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HARMONY GOLD MINING COMPANY LIMITED - Results for the interim period ended 31 December 2020 Short form announcement

Release Date: 23/02/2021 07:05
Code(s): HAR     PDF:  
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Results for the interim period ended 31 December 2020 – 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”)


Johannesburg, Tuesday, 23 February 2021. Harmony Gold Mining Company Limited
(“Harmony” or “the Company”) is pleased to announce its financial and operating
results for the interim period ended 31 December 2020 (“H1FY21”) compared to
the six-months ended 31 December 2019 (“H1FY20”).

   •   336% increase in net profit to R5.8bn (US$356m) from R1.3bn (US$91m)
   •   Revenue increased by 39% to R21.6bn (US$1.3bn) from R15.5bn (US$1.1bn)
   •   69% increase in operating free cash flow margin to 22% from 13%
   •   65% increase in production profit to R6.8bn  (US$417m) from  R4.1bn
   •   Net debt to EBITDA at 0.1x
   •   EPS increased by 288% to 966 SA cents (59 US cents) from 249 SA cents (17
       US cents)
   •   HEPS increased by 211% to 775 SA cents (48 US cents) from 249 SA cents
       (17 US cents)
   •   Interim dividend of 110 SA cents (approximately 7.5 US cents) per share
       declared (December 2019: nil)

“The exceptional performance achieved in the first half of FY21 substantiates
the growth strategy that we set out to pursue at the beginning of 2016. Through
astute acquisitions, we have successfully added quality ounces to our portfolio
and de-risked our asset portfolio. We are also seeing a significant improvement
in our overall grade and cash flow. Harmony is no longer a marginal gold
producer, but an emerging mining specialist with a diversified and de-risked
asset portfolio.    On the back of our investment in growth assets, a stronger
operational performance from our mines in H1FY21 and a strategy aimed at
delivering positive shareholder returns, we are pleased to announce an interim
dividend of 110 SA cents (approximately 7.5 US cents),” said Peter Steenkamp,
chief executive officer of Harmony.

Notice of Interim Gross Cash Dividend
Our dividend declaration for the six months ended 31 December 2020 is as follows:
Declaration of interim gross cash ordinary dividend no. 89
The Board has approved, and notice is hereby given, that an interim gross cash
dividend of 110 SA cents (7.5 US cents*) per ordinary share in respect of the
six months ended 31 December 2020, has been declared payable to the registered
shareholders of Harmony on Monday, 19 April 2021.

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 110 SA cents (7.5 US cents*) per
      ordinary share for shareholders exempt from the Dividend Withholding Tax;
•     The net local dividend amount is 88 SA cents per ordinary share for
      shareholders liable to pay the Dividend Withholding Tax;
•     Harmony currently has 616 052 197 ordinary shares in issue (which includes
      6 154 630 treasury shares); and
•     Harmony’s income tax reference number is 9240/012/60/0.

A dividend No. 89 of 110 SA cents (7.5 US cents*) per ordinary share, being the
dividend for the six months ended 31 December 2020, has been declared payable
on Monday 19 April 2021 to those shareholders recorded in the books of the
company at the close of business on Friday, 16 April 2021. 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, 9 April 2021.

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-        Tuesday, 13 April 2021
dividend is
Ordinary shares trade ex-dividend                     Wednesday, 14 April 2021
Record date                                              Friday, 16 April 2021
Payment date                                             Monday, 19 April 2021

No dematerialisation or rematerialisation of share certificates may occur
between Wednesday, 14 April 2021 and Friday, 16 April 2021, both dates
inclusive, nor may any transfers between registers take place during this
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 R14.64/US$1* the
dividend payable on an ADR is equivalent to US7.5 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 R14.64/US$1 at 19 February 2021. However, the
actual rate of payment will depend on the exchange rate on the date for currency

Short form announcement:
This short-form announcement is the responsibility of the board of directors of
the Company (“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 (
on 23 February 2021.

The financial results as contained in the condensed consolidated financial
statements for the six months ended 31 December 2020 have been reviewed by
PricewaterhouseCoopers Inc., who expressed an unmodified review conclusion

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

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, 23 February 2021, until
28 February 2021.

Copies of the results booklet may be requested from


For more details, contact:

Jared Coetzer
Head: Investor Relations
+27 (0)82 746 4120

Max Manoeli
Investor Relations Manager
+27(0)82 759 1775 (mobile)

Marian van der Walt
Senior Group Executive: Enterprise Risk Management and Investor Relations
+27(0)82 888 1242 (mobile)

Johannesburg, South Africa
23 February 2021
J.P. Morgan Equities South Africa Proprietary Limited

Date: 23-02-2021 07:05:00
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