2022 Full Year Results Q&A
2022 Full Year Results Q&A
Thursday, 23rd February 2023
Secondly, on South Africa generally - I think this is the first full year where you have not been
subject to capital controls. Could you remind us of what impact that is having on your day-to-
day business and treasury management?
Duncan Wanblad: We are absolutely looking to profitably grow this company and we are
doing this because it is definitely in the shareholder's interest for us to do that. From a net
debt point of view and how we think about that in terms of distributions, our position on this
has not changed a lot. To roughly dimension that, if net debt ever ended up well below $3
billion, we are almost certain that there would be a redistribution of some of that excess
capital. If it were between $3 billion and $5 billion, there is always a conversation that we
have. In fact, we debate this every half with the board as to where the money is going. And
then above $5 billion, unlikely that there would be major distributions in addition to the 40%
pay-out ratio.
Stephen Pearce: It is about that balance that I often speak about. We have had a pretty
good track record of considering those extra returns when prices, markets and balance sheet
position allow for that. And we do actively consider it and I think we have demonstrated we
do act on it as well.
On the second question it has almost been two full years since we have had the restrictions
on the capital controls lifted. The country used to have a pretty much 'you can't move it out
unless you get permission' policy. Now that has moved to 'everything can go out unless you
need to get specific approval' type policy. The main institutions, through finance ministry and
the Reserve Bank have been really committed to that journey. We notify them after the event
for large things that exceed certain limits, as opposed to having to seek permission in any
way for dividend payments or for balance sheet management. It is a routine movement of
cash flow across borders like it would be for any other country now.
Paul Galloway (Group Head of Investor Relations): Thank you very much for joining us
this morning.
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