Financial results
FY2020
Audited results for the year ended 31 March 2020
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Highlights
- Continued robust execution of turnaround plan
- Oversubscribed rights issue of R2 billion successfully concluded
- Sustainable debt package finalised
- Core term facilities of R2 billion
- Committed, five-year revolving credit facility of R1 billion
- Committed, general banking facilities of R800 million
- Committed, structured working capital facility of R1 billion
- Indirect facilities of R1.2 billion
- Revenue stable at R18.7 billion (2019: R18.6 billion)
- Operating profit increased to R789 million (2019: R24 million)
- Profit after tax increased to R129 million (2019: R407 million loss)
- Earnings per share of 99 cents (2019: 530 cents loss)
- Headline earnings per share of 189 cents (2019: 97 cents loss)
- EBITDA, excluding impairments, increased to R1.8 billion (2019: R979 million)
- Net debt reduced to R1.88 billion (2019: R4.40 billion)
- Net debt to EBITDA ratio, excluding impairments down to 1.0 (2019: 4.5)
- Net working capital decreased to R3.9 billion (2019: R4.2 billion)
- Net asset value increased to R9.7 billion (2019: R7.2 billion)
- No final dividend declared (2019: nil cents)
- The Recordable Case Rate increased to 0.49 (2019: 0.36)
- Level 3 B-BBEE rating

Audited results for the year ended 31 March 2020 - Short Form Announcement (510KB)
Unaudited results for the six months ended 30 September 2019
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Highlights
- Management delivery on the short-term stabilisation plan
- Oversubscribed rights offer of R2 billion successfully
- Net debt to twelve-month rolling adjusted EBITDA ratio down to 2.35* (FY2019: 4.50) * excluding IFRS 16 impact
- Net debt decreased by R1.4 billion from R4.65 billion at HY2019 to R3.3 billion (FY2019: R4.4 billion)
- Revenue up 1% from R8 654 million to R8 723 million
- Operating profit increased from R124 million to R294 million
- Net asset value increased by 14% from R8 013 million to R9 116 million
- Headline earnings per share of 49 cents (HY2019: 122 cents loss)
- A profit after tax of R35 million (HY2019: R93 million loss)
- Earnings per share of 39 cents (HY2019: 120 cents loss)
- Level 3 B-BBEE rating
- The Recordable Case Rate increased from 0.34 to 0.52
- No interim dividend declared (HY2019: 75 cents)
- Net working capital reduced by R714 million from R5 346 million to R4 632 million
- Sustainable debt package is being finalised:
- Core term facilities of R2 billion
- Committed, structured working capital facilities of R1.8 billion