GROUP INCOME STATEMENT                      
  Four-year                    
(Rm) growth %   2015   2014   2013 1   2012   2011
                       
                       
Revenue  10.4    84,857.4    78,319.0    72,512.9    66,050.3    57,177.8
Sales  10.4    84,731.8    78,173.2    72,263.4    65,839.5    57,066.5
Cost of sales      (68,689.6)    (63,610.8)    (58,926.4)    (53,563.0)    (46,767.6)
Gross profit  11.7    16,042.2    14,562.4    13,337.0    12,276.5    10,298.9
Other income      125.6    145.8    249.5    210.8    111.3
Depreciation and amortisation      (946.2)    (846.6)    (731.1)    (661.2)    (530.4)
Impairment of assets      (25.7)    (24.6)    (41.6)    (21.6)    (10.3)
Employment costs      (6,784.3)    (6,109.0)    (5,423.5)    (4,686.5)    (4,066.9)
Occupancy costs      (2,865.6)    (2,678.8)    (2,555.3)    (2,296.5)    (1,826.6)
Other operating costs      (3,245.8)    (3,033.3)    (2,750.3)    (2,533.0)    (1,783.9)
Operating profit before foreign exchange movements, Walmart transaction, integration and related costs and loss on disposal of Makro Zimbabwe  1.2    2,300.2    2,015.9    2,084.7    2,288.5    2,192.1
Foreign exchange (loss)/gain      (149.8)    (49.8)    67.8    (231.6)    89.6
Walmart transaction, integration and related costs            (348.9)    (450.5)
Loss on disposal of Makro Zimbabwe              (38.6)
Operating profit before interest  4.7    2,150.4    1,966.1    2,152.5    1,708.0    1,792.6
Finance costs      (507.7)    (386.8)    (283.8)    (217.4)    (154.6)
Finance income      32.4    41.5    28.7    90.0    40.0
Net finance costs      (475.3)    (345.3)    (255.1)    (127.4)    (114.6)
Profit before taxation      1,675.1    1,620.8    1,897.4    1,580.6    1,678.0
Taxation      (505.9)    (483.4)    (555.3)    (549.6)    (633.7)
Profit for the year  2.9    1,169.2    1,137.4    1,342.1    1,031.0    1,044.3
                       
Profit attributable to:                      
Owners of the parent      1,112.8    1,079.8    1,283.0    972.3    993.2
Preference shareholders            5.0    24.0
Non-controlling interests      56.4    57.6    59.1    53.7    27.1
Profit for the year      1,169.2    1,137.4    1,342.1    1,031.0    1,044.3
                       
Earnings per share (cents)                      
Basic EPS  2.7    513.5    497.8    591.4    449.8    461.7
Diluted basic EPS  2.7    506.1    492.9    585.1    443.2    454.4
                       
Trading profit before interest and taxation2  1.3    2,349.7    2,061.7    2,145.4    2,147.8    2,233.9
EBITDA before foreign exchange movements (taxed)3  4.6    3,272.1    2,887.1    2,857.4    2,971.3    2,732.8
EBITDAR before foreign exchange movements (taxed)3  7.7    6,137.7    5,565.9    5,412.7    5,267.8    4,559.4
Headline earnings  1.9    1,118.8    1,105.5    1,334.5    1,027.0    1,037.6
Headline earnings before foreign exchange movements (taxed)  6.0    1,229.8    1,141.4    1,285.7    1,193.8    973.1
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period
2Walmart transaction, integration and related costs have been included in the 2011 and 2012 financial years
3Excludes Walmart transaction, integration and related costs and the loss on disposal of Makro Zimbabwe
                       
                       
GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS                      
  Four-year                    
(Rm) growth %   2015   2014   2013 1   2012   2011
                       
                       
Statement of Financial Position                      
Assets                      
Non-current assets  17.6    12,031.2    11,018.3    10,111.8    7,595.1    6,289.5
Current assets  5.7    18,687.6    17,870.1    16,036.1    15,422.2    14,972.3
     Inventory  9.2    11,934.5    11,228.8    10,115.5    9,691.5    8,385.2
Non-current assets classified as held for sale      11.5    18.0      2.5    2.1
Total assets  9.6    30,730.3    28,906.4    26,147.9    23,019.8    21,263.9
Equity and liabilities                      
Total equity  4.5    5,791.1    5,527.2    5,369.6    4,915.3    4,864.6
     Equity attributable to owners of the parent      5,636.0    5,334.4    5,173.0    4,739.7    4,658.1
Non-current liabilities  34.6    3,053.4    3,236.8    2,206.4    1,183.4    928.9
Current liabilities  9.1    21,885.8    20,142.4    18,571.9    16,921.1    15,470.4
     Trade payables  7.4    16,320.4    14,841.5    13,702.5    12,601.3    12,281.1
Total equity and liabilities  9.6    30,730.3    28,906.4    26,147.9    23,019.8    21,263.9
                       
Statement of Cash Flows                      
Cash inflow from trading activities  7.5    3,384.4    2,983.4    2,984.0    2,681.8    2,536.8
Working capital movements      372.0    (295.1)    752.6    (775.5)    450.3
Cash generated from operations  5.9    3,756.4    2,688.3    3,736.6    1,906.3    2,987.1
Net interest paid      (437.0)    (345.3)    (255.1)    (127.4)    (114.6)
Investment income      40.3      79.2    0.1    18.4
Taxation paid      (631.0)    (683.4)    (732.8)    (601.5)    (691.4)
Dividends paid      (958.3)    (914.0)    (913.4)    (864.7)    (826.7)
Net cash flow from operating activities      1,770.4    745.6    1,914.5    312.8    1,372.8
                       
Investment to maintain operations      (983.7)    (857.4)    (752.1)    (629.4)    (453.8)
Investment to expand operations      (710.7)    (1,322.1)    (1,306.8)    (685.2)    (920.8)
Investment in subsidiaries and businesses      (16.9)    (14.4)      (383.6)    (84.0)
Other net investing activities      65.7    47.4    (247.4)    33.5    133.2
Net cash flow from investing activities  5.6    (1,645.6)    (2,146.5)    (2,306.3)    (1,664.7)    (1,325.4)
                       
Net cash flow from financing activities      (25.5)    1,349.7    293.0    135.6    707.7
                       
Net increase/(decrease) in cash and cash equivalents      99.3    (51.2)    (98.8)    (1,216.3)    755.1
Foreign exchange movements      (24.2)    (53.7)    47.2    6.0    95.2
Cash and cash equivalents at the beginning of the period      1,483.4    1,588.3    1,639.9    2,850.2    1,999.9
Cash and cash equivalents at the end of the period      1,558.5    1,483.4    1,588.3    1,639.9    2,850.2
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period.
                       
                       
Stores and productivity measures                      
  Four-year                    
  growth %   2015   2014   2013 1   2012   2011
                       
                       
Ratios/indicators                      
                       
Operating statistics                      
Depreciation and amortisation costs as a % of sales      1.1    1.1    1.0    1.0    0.9
Impairment costs as a % of sales      0.0    0.0    0.1    0.0    0.0
Employment costs as a % of sales      8.0    7.8    7.5    7.1    7.1
Occupancy costs as a % of sales      3.4    3.4    3.5    3.5    3.2
Total operating costs before foreign exchange movements as a % of sales 2      16.4    16.2    15.9    15.3    14.2
                       
Number of stores by chain                      
Game      137    130    121    114    106
DionWired      24    23    22    19    16
Massdiscounters      161    153    143    133    122
                       
Makro      19    19    19    18    16
Masswarehouse      19    19    19    18    16
                       
Builders Warehouse      39    35    34    28    28
Builders Trade Depot      14    16    20    29    26
Builders Express      41    41    36    28    30
Builders Superstore      8    8    2    
Massbuild      102    100    92    85    84
                       
Wholesale Cash and Carry      70    73    75    77    80
Retail Cash and Carry      51    47    47    44    28
Masscash      121    120    122    121    108
Total number of stores  5.1    403    392    376    357    330
                       
Trading space (m2)  4.1    1,550,718    1,539,295    1,481,308    1,413,573    1,321,233
Distribution centre space (m2)  8.9    346,660    328,175    323,813    290,704    246,252
                       
Sales per store (R’000)      199,762    189,773    183,008    175,887    164,306
Sales per FTE (R’000)      1,764    1,923    1,924    1,826    1,696
Sales per trading m2 (R’000)      55    51    49    47    43
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period
2Excludes Walmart transaction, integration and related costs and the loss on disposal of Makro Zimbabwe
                       
                       
Returns, profitability and share information                      
  Four-year                    
  growth %   2015   2014   2013 1   2012   2011
                       
                       
Productivity ratios                      
Net asset turn      11.1    10.2    11.0    11.8    10.9
Gross margin (%)      18.9    18.6    18.5    18.6    18.0
Operating margin2 (%)      2.5    2.5    3.0    3.1    4.0
Trading profit before interest and taxation margin3 (%)      2.8    2.6    3.0    3.3    3.9
EBITDA before foreign exchange movements2 (%)      3.9    3.7    4.0    4.5    4.8
Effective tax rate (%)      30.2    29.8    29.3    34.8    37.8
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed)4 (%)      22.4    21.7    25.9    27.6    24.5
Return on capital employed before foreign exchange movements (%)      30.5    28.7    35.0    36.2    35.7
Return on invested capital (%)      17.8    17.7    18.2    17.7    21.5
Debt: Equity (%) [Non-current interest- bearing liabilities]      36.0    31.5    18.0    10.7    8.2
Debt: Equity (%) [Current and Non-current interest- bearing liabilities, excluding Bank overdrafts]      54.6    44.5    29.7    22.7    21.6
Cash earnings cover      3.0    2.7    2.2    2.6    2.4
                       
Solvency and liquidity ratios                      
Net cash to total equity (%)      26.9    26.8    29.6    33.4    58.6
Current ratio      0.9    0.9    0.9    0.9    1.0
Quick ratio      0.3    0.3    0.3    0.3    0.4
Inventory days (days)      63.4    64.4    63.7    65.9    65.3
Inventory turn      5.8    5.7    5.8    5.5    5.6
Payable days (days)      75.9    74.5    75.7    75.1    83.8
Asset turn      2.8    2.7    2.8    2.9    2.7
Total liabilities to total equity      4.3    4.2    3.9    3.7    3.4
                       
Per share performance (cents)                      
Headline earnings  1.9    516.3    509.7    615.2    475.2    479.2
Headline earnings before foreign exchange movements (taxed)  6.0    567.5    526.2    592.7    552.3    449.4
Diluted headline earnings  1.7    508.8    504.7    608.6    468.1    475.1
Attributable earnings  2.9    513.5    497.8    591.4    449.8    458.7
Dividends  (9.6)    258.2    421.0    421.0    421.0    386.0
Cash inflow from trading activities before working capital movements  7.4    1,558.8    1,375.4    1,375.5    1,240.8    1,171.5
Operating cash flow  (5.3)    815.5    765.1    1,303.6    544.8    1,015.7
Net asset value  4.7    2,595.6    2,456.9    2,382.7    2,185.1    2,158.0
Dividend cover     2.00   1.21   1.46   1.13   1.24
                       
Stock exchange information                      
Shares in issue (millions)      217.1    217.1    217.1    216.9    215.9
Weighted average number of shares (millions)      216.7    216.9    216.9    216.1    216.5
Diluted weighted average number of shares (millions)      219.9    219.1    219.3    219.4    218.9
Shares traded (millions)      94.7    88.0    98.0    73.7    137.6
Percentage of shares traded (%)      43.6    40.5    45.1    34.0    63.7
Earnings yield (%)      5.0    3.5    4.4    2.4    2.7
Dividends yield (%)      2.5    2.9    3.1    2.2    2.2
Market capitalisation (Rm)      22,408.5    31,249.7    29,414    41,041    37,194
Share price (cents):                      
     High5      17,500    14,980    20,800    19,241    17,449
     Low5      9,559    11,000    12,710    15,652    12,600
     Closing      10,320    14,393    13,548    18,921    17,237
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period
2Excludes Walmart transaction, integration and related costs and the loss on disposal of Makro Zimbabwe, but includes foreign exchange movements
3Walmart transaction, integration and related costs have been included in the 2012 and 2011 financial years
4Excludes Walmart transaction, integration and related costs
5Taking into account intra-day high and low prices
                       
                       
GROUP INCOME STATEMENT, GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS                      
  Four-year                    
(US$m) growth %   2015   2014   2013 1   2012   2011
                       
Income Statement                      
Revenue                      
Sales  (4.2)    6,653.1    7,218.2    7,519.6    8,029.2    7,893.0
Cost of sales      (5,393.5)    (5,873.6)    (6,131.8)    (6,532.1)    (6,468.5)
Gross profit  (3.0)    1,259.6    1,344.6    1,387.8    1,497.1    1,424.5
Other income and expenses      (1,090.8)    (1,163.1)    (1,163.8)    (1,246.3)    (1,108.9)
Operating profit before Walmart transaction, integration and related costs and loss on disposal of Makro Zimbabwe  (14.5)    168.8    181.5    224.0    250.8    315.6
Walmart transaction, integration and related costs            (42.5)    (62.3)
Loss on disposal of Makro Zimbabwe              (5.3)
Net finance costs      (37.3)    (31.9)    (26.5)    (15.5)    (15.9)
Profit before tax  (13.2)    131.5    149.6    197.5    192.8    232.1
Taxation      (39.7)    (44.6)    (57.8)    (67.0)    (87.6)
Profit for the year  (10.7)    91.8    105.0    139.7    125.8    144.5
                       
Profit attributable to:                      
Owners of the parent  (10.7)    87.4    99.7    133.6    118.6    137.4
Preference shareholders            0.6    3.3
Non-controlling interests      4.4    5.3    6.1    6.5    3.7
Profit for the year  (10.7)    91.8    105.0    139.7    125.7    144.4
                       
Headline earnings  (11.6)    87.8    102.1    138.9    125.2    143.5
                       
Statement of Financial Position                      
Total equity  (10.6)    380.2    476.5    510.4    572.2    596.2
Cash and cash equivalents at the end of the period      102.3    127.9    151.0    190.9    349.3
Total assets  (6.2)    2,017.7    2,492.0    2,485.5    2,679.8    2,605.9
Inventories  (6.6)    783.6    968.0    961.5    1,128.2    1,027.6
Trade payables  (8.1)    1,071.6    1,279.5    1,302.5    1,467.0    1,505.0
                       
Statement of Cash Flows                      
Cash generated from operations  (8.1)    295.0    248.2    388.8    232.5    413.2
Net cash flow from operating activities  (7.5)    139.0    68.8    199.2    38.1    189.9
Net cash flow from investing activities  (8.4)    (129.2)    (198.2)    (240.0)    (203.0)    (183.3)
                       
Exchange rates (Rand:US$)                      
At year end     15.23   11.60   10.52   8.59   8.16
Average for the year     12.74   10.83   9.61   8.20   7.23
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period
                       
                       
Profitability and share performance in US Dollars                      
  Four-year                    
  growth %   2015   2014   2013 1   2012   2011
                       
                       
Ratios/indicators                      
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed)2 (%)      26.8    23.3    28.4    28.9    27.7
Return on capital employed before foreign exchange movements (taxed) (%)      36.4    30.8    47.0    43.7    45.4
Return on invested capital (%)      18.0    17.7    18.2    17.9    21.7
Debt: Equity (%) [Non-current interest- bearing liabilities]      36.0    31.5    18.0    10.7    8.2
Debt: Equity (%) [Current and Non-current interest- bearing liabilities, excluding Bank overdrafts]      54.6    44.5    29.7    22.7    21.6
                       
Liquidity ratios                      
Current ratio      0.9    0.9    0.9    0.9    1.0
Inventory days (days)      52.9    60.0    58.2    62.9    57.8
                       
                       
Per share performance (cents)                      
Headline earnings  (12.8)    33.9    43.9    58.5    55.3    58.7
Diluted headline earnings  (13.0)    33.4    43.5    57.9    54.5    58.2
Attributable earnings  (12.0)    33.7    42.9    56.2    52.4    56.2
Dividends  (22.6)    17.0    36.3    40.0    49.0    47.3
Cash inflow from trading activities before working capital movements  (8.1)    102.3    118.6    130.8    144.4    143.6
Operating cash flow  (19.0)    53.5    66.0    123.9    63.4    124.5
Net asset value  (10.4)    170.4    211.8    226.5    254.4    264.5
Dividend cover      2.0    1.2    1.5    1.1    1.2
                       
Stock exchange information                      
Market capitalisation (US$m)      1,471.3    2,694.1    2,796.0    4,777.8    4,558.1
                       
Exchange rates (Rand:US$)                      
At year end     15.23   11.60   10.52   8.59   8.16
Average for the year     12.74   10.83   9.61   8.20   7.23
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12013 was a 53-week period
2Excludes Walmart transaction, integration and related costs