Home PPC PPC is popping free money circulation constructive because the development reversal continues

PPC is popping free money circulation constructive because the development reversal continues

PPC SENS instruction:

Featured Features (Continuous Operations)

Group sales: R 8,938 million (March 2020: R 8,671 million)

Group EBITDA: R 1,598 million (March 2020: R 1,381 million)

Earnings per share: 65 cents (March 2020: 43 cents loss)

Headline earnings per share: 3 cents (March 2020: 54 cents)

Group free cash flow: R 649 million (March 2020: outflow of R 289 million)

The group did not decide to pay a dividend either in the current or in the previous period.

Roland van Wijnen, CEO, said:

I would like to thank all of my colleagues at PPC. They have worked tirelessly under very strict health and safety protocols to keep PPC up and running and to uphold our purpose of giving people a better quality of life.

Despite difficult trading conditions in most of our markets, our businesses benefited from a recovery in cement demand, which resulted in improved financial performance. The strategic repositioning of PPC as a leading cement manufacturer is progressing well and we will intensify our efforts in the new financial year.

We have also reached important milestones in our capital restructuring and refinancing project, which continues to be a priority for PPC. So far we have reached an agreement with the lenders of PPC Barnet that ends their right of recourse to PPC. We have signed agreements to sell PPC Lime and our aggregates business in Botswana. In addition, we have agreed with our South African credit partners to postpone the raising of equity in South Africa from March 2021 to September 2021. We continue to work with our lenders to find the most economically efficient way to recapitalize the South African business.

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