
| | Unaudited results for the half year
ended
30 November 2014 |
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HIGHLIGHTS
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Increase in revenue of |
14% to |
R10.3 billion |
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Increase in gross profit of |
11% to |
R788 million |
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Increase in gross profit margins |
from 7.48% to |
7.62%* |
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Increase in EBITDA of |
20% to |
R516 million |
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Increase in headline earnings
per share of |
15% to |
42.73 cents |
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Increase in core earnings per
share of |
17% to |
44.47 cents |
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*Excluding imputed interest IFRS adjustments. |
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COMMENTARY
Headline earnings per share increased by 15% to 42.73 cents. This growth was achieved in spite of the Group’s share of losses in
Blue Label Mexico increasing by R14.5 million, negatively impacting on growth in headline earnings per share by 2.17 cents.
The growth in earnings was primarily attributable to increases in revenue of 14%, gross profit of 11% and EBITDA of 20%. Gross
profit margins increased from 7.48% to 7.62% on exclusion of imputed IFRS interest adjustments. The growth in margins was
achieved through the efficient application of cash resources to bulk inventory purchases at favourable discounts, early settlement
supplier discounts, an increase in commissions earned on the distribution of prepaid electricity and compounding annuity income.
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