Full Year 2024 AECI Ltd Earnings Call Transcript
Key Points
- AECI Ltd (JSE:AFE) exceeded its transformation target by delivering ZAR 500 million, surpassing the initial commitment of ZAR 400 million.
- The company achieved an EBITDA run rate of ZAR 800 million, indicating strong progress towards its goal of doubling EBITDA.
- AECI Ltd's chemicals division delivered an exceptional performance, driven by strong results in the water and Agri businesses.
- The company maintained a solid EBITDA margin of 13% in its mining division, despite temporary headwinds.
- AECI Ltd has a healthy liquidity position with significant undrawn cash facilities of ZAR 3.1 billion and cash on hand of ZAR 2.4 billion.
- The company reported a 12.7% decrease in EBITDA from continuing operations, primarily due to ZAR 860 million in once-off investment costs.
- AECI Ltd's mining business performed lower than expected, although it was in line with market guidance.
- The effective tax rate increased to 71%, driven by divestment processes and impairment charges.
- The company recorded a loss per share of $2.68, reflecting once-off investment costs and impairments.
- Schirm, one of the businesses AECI Ltd is looking to divest, continues to face challenges due to a difficult external environment.
Good morning to everybody in the room and those joining us live on the webcast. Today, we announced and publish our annual results for the year end at 31 December 2024.
And before I get into the order of the day, I'd like to welcome our Esteem Board, led by Doctor Khotso Mokhele and our Ex Co members.
My name is Itumeleng Lepere, and I'll be your host this afternoon. And the result will be presented by our group CEO Holger Riemensperger and our acting group Chief Executive Officer, Ian Kramer.
And Just a normal cautionary statement.
Our presentation will be in five parts. Holga will take you through the group performance overview. Then Ian will take you through the financial and core business performance, and then Holger will return for the outlook.
And then we'll finish off with the Q&A. So, for those on the webcast, please, post your questions on the top left of the screen and Yeah, Holger go without further delay, please come through.
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