Investor Presentaiton
Cash flow and debt management
Cash flow negatively
impacted in H2 by
civil unrest
Cash flow initiatives
•
.
•
Continued focus on expense management
Normalised average net debt in line with
prior year
Capex projects re-prioritised due to civil
unrest impact
Rm
Dec 2021
Dec 2020
Movement
EBITDA, before non-trading items
3,409.2
4,350.8
(941.6)
Average net debt*
8,666.3
7,486.0
1,180.3
Normalised average net debt**
7,542.0
7,486.0
56.0
Free cash flow
(2,030.8)
2,288.8
(4.319.6)
Gearing ratio^
0.69
0.47
0.22
Foreign exchange loss
178.5
381.1
(202.6)
Cash interest to financiers*
468.0
536.4
(68.4)
Continuing operations
*Excludes lease liabilities
**
Excludes the estimated impact of Covid-19 trading restriction and the civil unrest
^ Gearing ratio is calculated as net debt (excluding lease liabilities) to total equity and net debt
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