COMMENTARY

The Board of Directors (Board) is pleased with the earnings achieved by the Group in the past financial year, considering the price-regulated environment in which it operates and difficult economic environment in South Africa. The results were achieved through continued investment in well established brands, improved factory efficiencies, and relentless focus on customer service and product quality.

DIVIDEND DISTRIBUTION

The Board has declared a final gross dividend out of income reserves of 86 cents per share in respect of the year ended 30 June 2018. The South African dividend tax (“DT”) rate is 20% and the net dividend payable to shareholders who are not exempt from DT is 68.80 cents per share.