SALUNGANO GROUP LIMITED - Condensed consolidated results for the interim period ended 30 September 2022

Condensed consolidated results
for the interim period ended 30 September 2022

Salungano Group Limited
(previously known as Wescoal Holdings Limited) 
Incorporated in the Republic of South Africa
Registration number: 2005/006913/06
Share code: SLG 
ISIN: ZAE000069639
("Salungano Group" or "the Company" or "the Group")

Condensed consolidated results
for the interim period ended 30 September 2022

"The first half of FY23 was not business as usual as we started the financial 
year with Vanggatfontein ("VGF") on care and maintenance. We continued to 
diversify our sales mix by increasing our exposure to the volatile coal export 
market in response to lower Eskom demand and record seaborne coal prices while 
managing various challenges at our operations. As a result, the Group's overall 
financial performance was disappointing in HY23, impacting cash flow generation 
and temporarily affecting our ability to realise our diversification 
aspirations. We remain committed to the successful turnaround of our operations 
including Arnot OpCo, which was placed into business rescue in October 2022, 
following a few challenging months of financial distress and boardroom 
deadlocks."

Robinson Ramaite
Chief executive officer

- Revenue decreased to R2.322 billion (HY22: R2.666 billion)
- Gross profit decreased to R167 million (HY22: R342 million)
- Operating loss increased to R16 million (HY22: R190 million profit)
- Loss per share of 19.64 cents (HY22: 19.72 cents per share profit)
- Headline loss per share of 19.64 cents per share (HY22: 20.69 cents per share 
profit)
- No dividend declared for the period (HY22: 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://salunganogroup.com/wp-content/uploads/2022/12/salungano-group-2022-
september-reviewed-condensed-consolidated-interim-results.pdf and on the JSE's 
website at: https://senspdf.jse.co.za/documents/2022/jse/isse/SLGE/hy2022.pdf.

Copies of the full announcement are available on request by emailing Kabela 
Maroga at kabela@salunganogroup.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 condensed consolidated interim financial statements have been reviewed by 
the Company's auditor, KPMG Inc., who expressed an unmodified review conclusion 
thereon. The auditor's review conclusion is available on the Company's website 
at: http://www.salunganogroup.com

Woodmead
9 December 2022

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

http://www.salunganogroup.com


Date: 09-12-2022 11:12:00
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