Trading Statement

Thungela Resources Limited

23 February 2024

 

THUNGELA RESOURCES LIMITED

(Incorporated in the Republic of South Africa)

Registration number: 2021/303811/06

JSE Share Code: TGA

LSE Share Code: TGA

ISIN: ZAE000296554

Tax number: 9111917259

('Thungela' or the 'Company' and, together with its affiliates, the 'Group')

Thungela Resources Limited Trading Statement for the year ended 31 December 2023

Shareholders are advised that Thungela and its directors have a reasonable degree of certainty related to the expected financial results of the Group for the year ended 31 December 2023 in line with paragraph 3.4(b) of the JSE Listings Requirements. 

Expected earnings per share and headline earnings per share

Shareholders are advised that earnings per share ('EPS') for the year ended 31 December 2023 (the 'current period') is expected to be between R34 and R39, a decrease of between R88.08 and R93.08 per share compared to EPS of R127.08 for the year ended 31 December 2022 (the 'prior period'). Earnings attributable to the shareholders of the Group for the current period is expected to be between R4.6 billion and R5.3 billion.

Headline earnings per share¹ ('HEPS') for the current period is expected to be between R31 and R36, a decrease of between R94.82 and R99.82 per share compared to HEPS of R130.82 for the prior period. Headline earnings attributable to the shareholders of the Group for the current period is likely to be between R4.3 billion and R4.9 billion (compared to R17.5 billion in the prior period).

These earnings numbers include various once-off, non-cash adjustments related to the acquisition of the Ensham Business, and the related accounting treatment thereof. The Group has consolidated 85% of the results of the Ensham Business from the acquisition date of 31 August 2023.

These EPS and HEPS figures are calculated using a weighted average number of shares of 137,056,628 for the current period and 133,684,828 for the prior period.

The expected EPS and HEPS ranges for the current period are summarised in the table below:

	Expected EPS/HEPS range (Rand per share)	Expected decrease from prior period (Rand per share)	Expected decrease from prior period (%)
EPS	34.00 - 39.00	88.08 - 93.08	69 - 73
HEPS	31.00 - 36.00	94.82 - 99.82	72 - 76

Key areas of judgement which may impact the expected EPS and HEPS figures above are in the process of being finalised, and any changes to these ranges, if necessary, will be communicated to shareholders. 

Thungela expects to release its financial results for the year ended 31 December 2023 on 18 March 2024. The financial results will be released on the Stock Exchange News Service of the JSE and the Regulatory News Service of the London Stock Exchange, and will be accompanied by an investor webinar and conference call on the same date.

The live webinar and conference call will start at 12:00 SAST (10:00 GMT). Details to register for the webinar and conference call are available below:

Webinar registration:

https://78449.themediaframe.com/links/thungela240318_1200.html

Conference call registration:

https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=1552324&linkSecurityString=48259d3f0

Deon Smith 

Chief financial officer

Footnote

1.   HEPS is determined in reference to Circular 1/2023 - Headline earnings ('Circular 1/2023') as issued by the South African Institute of Chartered Accountants. In order to calculate headline earnings, earnings attributable to the equity shareholders of the Group is adjusted for separately identifiable remeasurements, as defined in Circular 1/2021, net of related tax and non-controlling interests.

Rosebank

23 February 2024

Review of Trading Statement

The information contained in this Trading Statement is the responsibility of the directors of Thungela and has not been reviewed or reported on by the Group's independent external auditor. 

Disclaimer

This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Thungela's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations (including development plans and objectives relating to Thungela's products, production forecasts and reserve and resource positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Thungela, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Group assumes no responsibility to update forward-looking statements in this announcement except as required by law.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the market abuse regulation (EU) no. 596/2014 as amended by the market abuse (amendment) (UK mar) regulations 2019. Upon the publication of this announcement via the regulatory information service, this inside information is now considered to be in the public domain.

Investor Relations 

Ryan Africa

Email: [e-mail]

Shreshini Singh

Email: [e-mail]

Media Contacts

Hulisani Rasivhaga

Email: [e-mail]

UK Financial adviser and corporate broker

Liberum Capital Limited

Sponsor

Rand Merchant Bank

(A division of FirstRand Bank Limited)

 

END