Spur Corporation Limited · JSE:SUR
Spur — H1 F2023 Earnings Presentation
79 slides from Spur's earnings presentation, Feb 24, 2023
Slide 1: Unaudited Group Results
UNAUDITED GROUP RESULTS For the six months ended 31 December 2022 WEBINAR LIVE FROM CENTURY CITY FRIDAY 24 FEBRUARY 2023 F19 11H00 F21 F22 F20 F23 INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 2: Agenda
AGENDA 1 2 3 4 Financial & Market The Way Segmental Q&A Overview Forward Review INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 3: CX EX FX IX: Brands, Employee, Franchisee, Investor Experience
CX CUSTOMER EXPERIENCE EX BRANDS FX EMPLOYEE LEADING FRANCHISEE EXPERIENCE THE EXPERIENCE EXPERIENCE IX INVESTOR EXPERIENCE INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 4: The Period at a Glance
THE PERIOD AT A GLANCE Group restaurant sales 31.5% Comparable Comparable Cash generated Revenue Profit before tax Headline earnings profit before tax headline earnings from operations 35.0% 103.0% 80.0% 190.8% 81.0% R141m 33.5%* 121.4%* Interim dividend: 82cps *Excluding marketing funds INTERIM RES
Slide 5: Agenda
AGENDA 1 2 3 4 Financial & Market The Way Segmental Q&A Overview Forward Review INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 6: Alternative Power Supply
95% generators running cost 0.5% - 2.6% invertors, batteries and solar high diesel costs impact of water supply Alternative Power Supply INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 7: Supply Chain Disruption
food inflation 13.8%* 28% of group meals sold include chicken bird sizes remains a key issue manufacturing delays and price increases range of protein options on our menus is a USP Supply Chain Disruption * January 2023 INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 8: Restaurant Count: 13 Countries
RESTAURANT COUNT: 13* Countries International 86 Saudi Arabia 2 India 3 Nigeria 8 Ghana 3 Kenya 8 South Africa International Zambia 25 Mauritius 14 Botswana 3 Zimbabwe 2 Namibia 11 Australia 2 Eswatini 5 South Africa 556 RESTAURANTS 642 *February 2023 DRC = 14 Countries INTERIM RESULTS: H1 F23 FEBRU
Slide 9: RocoMamas Lubumbashi: DRC
ROCOMAMAS LUBUMBASHI: DRC INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 10: Restaurant Count: Brand
RESTAURANT COUNT: Brand South International Total Restaurant count by brand Africa 7% Spur* 304 30 334 Panarottis 80 34 114 Spur 16% Panarottis John Dory’s 44 2 46 John Dory's RocoMamas RocoMamas** 88 18 106 52% Speciality brands 7% Speciality brands 40 2 42 The Hussar Grill 26 2 28 Casa Bella 6 - 6
Slide 11: Restaurant Count Network Development
RESTAURANT COUNT R8 Network Development Restaurant Restaurant Restaurant count count New in the Closed in the count Revamps Relocations 31 December 30 June period period 31 December 2021 2022 2022 Spur* 296 297 7 - 304 13 2 Panarottis 82 82 2 4 80 2 - John Dory's 49 47 - 3 44 1 1 RocoMamas 82 85 5 2
Slide 12: Restaurants: South Africa
RESTAURANTS: South Africa H1 F2023 H1 F2022 Turnover Turnover Brand No. of outlets No. of outlets % change R’000 R’000 Spur 3 036 944 304 2 273 341 296 33.6 Panarottis 426 708 80 332 044 82 28.5 John Dory’s 237 208 44 198 981 49 19.2 RocoMamas 452 815 88 395 126 82 14.6* Speciality brands 250 536 40
Slide 13: Restaurants: International
RESTAURANTS: International H1 F2023 H1 F2022 Turnover No. of Turnover No. of % % Location R’000 outlets R’000 outlets change change* Australasia 23 828 2 27 883 3 (14.5) (19.0) India 4 742 3 2 359 2 101.0 90.3 Mauritius 104 470 14 71 911 14 45.3 30.6 Middle East 10 590 2 22 523 4 (53.0) (56.1) Rest
Slide 14: Increased Tourism
Tourism contributes to restaurant growth 152% more tourists yoy in 2022* Western Cape highest impact Speciality Restaurants growth Company Owned restaurants flourish Increased Tourism INTERIM RESULTS: F23 H1 FEBRUARY 2023 Source:*DHA, StatsSA
Slide 15: Upturn in Casinos/Resorts
Hotel occupancy +40% Dec* 30+ high volume restaurants Western Cape growth* The Hussar Grill* +65.8% Casa Bella* +55% Upturn in Casinos/Resorts INTERIM RESULTS: F23 H1 FEBRUARY 2023 Source:*DHA, StatsSA
Slide 16: Super/Regional Malls
26.7% of restaurants in super/regionals group spend per head +11% (Inland major malls 25% + top 3 in December Canal Walk, Mall of Africa, V&A Waterfront . Super/Regional Malls INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 17: Group Total Turnover
GROUP TOTAL TURNOVER H1 F2023 vs Franchised restaurant turnover H1 F2023 vs H1 F2022 vs H1 F2022 % change H1 F2022 H1 F2021 Like-on-like* Spur 33.6 32.6 30.3 Panarottis 28.5 33.4 30.4 John Dory’s 19.2 31.5 29.7 RocoMamas 14.6 29.4 3.6^ Speciality brands 62.3 41.8 46.9 The Hussar Grill 65.9 45.0 51.4
Slide 18: Adapting to Consumers Needs
57% financial pressure 86% concerned about price increases 99% seek ways to save money Active Club Members 2.2m Redemption Rate up 74% Spur highest power score * Adapting to Consumers Needs *Casual Dining Kantar November 2022 INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 19: Spur
INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 20: Spur: Family Casual Dining Leader
+33.6% family casual dining leader 69% of group turnover inland region 55% of turnover marketing dominance INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 21: VK Brand: Just Wingz
VK BRAND: JUST WINGZ TOP 3 VK’S 1. Pizza Pug 2. Just Wingz 3. Bento’s INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 22: Springboks and Spur
SPRINGBOKS AND SPUR INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 23: Tulsa Spur: Morningside, Sandton
TULSA SPUR: Morningside, Sandton INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 24: Baltimore Spur: Hammanskraal, Gauteng
BALTIMORE SPUR: Hammanskraal, Gauteng INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 25: RocoMamas
INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 26: RocoMamas +14.6%
+ 14.6%*c inland region 63% turnover take-aways 47% marketing fee increase by 1% reduce 3rd party reliance +21.9% ex Bolt sales Chilli Cheese Bomb INTERIM RESULTS: F23 H1 FEBRUARY 2023 July – Dec 2021*
Slide 27: Restaurants Generators: 97%
RESTAURANTS GENERATORS: 97% INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 28: RocoMamas Queenswoods: Pretoria
ROCOMAMAS QUEENSWOODS: Pretoria INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 29: RocoMamas Cape Gate
ROCOMAMAS CAPE GATE INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 30: RocoMamas Springs
ROCOMAMAS SPRINGS INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 31: RocoMamas Oceans: Umhlanga
ROCOMAMAS OCEANS: Umhlanga INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 32: Panarottis
INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 33: Panarottis +28.5%
+28.5% New look revamps 12 revamps ahead New brand marketing focus VK Pizza Pug delivered R10m INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 34: Panarottis Fleurdal: Bloemfontein
PANAROTTIS FLEURDAL: Bloemfontein INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 35: Panarottis Cape Gate
PANAROTTIS CAPE GATE INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 36: Panarottis Pizza: Zambia
PANAROTTIS PIZZA: Zambia Concept INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 37: John Dory's
INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 38: John Dory's +19.2%
+ 19.2% Northgate opens by May 37% of turnover in KZN Sushi 23% of turnover Operating margin improvement INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 39: Speciality Restaurants
SPECIALITY RESTAURANTS INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 40: Speciality Restaurants +62.3%
+ 62.3% dinner sales 70% R320 spend per head 4 company owned restaurants 61% turnover in W. Cape INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 41: THG Forest Walk: Pretoria
THG FOREST WALK: Pretoria INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 42: THG Harvest Place: Kempton Park
THG HARVEST PLACE: Kempton Park INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 43: Casa Bella: 76.5% Growth
76.5% growth Inland region 80% INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 44: Nikos: 35.8% Growth
35.8% growth Top 3 1. Balito KZN 2. Pineslopes 3. Montecasino INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 45: Agenda
AGENDA 1 2 3 4 Financial & Market The Way Segmental Q&A Overview Forward Review INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 46: Income Statement
INCOME STATEMENT Unaudited Unaudited R’m H1 F2023 H1 F2022* % change Revenue 1 533.8 1 135.9 35.0 From franchised and company stores activities 342.2 263.5 29.9 From marketing and related activities 144.7 95.2 52.0 From outsourced distributor sales 1 046.9 777.2 34.7 Cost of sales (1 079.1) (809.8)
Slide 47: Segmental Overview
SEGMENTAL OVERVIEW % of group revenue – % change in revenue % change in net profit % margin H1 % margin H1 H1 F2023 H1 F2023 vs H1 F2022 H1 F2023 vs H1 F2022 F2023 F2022 Franchise 14.0 36.2 49.4 82.4 75.1 Spur 9.9 38.4 45.8 87.2 82.7 Panarottis 1.3 36.4 75.8 70.7 54.8 John Dory’s 0.7 21.5 121.6 57.9
Slide 48: Segment SA Franchise – Spur
SEGMENT SA Franchise – Spur R’m R’m SA Franchise revenue % change 36.2* SA Franchise profit before tax % change 49.4* Spur revenue % change 38.4* Spur profit before tax % change 45.8* 200 SA Spur profit before tax Total SA franchise profit before tax SA Spur revenue Total SA franchise revenue 250 18
Slide 49: Segment SA Franchise – ex Spur
SEGMENT SA Franchise – ex Spur R’m Revenue R’m Profit before tax Panarottis % change 36.4* John Dory's % change 21.5* Panarottis % change 75.8* John Dory's % change 121.6* RocoMamas % change 20.5* Speciality % change 67.9* RocoMamas % change 19.1* Speciality % change 148.7* Panarottis revenue John D
Slide 50: Segment Retail Company Stores
SEGMENT Retail company stores R’m R’m % change 50.4* % change 435.1* Revenue Profit before tax Revenue 18.0 Profit before tax 45 42 40 35 35 14.0 13.6 Profit before tax (excluding 30 insurance proceeds and 28 Modrockers) 25 10.0 20 20 21 15 6.0 10 4.5 5 2.0 3.4 - (0.5) 1.2 8.2% H1 2021 H2 2021 H1 20
Slide 51: Segment SA Manufacturing and Distribution
SEGMENT SA Manufacturing and distribution R’m R’m % change 32.3* % change 27.1* Revenue Profit before tax Revenue 1 200 50 Profit before tax 1 087 45 45 1 000 40 4.1% 888 38 822 35 36 800 30 31 679 600 632 25 26 20 400 15 200 10 5 - - H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H1 2021 H2 2021 H1 2022 H
Slide 52: Retail Sauces Expansion
Retail Sauces Expansion INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 53: Spur's Popular Salad Dressing in Production
SPUR’S POPULAR SALAD DRESSING IN PRODUCTION Outsourced sauce producer INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 54: Segment SA Marketing Funds
SEGMENT SA Marketing funds R’000 H1 F2023 H1 F2022* % change Revenue 141 407 93 337 51.5 (Loss)/profit before tax (15) 6 867 (100.2) Deferred income 18 074 19 301 *Restated to account for, in line with IFRS 15, marketing activities over a period of time on the input method of measurement, refer note
Slide 55: Segment SA Other & Shared Services
SEGMENT SA Other & Shared services OTHER* SHARED SERVICES H1 H1 % H1 H1 % R’000 R’000 change F2023 F2022 change F2023 F2022 Revenue 234 204 14.7 Revenue 19 742 14 186 39.2 Marketing fund admin fee income 7 717 7 587 1.7 Operating 708 (3 662) 119.3 Interest on SARS dispute - (8 038) 100.0 profit/(los
Slide 56: Segment SA Shared Services
SEGMENT SA Shared services Comparable overheads R’000 H1 F2023 H1 F2022 % change Shared overheads (81 223) (81 101) (0.2) Spur Foundation (before interest) 261 642 Legal costs (SARS tax dispute) - 1 500 Nikos contingent consideration FV adjustment (115) 3 773 (net of ECL) Other IFRS 9 ECL (movement)
Slide 57: Segment International
SEGMENT International R’m Store turnover R’m % change 33.0* % change 68.1* Revenue Profit before tax % change 38.1* 9 Profit before tax 500 Store Turnover International revenue 8 8 476 450 7 7 24.9% 400 364 378 6 350 358 300 304 5 5 250 4 4 200 3 150 100 2 50 1 1 19 18 22 26 31 - - H1 2021 H2 2021 H
Slide 58: Group Comparable Profit Analysis
GROUP COMPARABLE PROFIT ANALYSIS R’000 H1 F2023 H1 F2022* % change Profit before income tax 168 404 82 958 103.0 Exclude: Marketing funds 15 (6 897) Profit before tax excl marketing funds 168 419 76 061 121.4 IFRS 9 Expected credit loss 3 242 6 646 Nikos contingent consideration FV adjust (gross) (6
Slide 59: Balance Sheet
BALANCE SHEET Unaudited Unaudited R'm H1 F2023 H1 F2022* Non-current assets Property, plant and equipment 89.0 93.6 Right-of-use assets 22.9 36.4 Intangible assets and goodwill 363.5 365.1 Other non-current assets1 6.2 7.3 481.6 502.4 Current Assets Inventories 150.9 135.7 Tax receivable 1.6 4.2 Tra
Slide 60: Cash Flow
CASH FLOW Unaudited Unaudited R'm H1 F2023 H1 F2022* Operating profit 189.0 139.3 Working capital changes (47.6) (17.5) Cash generated from operations 141.4 121.8 Trade and other payables 67.4 72.5 Trade and other receivables (61.9) (30.4) Inventories (53.1) (59.6) Total working capital changes (47.
Slide 61: Cash Flow
CASH FLOW Unaudited Unaudited R'm H1 F2023 H1 F2022* Operating profit 189.0 139.3 Working capital changes (47.6) (17.5) Cash generated from operations 141.4 121.8 Net finance income 9.6 3.3 Tax paid (43.5) (33.5) Dividend paid (66.8) (69.0) Cash flow from operating activities 40.7 22.6 Cash flow fro
Slide 62: Spur Foundation
SPUR FOUNDATION R2.1m raised by Spur Full Tummy Fund feeds 20 Teachers graduated Foundation 950 children daily INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 63: Sidima Sisters
SIDIMA SISTERS Winile Secondary School: Isilimela Secondary Germiston, Gauteng School Ilanga W.Cape INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 64: Franchise Business Model of the Future
Reinvention ESG Acceleration new focus Consumers’ changing Franchise Technology F19 demands Business F21 Model of the advancement F22 F20 future F23 INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 65: Agenda
AGENDA 1 2 3 4 Financial & Market The Way Segmental Q&A Overview Forward Review INTERIM RESULTS: F23 H1 FEBRUARY 2023 LEADING THE WAY FOR THE GREATER GOOD
Slide 66: Appendix
APPENDIX INTERIM RESULTS: F23 H1 FEBRUARY 2023
Slide 67: Segmental SA: Franchise – Spur
1. SEGMENTAL SA: FRANCHISE Spur R’m Store turnover % change 33.6* R’m % change 45.8* Revenue % change 38.4* Profit before tax 3500 Revenue Store turnover Profit before tax 140 3000 3 307 132 120 87.2% 2500 2 472 2 273 105 100 2000 1 932 90 1 714 85.1% 1500 80 82.7% 67 1000 60 53 75.0% 500 40 76.1% 7
Slide 68: Segmental SA: Franchise – Panarottis
1. SEGMENTAL SA: FRANCHISE Panarottis R’m Store turnover % change 28.5* R’m % change 75.8* % change 36.4* Profit before tax Revenue 450 Revenue Store turnover Profit before tax 427 16 70.7% 400 366 14 14 350 332 300 12 12 283 250 249 10 54.8% 70.6% 200 8 8 150 7 100 6 35.3% 50 52.4% 4 10 12 14 17 20
Slide 69: Segmental SA: Franchise – John Dory's
1. SEGMENTAL SA: FRANCHISE John Dory’s R’m Store turnover % change 19.2* R’m % change 121.6* % change 21.5* Profit before tax Revenue 250 Revenue Store turnover Profit before tax 237 7 214 200 199 6 6 174 150 151 5 57.9% 4 4 100 31.8% 41.7% 3 50 3 2 11.4% 5 7 8 9 10 - 1 1 1 H1 2021 H2 2021 H1 2022 H
Slide 70: Segmental SA: Franchise – RocoMamas
1. SEGMENTAL SA: FRANCHISE RocoMamas R’m Store turnover R’m % change 14.6* % change 19.1* % change 20.5* Profit before tax Revenue 500 Revenue Store turnover 18 Profit before tax 453 16 16 400 395 394 15 14 70.2% 13 324 12 73.4% 300 305 11 71.0% 10 10 200 71.9% 8 72.6% 100 6 4 14 15 19 20 23 - 2 H1
Slide 71: Segmental SA: Franchise – Speciality Brands
1. SEGMENTAL SA: FRANCHISE Speciality brands R’m Store turnover R’m % change 62.3* % change 148.7* Profit before tax Revenue % change 67.9* 300 Revenue Store turnover Profit before tax 9 86.5% 250 251 8 8 7 206 7 200 81.3% C 6 150 154 128 V 5 58.4% 100 109 4 49.4% 3 50 3 2 2 4 4 6 7 9 2 - H1 2021 H2
Slide 72: Segmental SA: Franchise – The Hussar Grill
1. SEGMENTAL SA: FRANCHISE The Hussar Grill R’m Store turnover % change 65.9* R’m % change 140.9* % change 72.2* Profit before tax Revenue 180 Revenue Store turnover 7.1 Profit before tax 168 160 6.1 6.0 140 138 120 5.1 98.1% 100 102 4.7 84 4.1 80 70.1% 91.9% 70 60 3.1 40 2.6 2.1 47.2% 20 1.9 - 2 3
Slide 73: Segmental SA: Franchise – Casa Bella
1. SEGMENTAL SA: FRANCHISE Casa Bella R’m Store turnover R’m % change 76.5* % change 267.0* Profit before tax Revenue % change 94.2* 50 Revenue Store turnover 1.4 Profit before tax 45 1.2 1.2 40 1.0 66.2% 34 30 0.8 0.7 25 0.6 56.9% 20 21 0.4 0.4 15 0.3 35.0% 0.2 64.2% (6.5%) 10 - -0.0 1 1 1 1 2 - -0
Slide 74: Segmental SA: Franchise – Nikos
1. SEGMENTAL SA: FRANCHISE Nikos R’m Store turnover R’m % change 35.8* % change 104.0* % change 30.3* Profit before tax Revenue 40 Revenue Store turnover 37 1.0 Profit before tax 35 0.9 59.5% 33 0.9 30 0.8 0.8 27 65.0% 25 0.7 23 23 0.6 20 0.5 15 0.4 0.4 0.3 0.4 10 0.3 0.2 42.8% 38.0% 5 42.9% 0.1 - 1
Slide 75: International: Restaurant Count
2. INTERNATIONAL: Restaurant Count Spur Panarottis John Dory’s The Hussar Grill RocoMamas Total Botswana 2 - - - 1 3 Eswatini 3 1 - - 1 5 Ghana - - - - 3 3 Africa (excluding SA Kenya 5 1 - - 2 8 and Mauritius) Namibia 7 1 1 - 2 11 Nigeria 5 3 - - - 8 Zambia 4 16 1 1 3 25 Zimbabwe 1 - - - 1 2 Austral
Slide 76: Segmental International: Overview
3. SEGMENTAL INTERNATIONAL: Overview REVENUE NET PROFIT / (LOSS) % R’000 % R’000 % of group revenue H1 H1 H1 margin margin H1 F2023 Change Change – H1 F2022* F2023 F2022* H1 F2023 H1 F2022 F2023 Australasia - 415 318 30.5 131 (125) 204.8 31.6 (39.3) Rest of Africa & M.East 1.8 27 114 20 138 34.6 12
Slide 77: South Africa Shared Services Cost Analysis
4. SOUTH AFRICA SHARED SERVICES Cost analysis R’m H1 F2023 H1 F2022* Information Technology 16.2 16.6 People, Leadership and Culture (previously human resources) 6.2 5.4 Executives 18.5 15.2 Finance and facilities (employment costs) 9.4 10.9 Legal and co-sec 2.6 2.3 Development 4.6 4.1 Long term inc
Slide 78: Comparable Headline Earnings
5. COMPARABLE HEADLINE EARNINGS R’000 H1 F2023 H1 F2022* % change Headline earnings 112 237 38 595 190.8 Exclude: Marketing funds 15 (6 897) Headline earnings excluding marketing funds 112 252 31 698 254.1 IFRS 9 Expected credit loss 2 546 4 801 Nikos contingent consideration FV adjustment (gross) (
Slide 79: International Shared Services
6. INTERNATIONAL SHARED SERVICES R’000 H1 F2023 H1 F2022 % change Operating loss (4 513) (3 984) (13.3) Other IFRS 9 ECL (movement) 290 1 673 Foreign exchange loss 1 481 (440) Comparable operating loss* (2 742) (2 751) 0.3 * Applying a constant exchange rate – comparable corporate costs decreased by