THARISA PLC - Trading statement interim results for the six months ended 31 March 2018

Trading statement – interim results for the six months ended 31 March 2018

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 or the Company)




Trading statement – interim results for the six months ended 31 March 2018

In terms of section 3.4(b) of the JSE Listings Requirements, companies are required to provide
guidance to the market when they are satisfied that a reasonable degree of certainty exists that the
financial results for the current reporting period will differ by at least 20% from the results of the
previous corresponding reporting period.


Tharisa is currently preparing its interim financial statements for the half year ended 31 March 2018,
with the financial results expected to be released on or about 16 May 2018. Shareholders are
advised that with the normalisation of the average contracted metallurgical grade chrome prices
from US$278/t in H1 FY2017 to US$193/t in H1 FY2018, the strengthening of the South African Rand
against the US Dollar and the planned increase in costs as a result of the transition to owner mining,
Tharisa’s basic earnings per share (EPS) and headline earnings per share (HEPS) for the half year
ended 31 March 2018 are expected to be between US$ 9 cents per share and US$ 11 cents per
share.   This is a decrease of between 43.75% and 31.25% relative to the EPS and HEPS of
US$ 16 cents per share for the half year ended 31 March 2017.



“Higher volume sales for both PGMs and chrome concentrate, were offset by lower spot chrome
prices and an increase in costs associated with the transition to owner mining. The benefits of the
owner mining model and the central focus on improving recoveries are expected to reflect in the
second half,” said Tharisa CEO Phoevos Pouroulis.



A production update for the second quarter ended 31 March 2018 was released on the JSE Stock
Exchange News Service and LSE Regulatory News Service on 10 April 2018. Production guidance for
the financial year ending 30 September 2018 remains at 150 koz of contained PGMs and 1.4 Mt of
chrome concentrates. Production in FY2017 was 143.6 koz contained PGMs and 1.3 Mt of chrome
concentrates.


The financial information on which this trading statement is based has not been reviewed and
reported on by the Company’s auditors.




Paphos, Cyprus
4 May 2018




JSE Sponsor
Investec Bank Limited


Investor Relations contact:
Tharisa plc
Sherilee Lakmidas
+27 11 996 3538
+27 79 276 2529
slakmidas@tharisa.com


Broker contacts:
Peel Hunt LLP (Joint Broker)
Ross Allister / James Bavister / David McKeown
+44 207 7418 8900


BMO Capital Markets Limited (Joint Broker)
Jeffrey Couch / Neil Haycock / Thomas Rider
+44 020 7236 1010


Financial PR contacts:
Bobby Morse / Anna Michniewicz
+44(0) 20 7466 5000
tharisa@buchanan.uk.com

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