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Trading Statement
Master Drilling Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2011/008265/06)
JSE share code: MDI
ISIN: ZAE000171948
("Master Drilling" or the "Company" or the "Group")
Trading Statement
In terms of the Listings Requirements of the JSE Limited relating to trading statements, a listed company
is required to publish a trading statement as soon as it becomes reasonably certain that the financial
results for the next period to be reported on will differ by at least 20% from those of the corresponding
prior period.
Shareholders are advised that the Company's earnings per share ("EPS") for the 6 months ended
30 June 2025 ("current period") in ZAR terms are expected to be between 212,00 and 219,50 cents
compared to the EPS of 37,50 cents for the 6 months ended 30 June 2024 ("comparative period"),
which is between 465,3% and 485,3% higher than the EPS of the comparative period as reported in
ZAR. These higher EPS for the current period were largely the result of non-cash adjustments (* refer
to note below) deemed appropriate in the interim results. Headline earnings per share ("HEPS") for the
current period are expected to be between 159,50 and 193,20 cents compared to the HEPS of 168,60
cents for the comparative period, which is between 5,4% lower and 14,6% higher than the HEPS for
the comparative period as reported in ZAR.
Shareholders are further advised that the Company's EPS for the current period in USD terms are
expected to be between 11.50 and 11.90 cents compared to the EPS of 2.00 cents for the comparative
period, which is between 476.2% and 496.2% higher than the EPS in the comparative period as
reported in USD. These higher EPS were largely the result of non-cash adjustments (* refer to note
below) deemed appropriate in the interim results. HEPS for the current period are expected to be
between 8.70 and 10.50 cents per share compared to the HEPS of 9.00 cents per share for the
comparative period, which is between 3.5% lower and 16.5% higher than the HEPS for the comparative
period as reported in USD.
(*) Non-cash adjustments relate to the following item:
During 2024, the Group provided for an impairment loss on the Mobile Tunnel Boring Machine as no
formal agreement was in place to project future cash flows from the application of this machine, due to
uncertainty over commodity prices within the machine's target industry. During the first half of 2025, the
Group finalised a contract to commence operating the Mobile Tunnel Boring machine. This change in
circumstances necessitates that a reversal of the impairment be considered. Thus, the Group has
reassessed the recoverable amount from the asset based on the contract's projected discounted cash
flows, and such recoverable amount resulted in a partial impairment reversal of USD4.7 million from
the impairment loss of USD7.8 million recognised in the prior year. The potential reversal of the
remainder of the impairment will be assessed on a continuous basis.
The financial information on which this trading statement is based has not been reviewed or reported
on by the Company's auditors. Master Drilling's interim results are expected to be released on SENS
on or about Tuesday, 26 August 2025.
Fochville
14 August 2025
Sponsor
Investec Bank Limited
Date: 14-08-2025 04:25:00
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