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THARISA PLC - Tharisa 2016 Consolidated Annual Results

Release Date: 29/11/2016 09:00
Code(s): THA     PDF:  
Wrap Text
Tharisa 2016 Consolidated Annual Results

THARISA PLC
Incorporated in the Republic of Cyprus with limited liability
Registration number: HE223412
JSE share code: THA
LSE share code: THS
ISIN: CY0103562118

THARISA 2016
CONSOLIDATED ANNUAL RESULTS

Integrated
Innovation

HIGHLIGHTS

ROM MINED
UP 15.6%
4.8 Mt
(2015: 4.2 Mt)

PGM PRODUCTION
UP 12.4%    (5PGE + Au)
132.6 koz
(2015: 118.0 koz)

CHROME CONCENTRATE
PRODUCTION
UP 10.8%
1.2 Mt
(2015: 1.1 Mt)

REVENUE
DOWN 11.0%
US$219.7m
(2015: US$246.8m)

OPERATING PROFIT
UP 74.5%
US$32.1m
(2015: US$18.4m)

EBITDA
UP 48.3%
US$43.0m
(2015: US$29.0m)

PROFIT BEFORE TAX
UP 129.2%
US$22.0m
(2015: US$9.6m)

HEADLINE EARNINGS
PER SHARE
UP 200.0%
US$ 6 cents
(2015: US$ 2 cents)

PROPOSED MAIDEN DISTRIBUTION TO SHAREHOLDERS OF
US$ 1 CENT PER SHARE

LEADERSHIP REVIEW
financial year-end September 2016

Executive Chairman Loucas Pouroulis, Chief Executive
Officer Phoevos Pouroulis and Chief Finance Officer
Michael Jones.

Dear Stakeholder

In compiling this report we have been guided by materiality
so that we report concisely on those issues most material
to our stakeholders and our ongoing ability to create value.
More detailed information is available on our website,
www.tharisa.com.

The year under review has once again proven the
robustness of our low cost co-production model. We are
pleased to report that, in spite of chrome concentrate
prices reaching critically low levels in Q2, we negotiated the
challenges and have succeeded in reporting an improved
and profitable performance.

FY2016 was always set to be a watershed year for Tharisa
even though the achievement of steady state production
was impacted by safety-related stoppages in Q1, which
delayed this achievement. However, from Q2 onwards
the Tharisa Mine recorded steady state production (on an
annualised basis) and a number of record achievements
during the remainder of the year.

We mined 4.8 Mt of ore during the year, being the required
mining call rate for the nameplate capacity of our processing
plants, of which 4.7 Mt was processed through the two
plants. This resulted in above guidance PGM production
of 132.6 koz of contained PGMs and production of 1.2 Mt
of chrome concentrates. Of the chrome concentrates,
269.4 kt comprised specialty grade product on the back
of our strategic decision to increase our market share and
capture higher margins in a suppressed metallurgical grade
market.

PGM prices have remained relatively stable during the year
albeit lower than FY2015 supported by a weaker ZAR,
and we believe there is potential for a price recovery in
platinum, in particular with palladium recording a strong
recovery post the year-end to above US$700/oz.

Post the year-end we have seen a recovery in the
metallurgical grade chrome prices delivered to China on
the back of physical supply shortages with inventories
running to critically low levels, coupled with a Chinese
stimulus package initiating strong stainless steel growth
and consumption in China. Prices are currently reported at
above US$350/t CIF China.

Our full-year results demonstrates the significance of
reaching steady state production, a reduction in unit
costs, as well as operational efficiencies. Operating
profit for the year amounted to US$32.1 million
(FY2015: US$18.4  million), with a net profit after tax of
US$15.8 million (FY2015: US$6.0 million) generating HEPS
of US$ 6 cents (FY2015: US$ 2 cents).

It is the Group's policy to pay 10% of consolidated net
profit after tax as a dividend, and the directors are pleased
to announce that, subject to the necessary shareholder
and regulatory approvals, the Board has approved an
inaugural distribution to shareholders of US$ 1 cent per
share, signalling our strong intention of maintaining capital
discipline and of being a dividend-paying company.

SAFETY
Safety remains a priority at Tharisa, which achieved a
fatality-free year and, at 30 September 2016, our LTIFR per
200 000 hours worked at the mine was 0.36.

As previously reported, Q1 was interrupted by a number of
safety-related stoppages, primarily on the back of the tragic
fatality that occurred in September 2015. This impacted
our mill throughput for the quarter by approximately 15%.
We are pleased to advise that no safety-related stoppages
were incurred for the remainder of the year, highlighting
our emphasis on safety as well as our improved relationship
with the DMR inspectorate.

We continue to strive for a zero harm work environment
and in line with the DMR's drive to minimise all injuries
within the South African mining industry, we have renewed
our commitment to our stakeholders and taken the
necessary steps in ensuring a safer workplace. To that end it
is pleasing to report that Tharisa Minerals was awarded the
Best Safety Performance in class award at Mine Safe 2016.

OPERATIONAL OVERVIEW
A number of milestones were achieved during the financial
year including:
-  4.8 Mt reef mined, an increase of 15.6%
-  4.7 Mt milled, an increase of 5.8%
-  132.6 koz 5PGE + Au contained PGM production, up
   by 12.4%
-  69.9% overall PGM recovery, an increase of 6.2%
-  1.24 Mt production of chrome concentrates, up by 10.8%
-  62.7% chrome recovery, an increase of 8.1%
-  269.4 kt specialty grade chrome production, an increase
   of 138.8%

MINING
Steady state reef mining was achieved for the year under
review. The accelerated overburden stripping of the
previous two years allowed a focus on inter-burden waste
removal and an increased strike face length. It is planned
that the stripping ratio will normalise to 9.7 bcm:bcm in
FY2017 from the 7.3 bcm:bcm achieved in the current year.

PROCESSING
The processing plants performed well throughout the year
with exceptional performance during Q4, resulting in PGM
recoveries achieving record levels of 80.6%, and chrome
recoveries nearing targeted levels at 63.5% during the quarter.

Plant throughput equated to 98% of combined nameplate
capacity despite the various enforced safety stoppages
in Q1. The primary spiral replacement programme was
successfully completed and enabled the production of
specialty grade chrome concentrates to increase to 21.7%
of total chrome concentrate production up from 10.1% the
prior year, a strategic decision taken to mitigate against the
sharp decline in metallurgical grade prices in Q1 and Q2.
Specialty grade chrome concentrates typically command
a US$30/t premium over standard metallurgical grade
chrome concentrates.

LABOUR RELATIONS
Labour relations at the Tharisa Mine remained stable, during
the year and we benefit from being in the second year of
a three-year wage agreement concluded in the second
quarter of FY2015. The agreement ensures annual salary
increases in line with South African inflation rates. The
interface between the NUM, which represents the majority
of our employees, and Tharisa Minerals is constructive and
co-operative. Our main contractor, MCC, has recognised
AMCU as the representative union at the mine. There have
been no material issues with the contractor's labour during
the financial period under review.

UTILITIES
Our relationship with our primary utility supplier, Eskom,
continues on a sound footing with no material disruptions
to electricity supply and with no impact on processing
activities during the period under review.

South Africa has experienced a major drought and as a
result water supply and sustainability was ranked as our
number one risk for our mining and processing operations
at the Tharisa Mine. In terms of our mitigation strategy
we were able to secure additional water from the nearby
Buffelspoort Dam via a temporary transfer and conversion
of our agricultural water use rights to industrial use rights.
This allocation along with our existing sources of water is
sufficient for our operations. We are pleased to report that
post-year-end typical rainfall has begun replenishing our
conventional water sources.

LOGISTICS
                          2016    2015   Change

Average            US$/     42      56    (25%)
transport cost    tonne
per tonne
of chrome
concentrate -
CIF China basis
Chrome               kt  923.1   974.8     (5%)
concentrates
shipped

The chrome concentrates destined for main ports in
China were shipped either in bulk from the Richards Bay
Dry Bulk Terminal or via containers and transported
from Johannesburg by road to Durban, from where it was
shipped. The economies of scale and in-house expertise
have ensured that our transport costs, a major cost of the
Group, remains competitive.

Arxo Logistics has sufficient storage capacity at both the
Richards Bay Dry Bulk Terminal and the Durban container
port to manage Tharisa Minerals' full production capacity.

A total of 923.1 kt (2015: 974.8 kt) of chrome concentrates
was shipped by Arxo Logistics in FY2016, mostly to main
ports in China. Of this, 95% was shipped in bulk, representing
a significant increase on the prior year's bulk shipments
of 87%. Bulk shipments are preferred by customers due
to ease of handling and reduced port charges, as well as
reduced levels of administration. The increase in bulk
shipments demonstrates the effectiveness of the newly
upgraded rail siding at Marikana and the use of the Richards
Bay Dry Bulk Terminal link, as well as the benefit of Arxo
Logistics being certified as a clearing agent with the revenue
authorities at Richards Bay. Arxo Logistics provided third
party logistics services during the period under review and
is planning to expand this service offering in the year ahead.

Negotiations regarding a planned public-private partnership
for an on-site railway siding at the Tharisa Mine are
continuing and final commercial terms are still to be agreed.
This will not only improve efficiencies and costs, but will
also improve safety and alleviate environmental impacts by
reducing road freight haulage.

SUSTAINABILITY
Sustainability is at the heart of our business. We are proud
of our track record in minimising our environmental impact
and, while we strive to improve further, we take pride in
our mature and mutually beneficial relationships with the
communities that border the Tharisa Mine.

We not only understand our obligations to create social
capital as enshrined in the MPRDA, but strive to achieve
these obligations in ways that create ongoing sustainable
social capital. Our commitment to the neighbouring
communities is evidenced in all aspects of our business,
not only from our corporate social initiatives and local
economic development plans, but also underpinned by
equity ownership of the community in Tharisa Minerals.

COMMODITY MARKETS AND SALES
                              2016       2015     Change
   
PGM basket         US$/oz      736        885    (16.8%)
price   
PGM basket         ZAR/oz   10 881     10 620       2.7%
price   
42%                  US$/      120        158    (24.1%)
metallurgical       tonne   
grade chrome   
concentrate   
contract price   
42%                  ZAR/    1 751      1 896     (8.0%)
metallurgical       tonne     
grade chrome     
concentrate     
contract price     
Specialty            US$/      126        146    (13.7%)
grade chrome        tonne   
concentrate   
price (FOB basis)   
Exchange rate     ZAR:US$     14.8      12.0

PGM concentrate production continues to be sold to
Impala Platinum in terms of the off-take agreement with
a total of 132.9 koz of contained PGMs (on a 5PGE + Au
basis) being sold during the year. This is an increase of 10.8%
over the previous year's sales of 119.9 koz of contained
PGMs (on a 5PGE + Au basis).

The PGM prill split by mass is as follows:

                                        2016    2015

Platinum                               55.9%   56.2%
Palladium                              16.1%   16.2%
Rhodium                                 9.4%    9.3%
Gold                                    0.2%    0.2%
Ruthenium                              13.9%   13.7%
Iridium                                 4.5%    4.4%

Tharisa Minerals is paid a variable percentage of the market
value of the contained PGMs in terms of an agreed formula.
The PGM basket price has remained under pressure with
the average PGM basket price per ounce reducing by 16.8%
to US$736/oz (2015: US$885/oz) for the financial year.
However, Tharisa Minerals benefited from a weakening of
the ZAR relative to the US$, resulting in the ZAR basket
price increasing by approximately 2.7%.

Chrome concentrate sales totalled 1.2 Mt, 272.7 kt of which
were higher value-add specialty chemical and foundry
grade chrome concentrates with the bulk of the sales being
metallurgical grade chrome concentrate. The average
price for metallurgical grade chrome concentrate on a CIF
main ports China basis reduced in US$ terms to US$120/
tonne. China remains the main market for metallurgical
chrome concentrate. The agency agreement with Noble
for 50  ktpm metallurgical grade chrome concentrate
continues.

Chemical and foundry grade chrome concentrates
produced by Arxo Metals continued to be sold to Rand York
Minerals in terms of an off-take agreement, and chemical
grade chrome concentrates produced by Tharisa Minerals.
Rand York Minerals and Arxo Resources have agreed to
the joint marketing of the chemical grade concentrate sold
by Tharisa Minerals.

FINANCIAL OVERVIEW
The segmental contribution to revenue and gross profit from PGM and chrome concentrates is summarised below:

                                                    2016                               2015

US$ million                             PGM       Chrome       Total        PGM      Chrome     Total
Revenue                                81.5        138.1       219.6       83.1       163.7     246.8
Cost of sales                          57.3        107.8       165.1       63.9       139.8     203.7
-  Cost of sales excluding             57.1         64.7       121.8       63.7        80.8     144.5
   selling costs
-  Selling costs                        0.2         43.1        43.3        0.2        59.0      59.2
Gross profit contribution              24.2         30.3        54.5       19.2        23.9      43.1
Gross profit margin                   29.7%        21.9%       24.8%      23.1%       14.6%     17.5%
Sales volumes                     132.9 koz   1 196.2 kt              119.9 koz  1 124.4 kt

(Shared costs continue to be allocated on an equal basis to the respective reporting segments)

Group revenue totalled US$219.6 million, a decrease
of 11.0% relative to the previous year. The decrease in
revenue is attributable to a decrease in the commodity
prices for both PGMs and chrome concentrates with the
basket price for PGMs reducing by 16.8% per ounce and
the metallurgical grade chrome concentrate price on a
CIF main ports China basis reducing by 24.1% per tonne
over the comparable period. The reduction in revenue was
mitigated by the increase in PGM and chrome concentrate
volumes sold.

The Group's gross profit margin of 24.8% compared
favourably to the comparable period's gross profit margin
of 17.5%.

The PGM segment gross margin of 29.7% was higher than
the previous year, notwithstanding the sales revenue being
negatively impacted by reduced PGM prices. The gross
margin improved with a reduction in the overall unit cost
of production as annualised steady state production was
achieved and recoveries improved. The cost base for PGMs
is predominantly in US$ and the weakening of the ZAR
relative to the US$ impacted favourably on the PGM sector
gross margin.

The chrome segment gross margin of 21.9% was higher
than the year before with contributing factors including
competitively priced freight rates for bulk shipments
of chrome concentrates, reduction in the unit cost of
production as steady state production on an annualised
basis was achieved and the benefits on the cost base of a
weakening ZAR relative to the US$.

Gross margins also benefited following the modification of
the Voyager Plant spiral circuits and increased production
of chemical grade chrome concentrates which are a higher
value specialty product.

After accounting for administrative expenses of
US$22.8 million (a reduction of 8.1% over the comparable
period), the Group achieved an operating profit of
US$32.1 million.

EBITDA amounted to US$43.0 million (2015:
US$29.0 million).

Finance costs (totalling US$10.2 million) principally related
to the senior debt facility secured by Tharisa Minerals for
the construction of the Voyager Plant.

Notwithstanding the depressed commodity prices during
the financial year, the Group recorded a substantial
improvement in profitability, generating a profit before tax
of US$22.0 million compared to the comparable period of
US$9.6 million.

The tax charge amounted to US$6.2 million, an effective
charge of 28.1%, due primarily to disallowable charges being
incurred within the Group's activities, including in relation
to inter-group preference share funding.

Foreign currency translation differences for foreign
operations, arising where the Company has funded the
underlying subsidiaries with US$ denominated funding
and the reporting currency of the underlying subsidiary
is not in US$, amounted to a favourable US$4.2 million
against the prior year's charge of US$39.4 million. The
average exchange rate for the main operating subsidiary
(which  reports in ZAR) weakened from ZAR11.98 in
FY2015 to ZAR14.79 in the current reporting period.

Basic and diluted profit per share for the year amounted to
US$ 5 cents (2015: US$ 2 cents) with headline earnings per
share of US$ 6 cents (2015: US$ 2 cents).

The major capex for achieving steady state production
has been incurred with the current capex spend focussed
on stay in business capex and optimisation initiatives
to improve recoveries of both PGMs and chrome
concentrates. Additions to property, plant and equipment
for the period amounted to US$12.3 million, including an
amount of US$2.4 million relating to the capitalisation of
deferred stripping. The depreciation charge amounted to
US$10.2 million (2015: US$10.3 million).

In terms of the Group's Share Award Plan, during the
financial year the Company issued 1 089 685 new ordinary
shares ranking pari passu with the existing issued ordinary
shares following the vesting of conditional awards.

The total debt amounted to US$67.1 million, resulting in
a debt-to-total-equity ratio of 33.2%. Offsetting the debt
service reserve account amount of US$9.8 million, resulted
in a pro forma debt-to-equity ratio of 28.4%. The long-term
targeted debt to equity ratio is 15%. Off-setting the debt
service reserve account and the cash and cash equivalent
of US$15.8 million results in a net debt-to-total-equity ratio
of 20.5%.

The principal debt is a senior debt facility raised to
fund the expansion of the mining footprint and the
construction of the Voyager Plant. The amount outstanding
at 30   September 2016 amounted to US$36.5 million
(the  facility is a ZAR denominated facility). Subsequent
to the financial year-end, on 14 November 2016, project
completion as defined in the senior debt facility terms was
achieved. As a result the interest rate reduces by 140 basis
points and the guarantee provided by the Company
falls away.

The Group discounted certain letters of credit with
financial institutions. This discounting is with recourse.
At 30 September 2016, this short-term debt amounted to
US$23.0 million.

The Group generated net cash from operations of
US$22.2 million (2015: US$41.4 million). Cash on hand
amounted to US$15.8 million. In addition, the Group held
US$9.8 million in a debt service reserve account.

It is Company policy to pay an annual dividend of 10% of
consolidated net profit after tax. No dividend was declared
in respect of the financial year ended 30 September 2015
due to the volatility of commodity prices post the financial
year-end. It is therefore proposed to declare a distribution of
approximately 10% of the cumulative consolidated net profit
after tax for the financial year ended 30 September 2015 and
September 2016. To comply with Cypriot Companies Law,
which precludes dividends being paid unless past losses have
been recouped, the distribution, which has been approved
by the Board, will, subject to shareholder approval and the
necessary court approvals, be made by way of a return of
share premium to shareholders (a capital reduction) in the
amount of US$ 1 cent per share. The necessary resolution
will be proposed at the upcoming Annual General Meeting
of the Company.

OUTLOOK
With the considerable recovery in chrome concentrate
prices underpinned by demand the margins from our
chrome business are robust. Our free cash flow for FY2017
and EBITDA margins should grow considerably, supported
by solid operational performance and a more favourable
commodity outlook. While the PGM basket price in US$
seems suppressed with the weaker South African currency
we still maintain healthy margins and are geared to benefit
from a recovery in this market. We look to additional
optimisation within our stay in business capex, with the high
energy flotation conversion in the Genesis plant boosting
PGM recoveries within this plant, as well as the secondary
spiral replacement programme underway potentially
unlocking further chrome units.

Reaching steady state on an annualised basis in the year
under review has set the business up to benefit from
incremental improvements in feed grade, recoveries
and more buoyant commodity markets. The production
outlook for FY2017 remains at 147.4 koz of PGMs and
1.3 Mt of chrome concentrates, of which 300 kt will be
specialty grade chrome concentrates.

The management team is positive about the prospects
for the year ahead and believe that it will be the definitive
year where the economies of scale will be demonstrated
through reduced unit costs and increasing operating
margins and material profits.

We thank our Board, management, employees, customers,
suppliers and partners who have assisted the Company
during this profitable year.

CONDENSED
CONSOLIDATED
FINANCIAL STATEMENTS
30 September 2016

Preparation
of condensed
consolidated financial
statements

The condensed consolidated financial statements for the
year ended 30 September 2016 have been extracted from
the audited financial statements of the Group, but have not
been audited. The auditor's report on the audited financial
statements does not report on all of the information
contained herein. Shareholders are therefore advised that in
order to obtain a full understanding of the financial position
and results of the Group, these condensed consolidated
financial statements should be read together with the full
audited financial statements and full audit report.

These condensed consolidated financial statements
and the audited financial statements, together with the
audit report, are available on the Company's website,
www.tharisa.com and are available for inspection at the
registered office of the Company.

The directors take full responsibility for the preparation
of this report and the correct extraction of the financial
information from the underlying financial statements.

The consolidated financial statements have been reported
on without qualification by KPMG Limited.

The preparation of these condensed results was supervised
by the Chief Finance Officer, Michael Jones, a Chartered
Accountant (SA).

The consolidated Annual Financial Statements have been
approved by the Board on 28 November 2016.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
for the year ended 30 September 2016
                                                                                              2016        2015
                                                                                 Notes     US$'000     US$'000
 
Revenue                                                                              4     219 653     246 782
Cost of sales                                                                        4   (165 177)   (203 692)

Gross profit                                                                                54 476      43 090
Other income                                                                                   438          42
Administrative expenses                                                              5    (22 775)    (24 777)

Results from operating activities                                                           32 139      18 355

Finance income                                                                                 770       1 185
Finance costs                                                                             (11 815)    (11 855)
Changes in fair value of financial assets at fair value through profit or loss                 503        (25)
Changes in fair value of financial liabilities at fair value through
profit or loss                                                                                 368       1 972

Net finance costs                                                                         (10 174)     (8 723)

Profit before tax                                                                           21 965       9 632
Tax                                                                                  6     (6 172)     (3 617)

Profit for the year                                                                         15 793       6 015

Other comprehensive income
Items that may be classified subsequently to profit or loss:
Foreign currency translation differences for foreign operations, net of tax                  4 212    (39 399)

Other comprehensive income, net of tax                                                       4 212    (39 399)

Total comprehensive income for the year                                                     20 005    (33 384)

Profit for the year attributable to:
Owners of the company                                                                       13 809       4 623
Non-controlling interest                                                                     1 984       1 392

                                                                                            15 793       6 015

Total comprehensive income for the year attributable to:
Owners of the company                                                                       17 103    (24 721)
Non-controlling interest                                                                     2 902     (8 663)

                                                                                            20 005    (33 384)

Earnings per share
Basic and diluted earnings per share (US$ cent)                                      7           5           2

CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
as at 30 September 2016
                                                                                              2016        2015
                                                                                 Notes     US$'000     US$'000

Assets
Non-current assets
Property, plant and equipment                                                        8     220 534     214 518
Goodwill                                                                                       883         919
Long-term deposits                                                                   9       9 846      10 656
Other financial assets                                                              10       2 585       1 636
Deferred tax assets                                                                 11       1 397       1 954
Total non-current assets                                                                   235 245     229 683
Current assets
Inventories                                                                         12      15 767       8 951
Trade and other receivables                                                                 51 184      37 979
Other financial assets                                                              10       1 176          55
Current taxation                                                                               134         144
Cash and cash equivalents                                                           13      15 826      24 265
Total current assets                                                                        84 087      71 394
Total assets                                                                               319 332     301 077
EQUITTY AND LIABILITIES
Share capital                                                                       14         257         256
Share premium                                                                       14     456 181     452 512
Other reserve                                                                               47 245      47 245
Foreign currency translation reserve                                                      (73 411)    (76 705)
Revenue reserve                                                                          (193 521)   (206 566)
Equity attributable to owners of the Company                                               236 751     216 742
Non-controlling interests                                                           14    (34 892)    (37 794)
Total equity                                                                               201 859     178 948
Non-current liabilities
Provisions                                                                                   4 607       4 088
Borrowings                                                                          15      24 008      36 329
Deferred tax liabilities                                                            11       5 275          13
Total non-current liabilities                                                               33 890      40 430
Current liabilities
Borrowings                                                                          15      38 408      33 692
Other financial liabilities                                                                      -         388
Current taxation                                                                                54          98
Trade and other payables                                                                    45 121      47 521
Total current liabilities                                                                   83 583      81 699
Total liabilities                                                                          117 473     122 129
Total equity and liabilities                                                               319 332     301 077

The consolidated financial statements were authorised for issue by the Board of Directors on 28 November 2016.



Phoevos Pouroulis                                                 Michael Jones
Director                                                          Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 September 2016


                                                         Attributable to owners of the Company              Attributable to owners of the Company
  
                                                                                                                      Foreign
                                                                                                                     currency                                        Non-
                                                                   Share             Share         Other          translation          Revenue                controlling      Total
                                                                 capital           premium       reserve              reserve          reserve       Total       interest     equity
                                                     Note        US$'000           US$'000       US$'000              US$'000          US$'000     US$'000        US$'000    US$'000

Balance at 1 October 2014                                            255           452 363        47 245             (47 361)        (216 596)     235 906       (26 052)    209 854
Total comprehensive income for the year  
Profit for the year                                                    -                 -             -                    -            4 623       4 623          1 392      6 015
Other comprehensive income:  
Foreign currency translation differences                               -                 -             -             (29 344)                -    (29 344)       (10 055)   (39 399)
  
Total comprehensive income for the year                                -                 -             -             (29 344)            4 623    (24 721)        (8 663)   (33 384)
  
Transactions with owners of the Company  
Contributions by and distributions to owners:  
Reclassification of non-controlling interest           14              -                 -             -                    -            3 079       3 079        (3 079)          -
Equity-settled share-based payments                    14              -                 -             -                    -            2 317       2 317              -      2 317
Issue of ordinary shares                               14              1               149             -                    -               11         161              -        161
  
Contributions by owners of the Company                                 1               149             -                    -            5 407       5 557        (3 079)      2 478
  
Total transactions with owners of the Company                          1               149             -                    -            5 407       5 557        (3 079)      2 478
  
Balance at 30 September 2015                                         256           452 512        47 245             (76 705)        (206 566)     216 742       (37 794)    178 948
  
Total comprehensive income for the year  
Profit for the year                                                    -                 -             -                    -           13 809      13 809          1 984     15 793
Other comprehensive income:  
Foreign currency translation differences                               -                 -             -                3 294                -       3 294            918      4 212
  
Total comprehensive income for the year                                -                 -             -                3 294           13 809      17 103          2 902     20 005
  
Transactions with owners of the Company  
Contributions by and distributions to owners:  
Equity-settled share-based payments                    14              -                 -             -                    -          (1 045)     (1 045)              -    (1 045)
Issue of ordinary shares                               14              1             3 669             -                    -              281       3 951              -      3 951
  
Contributions by owners of the Company                                 1             3 669             -                    -            (764)       2 906              -      2 906
  
Total transactions with owners of the Company                          1             3 669             -                    -            (764)       2 906              -      2 906
  
Balance at 30 September 2016                                         257           456 181        47 245             (73 411)        (193 521)     236 751       (34 892)    201 859




CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 September 2016

                                                                           2016         2015
                                                               Notes    US$'000      US$'000
 
Cash flows from operating activities 
Profit for the year                                                      15 793        6 015
Adjustments for: 
Depreciation of property, plant and equipment                      8     10 167       10 256
Loss on disposal of property, plant and equipment                  5        584            -
Impairment losses on property, plant and equipment                            -            3
Impairment losses on goodwill                                                51           63
Impairment losses on inventory                                    12         15          217
Impairment losses on other financial assets                                  12           27
Changes in fair value of financial assets at fair value                   (503)           25
through profit or loss
Changes in fair value of financial liabilities at fair value              (368)      (1 972)
through profit or loss
Interest income                                                           (770)        (777)
Interest expense                                                         10 287       11 754
Tax                                                                6      6 172        3 617
Equity-settled share-based payments                                       2 542        3 157
                                                                         43 982       32 385
Changes in:
Inventories                                                             (4 634)        5 811
Trade and other receivables                                            (12 657)      (5 464)
Trade and other payables                                                (4 100)       10 296
Provisions                                                                   71        (777)
Cash from operations                                                     22 662       42 251
Income tax paid                                                           (472)        (847)
Net cash flows from operating activities                                 22 190       41 404
Cash flows from investing activities
Interest received                                                           892          669
Additions to property, plant and equipment                         8   (12 307)     (24 591)
Proceeds from disposal of property, plant and equipment                     124            3
(Additions)/refunds of other financial assets                             (700)        2 702
Net cash flows used in investing activities                            (11 991)     (21 217)
Cash flows from financing activities
Refund of long-term deposits                                              1 369        2 367
Proceeds from bank credit and other facility borrowings                   1 648        7 523
Net proceeds under obligations under new loan                             2 310          146
Repayment of secured bank borrowings and loan to third party           (19 166)     (27 267)
Interest paid                                                           (4 371)      (1 134)
Net cash flows used in financing activities                            (18 210)     (18 365)
Net (decrease)/increase in cash and cash equivalents                    (8 011)        1 822
Cash and cash equivalents at the beginning of the year                   24 265       19 629
Effect of exchange rate fluctuations on cash held                         (428)        2 814
Cash and cash equivalents at the end of the year                  13     15 826       24 265

Notes to the condensed consolidated financial statements

1.  REPORTING ENTITY
    Tharisa plc ("the Company") is a company domiciled in Cyprus. These condensed consolidated financial statements of
    the Company for the year ended 30 September 2016 comprise the Company and its subsidiaries (together referred to
    as "the Group"). The Group is primarily involved in platinum group metals ("PGM") and chrome mining, processing,
    trading and the associated logistics.
 
2.  BASIS OF PREPARATION
    STATEMENT OF COMPLIANCE
    These condensed consolidated financial statements have been prepared in accordance with International Financial
    Reporting Standards ("IFRS"), International Accounting Standards, IAS34 Interim Financial Reporting, the Listings
    Requirements of the Johannesburg Stock Exchange and the Cyprus Companies Law, Cap. 113. Selected explanatory
    notes are included to explain events and transactions that are significant to an understanding of the changes in financial
    position and performance of the Group since the last consolidated financial statements as at and for the year ended
    30 September 2015. These condensed consolidated financial statements do not include all the information required
    for full consolidated financial statements prepared in accordance with IFRS.
 
    These condensed consolidated financial statements were approved by the Board of Directors on 28 November 2016.
 
    USE OF ESTIMATES AND ADJUSTMENTS
    Preparing the condensed consolidated financial statements requires management to make judgements, estimates and
    assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income
    and expenses. Actual results may differ from these estimates.
 
    In preparing these condensed consolidated financial statements, significant judgements made by management in
    applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied
    to the consolidated financial statements as at and for the year ended 30 September 2015.
 
    GOING CONCERN
    After making enquiries which include reviews of current cash resources, forecasts and budgets, timing of cash flows,
    borrowing facilities and sensitivity analyses and considering the associated uncertainties to the Group's operations, the
    Directors have a reasonable expectation that the Group has adequate financial resources to continue in operational
    existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the
    consolidated financial statements and the condensed consolidated financial statements.
 
    NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS
    As from 1 October 2015, the Group adopted all changes to IFRS, which are relevant to its operations. The adoption
    did not have a material effect on the accounting policies of the Group.
 
    The following Standards, Amendments to Standards and Interpretations have been issued but are not yet effective
    for annual periods beginning on 1 October 2015. The Board of Directors is currently evaluating the impact of these
    on the Group.
    -  IFRS 15 Revenue from Contracts with Customers (effective for annual periods beginning on or after 1 January 2018).
    -  IFRS 16 Leases (effective for annual periods beginning on or after 1 January 2019).
    -  Amendments to IAS 12: Recognition of Deferred Tax Assets for Unrealised Losses (effective for annual periods
       beginning on or after 1 January 2017).
    -  Amendments to IAS 7: Disclosure Initiatives (effective for annual periods beginning on or after 1 January 2017).
    -  IFRS 9 Financial Instruments (effective for annual periods beginning on or after 1 January 2018).
 
3.  SIGNIFICANT ACCOUNTING POLICIES
    The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those
    applied by the Group in its audited consolidated financial statements as at and for the year ended 30 September 2015.
 
4.  OPERATING SEGMENTS
    Segmental performance is measured based on segment revenue, cost of sales and gross profit or loss, as included in the
    internal management reports that are reviewed by the Group's management.
 
                                                  PGM      Chrome       Total
                                              US$'000     US$'000     US$'000
     
    2016 
    Revenue                                    81 514     138 139     219 653
     
    Cost of sales
    Cost of sales excluding selling costs    (57 135)    (64 710)   (121 845)
    Selling costs                               (218)    (43 114)    (43 332)
    
                                             (57 353)   (107 824)   (165 177)
    
    Gross profit                               24 161      30 315      54 476
    
    2015
    Revenue                                    83 053     163 729     246 782
     
    Cost of sales 
    Cost of sales excluding selling costs    (63 674)    (80 834)   (144 508)
    Selling costs                               (193)    (58 991)    (59 184)
     
                                             (63 867)   (139 825)   (203 692)
    
    Gross profit                               19 186      23 904      43 090
    
    The overhead costs relating to the manufacturing of the PGM and the chrome concentrates are allocated to the relevant
    operating segments based on the relative sales value per product on an ex-works basis. The allocated percentage for
    PGM concentrate and chrome concentrates accounted for this financial year is 50% for each segment which is consistent
    with the prior year allocation.
    
    GEOGRAPHICAL INFORMATION
    The following table sets out information about the geographical location of:
    (i)   the Group's revenue from external customers; and
    (ii)  the Group's property, plant and equipment and goodwill ("specified non-current assets").
    
    The geographical location analysis of revenue from external customers is based on the country of establishment
    of each customer. The geographical location of the specified non-current assets is based on the physical location of
    the asset in the case of property, plant and equipment and the location of the operation to which they are allocated in
    the case of goodwill.
    
    (i)  Revenue from external customers
                                                                                             2016             2015
                                                                                          US$'000          US$'000
       
         China                                                                             37 392           65 432
         South Africa                                                                     110 698           95 038
         Singapore                                                                         13 670            7 927
         Hong Kong                                                                         55 045           55 175
         South Korea                                                                        1 523           10 673
         Other countries                                                                    1 325           12 537
       
                                                                                          219 653          246 782
     
         Revenue represents the sales value of goods supplied to customers, net of value-added tax. The following table
         summarises sales to customers with whom transactions have individually exceeded 10% of the Group's revenues.
     
                                                            2016                                   2015
                                                 Segment             US$'000            Segment            US$'000
     
         Customer 1                                  PGM              81 514                PGM             82 856
         Customer 2                               Chrome              29 146                  -                  -
         Customer 3                               Chrome              28 094                  -                  -
     
     
                                                                                           2016               2015
                                                                                        US$'000            US$'000
     
    (ii) Specified non-current assets
         South Africa                                                                   221 457            215 430
         Cyprus                                                                               3                  5
         China                                                                                -                  2
    
                                                                                        221 460            215 437
     
                                                                                                    2016      2015
                                                                                                 US$'000   US$'000
                                  
5.  ADMINISTRATIVE EXPENSES                                 
    Directors and staff costs                                 
    Non-executive directors                                                                          499       504
     Executive directors                                                                           1 267     1 396
     Key management                                                                                  930     1 000
     Employees: salaries                                                                           5 337     6 401
                bonuses                                                                              619       454
                pension fund and medical aid contributions                                         2 073     2 259
                                                                                                  10 725    12 014
    Audit - external audit services                                                                  384       488
    Consulting                                                                                     1 737     2 207
    Corporate and social investment                                                                  108       309
    Depreciation                                                                                     320       255
    Discount facility and related fees                                                               457       366
    Equity-settled share-based payment expense                                                     2 542     3 157
    Listing fees                                                                                     942         -
    Health and safety                                                                                236       167
    Impairment losses                                                                                 63         3
    Insurance                                                                                        781       856
    Legal and professional                                                                           186       414
    Loss on disposal of property, plant and equipment                                                584         -
    Rent and utilities                                                                               697       867
    Security                                                                                         930       608
    Telecommunications and IT related costs                                                          645       581
    Training                                                                                         465       420
    Travelling and accommodation                                                                     285       580
    Sundry expenses                                                                                  688     1 485
                                                                                                  22 775    24 777
                                  
                                                                                                    2016      2015
                                                                                                 US$'000   US$'000
                                  
6.  TAX                                 
    Corporate income tax for the year                                 
    Cyprus                                                                                           309       240
     South Africa                                                                                    128       143
    Special contribution for defence in Cyprus                                                         4         3
    Deferred tax                                   
    Originating and reversal of temporary differences                                              5 731     3 231
    Tax charge                                                                                     6 172     3 617
                                  
7.  EARNINGS PER SHARE                                 
    BASIC AND DILUTED EARNINGS PER SHARE
    The calculation of basic and diluted earnings per share has been based on the following profit attributable to the ordinary
    shareholders of the Company and the weighted average number of ordinary shares outstanding.
                                                                                                    2016      2015
   
    Profit for the year attributable to ordinary shareholders (US$'000)                           13 809     4 623
    Weighted average number of ordinary shares at 30 September ('000)                            256 178   255 076
    Basic and diluted earnings per share (US$ cents)                                                   5         2
   
    LTIP and SARS awards were excluded from the diluted weighted average number of ordinary shares calculation because
    their effect would have been anti-dilutive.
 
    HEADLINE AND DILUTED HEADLINE EARNINGS PER SHARE
    The calculation of headline and diluted headline earnings per share has been based on the following headline earnings
    attributable to the ordinary shareholders and the weighted average number of ordinary shares outstanding.
                                                                                                    2016      2015
 
    Headline earnings for the year attributable to ordinary shareholders
    (US$'000)                                                                                     14 281     4 688
    Weighted average number of ordinary shares at 30 September ('000)                            256 178   255 076
    Headline and diluted headline earnings per share (US$ cents)                                       6         2
   
    RECONCILIATION OF PROFIT TO HEADLINE EARNINGS
                                                              30 September 2016                 30 September 2015
                                                             Gross            Net              Gross           Net
 
    Profit attributable to ordinary shareholders                           13 809                            4 623
    Adjustments:
    Impairment losses on goodwill                               51             51                 63            63
    Loss on disposal of property, plant and
    equipment                                                  584            421                  -             -
    Impairment losses on property, plant and
    equipment                                                    -              -                  3             2
    Headline earnings                                                      14 281                            4 688
 
 
                                                                                                  2016        2015
                                                                                               US$'000     US$'000
                                                     
8.  PROPERTY, PLANT AND EQUIPMENT                                                    
    Total cost                                                                                 266 368     243 931
    Total accumulated depreciation                                                            (45 834)    (29 413)
    Net book value                                                                             220 534     214 518
                                                     
    Reconciliation of net book value                                                      
    Opening net book value                                                                     214 518     253 356
    Additions                                                                                   12 307      24 591
    Disposals                                                                                    (708)         (7)
    Depreciation                                                                              (10 167)    (10 256)
    Exchange adjustment on translation                                                           4 584    (53 166)
                                                     
    Closing net book value                                                                     220 534     214 518
 
    Deferred stripping additions of US$2.4 million (30 September 2015: US$15.2 million) are included in mining assets and
    infrastructure.
    
    During the year the Group acquired equipment under a finance lease. The leased equipment secures lease obligations.
    At 30 September 2016 the carrying amount of the leased equipment was equal to the cost as the equipment was not
    yet fully operational.
    
    During the current year, the estimated economically recoverable proved and probable mineral reserve was reassessed
    which gave rise to a change in accounting estimate. The remaining reserve that management had previously assessed
    was 112.2 Mt and at 31 December 2015 was assessed to be 106.4 Mt. As a result, the expected useful life of the
    plant decreased. The effect of the change on the actual depreciation expense, included in cost of sales, is an additional
    US$0.3 million.
    
    CAPITAL COMMITMENTS
    At 30 September 2016, the Group's capital commitments for contracts to purchase property, plant and equipment
    amounted to US$1.8 million (30 September 2015: US$1.4 million).
    
    SECURITIES
    At 30 September 2016, an amount of US$200.8 million (30 September 2015: US$196.4 million) of the carrying amount of
    the Group's tangible property, plant and equipment was pledged as security against secured bank borrowings.
 
                                                                                              2016                2015
                                                                                           US$'000             US$'000
 
9.  LONG-TERM DEPOSITS
    Long-term deposits                                                                       9 846              10 656
 
    The long-term deposits represent restricted cash which is designated as a "debt service reserve account" as required by
    the terms of the Common Terms Agreement for the senior debt facility of Tharisa Minerals Proprietary Limited.
                                                                                              2016                2015
                                                         Fair value hierarchy              US$'000             US$'000
 
10. OTHER FINANCIAL ASSETS
    Non-current assets:
    Investments in cash funds and income funds         Level 2                               2 585               1 632
    Interest rate caps                                 Level 2                                   -                   4

                                                                                             2 585               1 636

    Current assets:
    Investments at fair value through profit or loss   Level 1                                  42                  55
    Forward exchange contracts                         Level 2                                 656                   -
    Discount facility                                  Level 2                                 478                   -

                                                                                             1 176                  55

    FORWARD EXCHANGE CONTRACTS
    The Group entered into a number of forward exchange contracts to hedge certain aspects of the foreign exchange risk
    associated to the conversion of the US$ to the ZAR. The net exposure of these contracts is US$11.6 million with various
    expiries no later than on or before 30 December 2016.

                                                                                              2016                2015
                                                                                           US$'000             US$'000

11. DEFERRED TAX
    Deferred tax assets                                                                      1 397               1 954
    Deferred tax liabilities                                                               (5 275)                (13)
 
    Net deferred tax (liability)/asset                                                     (3 878)               1 941
 
    Deferred tax assets and deferred tax liabilities are not offset unless the Group has a legally enforceable right to offset
    such assets and liabilities.
 
    The estimates used to assess the recoverability of recognised deferred tax assets include a forecast of the future taxable
    income and future cash flow projections based on a three year period. The Group did not have tax losses and temporary
    differences for which deferred tax was not recognised.

                                                                                              2016                2015
                                                                                           US$'000             US$'000

12. INVENTORIES
    Finished products                                                                        6 116               4 283
    Ore stockpile                                                                            4 729               1 257
    Work in progress                                                                             -                 195
    Consumables                                                                              4 937               3 306
 
                                                                                            15 782               9 041
    Impairment of consumables                                                                 (15)                (90)
 
    Total carrying amount                                                                   15 767               8 951
 
    Inventories are stated at the lower of cost or net realisable value. The Group impaired certain consumables and spares as
    the operational use became doubtful with no anticipated recoverable amount or value in use. The impaired consumables
    are equally allocated to the operating segments reported. There were no write downs to net realisable value during the
    year (30 September 2015: US$0.1 million).
 
    Inventories are subject to a general notarial bond in favour of the lenders of the senior debt facility.

13. CASH AND CASH EQUIVALENTS
                                                                                              2016                2015
                                                                                           US$'000             US$'000
 
    Bank balances                                                                           15 490              24 005
    Short-term bank deposits                                                                   336                 260
                                                                                            15 826              24 265

    As at 30 September 2016 an amount of US$1.6 million (30 September 2015: US$1.6 million) was provided as security for
    certain credit facilities and bank guarantees of the Group. A credit facility available to the Group at 30 September 2015
    was not extended during the year and secured cash of US$2.5 million was consequently released.

                                                           30 September 2016                      30 September 2015
                                                     Number                                 Number
                                                  of shares                              of shares
                                                       '000             US$'000               '000            US$'000

14. SHARE CAPITAL AND
    RESERVES
    SHARE CAPITAL
    Authorised - ordinary shares
    of US$0.001 each
    As at 30 September                           10 000 000              10 000         10 000 000             10 000
    Authorised - convertible
    redeemable preference shares
    of US$1 each
    As at 30 September                                1 051                   1              1 051                  1
 
    Issued and fully paid
    Ordinary shares
    Balance at the beginning of the year            255 892                 256            254 781                255
    Allotments during the year                        1 090                   1              1 111                  1
 
    Balance at the end of the year                  256 982                 257            255 892                256
 
    Allotments during the year were in respect of the award of 1 089 685 (30 September 2015: 1 111 240) ordinary shares
    granted in terms of the Share Award Scheme.
 
    SHARE PREMIUM
    During the years ended 30 September 2016 and 30 September 2015, the increases in the share premium account
    related to the issue and allotment of ordinary shares granted in terms of the Share Award Schemes.
 
    NON-CONTROLLING INTERESTS
    During the year ended 30 September 2015, the Company reassessed its interpretation and application of IFRS 10:
    Consolidated Financial Statements. Consequently the treatment of intergroup funding transactions on a consolidated
    level and the impact of these transactions on the non-controlling interests were reconsidered. This resulted in a
    reclassification from non-controlling interest to the revenue reserves.
                                                                                            2016               2015
                                                                                         US$'000            US$'000

15. BORROWINGS
    Non-current
    Secured bank borrowings                                                               22 103             36 329
    Finance leases                                                                           246                  -
    Deferred supplier                                                                      1 659                  -
 
                                                                                          24 008             36 329
 
    Current
    Secured bank borrowings                                                               14 443             14 346
    Finance leases                                                                           677                  -
    Bank credit and other facilities                                                      23 012             17 298
    Guardrisk loan                                                                           169                164
    Loan payable to related party                                                            107              1 884

                                                                                          38 408             33 692

    FINANCE LEASES
    During the year the Group acquired equipment of ZAR22.9 million under a finance lease. The leased equipment
    secures lease obligations. The lease term was 24 months and the average effective borrowing rate was South African
    prime rate plus 3% pa. The interest rate was fixed at the contract date. No arrangements have been entered into for
    contingent rent.
                                                                                            2016               2015
                                                                                         US$'000            US$'000
    
    Minimum lease payments due:
      Within one year                                                                        760                  -
      Two to five years                                                                      253                  -
                                                                                           1 013                  -
    Less future finance charges                                                             (90)                  -
    Present value of minimum lease payments due                                              923                  -
    Present value of minimum lease payments due:
       Within one year                                                                       677                  -
       Two to five years                                                                     246                  -
                                                                                             923                  -
    
    DEFERRED SUPPLIER
    The balance relates to a trade payable of which payment has been deferred. The amount payable is unsecured, bears
    interest at the South African prime rate and is repayable in 12-monthly instalments commencing on 30 October 2017.

                                                                                            2016               2015
                                                                                         US$'000            US$'000

16. FINANCIAL INSTRUMENTS
    Financial assets - carrying amount
    Loans and receivables                                                                 46 104             34 351
    Long-term deposits                                                                     9 846             10 656
    Cash and cash equivalents                                                             15 826             24 265
    Financial instruments at fair value through profit or loss                             3 761              1 691
                                                                                          75 537             70 963
    Financial liabilities - carrying amount
    Borrowings                                                                            62 416             70 021
    Trade payables                                                                        35 513             31 915
    Discount facility                                                                          -                388
    Income received in advance                                                             3 102              8 348
    Other payables                                                                         4 703              5 679
                                                                                         105 734            116 351
 
    The Board of Directors considers that the fair values of financial assets and liabilities approximate their carrying values
    at each reporting date.
                                                                                            2016               2015
                                                                                         US$'000            US$'000

17. RELATED PARTY TRANSACTIONS
    Key management compensation
    Non-executive directors' remuneration                                                    499                504
    Executive directors' remuneration                                                      1 267              1 396
    Other key management remuneration                                                        930              1 000
                                                                                           2 696              2 900
 
18. CONTINGENT LIABILITIES
    There is no litigation, current or pending, which is considered likely to have a material adverse effect on the Group.

19. EVENTS AFTER THE REPORTING PERIOD
    On 14 November 2016, Tharisa Minerals Proprietary Limited achieved project completion in respect of the ZAR1 billion
    senior debt finance facility. As a result of project completion, the facility's interest rate will reduce from JIBAR plus 4.9%
    pa to JIBAR plus 3.4% pa. The project completion achievement does not have any impact on the consolidated financial
    position as at 30 September 2016.
  
    Subject to the necessary shareholder and regulatory approvals, the Board of Directors has approved a distribution to
    shareholders of US$ 1 cent per share.
  
    The Board of Directors are not aware of any matter or circumstance arising since the end of the financial year that will
    impact these financial results.

20. DIVIDENDS
    No dividends have been declared during the year (30 September 2015: no dividends).

The full audited Annual Financial Statements and the results presentation will be available for download in the Investor
Relations section of the website on 29 November 2016. For any questions regarding the results, please contact our Investor
Relations Manager, Sherilee Lakmidas at slakmidas@tharisa.com.
    
Further details about the distribution to shareholders will be announced in due course via SENS/RNS.

CORPORATE INFORMATION

REGISTERED ADDRESS
Office 108 - 110
S. Pittokopitis Business Centre
17 Neophytou Nicolaides and Kilkis Streets
8011 Paphos
Cyprus

POSTAL ADDRESS
PO Box 62425
8064 Paphos
Cyprus

DIRECTORS OF THARISA
Loucas Christos Pouroulis (Executive Chairman)
Phoevos Pouroulis (Chief Executive Officer)
Michael Gifford Jones (Chief Finance Officer)
John David Salter (Lead independent non-executive director)
Antonios Djakouris (Independent non-executive director)
Omar Marwan Kamal (Non-executive director)
Brian Chi Ming Cheng (Non-executive director)
Carol Bell (Independent non-executive director)
Joanna Ka Ki Cheng (Alternate non-executive director)

JOINT COMPANY SECRETARIES
Lysandros Lysandrides
26 Vyronos Avenue
1096 Nicosia
Cyprus

Sanet de Witt
Eland House, The Braes
3 Eaton Avenue Bryanston Johannesburg 2021
South Africa
Email: secretarial@tharisa.com

INVESTOR RELATIONS
Sherilee Lakmidas
Eland House, The Braes
3 Eaton Avenue Bryanston Johannesburg 2021
South Africa
Email: ir@tharisa.com

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
Registration number: 2004/003647/07
70 Marshall Street
Johannesburg 2001
(PO Box 61051 Marshalltown 2107) South Africa

Cymain Registrars Limited
Registration number: HE174490
26 Vyronos Avenue
1096 Nicosia
Cyprus

JSE SPONSOR
Investec Bank Limited
Registration number: 1969/004763/06
100 Grayston Drive
Sandown
Sandton 2196
(PO Box 785700 Sandton 2146) South Africa

AUDITORS
KPMG Limited (Cyprus) Registration number: HE132527
14 Esperidon Street
1087 Nicosia
Cyprus

JOINT BROKERS
Peel Hunt LLP
Moor House
120 London Wall
London EC2Y 5ET
United Kingdom

BMO Capital Markets Limited
95 Queen Victoria Street
London EC4V 4HG
United Kingdom

www.tharisa.com



Date: 29/11/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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