Massmart Reviewed Results Presentation - for the 52 weeks ended 27 December 2020 08 March 2021
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Massmart Reviewed Results Presentation for the 52 weeks ended 27 December 2020 08 March 2021
Presenting today
Mitchell Mohammed Sylvester
Slape Abdool-Samad John
Chief Executive Officer Chief Financial Officer VP: Group eCommerce
2
Agenda
01 Executive summary
02 Financials and Covid-19 impact
03 Strategy and turnaround plan update
04 Outlook
05 Additional information
3
Executive summary
1 2 3 4 5
Resilience in a
Delivered enhanced Excellent Cash flow/
challenging Strategy
gross margins expense control debt management
environment
• R6.1bn sales impact due • Up 147bps in 2020: • Total expenses down • Improved free cash flow by • Strong turnaround
to Covid-19 restrictions – Inter-group collaboration 0.3% with comparable R560 million execution
• Adapted to changing – Every day low price store expenses down • Stabilised the balance • Focus on Growth
customer behavior • Maintained price 1.3% in 2020 sheet
• Recovered and positioning • Poised to sustain leverage
accelerated performance going forward
through H2
4
Financials and Covid-19 impact Mohammed Abdool-Samad, Group CFO
Financial summary – reported
Strong margin and expense momentum despite trading environment
52-week basis – including Covid-19 impact
X 7.7% 0.3% 5.5%
SALES SG&A REDUCTION TRADING PROFIT BEFORE
R86.5 billion R16.7 billion INTEREST AND TAX
(excl. reorganisation,
2019: R93.7 billion 2019: R16.8 billion
restructure and impairment)
R1,172.7 million
2019: R1,111.2 million
147bps 19.7%
GROSS PROFIT MARGIN HEADLINE LOSS REDUCTION
20.4% (R0.9 billion)
Includes IFRS 16
2019: 18.9% 2019: (R1.2 billion)* *Restated
6
A tale of two halves Stronger H2 performance relative to H1 and H2 (2019) • Sales impacted by trading Rm H1 2020 H2 2020 H2 2019 H2 vs H2 VAR restrictions in H1 • Resilience in challenging Sales 39,599 46,886 49,828 (6%) sales environment • Focus on EDLP continues Margin 7,972 9,656 9,284 4% yielding improved margin • Shift from yard to retail sales Net expenses (8,346) (8,386) (8,595) (2%) in Builders enhanced margin Trading profit • Normal liquor trading only before interest & 33% of the year taxation (267) 1,439 792 82% • Expenses sustainably curtailed throughout the year Free cash flow (3,745) 6,034 5,708 6% Including IFRS 16
Margin and trading profit impacted by trading restrictions
Restrictions drove lost sales of R6.1 billion
Estimated
liquor
lost sales Foot traffic
R3.4bn • Super and Major Regional
malls most impacted Rm
declining by 17% and 14%
respectively Estimated lost margin @19.5% 1,188
Increased direct costs 132
Liquor trading Other Relief/benefits received (288)
• 40% of the year - • Additional costs incurred Increased indirect costs (31)
Complete ban of trade relating to operating
regulations Estimated impact on trading profit* 1,001
• 27% of the year -
Restricted trade • Rent relief of R102 million
*Impact of trading profit estimated based on lost
• 33% of the year - • Temporary employee sales at the margin achieved in the same period in
2019, net of costs incurred and benefits received.
Normal trading hours cost relief of R186 million
and conditions
Includes IFRS 16
8
Sales by geography and category
Sales performance across the business was impacted by the trading restrictions
GROUP SALES SA SALES REST OF AFRICA SALES
R86.5bn 90.8% 9.2%
i7.7% i 7.9% i 5.4%
FOOD FOOD FOOD
i3.1% 42%*
i3.3% 42%*
i1.5%
48%*
COMP SALES COMP SALES COMP SALES
LIQUOR LIQUOR LIQUOR
7.5%
decline i22.4% 15%*
7.6%
decline i22.3% 15%*
6.6%
decline i23.1% 13%*
CONSTANT
DURABLES DURABLES DURABLES
CURRENCY
i7.0% 43%*
i7.2% 43%* 6.6%
i4.6%
39%*
decline
*FY19 contribution to total sales to account for normal trading conditions 9
Excellent expense control
Total Group expenses declined by 0.3%, comparable expenses at 1.3%
1.2%
decline i 0.9%
decline i 9.7%
decline i 4.1%
decline i
Depreciation Employment Costs Occupancy Costs Other Operating Costs One-off items
and amortisation • Attrition and • Landlord support: • Travel • IT Support costs
• Closure of DionWired recruitment freezes rental relief received • Conferences and • Increased Covid-
stores • TERS relief during during lockdown training 19 related costs:
• Reduced capital lockdown (R186m): (R102m) • Reduced marketing deep cleaning
investments - cash associates paid on • Reduced utility costs: spend and sanitising
preservation and time and in full improved monitoring costs (R132m)
construction industry • Delayed and energy efficiencies
impact management salary • Rentals renegotiated – Includes IFRS 16
increase Full impact in 2021
10Performance – Massmart Retail
Strengthened collaboration across the banners
R16.7bn • Covid related lost sales
~R0.9bn
R13.9bn • Covid related lost sales
~R1.0bn (closed month of
R8.3bn • Covid related lost
sales ~R0.8bn
SALES SALES SALES
April)
i15.5% • Reduced footfall – i2.1% i13.5% • Reduced footfall –
Shopping malls • Grew online sales by 111.0% taxi ranks
27.4% • Grew online sales by
77.5%
35.9% • Robust margins: increased
retail mix with promotional
19.1% • Store closures &
liquor ban/trading
GP GP GP
discipline; construction sector hours. Liquor
h230bps • Margin improvement: h220bps still under pressure due to h190bps participation ~10%
HY: 25.5% Shift to EDLP, better HY: 33.3% HY: 17.3%
management of restrictions • Margin
promotional mix • Strong vendor partnerships: improvement:
(R532.5m) R1 032.6m vendors paid on time and in (R363.5m) category mix and
PBIT* • Strong expense control PBIT* full; deliveries prioritised by PBIT* trading disciplines
(-3.8%)
i36.2% h21.7% suppliers i17.2% • Good expense
2019: (R391.0m) • Successful rental 2019: R848.5m 2019: (R310.2m)
renegotiations • Good expense controls control (expenses up
(expenses up 0.2%) 0.9%)
Includes IFRS 16 * Includes HO allocations
11Performance – Massmart Wholesale
Significantly improved Cash & Carry performance highlights power of the merger
R27.2bn R20.4bn • Covid related lost sales ~R3.4bn
SALES SALES • Only 17 weeks (33%) of liquor trading
i7.3% i1.8% during the year without any restrictions
(Liquor participation ~25% under normal
18.2% 11.7% trading conditions)
GP GP • Enhanced margin with improved price gap
h40bps h120bps
HY: 18.2% HY: 10.9% • Single Wholesale group synergies: serving
customers, reduced transport costs and
better deals with vendors
R864.1m R172.0m
PBIT* PBIT* • Makro grew online sales by 40.2%;
i16.8% h328.7% leveraged partnership with OneCart
2019: R1 039.1m 2019: (R75.2m) • Strong expense controls (-1.9% for Makro
and -0.1% for Cash & Carry)
Includes IFRS 16 * Includes HO allocations
12Accelerating our eCommerce business
Momentum continued throughout the year
Online sales Online traffic
h58.6%
1.8% sales participation
h65.2%
(2019: 1.1%)
Click-and-collect
h69.5%Working capital
Working capital tightly managed to ensure high in-stocks in the midst of Covid induced trading disruptions
• Stock levels flat compared
63 to prior year
• Substantial progress in h6 2020 R11.9bn
Inventory clearing aged stock days 2019 R11.9bn
days • Strong vendor relationships
resulted in high in-stocks
• Suppliers paid on time and
R15.8bn
73 h6
in full during lockdown: 2020
enhanced relationships
Creditor • Renegotiated extended days
payment terms with
2019 R16.1bn
days suppliers on the back of
partnership approach
• Hospitality and construction
8 industry debtors under
pressure: increased 0 2020 R2.2bn
Debtor provisions days
days • Collection initiatives improved
2019 R2.3bn
ageing of debtor balances
14Impairment summary
Once-off impairment adjustments
Impairments Rationale Rm Dec 2020
Cambridge Goodwill 348.4
• Covid-19 impact on
outlook not supporting Fruitspot Goodwill 175.0
Goodwill
Store Assets 170.2
• Group's strategic shift
away from its fresh and Manufacturing Assets 46.4
frozen offerings Head Office Consolidation 43.9
• Consolidation of the Other Assets 14.8
Group's various head
office locations 798.7
15Cash flow and debt management
Strong cash flow underpinned by healthy margins and disciplined expense management
Rm Dec 2020 Dec 2019 MOVEMENT Cash flow initiatives
EBITDA, before non-trading items 4,223.8 4,183.4 40.4 • Focused expense management
and disciplined capex deferrals
Net debt* 2,574.8 2,422.2 152.6 • Paid suppliers on time and in full:
Enhanced relationships ensuring
Total equity 2,951.5 4,800.8 (1,849.3)
no disruption in supply
Gearing ratio* 0.87 0.50 0.37 • Continued to pay salaries and
benefits on time and in full
Free cash flow 2,288.8 1,728.7 560.1
• Rental relief & TERS benefit
Foreign exchange loss (381.1) (143.0) (238.1) • Renegotiation of vendor payment
terms to preserve cash while
Cash interest to financiers* 556.0 659.0 (103.0) taking care of most vulnerable
smaller suppliers
• Deferral of management salary
increases
* Excludes lease liabilities
16Strengthened balance sheet position
Improved liquidity driven by improved cash generation, strong banking relationships and Walmart support
Net Debt 2020 Net Debt 2019 Average Annual Net Debt Facilities
• Secured R4 billion -1 000
Walmart loan -2 000 RUSH
-3 000 BUYING
• Support from local -4 000
-5 000
and international -6 000
banks -7 000
-8 000
• All suppliers and -9 000
-10 000
associates paid on -11 000
-12 000
time and in full -13 000
-14 000
• Despite sales loss as -15 000
a result of Covid-19, -16 000
-17 000
Net debt increased by Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk Wk
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52
only R152.6 million
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Key events
WEEK 10 WEEK 13 WEEK 18 WEEK 22 WEEK 28 WEEK 34 WEEK 39 WEEK 41 WEEK 51 DEC 28 >
First Level 5 Lockdown, Level 4 Lockdown; Level 3 Lockdown, Liquor Ban Level 2 Lockdown, Level 1 Lockdown, Liquor sales Liquor sales Liquor ban
confirmed Non-essentials, General Builders reopens Liquor allowed, reintroduced Liquor sales Liquor sales allowed during all allowed with reintroduced
case in SA Merch., Home Improvement, Tobacco sales allowed with allowed with licenced hours restricted trading
Liquor & tobacco sales prohibited restricted trading restricted trading hours
prohibited ~56% categories hours hours
17Capital expenditure
Capex responsibly managed to preserve cash flow
R 2 000 2.5%
R1,775.0m R1,806.7m
R 1 800
R1,606.0m
R 1 600 2.0%
2,0% 1,9%
R1,371.8m
R 1 400 1,8%
Capex as a % of sales
R 1 200
1,5% R1,034.3m 1.5%
R 1 000
1,2%
R 800 1.0%
R 600
R 400 Remodel cycle significantly
0.5%
disrupted by construction
R 200
industry lockdown
R0 0.0%
Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Investment to maintain operations Investment to expand operations Property acquisitions Business acquired
18Key takeaways
• Enhanced margins and excellent
cost control
• Improved HEPS performance
• Stabilised the balance sheet and
reduced interest bill
• Foundations in place to accelerate
strategic focus areas, including
driving topline
19Strategy and turnaround plan update Mitch, Group CEO
Our Journey
To become the healthiest and strongest retailer in Africa with the best long-term prospects
3
Invest
2
Accelerated growth in
Focus eCommerce, key categories &
geographies
1
Divest non-core assets to drive
Stabilise sustainable profitable growth
Through strong execution
of our turnaround plan
21Stabilise the base
Turnaround efforts are stabilising the business and driving renewed financial health, as reflected in our performance
Group Operating Model 1
Established an efficient Repositioning our i 0.3%
SG&A DECLINE
operating model portfolio for growth
Portfolio Optimisation 2
Customer-centric
organisation with centralised
Continued portfolio
optimisation
h 147bps
GROSS PROFIT MARGIN
Game Reset 3 support functions
h 5.5%
TRADING PROFIT BEFORE
Wholesale Integration 4 Resetting the Achieving enhanced INTEREST AND TAX
cost base margins (excl. reorganisation,
restructure and impairment)
Supply Chain Optimisation 5
Revised cost base Improved margins through
through Smart Spend
programme
merchandising discipline
and leveraging of scale
h 32.4%
FREE CASH FLOW
Cost Reset 6 IMPROVEMENT
22Continued Game revitalisation
The Game Reset programme is gaining significant traction across key initiatives
Strengthened margin Elevated customer Improved cost
performance experience management
• Achieved overall 230bps GP • Rolled out Happy to Help • Excellent expense control,
margin uplift through and launching Centres of achieving negative SG&A
optimizing margin and mix and Excellence stores driving growth of -3.8% in 2020
extending every day low price improved customer
experience • Savings driven from multiple
• Accelerated exit of Fresh expense lines including
(51 stores) and introduction • Launched 3 Game employment costs (R102m)
of Clothing (60 stores), with Reimagined store prototypes and rent (R44m)
clothing showing promising
sales growth and strong • Launched 40 stores on the
margins (complete by Q3) UberEats and 12 stores on
the OneCart on-demand
• Successes include market- platforms
leading growth in target
categories (example
Large/Premium TVs)
23Looking forward
In FY21, we will harvest maximum value from our Turnaround initiatives
1 2 3
Group Operating Model Portfolio Optimisation Game Reset
• Complete final implementation in • Complete divestiture of non- • Roll out Game store re-imagined
Q1 – 2 business units supported core/non-strategic store assets • Accelerate and complete roll-out
by Centres of Excellence of successful apparel
• Finalise Finance support introduction
transition to Genpact in Q1 • Drive sales performance with
sustained margin discipline
4 5 6
Wholesale Integration Supply Chain Optimisation Cost Reset
• Unify IT systems and enhance • Go live with 2 state of the art DCs • Contain expense growth below
our eCommerce offering • Achieve a “one best way” sales growth through execution
• Pilot standalone “Powered by approach, leveraging Walmart against our R1.9 billion expense
Makro” liquor store format supply chain expertise reduction ambition
• Centralise volume through our
DC network to >40%
24Our journey beyond turnaround
We are now shifting to refining our portfolio focus further and growing the business
3
Invest
2
Accelerated growth in
Focus eCommerce, key categories &
geographies
1
Divest non-core assets to drive
Stabilise sustainable profitable growth
Through strong execution
of our turnaround plan
25Our future strategic positioning
Massmart will become a stronger business that leverages core strengths
General Wholesale Food
Merchandise & & Liquor
DIY Market Leader Powerhouse
Best-in-class eCommerce
“Powered by Walmart”
26Focused approach
Two immediate decisions will further drive core market focus
Not core to our business; …appointed Barclays to facilitate
STANDALONE
1
FOOD RETAIL
no clear path to market leadership, the sale of our Massfresh and
therefore… Cambridge/Rhino Food assets
Mixed performance and …extend detailed portfolio
REST OF
2
AFRICA
management complexity, review to include stores
therefore… outside SADC
27Our investment areas
We will invest in areas of market strength to accelerate our growth
Unify and differentiate Revitalise General
Grow our DIY Footprint
our Wholesale business Merchandise Leadership
• Grow Builders’ store footprint • Leverage integration synergies • Drive Game Reset
• Maximise category offering and wholesale scale • Innovate/drive inter-company
across DIY and Trade • Elevated customer proposition leverage in category mix
across Makro and Game
Accelerate eCommerce
• Drive growth with unique offer across B2B and B2C • Expand our online range to better serve our customers
customer channels • Pursue strategic partnerships to build capability, attract
• Leverage our extensive store and warehouse new customers and enhance value proposition
network for pick-up and delivery efficiency
28Accelerating eCommerce
We have commenced the foundational work required to propel our eCommerce presence
A significant eCommerce presence… …which is now poised to rapidly grow
Online GMV Online traffic Strengthening Foundational Competencies
Website Enhancements Warehouse Ship-to-Home
(Makro, Builders) (Cape Town and Johannesburg)
Store Fulfillment Order Management System
R1.1bn
2020 GMV across combined
#2 (picking system, pickup strategy,
omnichannel execution)
Share of retail website
Massmart banners traffic in South Africa
Enhancing Last Mile Delivery Capability
Customer growth Omnichannel value
Total sales from Omnichannel
customers vs. online only Fully optimise WumDrop Launched logistics Expanded
platform powered collaboration
by FarEye with OneCart
h72.9%
2020 unique customer growth
2.65x
1.42x average sales of Omni
Driving Mobile Acceleration
across Massmart banners customer vs. in-store only
Launching of Vodapay Super App
29Driving mobile acceleration
Massmart and Vodacom partner to accelerate the commerce flywheel of the Vodapay Super App
What is a Super App? Massmart as Retail Cornerstone in Super App
“Many apps within an umbrella
app. It’s an operating system that
unbundles the tyranny of apps.
Vodacom partners It’s the portal to the Internet for
with China's Alipay a mobile-first generation [and
to create 'super app' designed to maximize time spent]”
in South Africa… –Sidu Ponnappa, Gojek
…shop online, pay Launchpad for Massmart’s Mobile Strategy
bills, send money to Benefits:
family, stream music, • Convenient – single sign-on, • Customer aggregation prospect
follow news (20/7/20) payment binding, key (44m starting base; 24m smart devices)
features • Zero-rated data costs to all users
• Intuitive – organic product • Brand reach and conversion of younger
design and evolution incremental customers
• Networked – friends and
• Incremental sales channel for new product
family connected
campaign (digital) events for Massmart brands
30Key takeaways
• We are stabilising the business through
our turnaround programme
• We have made two key decisions that will
enable a focused approach to our
business:
– Exit Cambridge and Massfresh
– Review of ROA stores
• We are investing to accelerate growth:
– General Merchandise and DIY
– Wholesale
– eCommerce
31Outlook Mitch, Group CEO
Outlook
• The turnaround plan is delivering
• Currently able to trade all categories,
future trading restrictions uncertain
• Generating Free Cash Flow a priority to
further strengthen the balance sheet
• Focusing on the core and drive growth
• Influenced by evolving macroeconomic
green shoots
Any reference to future financial performance included in this document has not been reviewed or reported on by the Group’s external
auditors. The auditor’s report does not necessarily report on all the information contained in this announcement/financial results.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should
obtain a copy of the auditor’s report together with the accompanying financial information from the issuer’s registered office.
33Q&A
Additional information Condensed Consolidated Income Statement Tax rate reconciliation Cash flow statement Capex per category Store portfolio Number of shares Turnaround progress detail
Condensed
consolidated
income
statement
Extract from Reviewed
Consolidated Results for the
period ended 27 December 2020
36Tax rate reconciliation
DEC 2020 DEC 2019
% Tax rate reconciliation (REVIEWED) (AUDITED)
• Tax expense on profit
Standard tax rate 28.0 28.0 making entities
Disallowed expenses (14.1) (19.9) • Limited recognition of
certain deferred tax
Assessed loss not utilised (10.1) (27.6) assets
Other 2.7 0.6 • Non-deductible goodwill
impairment
Group tax rate 6.5 (18.9)
Includes IFRS 16 37Cash flow statement
DEC 2020 DEC 2019
RM (REVIEWED) (AUDITED)
Operating cash before working capital movements 4,559.5 4,296.8
Working capital movements (187.9) (82.0)
Cash generated in operations 4,371.6 4,214.8
Net interest and tax paid (1,812.9) (1,905.8)
Net investment to maintain operations (269.9) (580.3)
Free cash flow 2,288.8 1,728.7
Dividends paid (39.9) (162.4)
Dividends received - 20.0
Investment in subsidiaries (0.2) -
Investment to expand operations and other net investing activities (735.3) (731.0)
Cash flow before financing activities 1,513.4 855.3
38Capex per category
Total capex 1.2% of total sales (2019: 1.5%)
DEC 2020 DEC 2019 PERCENTAGE Capital investment
RM (REVIEWED) (AUDITED) CHANGE
Land and buildings/leasehold improvements 356.1 177.2 101.0
Vehicles 0.2 0.7 (71.4)
Fixtures, fittings, plant and equipment 141.9 266.8 (46.8)
31%
IT investment 266.0 346.8 (23,3) 41%
Investment to expand operations 764.2 791.5 (3.4)
Land and buildings/leasehold improvements 64.9 39.3 65.1
0%
Vehicles 2.1 45.4 (95.4) 28%
Fixtures, fittings, plant and equipment 144.5 153.9 (6.1)
IT investment 58.4 341.7 (82.9)
Investment to maintain operations 269.9 580.3 (53.5) Land and buildings/leasehold improvements
Total 1,034.1 1,371.8 (24.6) Vehicles
Fixtures, fittings, plant and equipment
IT investment
39Store portfolio
Cambridge
Total Game DionWired Builders
and Rhino
Makro Cash & Carry
423
Down from 443
149
Down from 150
0
Down from 23
120
Up from 118
63
Up from 61 in
22
22 in
69
69 in
in Dec 2019 in Dec 2019 in Dec 2019 in Dec 2019 Dec 2019 Dec 2019 Dec 2019
Total -1 -23 +2 +2
-20
Net closed
in South Africa in South Africa +2 Builders Warehouse
+1 in South Africa
+1 in Kenya
in South Africa
+1 Builders Express
in South Africa
-1 Builders Superstore
in South Africa
40Number of shares
‘000
At Dec 2019 219,138.8
Shares issued –
At Dec 2020 219,138.8
Weighted-average at Dec 2020 (net of treasury shares) 216,580.3
Diluted weighted average at Dec 2020 222,666.0
41Stabilise
Our Turnaround execution is stabilising the business
Progress Highlights Value
• Customer-focused business units supported by centres of excellence Enabling value delivery through a more
Group Operating Model 1 • Outsourced IT support and financial transaction processing efficient organisation & centralised teams
• Closed Dion Wired and sold 8 Masscash stores
Portfolio Optimisation 2 • Announced the divestiture of a further 14 non-core Cash & Carry Stores Delivering R160m in annualised PBIT
• Enhanced merchandising disciplines yielding greatly improved margins
Game Reset 3 • Instilled cost discipline and contained expense growth Achieved a 230bps GP margin uplift
• Introduced apparel in 60 stores, and exited Fresh & Frozen in 51 stores
• Created a single team leveraging scale to reduce costs and enhance customers value
Wholesale Integration 4 • Integrated Shield into Massmart Wholesale Restored everyday CnC margins
• Established an integrated Group Supply Chain, while increasing throughput and
Delivered 31bps of the 1% COGS
Supply Chain Optimisation 5 reducing unfunded network participation
reduction opportunity
• Initiated the DC consolidation process
• Delivered SG&A savings, on course to achieve our R1,9bn three-year target
Cost Reset 6 • Initiated data-driven supplier negotiations Unlocked R600m in SG&A savings
42Turnaround milestones
We have seen significant momentum in FY20 and achieved key turnaround milestones
• Finalised centralisation of support
• Established customer-focused two business units functions
• Reorganised the leadership team • Appointed Chief Supply Chain Officer
• Established IT and Supply COEs (Walmart expert)
• Initiated Dion Wired closure and sale of 11 • Initiated Game store S189 rationalisation
Masscash stores • Launched Game Store of the Future
• Exiting Fresh and re-introducing clothing in Game prototype
Q1 Q2 Q3 Q4
• Outsourced IT applications support • Appointed Head of eCommerce
and development to Walmart IDC (Walmart expert)
• Went live with S/4 Hana in Game • Consolidated Retail teams into single head
office location
• Validated R1,9bn in SG&A savings
• Initiated closure of two DCs, aligned to
• Implemented data driven supplier
shift from 15 to 7 DC model
negotiations, targeting 7 categories
accounting for ~R22bn in direct spend • Conducted feasibility study to outsource
financial transaction processing activities
• Unlocked R600m in SG&A savings
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