Spar (SPP) FY22 Results Snapshot

Diluted HEPS 1159.1cps (-2.9% y-y).
Turnover growth +6.0% y-y, with SA +8.4%, Ireland +7.6% (EUR), Switzerland -3.0% (CHF) and Poland +8.2% (PLN).
GPM stable at 12.0% with lower margins in SA and Switzerland, and improved margins in Ireland and Poland.
Expense to sales ratio increased from 11.4% to 11.7% with expense growth of 8.5% y-y. High growth in fuel and energy costs.
Operating margin dropped from 2.7% to 2.5%.
Lower dividend per share 400cps (FY21: 816cps), due to temporarily adjusted dividend policy (for 2 years) to fund strategic investment in SAP.
Capex of R1.6bn and capex to sales ratio at 1.2% (FY21: 1.1%).
Gross debt stable at R7.7bn but net overdraft increased from R1.0bn to R2.2bn.