Diluted HEPS (continuing operations) down 14.2% y-y to 768cps. Switzerland treated as a discontinued operation.
Comparable turnover growth +1.6% y-y (+1.8% y-y constant currency), with SA +2.3%, Ireland +0.6% (EUR).
Improved momentum in 2H (+3.5% y-y).
GPM (cont ops) up by 20bps to 10.8%.
Expense-to-sales ratio increased from 10.0% to 10.9% with expense growth of 9.3% y-y.
SA operating profit growth +6.8% y-y, while BWG -2.8% y-y.
Net financing costs up 20% y-y, mainly due to SPAR Poland related debt taken on in SA.
Impairments relating to SA stores, AWG, and Spar Switzerland resulted in assets and equity dropping by R5.2bn. Net debt reduced by 40%, to R5.4bn, due Spar Switzerland exit
and strong cash generation. Group leverage at 1.74x.
Management believes streamlined business will be more resilient and expects leverage to continue to improve.