WESCOAL HOLDINGS LIMITED - Condensed Consolidated results for the financial year ended 31 March 2021

Condensed Consolidated results for the financial year ended 31 March 2021

Wescoal Holdings Limited
Incorporated in the Republic of South Africa 
(Registration number 2005/006913/06) 
Share code: WSL
ISIN: ZAE000069639 
("Wescoal" or "the company")

Condensed consolidated results for the financial year ended 31 March 2021

"The Group managed to deliver a solid production performance in a year that was 
characterised by immense uncertainty brought about by the spread of the 
COVID-19 pandemic. However, a lower sales environment negatively impacted 
Wescoal’s financial performance, and prevented the Group from delivering the 
returns that we expected to realise from the significant capital investment 
made into our operations in the recent past. The first coal delivery out of our 
flagship project Moabsvelden, the imminent restart of the Arnot mine where we 
hold an effective interest of 50%, in-line-with-targets operational 
performance, and cost-saving initiatives implementation are positioning the 
Group well to return to profitability in FY22."

Robinson Ramaite
Interim chief executive officer

http://www.wescoal.com

- Revenue increased to R3.902 billion (FY20: R3.810 billion)
- Gross profit increased to R411 million (FY20: R333 million)
- Operating profit increased to R135 million (FY20: R3 million loss)
- EPS increased to 8.74 cents loss per share (FY20: 32.57 cents loss 
  per share)
- HEPS increased to 2.87 cents loss per share (FY20: 32.67 cents loss 
  per share)
- No dividend declared for the period (FY20: nil cents per share)

This short form announcement is the responsibility of the directors and is only 
a summary of the information contained in the full announcement which can be 
found on the company's website at 
https://wescoal.com/wp-content/uploads/2021/06/audited-condensed-consolidated-
results.pdf and on the JSE's website at 
https://senspdf.jse.co.za/documents/2021/jse/isse/WSL/ie2021.pdf.

Copies of the full announcement are available on request by emailing Jubilant 
Speckman at jubilant@wescoal.com. Any investment decisions should be based on 
consideration of the full announcement published on the JSE's website and on 
the company's website, as a whole.

These annual results for the year ended 31 March 2021 have been audited by the 
company's auditor, PricewaterhouseCoopers, who expressed an unmodified audit 
opinion thereon. The audit opinion also includes communication of key audit 
matters. The audit opinion is available, along with the annual financial 
statements, and the summary financial results, on the company's website at: 
http://www.wescoal.com.

Woodmead
25 June 2021

Sponsor: 
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Date: 25-06-2021 09:20:00
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