Many of our markets continue to face uncertainty and volatility, being in various levels of lockdown and restrictions. While some of these restrictions are easing, we anticipate the impact of the COVID-19 pandemic and the ensuing uncertainty to continue affecting our operations and performance in the short term.
The start to the 2022 financial year has been challenging, with July and August trading negatively impacted by the social unrest in South Africa, extended COVID-19 related restrictions on the sale of alcohol in South Africa and Mozambique, the shortage of semi-conductors across Europe, and higher supply chain costs negatively impacting volumes due to the unavailability of shipping containers and subsequent higher freight rates.
At this stage, for the 12 months to 30 June 2022, subject to stable currencies, steady recovery in volumes and revenue on the back of easing COVID-19 restrictions, we expect Imperial's continuing operations to deliver:
Imperial's balance sheet remains strong and resilient, with headroom in terms of debt capacity and liquidity to facilitate our strategic growth aspirations. We have a strong pipeline of new business opportunities which we are working hard to translate into new business. While we will continue to meet the demands and manage the implications of the pandemic in the short-term, we will also ensure that we continue to deliver on our strategic objectives.
With regards to the DP World offer to acquire Imperial, the proposed transaction is still subject to Imperial shareholder approval and other customary completion conditions, including regulatory approvals, which are in progress. The circular for this transaction was distributed on 19 August 2021 and the general meeting convened for shareholders is scheduled for 17 September 2021. We anticipate that the proposed transaction will be concluded by February 2022, pending the successful outcome of the outstanding approvals. In the interim, we will continue with our daily business activities.
We thank our employees, shareholders, funders and other key stakeholders for their ongoing support.
Chief Financial Officer
George de Beer
Chief Financial Officer
07 September 2021
The independent board of the Company accepts responsibility for the information contained in this announcement insofar as such information relates to the offer by DP World Logistics FZE and, to the best of its knowledge and belief, such information is true and this announcement does not omit anything likely to affect the importance of such information included.
To provide a more meaningful assessment of the group's performance for the year, pro forma information and non-IFRS measures have been included in this summarised audited results for the year ended 30 June 2021.
The directors of Imperial Logistics Limited are responsible for compiling the pro forma financial information on the basis applicable of the criteria as detailed in paragraphs 8.15 to 8.34 of the JSE Listings Requirements and the SAICA Guide on Pro forma financial information, revised and issued in September 2014 (applicable criteria). The pro forma information does not constitute financial statements fairly presented in accordance with IFRS. The pro forma financial information has been prepared for illustrative purposes only and because of its nature may not fairly present the group's financial position, results of operations and cash flows. The group's external auditor, Deloitte & Touche, has issued an unmodified reporting accountants' report on the pro forma information on 7 September 2021. A copy of their report is available for inspection at the group's registered office.
Any forward looking information contained in these results is the responsibility of the directors.
For the 6 months ended 31 December 2020, notice was given that a gross interim ordinary dividend in the amount of 83,00 cents per ordinary share had been declared by the board of Imperial, payable to the holders of the 202 074 388 ordinary shares. The dividend was paid out of income reserves.
As disclosed in the circular relating to the DP World Transaction, no final dividend is declared.