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Sibanye-Stillwater expects to report R4.44bn attributable loss for FY17

21st February 2018

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Sibanye-Stillwater expects to report an attributable loss of R4.44-billion, or $333-million, for the year ended December 31, compared with attributable earnings of R3.47-billion, or $237-million, for the 2016 financial year.

In an updated trading statement issued on Wednesday, the precious metals miner attributed the loss to impairments, the provision for occupational healthcare claims, restructuring and transaction costs and “significant” year-on-year differences in commodity prices and the average rand/dollar exchange rate.

Further, the company expects to report a normalised loss R480-million, or $36-million, for the 2017 financial year, compared with normalised earnings of R3.68-billion in 2016, as the R1.01-billion, or $76-million, normalised loss for the first half of 2017 had been offset by normalised earnings of R522-million, or $39-million, in the second half of the year.

Sibanye-Stillwater noted that earnings per share (EPS) and headline earnings per share (HEPS) for 2017 had also been impacted on by the company’s rights offer and capitalisation issue. The company, therefore, expects to report a loss a share of 229c, or $0.17, compared with the EPS of 225, or $0.15, reported for 2016.

Its headline loss a share is expected to be 12c, or $0.01, for 2017, compared with HEPS of 162c, or $0.08, in 2016.

Sibanye-Stillwater will release its full-year results on February 22.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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