between 760 and 820 cents per share (six months ended 31 December 2012: 654 cents per share). The Company adopted certain changes to its accounting policies, following changes to the International Financial Reporting Standards (?IFRS?). These changes affect disclosures made in the Company?s consolidated financial statements but do not affect the earnings of the Company as previously reported. The financial information on which this trading statement is based has neither been reviewed nor reported on by the external auditors of ARM. The Company?s interim results will be released on Friday, 7 March 2014. ENDS For all investor relations queries please contact: Jongisa Klaas Corporate Development and Head of Investor Relations Office: +27 11 779 1507 E-mail: jongisa.klaas@arm.co.za or Betty Mollo Manager Investor Relations and Corporate Development Office: +27 11 779 1478 Email: betty.mollo@arm.co.za Johannesburg 20 February 2014
|