EOH COMMENTARY

EOH's significant progress since the start of our turnaround plan implemented three years ago in order to rectify the inherited legacy issues, is evident in the greatly improved financial results for the year to 31 July 2021. Gross margin continues to improve and the Group achieved an operating profit of R147 million from continuing and discontinued operations after posting a R1.3 billion loss in the prior year. Debt has declined significantly since 2018, although not as fast as we would have liked. Reducing the debt burden remains a critical focus for the management team. Cash management has been a highlight, especially considering the current economic climate, with excellent discipline in managing net working capital supporting improved liquidity.