REG - Tharisa PLC - Audited results for year ended 30 September 2024

TharisaAnnouncement

28/11/2024 07:00

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RNS Number : 9085N  Tharisa PLC  28 November 2024

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 2024 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 multi-generational Tharisa Mine, located in the
south-western limb of the Bushveld Complex, South Africa. Tharisa is also
developing the Karo Platinum Project, a low-cost, open-pit PGM asset located
on the Great Dyke in Zimbabwe, while simultaneously focusing on beneficiation
in the form of chrome and PGM alloys. A 15-year Power Purchase Agreement with
Etana for the procurement of wheeled renewable energy and a 40 MW solar
project under construction will ensure that Tharisa Minerals' drive to reduce
its carbon footprint by 30% by 2030 is well within reach, forming a major part
of a roadmap to become net carbon neutral by 2050. Redox One is accelerating
the development of a proprietary iron chromium redox flow long-duration
battery 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

4.6 Mt

(2023: 4.2 Mt)

+9.5%

 

PGM PRODUCTION (5PGE + AU)

145.1 koz

(2023: 144.7 koz)

+0.3%

 

CHROME CONCENTRATE PRODUCTION

1.70 Mt

(2023: 1.58 Mt)

+7.6%

 

REVENUE

US$721.4 m

(2023: US$649.9 m)

+11.0%

 

OPERATING PROFIT

US$119.6 m

(2023: US$94.7 m)

+26.3%

 

EBITDA

US$177.6 m

(2023: US$136.8 m)

+29.8%

 

PROFIT BEFORE TAX

US$117.7 m

(2023: US$114.3 m)

+3.0%

 

EARNINGS PER SHARE

US 27.7 cents

(2023: US 27.4 cents)

+1.1%

 

HEADLINE EARNINGS PER SHARE

US 28.1 cents

(2023: US 28.3 cents)

-0.7%

 

ROIC

11.1%

(2023: 10.5%)

+5.7%

 

TOTAL DIVIDEND

US 4.5 cents

(2023: US 5.0 cents)

-10.0%

Declaration of dividend

Shareholders are advised that the board has resolved to propose a final gross
cash dividend of US 3.0 cents per ordinary share for the financial year ended
30 September 2024, 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 Friday, 28 February 2025. If approved by shareholders, the
recommended dividend will be paid on Wednesday, 12 March 2025.

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 Thursday, 28 November 2024, being the
currency conversion date.

Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 28
November 2024, of which  295 204 391 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, 28 November 2024
 Currency conversion rates announced                   Thursday, 20 February 2025
 Last day to trade cum-dividend rights on the JSE      Tuesday, 25 February 2025
 Last day to trade cum-dividend rights on the LSE      Wednesday, 26 February 2025
 Shares will trade ex-dividend rights on the JSE from  Wednesday, 26 February 2025
 Shares will trade ex-dividend rights on the LSE from  Thursday, 27 February 2025
 Record date for payment on both JSE and LSE           Friday, 28 February 2025
 Dividend payment date                                 Wednesday, 12 March 2025

 

No dematerialisation or rematerialisation of shares within Strate will be
permitted between Wednesday, 26 February 2025 and Friday, 28 February 2025,
both days inclusive. No transfers between registers will be permitted between
Thursday, 20 February 2025 and Friday, 28 February 2025, 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 3.0 cents
per share. Shareholders who are South African tax resident companies are
exempt from dividend tax and will receive the dividend of US 3.0 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 Thursday, 28 November
2024, 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/2024/jse/isse/THA/FYresults.pdf
(https://senspdf.jse.co.za/documents/2024/jse/isse/THA/FYresults.pdf) .

This short-form announcement is the responsibility of the directors and any
investment decision should be based on the full announcement published on SENS
and RNS.

BDO Limited Cyprus has expressed an unmodified audit opinion in the
Independent Auditor's Report dated 27 November 2024 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

28 November 2024

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)

Gloria Zvaravanhu (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 (mailto: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

28 November 2024

 

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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