Integrated annual report
for 52 weeks ended 27 December 2015
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How we add value
Determining how we add value has called for co-ordinated thinking to ensure that the trade-offs that are inevitable in managing the competing interests of stakeholders, ultimately result in the ethical and responsible creation of shared value.

We believe integrated thinking is critical to effectively manage the opportunities, risks, resources and relationships – and particularly the
trade-offs between these – that are required to drive growth and create value
for all our stakeholders.
Integrated thinking is intrinsic to the way we manage our business, and is supported by our internal reporting processes. In combination, these priorities ensure that we manage the needs and expectations of our key stakeholders and the trade-offs between them, to create long-term value for our shareholders.

We recognise the interdependencies between the six capitals and the fact that there are trade-offs between the costs and benefits offered by the six capitals that we have to manage responsibly. We rely heavily on our intellectual and manufactured capitals as these are the capitals that generate new products, build the inherent value of our brands and through good governance, protect our reputation.
Calculating the value we added:
R84,731.8 million
Increased 8.4% (2014: R78,173.2)
R68,689.6 million
Cost of sales
Increased 8.0% (2014: R63,610.8)
R158.0 million
Other revenue and interest received
Decreased 15.6% (2014: R187.3)
R6,263.3 million
Net costs of services and other operating expenses
Increased 8.5% (2014: R5,771.1)
R9,936.9 million
Value added
Increased 10.7% (2014: R8,978.6)
How we share the value amongst our stakeholders:
R9.9 billion
How each capital distributes value: