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')
Interim results announcement for the six months ended 31 March 2024 and Interim 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.
| Revenue US$369.1 m up 10.1% (HY2023: US$335.3 m) | EBITDA US$79.6 m down 2.0% (HY2023: US$81.2 m) | NET PROFIT AFTER TAX US$38.8 m down 29.1% (HY2023: US$54.7 m) |
| | | |
| NET CASH FROM OPERATING ACTIVITIES US$86.2 m down 11.2% (HY2023: US$97.1 m) | CAPITAL EXPENDITURE
US$114.1 m includes US$63.1 m on Karo Platinum (HY2023: US$49.3 m) | CASH AND CASH EQUIVALENTS* US$198.5 m
(FY2023: US$269.0 m) |
| | | |
| EPS US 12.8 cents down 26.4% (HY2023: US 17.4 cents) | HEPS US 13.2 cents down 25.0% (HY2023: US 17.6 cents) | INTERIM DIVIDEND US 1.5 cents 24.5% of NPAT** (HY2023: US 3 cents) |
| | | |
| * including restricted bank deposits **proportion of NPAT including share repurchase programme underway | ||
DIVIDEND CURRENCY CONVERSION RATES AND TIMETABLE
An interim dividend of US 1.5 cents per ordinary share has been declared. The interim dividend will be paid on Wednesday, 26 June 2024 and will be paid from income reserves.
Shareholders on the principal Cyprus register will be paid in United States Dollar (US$), 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, based on the weighted average of the South African Reserve Bank's daily rate at approximately 10:30 (UTC+2) on 22 May 2024, being the currency conversion date, are as follows:
| | Exchange rate | Dividend per share in payment currency |
| South Africa - JSE | ZAR18.18710 / US$ | 27.28065 South African cents per share |
| United Kingdom - LSE | GBP0.78579 / US$ | 1.17869 pence per share |
The timetable for the dividend declaration is as follows:
Currency conversion date: Wednesday, 22 May 2024
Declaration date and currency conversion dates announced: Thursday, 23 May 2024
Last day to trade cum-dividend rights on the JSE: Tuesday, 11 June 2024
Last day to trade cum-dividend rights on the LSE: Wednesday, 12 June 2024
Shares will trade ex-dividend rights on the JSE: Wednesday, 12 June 2024
Shares will trade ex-dividend rights on the LSE: Thursday, 13 June 2024
Record date for payment on both JSE and LSE: Friday, 14 June 2024
Dividend payment date: Wednesday, 26 June 2024
No dematerialisation or rematerialisation of shares within Strate will be permitted between Wednesday, 12 June 2024 and Friday, 14 June 2024, both days inclusive. No transfers between registers will be permitted between Wednesday, 22 May 2024 and Friday, 14 June 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. Funds will be paid from Cyprus.
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 27.28065 South African cents per share. Therefore, the net dividend of 21.82452 South African cents per share will be paid after 5.45613 South African cents in terms of dividend withholding tax has been applied. Shareholders who are South African tax resident companies are exempt from dividend tax and will receive the dividend of 21.82452 South African 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 advisors 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 advisors 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 advisors with regard to how they will be impacted by the payment of the dividend.
ADDITIONAL INFORMATION REQUIRED BY THE JSE LISTING REQUIREMENTS
Tharisa has a total of 302 596 743 ordinary shares in issue on Thursday, 23 May 2024, of which 299 837 338 carry voting rights and are eligible to receive dividends.
This short form announcement is the responsibility of the directors.
BDO Limited has expressed an unmodified review opinion on the reviewed interim condensed consolidated financial statements.
The interim condensed consolidated financial statements ("full announcement") can be found on the Company's website at www.tharisa.com and viewed on the JSE link: https://senspdf.jse.co.za/documents/2024/jse/isse/THA/H1results.pdf. Any investment decision should be based on the full announcement.
By order of the Board
P Pouroulis Chief Executive Officer MG Jones Chief Finance Officer
23 May 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
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
6th Floor Evagoras House
1066 Nicosia
Cyprus
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited, Cymain Registrars Limited
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn 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
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 418 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
About Tharisa
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 the Karo Platinum Project, 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 40 MW solar project adjacent to the Tharisa Mine is well advanced. 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).
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