INTEGRATED ANNUAL REPORT 2024

for the year ended 30 September 2024

Our investment case

Strong brands
Brand role: Power brand
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#1

#1

#1

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#1

#1

#1

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#1

#2

#2

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#1

#1

#1

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#2

#1

#1

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#1

#1

#1

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#1

#1

#1

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#3

#2

#2

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#6

#5

#5

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#1

#1

#1

Brand role: Specialist brand
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#1

#1

#1

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#1

#1

#1

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#1

#3

#2

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#1

#1

#1

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#7

#2

#2

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n/a

#1

#1

Consumer-centric turnaround strategy and new leadership team to drive growth and restore profitability.

Refreshed leadership and operating model

  • Revised federated operating model implemented
  • Five managing directors to lead business units
  • Deliberate and focused execution and delivering improved returns

Strong financial position

  • Cash-generative operations
  • Balance sheet flexibility
  • Ability to invest in capex
  • Attractive dividend yield at 4,07%
Positive environmental, social and governance (ESG) performance
Growth areas
Informal market (General trade)

The informal market in South Africa is valued at approximately R197 billion a year; we are pursuing various initiatives to expand our reach and relevance in this market and have reached 91 000 stores with the aim to expand our presence to 130 000 stores by 2029.

Core products and brands

We are sharpening our focus on the core power and specialist brands to drive growth and ensure adequate return on marketing investment. This will enable us to continue driving relevance of our products and ensure execution on our growth platforms of driving affordability, democratising health and nutrition, and over-indexing on snackification.

Technology and digital commerce

Leveraging technology to drive growth, improve productivity and increase customer engagement. The South African e-commerce channel is estimated at R5,1 billion; together with our strategic partners, we continue to drive our presence in grocery e-commerce and pioneer new digital e-commerce channels.