As part of defence mechanisms, management will always cite international economy, prevailing market conditions, etc for their inefficiencies. Clearly we should not analyse their perfomance by what they say. Capture this;


Cost of sales to Sales ratio 98% (2011) 93% (COS went up in 2012. Why?)
Gross profit to Income ratio 2% (2011) 7%
Growth in sales 25% (2011) 35% (with all the supa sundays campaigns?)
Efficiency ratio b4 exch losses 102% (2011)23% - using gross profit as net income. (Costs?)
Exchange losses to sales 4% (2011) 1%

So, my conclusion is that so many things went wrong in the half year not just hedging. Mr. Jacob Segman, please explain in more clear details that you are not the one running KK down because you already has an offer from PUMA when the buying price is heavily and mercilessly discounted?

Where is the KPC case at?

What is sad about this marriage to KK is that shareholders like @VVS couldve sold at 14bob yesterday and re entered at their original buy price of 9.50 in a matter of two weeks!