Slide 1: Spur Corp Results F2025
Spur Corp Results F2025 21 August 2025 SPUR CORP RESULTS: F25
Slide 2: Agenda
Agenda 1 2 3 4 Trading Overview Financial & Segmental Review The Way Forward Q&A SPUR CORP RESULTS: F25
Slide 3: The Year at a Glance
THE YEAR AT A GLANCE Group restaurant sales: R11.5 bn 8.3% Comparable Earnings per Cash generated Revenue Profit before tax Return on equity profit before tax share from operations 11.2%* 17.5%^ 12.6% 17.2% R463m 31.7% Final dividend: 193 cents# Total dividend:F25 299 cents *Excluding marketing fund
Slide 4: Everyone has a place at the table
Everyone has a place at the table SPUR CORP RESULTS: F25
Slide 5: Purpose
Memorable experiences that delight Purpose Our customers are our family Craveable food thru Innovative and purposeful distinctive tastes Personalized CX brands that lead connections that A resilient community of bring joy next gen franchisees. Spread the good to more restaurant staff and communities
Slide 6: Leading for the Greater Good
Leading for the Greater Good GREATER GOOD GREATER GOOD GREATER GOOD GREATER GOOD GREATER GOOD PURPOSE INTRODUCED JOURNEY ADOPTION ACCELLERATION NETWORK INTEGRATION SUSTAINABLILITY Board/Exco Transformation Values Team Awards Doppio 2025+ Franchisee Councils Introduced. (+Purpose in Partnership (Blac
Slide 7: Trading Overview
Trading Overview SPUR CORP RESULTS: F25
Slide 8: An inconsistent and unpredictable world
# 1. An inconsistent and unpredictable world A year of geopolitical tensions, extreme weather conditions with economic and political volatility on the continent. Plus, a recent market disruptor SPUR CORP RESULTS: F25
Slide 9: Market dynamic in F25
Market dynamic in F25 Loadshedding in Zambia Mitigated by solid supplier Sudden hike in beef prices (+25%) Political Unrest in Kenya relationships due to FMD crisis Various Currency Devaluations Franchisees savings on product SPUR CORP RESULTS: F25 FDM: Foot and Mouth Disease
Slide 10: Restaurant Count: Countries
RESTAURANT COUNT: COUNTRIES 724 Restaurants 11 7 3 Nigeria Kenya Ghana 3 DRC 2 25 Tanzania Zambia 9 18 Zimbabwe Mauritius 105 11 1 Namibia 6 Lesotho 1 Botswana 8 International Australia 619 Eswatini South Africa SPUR CORP RESULTS: F25
Slide 11: Number of Restaurants
NUMBER OF RESTAURANTS 30 June 2025 New Closed 30 June 2024 Revamps Relocations Spur 316 11 2 307 24 5 Panarottis 92 8 4 88 12 - John Dory's 44 1 3 46 2 - RocoMamas 88 5 2 85 13 1 Speciality brands 79 6 4 77 - - Hussar Grill 26 - 1 27 - - Casa Bella 6 - 1 7 - - Nikos 6 - - 6 - - Doppio Zero 31 4 - 27
Slide 12: Restaurants: International
RESTAURANTS: International F2025 F2024 Turnover No. of Turnover No. of % % Location R’000 outlets R’000 outlets change change* Top 5 Countries in Australasia 29 034 1 46 007 2 (36.9) (34.2) Rest of Africa# India 5 170 - 10 212 3 (49.4) (46.7) 1. Namibia 2. Zimbabwe Mauritius 252 871 18 217 207 15 16
Slide 13: Turnrite, Botswana (New)
Turnrite, Botswana (New) SPUR CORP RESULTS: F25
Slide 14: Silver Hawk Spur, Mauritius (New)
Silver Hawk Spur, Mauritius (New) SPUR CORP RESULTS: F25
Slide 15: Restaurants: South Africa
RESTAURANTS: South Africa F2025 F2024 Turnover Turnover Brand No. of outlets No. of outlets % change R’000 R’000 Spur 6 644 285 316 6 339 152 307 4.8 Panarottis 1 043 044 92 918 128 88 13.6 John Dory’s 422 156 44 445 176 46 (5.2) = shortfall of 3 RocoMamas 979 226 88 932 750 85 5.0 New Restaurants S
Slide 16: Group Total Turnover
GROUP TOTAL TURNOVER System-wide Like-on-like Franchised restaurant turnover F25 vs F24 vs F25 vs % change F24 F23 F24 Spur 4.8 7.0 3.2 Panarottis 13.6 10.8 2.9 John Dory’s (5.2) (1.0) (7.0) RocoMamas 5.0 7.8 3.6 Speciality brandsꟸ 4.7 7.9 1.4 Hussar Grill 6.6 10.5 2.4 Casa Bella 8.2 0.5 0.0 Nikos (
Slide 17: F25 Group Turnover Monthly Trend Line
F25|Group Turnover Monthly Trend Line July directly impacted on A positive swing school holidays and 4-5 from April 2025 full weekends in a month Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun F21 F22 F23 F24 F25 System Wide Sales SPUR CORP RESULTS: F25 17
Slide 18: Group Regional Split: Restaurant Turnover
Group Regional Split: Restaurant Turnover Eastern Cape 6% KZN 15% +9% Growth +10% Gauteng Growth 58% Western Cape 22% SPUR CORP RESULTS: F25
Slide 19: Restaurant Count: Brand
RESTAURANT COUNT: BRAND South Brand International Total Africa Restaurant count by brand Spur 316 31 347 Panarottis 92 47 139 Speciality brands 11% John Dory’s 44 2 46 RocoMamas 88 24 112 RM 16% Speciality brands 79 1 80 Spur Hussar Grill 26 - 26 48% Casa Bella 6 - 6 John Dory's Nikos 6 - 6 6% Doppi
Slide 20: Our brands aren't just brands
Our brands aren’t just brands… CASUAL DINING & FAST CASUAL SPECIALITY VIRTUAL KITCHEN VK’s …they are connections, relationships, celebrations, experiences. SPUR CORP RESULTS: F25
Slide 21: Customers are looking for in-store experiences
# 2. Customers are looking for in-store experiences Top 3 experiential priorities ranked by importance: 1. Value real world experiences 2. Shop in stores that create engaging experiences 3. Curated experiences that are tailored to taste Euromonitor: Voice of the Consumer, South Africa: Lifestyle Sur
Slide 22: SPUR CORP RESULTS: F25
SPUR CORP RESULTS: F25
Slide 23: SPUR CORP RESULTS: F25
SPUR CORP RESULTS: F25
Slide 24: Insert date night
insert date night SPUR CORP RESULTS: F25
Slide 25: Red Hawk Spur, Plumstead (Revamp)
Red Hawk Spur, Plumstead (Revamp) SPUR CORP RESULTS: F25
Slide 26: Emerald Bay Spur, Salt Rock, Ballito (New)
Emerald Bay Spur, Salt Rock, Ballito (New) SPUR CORP RESULTS: F25
Slide 27: Four Peaks Spur, Fourways Mall (New)
Four Peaks Spur, Fourways Mall (New) SPUR CORP RESULTS: F25
Slide 28: Shaka Ilembe Sponsorship
Shaka Ilembe Sponsorship SPUR CORP RESULTS: F25
Slide 29: Proud Sponsor
Proud Sponsor SPUR CORP RESULTS: F25
Slide 30: Fern Valley Spur, Komatipoort (New)
Fern Valley Spur, Komatipoort (New) SPUR CORP RESULTS: F25
Slide 31: SPUR CORP RESULTS: F25
SPUR CORP RESULTS: F25
Slide 32: Redhill Spur, Volkrust Mall, Mpumalanga (New)
Redhill Spur, Volkrust Mall, Mpumalanga (New) SPUR CORP RESULTS: F25
Slide 33: SPUR CORP RESULTS: F25
SPUR CORP RESULTS: F25
Slide 34: 74% Brand Equity is built through the experience in the restaurant
74% Brand Equity is built through the experience in the restaurant SPUR CORP RESULTS: F25
Slide 35: SPUR CORP RESULTS: F25
SPUR CORP RESULTS: F25 35
Slide 36: Hartenbos (New)
Hartenbos (New) SPUR CORP RESULTS: F25
Slide 37: Smaller towns | smaller formats
Smaller towns | smaller formats Lephalale Thabazimbi Mookgophong Lydenburg Ermelo Vryburg Harrismith Wild Coast Langebaan CT CBD POD Makhanda Gqeberha Hermanus SPUR CORP RESULTS: F25
Slide 38: George (New)
George (New) SPUR CORP RESULTS: F25
Slide 39: The normalization of AI
# 3. The normalization of AI AI is becoming fully integrated into everyday decision-making. Consumers expect seamless AI-driven interactions across all touchpoints. Voice tech, predictive algorithms, and AI- powered convenience redefine shopping, work, and lifestyle habits. The digital and physical
Slide 40: 2.2m Spur Active Loyalty Members
2.2m Spur Active Loyalty Members 38% of the Champions segment have children SPUR CORP RESULTS: F25
Slide 41: Silver Spear Spur Silver Star Casino
Silver Spear Spur Silver Star Casino SPUR CORP RESULTS: F25
Slide 42: Four Peaks Spur Fourways
Four Peaks Spur Fourways SPUR CORP RESULTS: F25
Slide 43: Grand River Spur Cradock
Grand River Spur Cradock SPUR CORP RESULTS: F25
Slide 44: Group Customer Count
Group Customer Count F23 F24 F25 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun F23 F24 F25 SPUR CORP RESULTS: F25
Slide 45: More than just low prices
# 4. More than just low prices Rising costs, reduced household spend and the desire for social connection is driving the trend of shareables by the Value Seeking Consumer (perceived value received for the price is influencing purchase decisions. It not only about price. It is about added value, care
Slide 46: Panarottis Monsterito over 20% of pizza sales
Panarottis Monsterito over 20% of pizza sales SPUR CORP RESULTS: F25
Slide 47: Why choose when you can have it all at Rocos!
Why choose when you can have it Quatro toppings Sharing the Seafood Experience all at Rocos! variety and value SPUR CORP RESULTS: F25
Slide 48: Speciality Restaurants attract lunch diners
Speciality Restaurants Highest performing Value Triple Treat and Two Way Treat now attract lunch diners Added Campaign in F25 SPUR CORP RESULTS: F25
Slide 49: Plant based food continues to trend
Plant based food continues to trend in the market. No longer a niche but a core part of menu offerings. Source: Vegconomist, Business Tech
Slide 50: Customer's photo of a fond favourite
Customer’s photo of a fond favourite Plant based menus in all brands - ideal for vegans and vegetarians SPUR CORP RESULTS: F25
Slide 51: Long Street (New)
Long Street (New) SPUR CORP RESULTS: F25
Slide 52: Zevenwacht (Rebrand)
Zevenwacht (Rebrand) SPUR CORP RESULTS: F25
Slide 53: Jean Crossing (Revamp)
Jean Crossing (Revamp) SPUR CORP RESULTS: F25
Slide 54: Clearwater Mall (New)
Clearwater Mall (New) SPUR CORP RESULTS: F25
Slide 55: Leveraging every day part
Leveraging every day part Breakfast, Lunch, Dinner SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 56: Group Day Part
Group Day Part Breakfast F21 F22 F23 F24 F25 BREAKFAST 11% Lunch DINNER 39% F25 LUNCH 51% F21 F22 F23 F24 F25 Dinner F21 F22 F23 F24 F25 SPUR CORP RESULTS: F25
Slide 57: Speciality Portfolio | Most Dominant Brands
HG Mouille Point Concept Doppio Zero Greenstone NIGHT TRADE DOMINANCE DAY TRADE DOMINANCE Hussar Grill x 26 Restaurants Doppio Zero x 32 Restaurants Speciality Portfolio|Most Dominant Brands SPUR CORP RESULTS: F25
Slide 58: The Doppio Collection
The Doppio Collection Doppio Zero (32) Piza e Vino (8) Modern Tailors (2) https://doppio.co.za/ https://pizaevino.co.za https://www.moderntailors.co.za/ Styled on a European café culture. Now offer artisanal and exclusive Café styled pizzeria with al fresco Speciality experience inspired by bakery.
Slide 59: SPUR CORP RESULTS: F25
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Slide 60: Doppio Caffe for every occasion
Doppio Caffe for every occasion Hospital Hotel Lifestyle Nursery Shopping Mall SPUR CORP RESULTS: F25 Concepts: projects in progress
Slide 61: Century City (New July 2025)
Century City (New July 2025) SPUR CORP RESULTS: F25
Slide 62: Silver Star Casino (New July 2025)
Silver Star Casino (New July 2025) SPUR CORP RESULTS: F25
Slide 63: Convenience reigns supreme
# 5. Convenience reigns supreme Spending on takeout and restaurant meals jumped 12% in 2024, outpacing grocery spend growth, which rose 8%. This increase isn’t just due to food inflation demand for convenience is shaping consumer habits. People are dining out more often and ordering takeaways more f
Slide 64: Takeaways
TAKEAWAYS Mr D & UberEats, 6.5% Collect, 6.7% F25 Sit Down, 2021 2022 2023 2024 2025 87% SPUR CORP RESULTS: F25
Slide 65: VK Brands: Top 5 in Value in F25
VK Brands: Top 5 in Value in F25 1 2 3 4 5 SPUR CORP RESULTS: F25
Slide 66: Strong brand community builds loyalty
# 6. Strong brand community builds loyalty Consumers don’t just buy; they belong. Brands that create communities, not just customers, will build unshakable loyalty. Make them feel like insiders, not just buyers. "The Rise of Brand Communities” HBR SPUR CORP RESULTS: F25
Slide 67: iSidima Sisters
Early Care Foundation In June 2024 an additional 60 women from 30 ECD Centres in Mafikeng, North- West were adopted into the training programme, ending December 2025: • NCF Workshop & iSIDIMA SISTERS CARE Programme • Child Development • ECD Governance & Compliance (Principals only) Coding: create ac
Slide 68: Franchisees caring for communities
Franchisees caring for communities SPUR CORP INTERIM RESULTS: F25 H1 FEBRUARY 2025
Slide 69: Financial/Segmental Review
Financial/Segmental Review SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 70: Income Statement
INCOME STATEMENT R’m F2025 F2024 % change Revenue 3 863.2 3 473.6 11.2 From franchised and company stores activities 1 040.2 890.1 16.9 From marketing and related activities 385.0 375.2 2.6 From outsourced distributor sales 2 438.0 2 208.3 10.4 Cost of sales (2 601.9) (2 360.6) 10.2 Gross Profit 1 2
Slide 71: Segment: SA Franchise – Spur
SEGMENT SA Franchise – Spur R’m R’m SA Franchise revenue % change 8.8* SA Franchise profit before tax % change 7.8* Spur revenue % change 5.1* Spur profit before tax % change 5.5* SA Spur revenue Total SA franchise revenue 250 SA Spur profit before tax Total SA franchise profit before tax 300 81.5%
Slide 72: Segment: SA Franchise – ex Spur
SEGMENT SA Franchise – ex Spur R’m Revenue R’m Profit before tax Panarottis % change 13.9* John Dory's % change (3.8)* Panarottis % change 17.1* John Dory's % change (9.2) RocoMamas % change 7.1* Speciality % change 41.4*ꟸ RocoMamas % change 6.7* Speciality % change 28.9*⁺ Panarottis revenue John Do
Slide 73: Segment: Retail company stores
SEGMENT Retail company stores R’m R’m Revenue % change 46.3*&⁺ Profit before tax % change 53.8*ꟸ Revenue 160 10.0 140 141 137 129 8.7 120 7.0 6.0 6.4^ 100 80 3.9# 3.4 60 61 2.0 42 45 1.5 40 20 (2.0) 0 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 No of stores 5 5 5 15 15 (6.0) 14 - period end H1 2
Slide 74: Segment: SA Manufacturing and Distribution
SEGMENT SA Manufacturing and Distribution R’m R’m Revenue % change 10.1*ꟸ Profit before tax % change 26.3*⁺ 60 Profit before tax 57 1 600 Revenue 50 50 1 400 47 1 342 45 1 200 1 221 1 214 4.2% 40 1 087 1 102 37 1 000 1 025 36 30 800 600 20 400 10 200 - - H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 20
Slide 75: Segment: SA Marketing funds
SEGMENT SA Marketing funds R’000 F2025 F2024* % change Revenue⁺ 371 858 366 655 1.4 Profit/(loss) before tax 3 859 (3 573) - Deferred income movement (11 543) (27 925) - * F2024 includes Doppio Collection marketing funds effective from 1 December 2023. + Excluding Doppio Collection, revenue is R366.
Slide 76: Segment: SA Other & Shared Services
SEGMENT SA Other & Shared Services OTHER* SHARED SERVICES % % R’000 F2025 F2024 R’000 F2025 F2024 change change Revenue 253 134 88.8 Revenue 64 766 61 366 5.5 Marketing fund admin fee 17 080 16 253 5.1 Operating profit 4 216 683 517.3 income Rental income 965 - - Other net interest income 30 343 29
Slide 77: Segment: SA Shared Services
SEGMENT SA Shared Services Comparable overheads R’000 F2025 F2024 % change Shared overheads (199 771) (189 849) (5.2) Spur Foundation (before interest) 839 4 Legal costs (GPS Litigation) 4 689 5 950 Financial instrument impairments (IFRS 9) (2 003) 4 586 Strategic site Pegasus investment 1 980 - Due
Slide 78: Segment: International
SEGMENT International R’m Store turnover % change 7.8* R’m Profit before tax % change 10.2* Revenue % change 24.7* 600 Store Turnover International revenue Profit before tax 558 561 14 514 524 13 13 500 12 12 476 464 28.0% 400 10 10 300 8 8 8 6 200 4 100 31 31 35 37 43 48 2 - H1 2023 H2 2023 H1 2024
Slide 79: Group Comparable Profit Analysis
GROUP COMPARABLE PROFIT ANALYSIS R’000 F2025 F2024 % change Profit before income tax 401 654 341 741 17.5 Exclude: Marketing funds (3 859) 3 573 Profit before tax excl marketing funds 397 795 345 314 15.2 Impairment of PPE and ROU asset 6 907 5 815 Due diligence costs (Doppio Collection) - 2 533 Fin
Slide 80: Balance Sheet
BALANCE SHEET R'm F2025 F2024 R'm F2025 F2024 Non-current assets Equity 925.0 835.0 Property, plant and 101.5 106.0 equipment Non-current liabilities Right-of-use assets 58.4 63.0 Contract liabilities 29.9 25.9 Intangible assets and Lease liabilities 52.9 53.0 500.9 499.6 goodwill Deferred tax 41.1
Slide 81: Cash Flow
CASH FLOW R'm F2025 F2024 Operating profit before working capital changes 441.8 344.5 Working capital changes 21.3 (14.0) Cash generated from operations 463.1 330.5 Trade and other payables 61.7 36.1 Trade and other receivables (4.6) (39.0) Inventories (35.8) (11.1) Working capital changes 21.3 (14.
Slide 82: Cash Flow
CASH FLOW R'm F2025 F2024 Operating profit 441.8 344.5 Working capital changes 21.3 (14.0) Cash generated from operations 463.1 330.5 Net finance income 24.5 29.0 Tax paid (117.3) (106.9) Dividend paid (188.9) (177.0) Cash flow from operating activities 181.4 75.6 Cash flow from investing activities
Slide 83: The Way Forward
The Way Forward SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 84: Value Creation Model
Value Creation Model: A future of value creation Continuous improvement and BETTER VALUE refinement of FX, EX, CX Expand on our brand USP’s and MORE VALUE added value services to franchisees Leverage technology to enable NEW VALUE innovation to keep the lead SPUR CORP RESULTS: F25
Slide 85: See you soon Sea Point!
See you soon Sea Point! #seven spur SPUR CORP RESULTS: F25
Slide 86: Q&A
Q&A SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 87: Thank you
Thank you SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 88: Appendices
Appendices SPUR SPUR CORP CORP RESULTS: RESULTS: F25 F25
Slide 89: Segmental SA: Franchise – Spur
1. SEGMENTAL SA: FRANCHISE Spur R’m Store turnover % change 4.8* R’m Revenue % change 5.1* Profit before tax % change 5.5* 4000 Revenue Store turnover 155 Profit before tax 3500 3 435 3 340 150 3 209 149 3000 3 037 2 999 2 888 145 146 2500 87.3% 140 88.3% 140 2000 135 1500 132 87.4% 130 1000 128 125
Slide 90: Segmental SA: Franchise – Panarottis
1. SEGMENTAL SA: FRANCHISE Panarottis R’m R’m Store turnover % change 13.6* % change 13.9* Profit before tax % change 17.1* Revenue 20 Profit before tax Revenue Store turnover 600 18 18 535 17 500 508 16 470 16 73.4% 427 448 14 71.2% 400 401 14 14 13 72.2% 12 68.5% 300 70.7% 10 68.2% 200 8 100 6 20
Slide 91: Segmental SA: Franchise – John Dory's
1. SEGMENTAL SA: FRANCHISE John Dory’s R’m Store turnover % change (5.2)* R’m Revenue % change (3.8)* Profit before tax % change (9.2)* 250 Revenue Store turnover 7 Profit before tax 237 235 232 60.3% 6 6 57.0% 213 210 6 6 200 190 5 5 57.9% 5 150 4 52.5% 4 58.2% 100 3 49.0% 2 50 1 10 10 10 10 10 9 -
Slide 92: Segmental SA: Franchise – RocoMamas
1. SEGMENTAL SA: FRANCHISE RocoMamas R’m Store turnover R’m % change 5.0* Revenue % change 7.1* Profit before tax % change 6.7* 600 Revenue Store turnover 25 Profit before tax 500 520 77.3% 480 20 78.6% 20 453 453 459 400 412 18 18 17 16 77.1% 15 300 14 76.5% 70.2% 200 10 69.5% 100 5 23 20 23 22 26
Slide 93: Segmental SA: Franchise – Speciality brands
1. SEGMENTAL SA: FRANCHISE Speciality brands R’m Store turnover % change 36.2*& R’m Revenue % change 41.4*+ Profit before tax % change 28.9*ꟸ 700 Revenue Store turnover Profit before tax 25 646 642 600 598 21 20 500 17 73.7% 400 C 15 16 347 67.7%% 300 V 12 60.6% 251 261 10 8 9 85.3% 200 100 5 86.5%
Slide 94: International: Restaurant Count
2. INTERNATIONAL: RESTAURANT COUNT Doppio Spur Panarottis John Dory’s RocoMamas Total Zero Botswana 3 - - 1 2 6 Eswatini 3 2 1 - 2 8 Democratic Republic of Congo (DRC) - - - - 3 3 Ghana - - - - 3 3 Kenya 5 - - - 2 7 Rest of Africa Lesotho - 1 - - - 1 Namibia 7 1 - - 3 11 Nigeria 4 7 - - - 11 Tanzani
Slide 95: South Africa Shared Services
3. SOUTH AFRICA SHARED SERVICES Cost analysis R’m F2025 F2024 Information Technology 45.4 34.9 People, Leadership and Culture 16.5 15.6 Executives 36.4 36.3 Finance and facilities (employment costs) 20.3 19.3 Legal and company secretarial 6.9 5.0 Development and New Business 12.0 12.5 Long-term ince
Slide 96: Comparable Headline Earnings
4. COMPARABLE HEADLINE EARNINGS R’000 F2025 F2024 % change Headline earnings 274 987 236 119 16.5 Exclude: Marketing funds (3 859) 3 573 Headline earnings excluding marketing funds 271 128 239 692 13.1 Financial instrument impairments (IFRS 9) (1 021) 417 Trade receivables actual credit loss (Saudi)
Slide 97: International Shared Services
5. INTERNATIONAL SHARED SERVICES R’000 F2025 F2024 % change Operating loss (9 825) (6 315) (55.6) Financial instrument impairments (IFRS 9) & actual credit (143) 9 losses Foreign exchange loss 4 349 478 Comparable operating loss* (5 619) (5 828) 3.6 * Applying a constant exchange rate – comparable c