Dedicated to adding value
Integrated Annual Report for the year ended December 2014

For the year to December 2014:



Total sales up 10.4% (making us the second biggest retailer in Africa)



EBITDA before forex movements up 6.7%



_Operating profit before forex and interest up 4.3%



which had a positive impact on all of our businesses

Operational performance:

A good performance from Makro and
Builder’s Warehouse – reflecting improved
efficiencies and the resilience of upper income
consumers in an environment characterised by
low economic growth, inadequate job creation
and persistent inflation


Given the economic environment, middle
income remains a tough place to be operating in;
nevertheless we saw a fair performance from Game
SA and Dionwired. We are confident of that the
turnaround strategies that we have implemented
at Game SA, including the rollout of fresh food, will
translate to continued improved performance


Our wholesale business is performing but has
been impacted by deflation in some of their
goods. Cambridge Food showed fantastic
performance in a competitive environment


We remain focused on our key strategic priorities:
Grow retail food in South Africa
Did you know?
In 2014 Game had South Africa’s fastest
growing retail food proposition and now
has 66 Game stores offering this category.
Grow into high-potential markets in sub-Saharan Africa
Did you know?
In 2014 we opened the first full-sized Builders
Warehouse in Mozambique, which has already
achieved exceptional results. Massmart plans
to extend its Builders’ African footprint, which
currently stands at five in Mozambique and
Botswana to other southern African countries.
Build a profitable online presence
Did you know?
2014 saw the successful launch of Makro
online, which saw more than 1 million
visitors in the 30 days to mid-December.

… and ultimately improve Group profitability.

Go to Our CEO’s letter to our stakeholders
Go to Our strategy section