How would you describe the state that Omnia was in when you were appointed CEO in September 2019?
The company was in a precarious situation, as a number of issues had converged to create the perfect storm. In prior years, Omnia had undergone significant expansion through acquisitions funded by debt. When cash flows declined on the back of a suppressed economic environment and a drought-stricken agriculture sector last year, we forecast that we needed to make drastic changes to meet our debt obligations and were hence forced to obtain a R6,8 billion bridging loan while our team and I addressed how best to stabilise the balance sheet. This resulted in a R2 billion rights issue and negotiation of R4,8 billion structured debt facilities. In parallel, we executed a turnaround plan, reducing cost, working capital and capital expenditure significantly. While we’ve made good progress in our turnaround plan, there’s still a lot of hard work to do over the next few years, which will generate more value.
How have you experienced your first months as CEO at the company?
In the 2019 PricewaterhouseCoopers’ Global Crisis Survey, respondents listed liquidity issues, technological failure, and operational disruption as the top three most disruptive crises that businesses faced or were worried about. At Omnia, we had to manage all three within 12 months: a liquidity problem, which led to a rights issue and debt restructure; load-shedding, which disrupted operations, followed by a ransomware cyberattack; and the COVID-19 pandemic, which has disrupted global supply chains and changed the way business is conducted worldwide.
Denne historien er fra August 14, 2020-utgaven av Farmer's Weekly.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra August 14, 2020-utgaven av Farmer's Weekly.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Syngenta Seedcare celebrates a decade of innovation
Syngenta's ambition is to enable their customers' investments to grow in healthy soil from treated seeds to young plants through innovation and collaboration, writes Magda du Toit.
Agri workers shine at Western Cape awards
Lindie-Alet van Staden, a garden and olive orchard manager at L’Ormarins Wine Estate in Franschhoek, was crowned as the Western Cape Prestige Agri-Worker of 2024 at a gala event recently held near Paarl.
Small and large farmers recognised at grain awards
The annual Grain SA/Syngenta awards ceremony bears testimony to the quality of farmers in the grain industry.
Growing partnerships: Fedgroup's flexible and innovative approach
Janine Ryan spoke to Warren Winchester, general manager of impact investing at Fedgroup, about why the company became involved in agriculture, and what it offers farmers and their immediate communities.
Why fish farms fail, and how to avoid becoming a statistic
The popularity of launching fish farms is not matched by their success. Leslie Ter Morshuizen, owner of Aquaculture Solutions, explores the factors that cause most of these businesses to go under.
Where history and modernity meet in a luxurious setting
Brian Berkman kept his eyes peeled for ghosts in the oldest continuously run hotel in South Africa, but all he found was a fabulous two-night stay.
THE HITCHING POST
I'm a stylish elderly lady with a radiant glow and a good sense of humour that keeps me young at heart.
Cutworms: check the weeds on your fields!
Zunel van Eeden explains why understanding the ecological interplay between cutworms and weeds is crucial for effective pest management. Producers should disrupt the life cycle of cutworms to minimise crop damage.
Does high-density grazing mimic grazing patterns of game?
In their paper on high-density grazing in Southern Africa, professors Angelinus Franke and Elmarie Kotzé from the Department of Soil, Crop and Climate Sciences at the University of the Free State say high-density grazing systems may not accurately reflect natural ecosystems. Roelof Bezuidenhout reports.
Global grain outlook: 2024/25 marketing season
In its latest summer crops report, the Crop Estimates Committee says South African farmers intend to plant 4,47 million hectares of summer grains and oilseeds in the 2024/25 season, up 1% from the previous season. As South Africa exports maize and soya bean, Annelie Coleman reports on the latest trends in the international grain and oilseed markets, amid fluctuations in weather conditions and ongoing armed conflicts.
