| The Covid-19 Pandemic | The pandemic had a significant impact on our business model and the Group. Various sectors of the economy have had to close for extended periods while others have closed permanently, supply chains have been interrupted and working patterns disrupted. As a result, the pandemic has had a material impact on our ability to create value in the short to medium-term for our stakeholders. It has forced us to review our risks across our value chain and to relook at our future outlook and prospects. |
| Challenging outlook | The pandemic continues to highlight the country’s depressed economy, with the unemployment rate being at the highest level, the profound negative impact on businesses, consumers and investors. We therefore need to encourage investment in our country and the socio-economic challenges need to be addressed to contribute to a stable operating environment. In addition, the poor credit global ratings has an impact on the cost of raising capital. |
| Investors and stakeholders | Investors and stakeholders have showed an increased interest in environmental, social and governance issues over the past few years. We need to continue developing our relationships with our key stakeholders to build social capital. |
| Financial liquidity | The pandemic has highlighted the importance of adequate working capital management in an environment where revenues fell sharply without a quick corresponding reduction in operating expenses. We have reflected on these lessons and have right-sized our businesses to maintain adequate liquidity levels. |