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Trading statement for the 6 Months ended 31 December 2020
Imperial Logistics Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
ISIN: ZAE000067211
Share code: IPL
(‘Imperial’ or ‘Company’ or ‘Group’)
TRADING STATEMENT FOR THE 6 MONTHS ENDED 31 DECEMBER 2020
Imperial is currently finalising its unaudited interim results for the six months ended 31 December 2020 (“current period”).
TOTAL OPERATIONS INCLUDING DISCONTINUED OPERATIONS
Imperial’s shareholders are advised that there is a reasonable degree of certainty that the Group’s total basic earnings per
share (EPS) including discontinued operations (European shipping), is expected to increase by more than 20% compared
to that reported for the six months ended 31 December 2019 (“prior period”).
A range as contemplated in the JSE Listings Requirements is provided below:
31 December 2019 31 December 2020
As reported Expected range
Total EPS (cents) 223 430 to 444
(up between 93% and 99%)
The Group’s total basic headline earnings per share (HEPS) including discontinued operations is expected to decrease
compared to the prior period, negatively impacted by COVID-19 on trading results across operations, associated once-off
costs, and investment in people, structure, processes and systems to support strategic growth and future efficiency in line
with our ‘One Imperial’ and ‘Gateway to Africa’ strategy. Results were supported by acquisitions and new business gains.
In addition, the prior period was before the COVID-19 pandemic.
A range as contemplated in the JSE Listings Requirements is provided below:
31 December 2019 31 December 2020
As reported Expected range
Total HEPS (cents) 190 177 to 190
(down between 7% and 0%)
CONTINUING OPERATIONS
EPS and HEPS for continuing operations for the current period compared to that reported for the prior period are expected
to decrease by more than 20%. A range is provided below:
31 December 2019 31 December 2020
Restated* Expected range
Continuing EPS (cents) 311 118 to 132
(down between 58% and 62%)
As reported Expected range
372 118 to 132
(down between 65% and 68%)
31 December 2019 31 December 2020
Restated* Expected range
Continuing HEPS (cents) 315 172 to 188
(down between 40% and 45%)
As reported Expected range
371 172 to 188
(down between 49% and 54%)
*Restated to exclude European shipping from continuing operations.
Despite lower earnings for the current period, trading volumes and profitability recovered strongly in the first half of F2021
compared to the second half of F2020. Profit from operations before depreciation and recoupments (EBITDA) generated
is reflected by the range below.
31 December 2019 31 December 2020
As reported Expected range
Profit from operations before 2 594 2 516 – 2 594
depreciation and recoupments (down between 3% and 0%)
(EBITDA) (Rm)
Imperial continues to generate strong free cash flow and its balance sheet remains strong – further supported by the
receipt of the proceeds of R3,440 million from the sale of the European shipping business on 31 July 2020. As such, Imperial
has sufficient headroom in terms of debt capacity and liquidity, and is well within its banking covenants.
Imperial will release its unaudited interim results for the 6 months ended 31 December 2020 on Tuesday, 23 February
2021.
The financial information on which this trading statement is based is the responsibility of the board of directors of Imperial
and has not been reviewed, reported on or audited by the Company’s external auditor.
Bedfordview
17 February 2021
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17-02-2021 03:59:00
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