SPAR (SPP) Results Snapshot FY21

Spar group turnover growth +2.9% y-y, with weak growth in Spar SA core grocery business (-0.4% y-y). The GPM increased from 11.9% in FY20 to 12.0% in FY21, with improvements in all divisions except Poland (decline due to fewer corporate stores). Gross debt increased from R7.1bn to R7.7bn; net cash swings from R461m to R1.0bn net overdraft in FY21. The impact of civil unrest amount to R638m lost sales.