Integrated Annual Report
2019

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Seven-year review
FOR THE YEAR ENDED 30 JUNE 2019

(All amounts in Rm) Seven-year
compound
growth %
  2019   2018 2017 2016 2015 2014 2013

OPERATIONS

                   
Turnover 21   6 975   6 064 3 670 3 539 3 115 2 745 2 141
Trading profit 19   1 797   1 518 1 063 1 047 905 740 612
Profit before taxation 19   1 819   1 575 1 190 1 166 978 760 632
Profit attributable to equity holders of the parent 19   1 253   1 080 845 813 700 509 444
Headline earnings 19   1 243   1 080 803 804 661 530 436
Ordinary dividends paid 24   532   339 292 252 204 157 141

FINANCIAL POSITION

                   
Non-current assets     4 472   3 872 2 775 2 309 2 023 1 856 1 858
Current assets     2 953   2 455 1 388 1 365 1 079 857 793
Equity attributable to equity holders of the parent     5 607   5 279 3 713 3 292 2 672 2 179 2 247
Non-current liabilities     923   132 24 18 44 12 53
Current liabilities     644   670 366 384 324 471 293

CASH FLOW

                   
Cash flows from/(utilised by) operating activities     674   979 609 306 443 (127) 376
Cash flows utilised in investing activities     (593)   (2 200) (379) (358) (175) (50) (694)
Cash flows from/(utilised by) financing activities     441   1 389 (66) 7 (125) 123 (296)
Cash and cash equivalents at end of year     1 201   679 511 347 392 249 303

FINANCIAL RATIOS

                   
Returns                    
Trading profit to turnover (%)     25,8   25,0 29,0 29,6 29,1 27,0 28,6
Return on shareholders’ interest (%)1     23,0   24,0 24,1 27,3 28,9 23,4 21,2
Average consumer price index (%)     4,7   4,6 6,1 5,6 5,1 6,0 5,5
Earnings per share (cents) 14   102,6   95,0 89,7* 87,8 75,9 55,3 48,3
Headline earnings per share (cents) 14   101,8   95,0 85,1* 86,9 71,6 57,6 47,4
Ordinary dividends declared per share (cents) 17   41,0   38,0 30,0 29,0 25,0 19,0 16,0
Special dividend declared per share (cents)     50,0   30,0 50,0
Productivity                    
Turnover per employee (R000)     2 741   2 753 2 731 2 836 3 258 2 977 2 799
Total assets per employee (R000)     2 917   2 872 3 097 3 037 3 245 2 943 3 465
Trading profit per employee (R000)     706   689 791 839 947 803 800
Turnover growth (%)     15,0   65,2 3,7 13,6 13,8 28,2 16,0
Number of employees     2 545   2 530 1 344 1 248 956 922 765
Number of stores     189   176 162 146 126 115 116
– Owned#     79   78 81 72 55 55 54
– Franchised#     110   98 81 74 71 60 62
Solvency and liquidity                    
Interest cover (times)2     34,6   43,4 1 063,0 523,5 150,8 37,0 36,0
Dividend cover (times)3     2,5   2,5 3 3 3 3 3
Gearing ratio (%)4     8,6   0,1 1,1 7,6 2,0
Current ratio (times)5     4,6   3,7 3,8 3,6 3,3 1,8 2,7
Acid test ratio (times)6     3,3   2,5 2,3 1,8 1,9 1,0 1,6
Stock exchange performance                    
Market capitalisation+ (Rm) 20   18 071   16 117 11 700 12 673 10 707 7 875 5 514
Closing share price at year end (cents) 15   1 480   1 320 1 250 1 370 1 160 855 600
Market value per share                    
– High (cents)     1 549   1 545 1 500 1 370 1 325 860 665
– Low (cents)     1 220   1 170 1 243 1 035 835 590 550
Closing share price to net asset value per share     3,08   2,72 3,11* 3,78 3,92 3,53 2,40
Price-earnings ratio (times)     14,43   13,89 13,94* 15,62 15,28 15,46 12,42
Dividend yield (%)     2,8   2,9 2,4 2,2 2,2 2,2 2,7
Earnings yield (%)     6,9   7,2 7,2 6,4 6,5 6,5 8,1
Number of shares in issue (millions)+     1 221   1 221 940 926 924 921 921
Volume of shares traded (millions)     57   82 84 70 70 20 50
Value of shares traded (R000)     782 440   1 124 989 1 154 746 843 529 763 680 147 964 304 481
Volume of shares traded as a % of total issued shares+     4,4   6,3 8,9 7,6 7,6 2,2 5,4

As per Statistics South Africa.
* Adjusted to account for Rights Offer bonus element.
# Includes webstores.
+ Excluding treasury shares.
1 Return on shareholders’ interest: Profit attributable to equity holders of the parent as a percentage of average equity attributable to equity holders of the parent.
2 Interest cover: Trading profit divided by finance cost.
3 Dividend cover: Headline earnings per share divided by dividends declared per share (excluding special dividends).
4 Gearing ratio: Interest-bearing loans and borrowings as a percentage of equity attributable to equity holders of the parent.
5 Current ratio: Current assets divided by current liabilities.
6 Acid test ratio: Current assets, less inventory, divided by current liabilities.