2013 Results


This was a particularly challenging year for the Company. Reasonable revenue growth was obtained, but trading margins came under pressure as a result of competitive market conditions and the weaker Rand. Also, the Board-led process to respond to expressions of interest for control of the Company necessitated very significant effort and resources and also required that certain other strategic growth initiatives be suspended.


  • Turnover increased 18% to R5,45 billion
  • EBITDA increased 11% to R1,1 billion
  • HEPS decreased 17% to 350,5 cents
  • Acquisition of Cosme brands in India concluded at a cost of R782 million
  • Shareholder approval pending for scheme of arrangement proposing a cash and shares transaction with CFR
  • Departure from stated dividend policy and no final dividend proposed