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Results for the six-month period ended 31 December 2021 – short form announcement
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(“Harmony” and/or “the Company”)
RESULTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2021 – SHORT FORM
ANNOUNCEMENT
Johannesburg, Monday, 28 February 2022. Harmony Gold Mining Company Limited
(“Harmony” or “the Company”) is pleased to announce its financial and operating
results for the six-month period ended 31 December 2021 (“H1FY22”).
- 69% decrease in net profit to R1.4bn (US$96m) from R4.6bn (US$284m)
- Revenue increased by 2% to R22.0bn (US$1.5bn) from R21.6bn (US$1.3bn)
- 50% decrease in operating free cash flow margin to 11% from 22%
- 26% decrease in production profit to R5.0bn (US$336m) from R6.8bn
(US$417m)
- Net debt to earnings before interest, taxes, depreciation and amortisation
(“EBITDA") remains at 0.1x
- HEPS decreased by 65% to 248 SA cents (17 US cents) from 713 SA cents (44
US cents)
- EPS decreased by 70% to 227 SA cents (16 US cents) from 763 SA cents (47
US cents)
- Interim dividend of 40 SA cents (approximately 2.7 US cents) per share
declared (December 2020: 110 SA cents(approximately 7.5 US cents))
“Our embedded approach to ESG alongside an exciting growth pipeline will ensure
Harmony remains well positioned to deliver positive stakeholder and shareholder
returns. Our objective remains to produce safe profitable ounces by doing what
we have always done – ‘Mining with Purpose’” – Peter Steenkamp, CEO.
Notice of Interim Gross Cash Dividend
Our dividend declaration for the six-month period ended 31 December 2021 is as
follows:
Declaration of interim gross cash ordinary dividend no. 91
The Board has approved, and notice is hereby given, that an interim gross cash
dividend of 40 SA cents (US 2.7 cents*) per ordinary share in respect of the
six month period ended 31 December 2021, has been declared payable to the
registered shareholders of Harmony on Monday, 11 April 2022.
In accordance with paragraphs 11.17(a)(i) to (x) and 11.17(c) of the JSE
Listings Requirements the following additional information is disclosed:
• The dividend has been declared out of income reserves;
• The local Dividend Withholding Tax rate is 20% (twenty percent);
• The gross local dividend amount is 40.00000 SA cents (US 2.65604 cents*)
per ordinary share for shareholders exempt from the Dividend Withholding
Tax;
• The net local dividend amount is 32.00000 SA cents per ordinary share for
shareholders liable to pay the Dividend Withholding Tax;
• Harmony currently has 616 525 702 ordinary shares in issue (which includes
47 381 treasury shares); and
• Harmony’s income tax reference number is 9240/012/60/0.
A dividend No. 91 of 40.00000 SA cents (US 2.65604 cents*) per ordinary share,
being the dividend for the six months ended 31 December 2021, has been declared
payable on Monday, 11 April 2022 to those shareholders recorded in the books
of the company at the close of business on Friday, 8 April 2022. The dividend
is declared in the currency of the Republic of South Africa. Any change in
address or dividend instruction to apply to this dividend must be received by
the company’s transfer secretaries or registrar not later than Friday, 1 April
2022.
Dividends received by non-resident shareholders will be exempt from income tax
in terms of section 10(1)(k)(i) of the Income Tax Act. The dividends withholding
tax rate is 20%, accordingly, any dividend will be subject to dividend
withholding tax levied at a rate of 20%, unless the rate is reduced in terms of
any applicable agreement for the avoidance of double taxation (“DTA”) between
South Africa and the country of residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 32.00000 SA cents per share. A
reduced dividend withholding rate in terms of the applicable DTA may only be
relied on if the non-resident shareholder has provided the following forms to
their CSDP or broker, as the case may be in respect of uncertificated shares or
the company, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result
of the application of a DTA; and
(b) a written undertaking to inform the CSDP or broker, as the case may be,
should the circumstances affecting the reduced rate change or the
beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue
Service. Non- resident shareholders are advised to contact their CSDP or broker,
as the case may be, to arrange for the abovementioned documents to be submitted
prior to the payment of the distribution if such documents have not already
been submitted.
In compliance with the requirements of Strate Proprietary Limited (Strate) and
the JSE Listings Requirements, the salient dates for payment of the dividend
are as follows:
Last date to trade ordinary shares
cum-dividend is Tuesday, 5 April 2022
Ordinary shares trade ex-dividend Wednesday, 6 April 2022
Record date Friday, 8 April 2022
Payment date Monday, 11 April 2022
No dematerialisation or rematerialisation of share certificates may occur
between Wednesday, 6 April 2022 and Friday, 8 April 2022, both dates inclusive,
nor may any transfers between registers take place during this period.
On payment date, dividends due to holders of certificated securities on the SA
share register will either be electronically transferred to such shareholders'
bank accounts or, in the absence of suitable mandates, dividends will be held
in escrow by Harmony until suitable mandates are received to electronically
transfer dividends to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to such
shareholders' accounts with the relevant Central Securities Depository
Participant (CSDP) or broker.
The holders of American Depositary Receipts (ADRs) should confirm dividend
details with the depository bank. Assuming an exchange rate of R15.06/US$1* the
dividend payable on an ADR is equivalent to US 2.65604 cents for ADR holders
before dividend tax. However, the actual rate of payment will depend on the
exchange rate on the date for currency conversion.
*Based on an exchange rate of R15.06/US$1 at 23 February 2022. However, the
actual rate of payment will depend on the exchange rate on the date for currency
conversion.
Short form announcement:
This short-form announcement is the responsibility of the Board.
Shareholders are advised that this short-form announcement represents a summary
of the information contained in the full announcement (“results booklet”) and
does not contain full or complete details published on the Stock Exchange News
Service (“SENS”), via the JSE link and on Harmony’s website (www.harmony.co.za)
on 28 February 2022.
The financial results as contained in the condensed consolidated financial
statements for the six months ended 31 December 2021 have been reviewed by
PricewaterhouseCoopers Inc., who expressed an unmodified review conclusion
thereon.
Any investment decisions by investors and/or shareholders should be based on a
consideration of the full announcement as a whole and shareholders are
encouraged to review the results booklet, which is available for viewing on the
Company’s website referred to above and via the JSE link at
https://senspdf.jse.co.za/documents/2022/jse/isse/HARE/HY22Result.pdf.
The results booklet is also available for inspection at the registered office
of the Company, Randfontein Office Park, Randfontein, 1760, Corner Main Reef
Road/Ward Avenue, Randfontein, and at the offices of the sponsors, J.P. Morgan.
Inspection of the results booklet is available to investors and/or shareholders
at no charge, during normal business hours from today, 28 February 2022, until
7 March 2022.
Copies of the results booklet may be requested from HarmonyIR@harmony.co.za
Ends.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0)82 746 4120
Johannesburg, South Africa
28 February 2022
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 28-02-2022 07:05:00
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