Pan African Resources PLC (PAF) 2010年年度报告「LSE」.pdf

1、Annual Report 20101Pan African Resources PLC Annual Report 2010 Dividend paying gold company Unhedged and debt free Gold production:shallow,low cost&high grade Consistent year-on-year improvement in productivity Low cost&high grade platinum production from surface due in 2011 Management team with a

2、proven track record of deliveryPlatinum-tipped gold with a yield The diff erence2Nature of our BusinessPan African Resources Plc(“Pan African”,“Pan African Resources”,“the Company”or“the Group”)is an African focused mining group that produces approximately 100,000oz of gold per year,with production

3、of platinum group metals forecast to begin by September of 2011.Its focus is on low cost,high margin production and acquiring near production projects.The Group is debt free,unhedged and is able to fund its current on-mine capital expenditure from internal cash fl ows.Production and growth focus dri

4、ven by:Low cost base;High margins;Signifi cant potential for long-term growth in reserve base;and Creating an enabling environment to allow optimum performance.Resilient fi nancial performance Revenue from gold sales increased by 29.25%to 68.5 million(2009:53.0 million)Headline earnings per share(“H

5、EPS”)increased by 25.88%to 1.07p(2009:0.85p)Earnings per share(“EPS”)increased by 160.00%to 1.04p(2009:0.40p)Earnings before interest,tax,depreciation,amortisation and impairment(“EBITDA”)increased by 9.17%to 25.0 million(2009:22.9 million)Final dividend of 0.3723p per share(2009:dividend of 0.2555p

6、 per share)proposed Cash and cash equivalents increased by 435.56%to 12.80 million(2009:2.39 million)Continued production improvement Underground gold production increased by 2.71%to 97,483oz(2009:94,909oz)from the Barberton Mines Headgrade improved by 2.81%to 10.61g/t(2009:10.32g/t)(Proprietary)Lim