Investor Information
Sens Announcements
2022
2022/06/27
Condensed Consolidated Financial Statements for the year ended 31 March 2022
View ArticleCondensed Consolidated Financial Statements for the year ended 31 March 2022
Condensed Consolidated Financial Statements for the year ended 31 March 2022
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC
ZSE code: PPC
(PPC or the company or the group)
Short-form announcement
Condensed consolidated financial statements for the year ended 31 March 2022
Salient features (continuing operations)
- Group revenue R9,9 billion (March 2021: R8,9 billion)
- Group EBITDA R1,5 Billion (March 2021: R1,6 billion)
- Earnings/(loss) per share (5) cents (March 2021: 65 cents)
- Headline earnings/(loss) per share (3) cents (March 2021: 3 cents)
- Cash generated from operations R1,5 billion (March 2021: R1,4 billion)
- The group did not declare a dividend in the current or previous period
Roland van Wijnen, CEO, said:
"Our resilient cash generation demonstrates our focus on one of the most important measures of financial
performance. These results were further supported by our efforts to drive efficiencies which helped mitigate
inflationary pressures. Ultimately, Team PPC was able to reduce net debt by R1,2 billion and finalise the work
to achieve a solid financial position. Furthermore, we have set our decarbonisation strategy in motion and are
committed to tackling climate change head on. I extend my gratitude to all our customers for their continued
support and to my colleagues who have worked diligently to ensure PPC continues to sustain its purpose of
empowering people to experience a better quality of life."
REVIEW OF OPERATIONS
The group, in accordance with IFRS 5 - Non-current assets held for sale, continues to account for PPC Barnet as a
discontinued operation. Accordingly, the assets, liabilities and profit or loss are reported separately in the
financial statements for the year ended 31 March 2022. For the year ended 31 March 2021, PPC Barnet, PPC Lime and
Botswana Aggregates were all accounted for as discontinued operations. During the year under review, PPC Lime and
Botswana Aggregates were sold with effect from 30 September 2021 and 16 September 2021 respectively. Regarding PPC
Barnet, binding long-form agreements for the restructure of the senior lender debt were signed on 19 April 2022 and
all the conditions precedent were met on 29 April 2022, from which date PPC will cease to consolidate PPC Barnet.
GROUP PERFORMANCE
Group revenue for the 12 months ended 31 March 2022 increased by 11% to R9 882 million (March 2021: R8 938 million).
Excluding Zimbabwe, group revenue increased by 5%. Revenue in PPC Zimbabwe increased by 34% off the back of a 28%
increase in volumes.
Total costs, being cost of sales together with administration and other operating expenditure, increased by 19% to
R9 360 million (March 2021: R7 887 million). The increase in total costs is significantly affected by an increase in
PPC Zimbabwe's costs of 85%. Other than continuing hyperinflation and the 42% depreciation of the Zimbabwean dollar
(ZWL dollar) against the South African rand (ZAR), the most significant line item was an increase in PPC Zimbabwe's
depreciation expense to R386 million (March 2021: R24 million) due to the application of the effective rate method of
hyperinflating depreciation in the current year. Costs, excluding depreciation and PPC Zimbabwe, increased by 7% with
efficiency gains offsetting input cost inflation.
Profit before tax from continuing operations decreased from R1 765 million to R186 million, due to the items set out
below:
- PPC Zimbabwe incurred a loss before tax of R67 million (March 2021: R263 million profit)
- Excluding PPC Zimbabwe's portion, fair value adjustments and foreign exchange movements resulted in a gain of
R18 million (March 2021: R148 million loss)
- Impairments of R38 million (March 2021: R1 317 million reversal)
- An IFRS - Share-based payment charge of R36 million (March 2021: R21 million).
Excluding the above in both the current and the prior year, operating profit from continuing operations would have
decreased by R43 million or 11%.
Finance costs decreased by 15% to R240 million (March 2021: R283 million) due to lower average borrowings. Finance
costs in South Africa decreased by 4% to R155 million (March 2021: R161 million), while finance costs in the
international operations decreased by 30% to R85 million (March 2021: R122 million).
The group taxation charge for the year amounts to R207 million relative to a charge of R742 million in March 2021.
Discontinued operations, which include PPC Barnet for the full year and PPC Lime and Botswana Aggregates until
30 September and 16 September 2021 respectively, generated a profit of R158 million (March 2021: R1 141 million loss)
for the year. The most significant change year-on-year was an impairment of R761 million in the prior year compared to
a reversal of R215 million in the current year for PPC Barnet at the consolidated level to reflect the economic
position post the restructuring agreements entered into on 31 March 2021.
Earnings per share (EPS) for the period from continuing operations decreased to a loss of 5 cents (March 2021:
65 cents) while headline earnings per share from continuing operations (HEPS) reduced to a loss of 3 cents (March 2021:
3 cents profit).
Group earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 7% to R1 493 million (March
2021: R1 598 million) with an EBITDA margin of 15,1% (March 2021: 17,9%). Excluding PPC Zimbabwe, the group's EBITDA
from continuing operations decreased by 2%.
Cash generated from continuing operations before working capital changes decreased by 3% to R1 516 million (March 2021:
R1 559 million). Stringent working capital management resulted in cash generated from continuing operations increasing
by 6% to R1 454 million (March 2021: R1 375 million). Cash generation and preservation remains a key performance
measure for PPC.
Net cash outflow from investing activities reduced to R72 million (March 2021: R392 million) mainly due to the receipt
of R503 million in cash from the disposal of PPC Lime and Botswana Aggregates offset to some extent by an increase in
investments in property, plant and equipment of R186 million. Net cash inflow before financing activities improved to
R973 million (March 2021: R972 million).
Gross debt amounted to R1 581 million on 31 March 2022 (March 2021: R2 628 million). The R1 047 million decline in
gross debt comprises a reduction of borrowings in South Africa of R692 million, CIMERWA Limitada (CIMERWA) of
R216 million and PPC Zimbabwe of R139 million.
CEMENT SOUTH AFRICA AND BOTSWANA
Cement sales volumes in the region for the 12 months ended 31 March 2022 were in line with the prior year as demand
normalised from a high base. Relative to the 12 months ended 31 March 2020 (pre-COVID-19), cement sales volumes
increased by 5% to 9%. South Africa and Botswana cement sales continue to benefit from demand growth in the informal
and rural markets, albeit at a "normalised" rate following the post-COVID-19 lockdown spike in demand. Cement sales
volumes in the inland region also benefited from pockets of demand from industrial construction and mining activity.
As a result, inland region cement sales volumes exceeded pre-COVID-19 levels. Cement sales volumes in the coastal
region experienced low single-digit year-on-year demand growth due to a partial recovery in industrial construction
demand. However, despite the improvement in demand, cement sales in the region are still below pre-COVID-19 levels.
PPC is well-positioned to benefit from a potential boost in cement demand once the government's infrastructure
programme gathers momentum. However, PPC has yet to experience any meaningful uplift in cement sales from this
programme except for limited road construction and rehabilitation activity. The group can immediately make additional
capacity available to capture any upswing in demand.
Cement and clinker imports, mainly from Vietnam, increased by 19% year-on-year and currently exceeds pre-COVID-19 levels.
PPC estimates that imports account for approximately 10% of RSA cement sales. PPC and the industry continue to engage
with the relevant authorities for relief against unfair competition from imports, which threatens the financial
sustainability of a vital component of the manufacturing and construction sector and erodes the industry's ability to
maintain jobs. PPC is committed to working with all parties within the parameters of the prevailing competition laws to
achieve an expeditious outcome.
PPC implemented average price increases of 4% to 7% year-on-year, which partially offset input cost inflation. However,
realised selling prices increased by 5% year-on-year due to a change in product mix and a depreciation of the Botswana
pula against the South African rand.
For the 12 months ended 31 March 2022, South Africa and Botswana cement revenue increased by 4% to R5 415 million
(March 2021: R5 196 million). Relative to the comparable period in 2020, revenue increased by 12%. EBITDA reduced by
5% to R825 million (March 2021: R866 million) with a margin of 15,2% (March 2021: 16,7%). Both EBITDA and EBITDA margin
were impacted by higher input cost inflation and weaker volumes in the second half of FY22 due to a more normalised
demand and higher than usual rainfall. Relative to March 2020, EBITDA increased by 34,6% and EBITDA margins increased
by 2,6%.
MATERIALS BUSINESS
AGGREGATES, READYMIX AND ASH
After experiencing strong demand in the first half of FY22 due to a recovery in construction activity, the materials
business experienced weaker demand in the second half of FY22 as a result of higher than usual rainfall. For the 12
months ended 31 March 2022, sales volumes for the readymix and aggregates businesses increased by 7% and 10%respectively.
Fly ash sales volumes decreased by 17% year-on-year off a high base as ash sales benefited from the shortage of
alternative extenders like slag in the prior period. Relative to the 12 months ended 31 March 2020 (pre-COVID-19),
aggregates and readymix volumes increased by 16% and 3%, respectively, while ash volumes declined by 1%.
Overall, revenue for the materials division increased by 10% to R1 086 million (March 2021: R991 million). Compared to
the 12 months ended 31 March 2020, revenue increased by 5%. EBITDA improved to R41 million (March 2021: R8 million
loss) for the 12 months ended 31 March 2022.
INTERNATIONAL
Zimbabwe
PPC Zimbabwe continues to trade ahead of expectations even though trading conditions remain challenging due to the
macro-economic environment. For the 12 months ended 31 March 2022, cement sales volumes increased by 28% year-on-year
due to retail demand and support from government-funded projects. Relative to the 12 months ended 31 March 2020
(pre-COVID-19), volumes increased by 41%.
Revenue increased by 34% to R2 172 million (March 2021: R1 623 million) as a result of increased cement sales volumes.
Compared to the 12 months ended 31 March 2020 (pre-COVID-19), revenue increased by 17%. PPC Zimbabwe adjusted selling
prices in local currency and US Dollar (US$) to reflect currency depreciation and input cost inflation respectively.
EBITDA for the 12 months ended 31 March 2022 declined by 18,3% to R393 million (March 2021: R481 million) with a reduced
EBITDA margin of 18,1% (March 2021: 29,6%). PPC Zimbabwe incurred additional costs in importing clinker to support
volume growth and offset the impact of a planned and unplanned kiln shutdown during the period. The importation of
clinker, higher maintenance costs and the depreciation of the ZWL dollar against the ZAR negatively impacted EBITDA.
The Reserve Bank of Zimbabwe (RBZ) honoured its obligation to settle PPC Zimbabwe's legacy debt. The debt was
fully repaid during December 2021. PPC Zimbabwe is financially self-sufficient and is focused on cash preservation
and maximising US$ EBITDA. PPC received US$6,2 million in dividends from PPC Zimbabwe in FY22, plus an additional
US$4,4 million in June 2022.
Rwanda
Although COVID-19 related lockdowns unfavourably impacted CIMERWA's cement volumes in the first half of FY22, cement
demand rebounded strongly in the second half post the easing of the lockdown restrictions. Retail demand, exports and
government-funded projects were the main drivers of the rebound in demand.
For the 12 months ended 31 March 2022, cement sales volumes increased by 20% year-on-year while revenues increased by
7% to R1 209 million (March 2021: R1 128 million). Compared to the 12 months ended 31 March 2020, volumes and revenues
increased by 30% and 29%, respectively. The rand strength against the functional currency impacted revenue
contribution. EBITDA of R341 million was in line with the prior comparable period (March 2021: R342 million), while the
EBITDA margin reduced to 28,2% (March 2021: 30,3%).
RESTRUCTURING AND REFINANCING UPDATE
During the financial year under review, PPC Aggregate Quarries Botswana and PPC Lime Limited were successfully sold and
the South African balance sheet de-geared to acceptable levels. The South African debt facilities were also
re-negotiated to reduce the cost of debt and to ensure an optimal mix of the tenure of the long-term facilities.
Solvency was restored to PPC Barnet's balance sheet through the capitalisation of quasi-equity and historical
deficiency funding loans and subsequent to the year-end the debt restructuring became effective thereby restoring
liquidity to the business.
OUTLOOK
As PPC experiences a normalisation of cement demand in South Africa following the post-COVID-19 spike, the group
will redouble its efforts to improve cost competitiveness through improved industrial performance and operational
excellence. To this end, Mokate Ramafoko, former head of PPC International Holdings (Pty) Ltd, has been appointed as
the group managing director for Industrial and Innovation, reporting directly to the group chief executive officer
(CEO), Roland Van Wijnen. He will be responsible for industrial performance, new business and decarbonisation.
PPC's international operations will be managed by the respective in-country boards.
REVIEW CONCLUSION
The provisional report was reviewed by the company's external auditors, Deloitte & Touche, who expressed an unmodified
review conclusion.
The information in this short-form announcement has been extracted from the reviewed provisional report but is itself
not reviewed.
The auditor's report does not necessarily report on all of the information contained in this announcement. Shareholders
are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they
should obtain a copy of the auditor's report together with the accompanying provisional report from PPC's registered
office.
Any reference to future financial performance has not been reviewed by or reported on by the group's external auditors.
Chairman Chief executive officer Chief financial officer
PJ Moleketi R van Wijnen B Berlin
Sandton
27 June 2022
Short-form announcement
This short-form announcement of the provisional report is extracted from the financial information in the condensed
consolidated financial statements and does not contain full or complete details of the provisional report.
This short-form announcement is the responsibility of the board of directors of PPC.
Any investment decisions by investors and/shareholders should be based on consideration of the full provisional report,
as a whole, as published on SENS and the issuer's website as follows:
PPC's' website: <a href="https://www.ppc.africa/investors-relations/reports/?t=final-results-reports" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=final-results-reports</a>; and
JSE's website: <a href="https://senspdf.jse.co.za/documents/2022/jse/isse/PPC/FY2022.pdf" target="_blank">https://senspdf.jse.co.za/documents/2022/jse/isse/PPC/FY2022.pdf</a>
Copies of the provisional report and the auditor's unmodified review conclusion thereon are also available for
inspection at the company's registered office (by appointment), and may be requested from the company secretary Kevin
Ross at (<a href="mailto:Kevin.Ross@ppc.co.za">Kevin.Ross@ppc.co.za</a>) at no charge, during office hours.
(A live and recorded video webcast of the results presentation will be held today at 11:00am and can be accessed via
this link: <a href="https://www.corpcam.com/PPC27062022" target="_blank">https://www.corpcam.com/PPC27062022</a>)
Registered office:
148 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton, 2146 South Africa)
DIRECTORS:
PJ Moleketi (chair), R van Wijnen* (CEO), AC Ball, B Berlin (CFO), N Gobodo, K Maphisa, NL Mkhondo, BM Hansen**,
CH Naude, MR Thompson *Dutch **Danish
Company secretary: KR Ross
Sponsor: Questco Corporate Advisory (Pty) Ltd
Financial Communications Advisor: Instinctif Partners, Louise Fortuin Mobile: +27 71 605 4294
<a href="http://www.ppc.africa" target="_blank">www.ppc.africa</a>
Date: 27-06-2022 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Trading Statement
Trading Statement
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)
TRADING STATEMENT
PPC is currently finalising its results for the twelve months ended 31 March 2022 (“the period”). In
terms of the JSE Limited Listings Requirements, shareholders are advised that PPC is satisfied with a
reasonable degree of certainty that the financial results for the period to be reported upon will differ
by at least 20% from that for the previous corresponding period, being the twelve months ended 31
March 2021 ("the prior period").
In accordance with IFRS 5 - Non-current assets held for sale, the group has accounted for its PPC Lime,
Botswana Aggregates and PPC Barnet DRC businesses as discontinued operations.
Earnings per share (“EPS”) from continuing operations for both the period and the prior period is
impacted by material movements in non-cash items, being fair value and foreign exchange
movements, impairments and impairment reversals. In addition, both EPS and headline earnings from
Zimbabwe are impacted by hyperinflation accounting in terms of IAS 29.
EPS for the period from continuing operations is expected to be a loss of between 3 cents and 7 cents
per share, compared to the 65 cents per share profit for the prior period. Headline loss per share for
the period from continuing operations is expected to be between 1 cent and 5 cents per share,
compared to the 3 cents headline earnings per share for the prior period.
EPS for the Group (including discontinued operations) for the period is expected to be between 4 cents
and 6 cents per share, a decrease of between 67% and 50% from the 12 cents per share for the prior
period. Headline loss per share for the period for the Group is expected to be between 12 cents per
share and 15 cents per share, an increase of between 20% and 0% from the 15 cents per share loss for
the prior period.
Earnings before interest, tax, depreciation and amortization (“EBITDA”) from continuing operations,
excluding PPC Zimbabwe’s EBITDA, is expected to be between 0% and 4% lower than the prior period
comparable EBITDA.
Cash generated from continuing operations increased by between 4% and 8% relative the prior period.
The financial information on which this trading statement is based is the responsibility of the directors
of the Company and has not been reviewed or reported on by the Group's independent external
auditor.
The Group's audited annual financial statements for the year ended 31 March 2022 are expected to
be released on or about 27 June 2022.
Sandton
22 June 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 22-06-2022 03:40:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Change in external auditor
Change in external auditor
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company” or “Group”)
CHANGE IN EXTERNAL AUDITOR
Shareholders of PPC (“Shareholders”) are advised that the board of directors of the Company
(“Board”), on recommendation of PPC’s audit and risk committee, has appointed
PricewaterhouseCoopers Inc. (“PwC”) as the new external auditor of the Group for the financial year
ending 31 March 2023, with the designated audit partner being Nqaba Ndiweni.
The incumbent external auditor, Deloitte & Touche Inc. (“Deloitte”) will continue to act as external
auditor of the Group for the financial year ending 31 March 2022. Deloitte’s appointment will
accordingly terminate upon the conclusion of the audit in respect of the financial year ending 31
March 2022. PwC’s appointment as external auditor will be effective immediately after Deloitte’s
appointment terminates and will be proposed for approval by Shareholders at the annual general
meeting of the Company, scheduled to be held in September 2022.
The change in external auditor follows PPC’s decision to early adopt the mandatory audit firm rotation
rule, issued by the Independent Regulatory Board for Auditors, which will be applicable for financial
years commencing on or after 1 April 2023.
The Board would like to thank Deloitte for their long-standing service to the Group and looks forward
to working with PwC.
Sandton
04 April 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 04-04-2022 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
2022/04/01
Dealing in securities by associate of directors and disclosure of beneficial interest in securities
View ArticleDealing in securities by associate of directors and disclosure of beneficial interest in securities
Dealing in securities by associate of directors and disclosure of beneficial interest in securities
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
("PPC" or "Company")
DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS AND DISCLOSURE OF BENEFICIAL
INTEREST IN SECURITIES
In compliance with the JSE Limited Listings Requirements, the following
information is disclosed:
Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*
Date of transaction : 30 March 2022
Number of securities : 4 268 793
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R3.9934
Value of transaction : R17 046 997.97
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
Date of transaction : 31 March 2022
Number of securities : 7 531 207
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.1849
Value of transaction : R31 517 348.17
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital
Partners (Pty) Ltd (“VCP”), which is the registered investment manager to Value
Capital Partners H4 QI Hedge Fund and various other funds.
BENEFICIAL INTEREST IN SECURITIES
In terms of paragraph 3.83(b) of the JSE Listings Requirements and section
122(3)(b) of the Companies Act, No. 71 of 2008, as amended, shareholders are
advised that PPC has received formal notification that VCP has acquired a
beneficial interest in the ordinary shares of the Company, such that the total
interest held in PPC now amounts to 15.05% of the total issued ordinary shares of
the Company.
The board of directors of PPC (“the Board”) accepts responsibility for the
information contained in this announcement as it pertains to the Company. To the
best of the Board's knowledge and belief, the information contained in this
announcement is true and nothing has been omitted which is likely to affect the
importance of such information.
Sandton
1 April 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 01-04-2022 03:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealing in securities by an associate of directors
Dealing in securities by an associate of directors
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)
DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*
Date of transaction : 23 March 2022
Number of securities : 68 852
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.0300
Value of transaction : R277 473.56
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
Date of transaction : 24 March 2022
Number of securities : 8 714 795
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.0276
Value of transaction : R35 099 708.34
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.
Sandton
28 March 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 28-03-2022 03:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
2022/03/23
Operational update for the twelve months ending 31 March 2022 and change to board committee
View ArticleOperational update for the twelve months ending 31 March 2022 and change to board committee
Operational update for the twelve months ending 31 March 2022 and change to board committee
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “Company” or “Group”)
OPERATING UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH 2022 AND CHANGES
TO BOARD COMMITTEE
OPERATING UPDATE FOR THE TWELVE MONTHS ENDING 31 MARCH 2022
GROUP PERFORMANCE
PPC expects total Group cement sales volumes for the twelve months
ending 31 March 2022 to increase by 4%-8% year-on-year, with double-
digit volume growth in Zimbabwe and Rwanda. South Africa and Botswana
cement experienced low single digit growth in cement sales as volumes
normalised from a high base. Relative to the twelve months ended 31
March 2020 (Pre-COVID-19), Group cement sales are expected to increase
by 11%-15%. The Group’s materials businesses also experienced a
recovery in demand with year-on-year growth in sales volumes.
SOUTH AFRICA & BOTSWANA CEMENT
PPC expects cement sales volumes in South Africa & Botswana to increase
by 0%-3% year-on-year for the twelve months ending 31 March 2022. The
prior comparable period benefited from strong retail demand due to
increased expenditure on home improvements. Relative to the twelve
months ended 31 March 2020 (Pre-COVID-19), cement sales in South
Africa & Botswana are expected to increase by 5%-9%.
PPC South Africa and Botswana cement sales continue to benefit from
demand growth in the rural and informal markets, albeit at a
“normalised” rate following the post COVID-19 lockdown spike in
demand. Industrial construction activity in the inland area shows
pockets of demand growth from the construction of distribution centres
and the increase in mining activity.
PPC experienced an increase in cement sales in the coastal region with
low single-digit year-on-year demand growth supported by a recovery
in industrial construction demand. However, despite the improvement
in demand, cement sales in the coastal region is still below the
twelve months ended 31 March 2020 (Pre-COVID-19).
PPC has yet to experience any meaningful uplift in cement sales from
the government’s designation related to the use of locally produced
cement on government projects. Except for some limited road
construction and rehabilitation activity, there have been no large
infrastructure projects. PPC is well-positioned to benefit from this
potential boost in cement demand once the infrastructure programme
gathers momentum. PPC can immediately make additional capacity
available to capture an upswing in demand. PPC implemented price
increases to offset input cost inflation with realised selling prices
increasing by 4%-7% year-on-year for the twelve months ending 31 March
2022.
Cement imports, mainly from Vietnam, increased by 11% year-on-year
and currently exceeds pre-COVID-19 levels. PPC estimates that imports
account for approximately 10% of RSA cement sales. In conjunction with
the industry, PPC continues to engage with the relevant authorities
for relief against unfair competition from imports, which threatens
the financial sustainability of a vital component of the manufacturing
and construction sector and erodes the industry's ability to maintain
jobs.
MATERIALS
The readymix and aggregates businesses continue to experience a
recovery in demand supported by a pick-up in construction activity in
the regions in which they operate. For the twelve months ending 31
March 2022, PPC expects readymix volumes to increase by 5%-10% year-
on-year, while aggregates volumes are expected to increase by 10%-14%
year-on-year. Fly ash sales volumes are expected to decrease by 14%-
18% due to an unusually strong performance in the prior year due to
lack of slag in the market. Overall, revenues for the materials
division are expected to increase due to the increase in sales of
readymix and aggregates.
ZIMBABWE
PPC Zimbabwe continues to trade well and ahead of expectations. For
the twelve months ending 31 March 2022, PPC Zimbabwe’s cement sales
volumes are expected to increase by 21%-25% year-on-year, benefiting
from retail demand, increased sales to concrete product manufacturers,
and support from Government-funded projects. Relative to the
comparable period ended 31 March 2020 (Pre-COVID-19), cement sales
volumes are expected to increase by 33%-36%.
RWANDA
CIMERWA experienced an upswing in cement sales in the last six months
following the initiation of anticipated projects such as the
construction of a new airport. For the twelve months ending 31 March
2022, CIMERWA expects cement sales volumes to increase by 18%-20%
year-on-year due to cement demand for critical infrastructure and
housing projects to realise an urbanisation target of 34% by 2024.
Relative to the comparable period ended 31 March 2020 (Pre-COVID-19),
cement sales volumes are expected to increase by 26%-30%.
LIQUIDITY & CASH FLOW
South Africa gross debt declined to R1.2 billion at 28 February 2022
(30 September 2021: R1.7 billion) due to a continued focus on cash
generation and the proceeds from the sale of PPC Lime, and the Botswana
aggregates business.
OUTLOOK
PPC is well-positioned to benefit from growing cement demand in the
territories it operates. The Group remains focused on improving
operational efficiencies to ensure financial sustainability through
all demand cycles.
PPC CAPITAL MARKETS DAY
PPC is hosting a Capital Markets Day today at 10h00 (SA time) at the
Vineyard Hotel in Cape Town. The event will be broadcast live via a
webcast with live Q & A sessions. Further details can be accessed at
the following links:
Investor presentation:
<a href="https://www.ppc.africa/investors-relations/reports/?t=presentations-" target="_blank">https://www.ppc.africa/investors-relations/reports/?t=presentations-</a>
allocate
Webcast:
<a href="https://presentations.corpcam.com/RegistrationPage.aspx?id=PPC230320" target="_blank">https://presentations.corpcam.com/RegistrationPage.aspx?id=PPC230320</a>
22
CHANGES TO BOARD COMMITTEE
In compliance with paragraph 3.59 of the JSE Listings Requirements, PPC
wishes to advise its shareholders of the renaming of the Investment Committee
to the Strategy and Investment Committee and the appointment of Mr R van
Wijnen as a member of the Strategy and Investment Committee.
The composition of the Strategy and Investment Committee will now be as
follows:
Mr C Naude
Mr A Ball
Mr B Moltke Hansen
Ms K Maphisa
Mr M Thompson
Mr R van Wijnen
Sandton
23 March 2022
Sponsor:
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 23-03-2022 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealing in securities by an associate of directors
Dealing in securities by an associate of directors
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)
DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*
Date of transaction : 17 March 2022
Number of securities : 252 539
Nature of transaction : On-market acquisition of securities
Class of securities : Ordinary shares
Share price : R4.0274
Value of transaction : R1 017 075.57
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.
Sandton
22 March 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 22-03-2022 01:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
2022/01/25
Dealing in securities by an associate of directors and disclosure of beneficial interests in securities
View ArticleDealing in securities by an associate of directors and disclosure of beneficial interests in securities
Dealing in securities by an associate of directors and disclosure of beneficial interests in securities
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)
DEALING IN SECURITIES BY AN ASSOCIATE OF DIRECTORS AND DISCLOSURE OF BENEFICIAL INTEREST
IN SECURITIES
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Director : Mr AC Ball
Title : Non-Executive Director
Director : Ms N Mkhondo
Title : Non-Executive Director
Company : PPC Limited
Name of Associate : Value Capital Partners (Pty) Ltd*
Date of transaction : 19 January 2022
Number of securities : 30 200 000
Share price : R5.5000
Value of transaction : R166 100 000.00
Date of transaction : 20 January 2022
Number of securities : 8 222 045
Share price : R5.6735
Value of transaction : R46 647 772.31
Date of transaction : 21 January 2022
Number of securities : 514 089
Share price : R5.4039
Value of transaction : R2 778 085.55
Nature of transaction : On-market disposal of securities
Class of securities : Ordinary shares
Nature of interest : Indirect Beneficial
Clearance to deal obtained : Yes
* Mr AC Ball and Ms N Mkhondo have an indirect beneficial interest in Value Capital Partners (Pty) Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and
various other funds.
BENEFICIAL INTEREST IN SECURITIES
In terms of paragraph 3.83(b) of the JSE Listings Requirements and section 122(3)(b) of the Companies
Act, No. 71 of 2008, as amended, shareholders are advised that PPC has received formal notification
that VCP has disposed of a beneficial interest in the ordinary shares of the Company, such that the
total interest held in PPC now amounts to 13.75% of the total issued ordinary shares of the Company.
TRANSACTION RATIONALE
Through its various funds VCP has been a strategic investor in PPC since August 2017. Since that initial
entry point, VCP has periodically taken advantage of the decline in the PPC share price to increase its
shareholding. Following the rebound in the PPC share price in recent months, PPC has become a
disproportionate share of VCP’s total portfolio. The above transaction forms part of a portfolio
rebalancing to align VCP’s relative exposure in PPC with its overall target asset allocation.
VCP will continue to be represented on the board of directors of PPC and its various sub-committees
by Antony Ball and Nono Mkhondo, who will continue to provide support to PPC as it executes its
strategy to unlock further value for shareholders.
Sandton
25 January 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 25-01-2022 07:55:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Disclosure of beneficial interest in securities
Disclosure of beneficial interest in securities
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)
DISCLOSURE OF BENEFICIAL INTERESTS IN SECURITIES
In terms of paragraph 3.83(b) of the JSE Listings Requirements and section 122(3)(b) of the Companies
Act, No. 71 of 2008, as amended, shareholders are advised that the Company has received formal
notification that Public Investment Corporation SOC LIMITED acquired an interest in the ordinary
shares of the Company, such that the total interest held in PPC now amounts to 10.249% (previously
5.37%) of the total issued ordinary shares of PPC.
Sandton
24 January 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 24-01-2022 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Dealing in securities by a director
Dealing in securities by a director
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number 1892/000667/06)
JSE ISIN: ZAE000170049
JSE code: PPC ZSE code: PPC
(“PPC” or “the Company”)
DEALING IN SECURITIES BY A DIRECTOR
In compliance with the JSE Limited Listings Requirements, the following information is disclosed:
Director : Mr R van Wijnen
Title : Chief Executive Officer
Date of transaction : 19 January 2022
Number of securities : 4 545 718
Nature of transaction : On-market sale of securities
Class of securities : Ordinary shares
Share price : R 5.50
Value of transaction : R 25 001 449
Nature of interest : Direct Beneficial
Clearance to deal obtained : Yes
Mr van Wijnen has been a shareholder of PPC since September 2019.
The abovementioned transaction represents the sale of a portion of Mr van Wijnen’s interest in the
Company in order to rebalance his investment portfolio. Post the transaction Mr van Wijnen will
remain a shareholder in PPC holding 4 233 209 shares.
Sandton
21 January 2022
Sponsor
Questco Corporate Advisory Proprietary Limited
Financial Communications Advisor:
Instinctif Partners
Louise Fortuin
Mobile: +27 71 605 4294
Date: 21-01-2022 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.