Telkom (TKG) FY23 – Results Snapshot

Diluted HEPS of -25.8 cps (FY22: 557.5 cps). Normalised HEPS down -76.6% to 134.6 cps.
Revenue up marginally by +0.9% y-y (FY22: -1.1% y-y).
EBITDA margin down to 19.7% (FY22: 27.9%).
Operating margin decreased significantly to -28.2% (FY22: 11.5%).
Expense to sales at 82.3% (FY22: 73.7%).
No dividend (FY22: nil).
Impairment of property, plant and equipment and intangible assets of R13.3bn.
Active mobile subscribers up +7.8% y-y to 18.3m.
Fibre homes passed and connected increased +26.7% y-y to 492 812.
Group employees decreased -2.3% y-y to 11 624, while employee expenses increased to R9 292m (FY22: R8 693m).