Toll reels from $685M loss

Transport and logistics company, Toll Group, has posted a $685.3 million annual net loss.

Transport and logistics company, Toll Group, has posted a $685.3 million annual net loss.

The 125 year old business with an international network of more than 1,200 locations across 50 countries has not been guaranteed banking facilities by parent company Japan Post beyond 30 June, 2021.

Recently it has been reported that Japan Post had begun seeking out potential buyers for the transport group having appointed banks to review the sale of its assets.

Since March, Toll has sought to sell-off assets as part of ongoing attempts to raise cash.

Adverse impacts on finances caused by the Covid-19 pandemic, Australian bushfires and its recent cyber attacks have all factored into its drastically reduced freight volumes.

ASIC documents indicate group revenues slipped $7.8 billion for the twelve months to March 31, 2020.

Net cash outflow stemming from operations peaked at $42 million while the company’s interest-bearing liabilities have since doubled over the last 12 months.

In May, Toll secured an extra $200 million banking facility.

At the time a third instalment of documents exfiltrated from the company website through Nefilim ransomware was leaked as part of an ongoing cyberattack.

Among the documents released, as one text file and one zipped file, were numerous files related to compliance requirements for other international territories, financial documents and tax invoices.

The company reportedly has not paid any dividends in its 2020 financial year.