MPACT LIMITED Interim results presentation
for the six months ended 30 June 2022
01
Half-year 2022 in context
Financial review
Operating review
Financial performance
Outlook
2
Half-year 2022 in context
- Strong financial performance with good progress on strategy implementation
- Robust demand containerboard and cartonboard
- Improved sales in the industrial and QSR sectors, offset by declines in fruit sector
- Sustained growth in newer product sales
- Persistent global supply chain constraints
- Affected cost and availability of raw materials and capital equipment deliveries
- Raw material inventories were increased where possible to mitigate
- Unprecedented load shedding, KZN floods, other municipal service interruptions
- Progress on strategic projects
- B-BBEElevel 1 retained for Mpact Operations (Pty) Ltd
- Debt refinancing concluded at lower margins in August 2022
3
02
Half-year 2022 in context
Financial review
Operating review
Financial performance
Outlook
4
Financial review
for continuing operations, i.e. excluding Versapak¹
Group revenue 1
12,000 | 11 549 | |||
10,000 | 10 258 | |||
8,000 | 6,090 | |||
millionR | 5,568 | |||
6,000 | ||||
4,000 | ||||
2,000 | 4,690 | 5,459 | 5,743 | |
0 | ||||
2020 | 2021 | 2022 | ||
HY1 | HY2 |
Underlying EBIT 1
1,000 | 948 | |||
800 | ||||
607 | ||||
R million | 600 | 629 | ||
400 | 477 | 6.7% | ||
200 | 5.8% | |||
2.8% | 319 | 387 | ||
0 | 130 | |||
2020 | 2021 | 2022 | ||
HY1 | HY2 | HY1 margin |
- Revenue, as reported up 5.2% to R5.7bn
- Excluding Baywhite, revenue up 13%
- Sales volumes up 6.3%
- Growth in Paper offset by decline in Plastics
- Price and mix variance 6.7%
- Underlying EBIT up 21.5% to R387m
- Better trading in Paper business, partially offset by declines in Plastics and significant cost increases
- Underlying EPS up 28% to 138.9 cents (June 2021: 108.5 cents)
- ROCE of 18.0% (June 2021: 15.4%)
- Gearing at 33.6% (December 2021: 29.4%)
- Net debt of R2.2bn, in line with expectations
- Interim dividend of 40 cps (June 2021: nil)
1. Actuals for 2020, 2021 and 2022 HY1 have been restated to exclude Versapak which is reported as held for sale and a discontinued operation
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Mpact Limited published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 06:55:03 UTC.
