Good results with diluted HEPS 262cps (+15.0% y-y) and DPS 221cps (+23.0%y-y). Pro-forma HEPS growth +23.0% y-y.
Turnover growth +5.2% y-y, with sales growth in 4Q at 7.4% y-y. Lost sales due to unrest in 2Q amounted to R1.8bn.
GPM dropped from 19.8% to 18.8% but this was mainly due to unrest stock losses. This was largely recovered in Other Income.
Expenses well controlled with the expense to sales ratio dropping from 18.6% to 18.4%. Expense growth +4.2% y-y.
Operating margin stable at 2.9%. Net cash position of R3.6bn (FY21: R3.5bn). Gross debt increased to R4.0bn from R3.3bn in FY21.
Damages from civil unrest – Insurance recovery R959m.
Strong start to FY23 with sales growth +9.9% y-y in the first 8 weeks.
