Metair (MTA) FY22 – Results Snapshot

Diluted HEPS down -104.9% y-y to -17.0cps (LY: 350.0cps).
Normalised HEPS 243.0cps and normalised EBITDA R1.48bn. Normalisation adjustment excludes impact of hyperinflation on Mutlu Aku and once-off items. Inflation in Turkey spiked to 90% in Q4 and 64% average for the period.
Turnover increased by +10.2% y-y to R13 905m
(LY: R12 621m).
GPM decreased to 8.9% (LY: 17.4%).
OPM decreased to 3.3% (LY: 9.2%).
Expenses increased by +17.4% y-y to R13 453m
(LY: R11 462m). Expense to sales increased to 96.7%
(LY: 90.8%).
No final dividend declared.
Cash generated from operating activities down -302.6% y-y to R-448m (LY: R221m).
Results were significantly impacted by hyperinflation in Turkey. The impacts are, as stated in their financial statements, a decline of R576m of operating profit and a decline of R208m of profit after tax.