TIDMTHS
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 Thursday, 14 December
date 2023
Currency conversion rates announced Thursday, 22 February
2024
Last day to trade cum-dividend rights Tuesday, 27 February
on the JSE 2024
Last day to trade cum-dividend rights Wednesday, 28 February
on the LSE 2024
Shares will trade ex-dividend rights Wednesday, 28 February
on the JSE from 2024
Shares will trade ex-dividend rights Thursday, 29 February
on the LSE from 2024
Record date for payment on both JSE Friday, 1 March 2024
and LSE
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 and can also be viewed here,
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
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
Connect with us on LinkedIn and Twitter to get further news and
updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
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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END
ACSFLFFEFTLVLIV
(END) Dow Jones Newswires
December 14, 2023 02:00 ET (07:00 GMT)
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