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OUR BUSINESS MODEL SUPPORTS DELIVERY OF OUR
STRATEGY AND IS SHAPED BY OUR PURPOSE,
MISSION, VALUES AND BELIEFS

Inputs Through effective and sound management of our capitals, we create sustainable value.				Activities and drivers of revenue A key strength of the Group is our integrated business model
	Human capital Our workforce, partners and franchisees Skills and training Ethics Transformation Health and safety Values and culture
			Franchising
				Bearer of Group trademarks and franchisor of retail brands	16%*
					2024: 16%
	Financial capital Cash generated from operations Strategic direction Risk management
			Properties
				Well-maintained and strategically positioned rental yielding properties	17%*
					2024: 15%
	Intellectual capital Trademarks and brands Product research and development Knowledge, experience and practices People, HR and governance systems
			Supply and support services
				Distributors of imported tiles, brassware, accessories, tiling tools, wooden flooring, cabinets, décor and shower enclosures. Provider of various Group services including IT, HC and marketing	15%*
					2024: 16%
	Social capital Our customers Corporate social investment Our brands and reputation Regulatory and governmental authorities
			Manufacturers
				Manufacturer and supplier of tiles, sanitaryware, bathware, grout, adhesive, paint and related products	25%*
					2024: 28%
	Manufactured capital Production and research facilities Procurement and supply chain
			Retail
				Retailers of tiles, wooden flooring, brassware, bathroomware, hardware, accessories and other home-finishing products	26%*
					2024: 25%
	Natural capital Natural resources (land, air and water) Projects to reduce carbon footprint
			* Contribution to Group profit before tax.

Ethical and sound governance and corporate social responsibility underpin our business model

Outcomes				Outputs
System-wide turnover		Profit after tax
R11,3 billion		R 1 542 billion
Capitals affected:		Capitals affected:
Cash balance		Employees
R2,2 billion		2 646		A world-class
Capitals affected:		Capitals affected:		socially
				responsible
Paid to employees		Franchised stores		franchisor,
R1,1 billion		72		manufacturer and
Capitals affected:		Capitals affected:		retailer of tiles,
				sanitaryware,
Training and bursary spend				bathware and
R20,4 million		Positive customer sentiment scores		other related
Capitals affected:		Capitals affected:		home-finishing
				products.
Total taxation paid		Capital expenditure
R462 million		R234 million
Capitals affected:		Capitals affected:
Production volumes (pieces of sanitaryware)		Production volumes (pieces of sanitaryware)
2 million		14,3 million
Capitals affected:		Capitals affected:
Production volumes (square metres of tiles)		Group CSI and Foundation spend
52 million		R86 million
Capitals affected:		Capitals affected:
Solar power generation at stores
8 906 MWh		Improved manufacturing energy efficiencies
Capitals affected:		Capitals affected:
Royalty income from franchises		Total dividends paid
R133 million		R1 619 million
Capitals affected:		Capitals affected: