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Exxaro H1 HEPS of 712 cents down 39%

Interim dividend of 235 cents per share, down 33%
  • 30 June 2013 R44,4bn assets up 9% on 1H12, up 5% on 2H12
  • Coal produced 18,8mt down 3% on 1H12 down 9% on 2H12
  • 30 June 2103 R52bn market capitalization
  • HEPS of 712 cents down 39% on 1H12, up 199% on 2H12
  • AEPS of 632 cents down 75% on 1H12, up 157% on 2H12
  • Interim dividend of 235 cents per share down 33% on 1H12, up 57% on 2H12
  • LTIFR at 0,21 against group target of 0,15
  • Revenue from continuing operations R6,2bn up 6% on 1H12, down 2% on 2H12
  • NCC pre-tax impairment R292m
  • Operating profit from continuing operations R884m down 30% on 1H12, up 105%
  • on 2H12
  • Equity-income of R2bn down 23% on 1H12, up 103% on 2H12
  • GMEP 96% complete
  • 30 June 2013 Net debt: equity 12%
Read the SENS announcement or download the results presentation

South African diversified resources group Exxaro reported a 39 percent drop in first-half headline earnings on Thursday, booking an impairment of 292 million rand ($28.53 million) on a coal mine that could cease production.

Exxaro’s headline earnings per share came in at 712 cents for the six months to end June compared to 1,162 cents in the same period last year. Headline EPS are the main profit gauge in South Africa and strip out certain one-time items.

The company, a big supplier to power utility Eskom, said total coal production coal production remained stable at 19 million tonnes.

An interim dividend of 235 cents a share was declared, a 33 percent decline from last year’s interim payout.

South Africa’s second-largest coal producer, with interests in iron ore and base metals, said its second-half results are expected to be negatively impacted by low coal prices, volatility in the rand-dollar exchange rate and the availability of trains for coal exports.

Exxaro is developing new markets in China, India and Pakistan and said a proposed ban on low-grade imports to China may benefit higher-grade South African coal.

Domestic market demand is expected to be sensitive to international market pricing influences but supply to Eskom from Exxaro remains on schedule at agreed supply levels despite delays in the utility’s new power stations.


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