Pretoria Portland Cement Co. Ltd (PPC.zw) Q42022 Interim Report
PPC is currently finalising its results for the twelve months ended 31 March 2022 (“the period”). In terms of the JSE Limited Listings Requirements, shareholders are advised that PPC is satisfied with a reasonable degree of certainty that the financial results for the period to be reported upon will differ by at least 20% from that for the previous corresponding period, being the twelve months ended 31 March 2021 (“the prior period”).
In accordance with IFRS 5 – Non-current assets held for sale, the group has accounted for its PPC Lime, Botswana Aggregates and PPC Barnet DRC businesses as discontinued operations.
Earnings per share (“EPS”) from continuing operations for both the period and the prior period is impacted by material movements in non-cash items, being fair value and foreign exchange movements, impairments and impairment reversals. In addition, both EPS and headline earnings from Zimbabwe are impacted by hyperinflation accounting in terms of IAS 29.
EPS for the period from continuing operations is expected to be a loss of between 3 cents and 7 cents per share, compared to the 65 cents per share profit for the prior period. Headline loss per share for the period from continuing operations is expected to be between 1 cent and 5 cents per share, compared to the 3 cents headline earnings per share for the prior period.
EPS for the Group (including discontinued operations) for the period is expected to be between 4 cents and 6 cents per share, a decrease of between 67% and 50% from the 12 cents per share for the prior period. Headline loss per share for the period for the Group is expected to be between 12 cents per share and 15 cents per share, an increase of between 20% and 0% from the 15 cents per share loss for the prior period.
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations, excluding PPC Zimbabwe’s EBITDA, is expected to be between 0% and 4% lower than the prior period comparable EBITDA.
Cash generated from continuing operations increased by between 4% and 8% relative the prior period.
The financial information on which this trading statement is based is the responsibility of the directors of the Company and has not been reviewed or reported on by the Group’s independent external auditor.
The Group’s audited annual financial statements for the year ended 31 March 2022 are expected to be released on or about 27 June 2022.
22 June 2022