REG - Tharisa PLC - Annual Financial Report

TharisaAnnouncement

14/12/2023 07:00

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RNS Number : 6887W  Tharisa PLC  14 December 2023

Tharisa plc

(Incorporated in the Republic of Cyprus with limited liability)

(Registration number HE223412)

JSE share code: THA

LSE share code: THS

A2X share code: THA

ISIN: CY0103562118

LEI: 213800WW4YWMVVZIJM90

('Tharisa' or the 'Company')

 

AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 AND CASH DIVIDEND
DECLARATION

Tharisa is an integrated resource group critical to the energy transition and
decarbonisation of economies. It incorporates exploration, mining, processing
and the beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its principal
operating asset is the Tharisa Mine, located in the south-western limb of the
Bushveld Complex, South Africa. The mine has a 13-year open pit life and is
strategically advancing the vast mechanised underground resource which extends
for over 60 years. Tharisa is developing Karo Platinum, a low-cost, open-pit
PGM asset located on the Great Dyke in Zimbabwe.

 

The Company is committed to reducing its carbon emissions by 30% by 2030 and
the development of a roadmap to become net carbon neutral by 2050. As part of
this energy transition, the 40MW solar project adjacent to the Tharisa Mine is
well advanced. Redox One, a wholly owned subsidiary, is accelerating the
development of proprietary iron chromium redox flow long duration battery
storage utilising the commodities we mine. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and the Main Board of the London Stock
Exchange (LSE: THS).

 

REEF MINED

4.2 Mt

(2022: 5.5 Mt)

-23.6%

 

PGM PRODUCTION (5PGE + AU)

144.7 koz

(2022: 179.2 koz)

-19.3%

 

CHROME CONCENTRATE PRODUCTION

1.58 Mt

(2022: 1.58 Mt)

 

REVENUE

US$649.9 m

(2022: US$686.0 m)

-5.3%

 

OPERATING PROFIT

US$94.7 m

(2022: US$184.5 m)

-48.7%

 

EBITDA

US$136.8 m

(2022: US$237.3 m)

-42.4%

 

PROFIT BEFORE TAX

US$114.3 m

(2022: US$220.2 m)

-48.1%

 

EARNINGS PER SHARE

US 27.4 cents

(2022: US 53.8 cents)

-49.1%

 

HEADLINE EARNINGS PER SHARE

US 28.3 cents

(2022: US 41.1 cents)

-31.1%

 

ROIC

10.5%

(2022: 23.5%)

-55.3%

 

TOTAL DIVIDEND

US 5.0 cents

(2022: US 7.0 cents)

 

Declaration of dividend

Shareholders are advised that the board has resolved to propose a final gross
cash dividend of US 2.0 cents per ordinary share for the financial year ended
30 September 2023, such dividend being payable to shareholders registered on
the register of members of Tharisa as of the close of business on the record
date, being 1 March 2024. If approved by shareholders, the recommended
dividend will be paid on Wednesday 13 March 2024.

Shareholders on the principal Cyprus register will be paid in US dollars,
shareholders whose shares are held through Central Securities Depositary
Participants (CSDPs) and brokers and are traded on the JSE will be paid in
South African rand (ZAR) and holders of depositary interests traded on the LSE
will be paid in sterling (GBP). The currency equivalents of the dividend will
be based on the weighted average of the South African Reserve Bank's daily
rate at approximately 10:30 (UTC +2) on

14 December 2023, being the currency conversion date.

Tharisa has a total of 302 596 743 ordinary shares in issue on 14 December
2023, of which 300 019 694 carry voting rights and are eligible to receive
dividends.

Timetable

The timetable for the dividend declaration is as follows:

 Declaration and currency conversion date              Thursday, 14 December 2023
 Currency conversion rates announced                   Thursday, 22 February 2024
 Last day to trade cum-dividend rights on the JSE      Tuesday, 27 February 2024
 Last day to trade cum-dividend rights on the LSE      Wednesday, 28 February 2024
 Shares will trade ex-dividend rights on the JSE from  Wednesday, 28 February 2024
 Shares will trade ex-dividend rights on the LSE from  Thursday, 29 February 2024
 Record date for payment on both JSE and LSE           Friday, 1 March 2024
 Dividend payment date                                 Wednesday, 13 March 2024

 

No dematerialisation or rematerialisation of shares within Strate will be
permitted between Wednesday, 28 February 2024 and Friday, 1 March 2024, both
days inclusive. No transfers between registers will be permitted between
Thursday, 22 February 2024 and Friday, 1 March 2024, both days inclusive.

Tax implications of the dividend

Shareholders and Depositary Interest holders should note that information
provided should not be regarded as tax advice.

Shareholders are advised that the dividend declared will be paid out of income
reserves and may therefore be subject to dividend withholding tax depending on
the tax residency of the shareholder.

South African tax residents

South African shareholders are advised that the dividend constitutes a foreign
dividend. For individual South African tax resident shareholders, dividend
withholding tax of 20% will be applied to the gross dividend of US 2.0 cents
per share. Shareholders who are South African tax resident companies are
exempt from dividend tax and will receive the dividend of US 2.0 cents per
share. This does not constitute legal or tax advice and is based on taxation
law and practice in South Africa. Shareholders should consult their brokers,
financial and/or tax advisers with regard to how they will be impacted by the
payment of the dividend.

UK tax residents

UK tax residents are advised that the dividend constitutes a foreign dividend
and that they should consult their brokers, financial and/or tax advisers with
regard to how they will be impacted by the payment of the dividend.

Cyprus tax residents

Individual Cyprus tax residents are advised that the dividend constitutes a
local dividend and that they should consult their brokers, financial and/or
tax advisers with regard to how they will be impacted by the payment of the
dividend.

The full announcement was released on SENS and RNS on 14 December 2023, and
can be found on the Company's website at www.tharisa.com
(http://www.tharisa.com) and can also be viewed here,
https://senspdf.jse.co.za/documents/2023/jse/isse/THA/FYresults.pdf
(https://senspdf.jse.co.za/documents/2023/jse/isse/THA/FYresults.pdf) .

Any investment decision should be based on the full announcement published on
SENS and RNS.

Ernst & Young Cyprus Limited has expressed an unmodified audit opinion in
the Independent Auditor's Report dated 13 December 2023 on the audited
consolidated financial statements which are included in the full results.

By order of the Board

P Pouroulis Chief Executive
Officer                           MG Jones Chief
Finance Officer

14 December 2023

DIRECTORS

Loucas Pouroulis (Executive Chairman)

Phoevos Pouroulis (Chief Executive Officer)

Michael Jones (Chief Finance Officer)

Carol Bell (Lead Independent Director)

David Salter (Independent non-executive director)

Antonios Djakouris (Independent non-executive director)

Omar Kamal (Independent non-executive director)

Roger Davey (Independent non-executive director)

Shelley Wai Man Lo (Non-executive director)

Hao Chen (Non-executive director)

 

REGISTERED ADDRESS

Office 108 - 110

S. Pittokopitis Business Centre

17 Neophytou Nicolaides and Kilkis Streets, 8011 Paphos, Cyprus

www.tharisa.com (http://www.tharisa.com)

 

 

 

GROUP COMPANY SECRETARY

Sanet Findlay

The Crossing, 372 Main Road

Bryanston, Johannesburg, 2022

South Africa

Email: secretarial@tharisa.com

 

ASSISTANT COMPANY SECRETARY

Lysandros Lysandrides

31 Evagoras Ave

6(th) Floor Evagoras House

1066 Nicosia

Cyprus

 

TRANSFER SECRETARIES

Computershare Investor Services Proprietary Limited, Cymain Registrars Limited

 

Paphos, Cyprus

14 December 2023

 

JSE Sponsor

Investec Bank Limited

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Investor Relations Contacts:

Ilja Graulich (Head of Investor Relations and Communications)

+27 11 996 3500

+27 83 604 0820

igraulich@tharisa.com (mailto:igraulich@tharisa.com)

 

Broker Contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / Georgia Langoulant

+44 207 7418 8900

 

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Nick Macann

+44 207 236 1010

 

Berenberg (UK Joint Broker)

Matthew Armitt / Jennifer Lee / Detlir Elezi

+44 203 207 7800

 

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