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GROUP INCOME STATEMENT                      
  Four-year growth %                    
(Rm)   2016   2015   2014   2013 1   2012
                       
                       
Revenue 8.5   91,564.9   84,857.4   78,319.0   72,512.9   66,050.3
Sales 8.5   91,250.0   84,731.8   78,173.2   72,263.4   65,839.5
Cost of sales     (73,948.9)   (68,689.6)   (63,610.8)   (58,926.4)   (53,563.0)
Gross profit 9.0   17,301.1   16,042.2   14,562.4   13,337.0   12,276.5
Other income     216.8   125.6   145.8   249.5   210.8
Depreciation and amortisation     (1,036.5)   (946.2)   (846.6)   (731.1)   (661.2)
Employment costs     (7,346.6)   (6,784.3)   (6,109.0)   (5,423.5)   (4,686.5)
Occupancy costs     (3,133.2)   (2,865.6)   (2,678.8)   (2,555.3)   (2,296.5)
Other operating costs     (3,397.8)   (3,245.8)   (3,033.3)   (2,750.3)   (2,533.0)
Trading profit before interest and taxation 3.0   2,603.8   2,325.9   2,040.5   2,126.3   2,310.1
Impairment of assets     (76.7)   (25.7)   (24.6)   (41.6)   (21.6)
Insurance proceeds on items in PP&E     98.1        
Operating profit before foreign exchange movements, Walmart transaction, integration and related costs 3.5   2,625.2   2,300.2   2,015.9   2,084.7   2,288.5
Foreign exchange (loss)/gain     (141.8)   (149.8)   (49.8)   67.8   (231.6)
Walmart transaction, integration and related costs             (348.9)
Operating profit before interest 9.8   2,483.4   2,150.4   1,966.1   2,152.5   1,708.0
Finance costs     (601.0)   (507.7)   (386.8)   (283.8)   (217.4)
Finance income     29.1   32.4   41.5   28.7   90.0
Net finance costs     (571.9)   (475.3)   (345.3)   (255.1)   (127.4)
Profit before taxation     1,911.5   1,675.1   1,620.8   1,897.4   1,580.6
Taxation     (588.9)   (505.9)   (483.4)   (555.3)   (549.6)
Profit for the year 6.4   1,322.6   1,169.2   1,137.4   1,342.1   1,031.0
                       
Profit attributable to:                      
Owners of the parent     1,308.2   1,112.8   1,079.8   1,283.0   972.3
Preference shareholders             5.0
Non-controlling interests     14.4   56.4   57.6   59.1   53.7
Profit for the year     1,322.6   1,169.2   1,137.4   1,342.1   1,031.0
                       
Earnings per share (cents)                      
Basic EPS 7.7   604.7   513.5   497.8   591.4   449.8
Diluted basic EPS 7.6   594.4   506.1   492.9   585.1   443.2
                       
Trading profit before interest and taxation2 5.0   2,612.9   2,349.7   2,061.7   2,145.4   2,147.8
EBITDA before foreign exchange movements (taxed)3 5.9   3,738.4   3,272.1   2,887.1   2,857.4   2,971.3
EBITDAR before foreign exchange movements (taxed)3 6.9   6,871.6   6,137.7   5,565.9   5,412.7   5,267.8
Headline earnings 5.9   1,293.3   1,118.8   1,105.5   1,334.5   1,027.0
Headline earnings before foreign exchange movements (taxed) 3.9   1,388.6   1,229.8   1,141.4   1,285.7   1,193.8
                       
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 growth %                    
(Rm)   2016   2015   2014   2013 1   2012
                       
                       
Statement of Financial Position                      
Assets                      
Non-current assets 13.3   12,517.6   12,031.2   11,018.3   10,111.8   7,595.1
Current assets 5.8   19,348.3   18,687.6   17,870.1   16,036.1   15,422.2
Inventory 5.1   11,803.0   11,934.5   11,228.8   10,115.5   9,691.5
Non-current assets classified as held for sale     17.7   11.5   18.0     2.5
Total assets 8.5   31,883.6   30,730.3   28,906.4   26,147.9   23,019.8
Equity and liabilities                      
Total equity 5.9   6,183.7   5,791.1   5,527.2   5,369.6   4,915.3
Equity attributable to owners of the parent     6,108.1   5,636.0   5,334.4   5,173.0   4,739.7
Non-current liabilities 41.3   4,722.4   3,053.4   3,236.8   2,206.4   1,183.4
Current liabilities 5.5   20,977.5   21,885.8   20,142.4   18,571.9   16,921.1
Trade payables 6.4   16,139.4   16,320.4   14,841.5   13,702.5   12,601.3
Total equity and liabilities 8.5   31,883.6   30,730.3   28,906.4   26,147.9   23,019.8
                       
Statement of Cash Flows                      
Cash inflow from trading activities 10.4   3,984.9   3,384.4   2,983.4   2,984.0   2,681.8
Working capital movements     (263.0)   372.0   (295.1)   752.6   (775.5)
Cash generated from operations 18.2   3,721.9   3,756.4   2,688.3   3,736.6   1,906.3
Net interest paid     (489.3)   (437.0)   (345.3)   (255.1)   (127.4)
Investment income     50.0   40.3     79.2   0.1
Taxation paid     (573.9)   (631.0)   (683.4)   (732.8)   (601.5)
Dividends paid     (453.2)   (958.3)   (914.0)   (913.4)   (864.7)
Net cash flow from operating activities     2,255.5   1,770.4   745.6   1,914.5   312.8
                       
Investment to maintain operations     (826.7)   (983.7)   (857.4)   (752.1)   (629.4)
Investment to expand operations     (953.7)   (710.7)   (1,322.1)   (1,306.8)   (685.2)
Investment in subsidiaries and businesses     (17.7)   (16.9)   (14.4)     (383.6)
Other net investing activities     23.2   65.7   47.4   (247.4)   33.5
Net cash flow from investing activities 1.6   (1,774.9)   (1,645.6)   (2,146.5)   (2,306.3)   (1,664.7)
                       
Net cash flow from financing activities     959.5   (25.5)   1,349.7   293.0   135.6
                       
Net increase/(decrease) in cash and cash equivalents     1,440.1   99.3   (51.2)   (98.8)   (1,216.3)
Foreign exchange movements     (376.9)   (24.2)   (53.7)   47.2   6.0
Cash and cash equivalents at the beginning of the period     1,558.5   1,483.4   1,588.3   1,639.9   2,850.2
Cash and cash equivalents at the end of the period     2,621.7   1,558.5   1,483.4   1,588.3   1,639.9
                       
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 %                    
    2016   2015   2014   2013 1   2012
                       
                       
Ratios/indicators                      
                       
Operating statistics                      
Depreciation and amortisation costs as a % of sales     1.1   1.1   1.1   1.0   1.0
Impairment costs as a % of sales     0.1   0.0   0.0   0.1   0.0
Employment costs as a % of sales     8.1   8.0   7.8   7.5   7.1
Occupancy costs as a % of sales     3.4   3.4   3.4   3.5   3.5
Total operating costs before foreign exchange movements as a % of sales 2     16.3   16.4   16.2   15.9   15.5
                       
Number of stores by chain                      
Game     141   137   130   121   114
DionWired     24   24   23   22   19
Massdiscounters     165   161   153   143   133
                       
Makro     20   19   19   19   18
Masswarehouse     20   19   19   19   18
                       
Builders Warehouse     38   39   35   34   28
Builders Trade Depot     13   14   16   20   29
Builders Express     43   41   41   36   28
Builders Superstore     10   8   8   2  
Massbuild     104   102   100   92   85
                       
Wholesale Cash and Carry     66   70   73   75   77
Retail Cash and Carry     57   51   47   47   44
Masscash     123   121   120   122   121
Total number of stores 3.6   412   403   392   376   357
                       
Trading space (m2) 2.6   1,568,744   1,550,718   1,539,295   1,481,308   1,413,573
Distribution centre space (m2) 3.8   337,097   346,660   328,175   323,813   290,704
                       
Sales per store (R’000)     210,508   199,762   189,773   183,008   175,887
Sales per FTE (R’000)     1,902   1,764   1,923   1,924   1,826
Sales per trading m2 (R’000)     58   55   51   49   47
                       
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 %                    
    2016   2015   2014   2013 1   2012
                       
                       
Productivity ratios                      
Net asset turn     9.6   11.1   10.2   11.0   11.8
Gross margin (%)     19.0   18.9   18.6   18.5   18.6
Operating margin2 (%)     2.7   2.5   2.5   3.0   3.1
Trading profit before interest and taxation margin3 (%)     2.9   2.8   2.6   3.0   3.3
EBITDA before foreign exchange movements2 (%)     4.1   3.9   3.7   4.0   4.5
Effective tax rate (%)     30.8   30.2   29.8   29.3   34.8
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed)4 (%)     23.6   22.4   21.7   25.9   27.6
Return on capital employed before foreign exchange movements (%)     31.6   30.5   28.7   35.0   36.2
Return on invested capital (%)     18.3   17.8   17.7   18.2   17.7
Debt: Equity (%) [Non-current interest- bearing liabilities]     43.6   36.0   31.5   18.0   10.7
Debt: Equity (%) [Current and Non-current interest- bearing liabilities, excluding Bank overdrafts]     62.6   54.6   44.5   29.7   22.7
Cash earnings cover     3.1   3.0   2.7   2.2   2.6
                       
Solvency and liquidity ratios                      
Net cash to total equity (%)     42.4   26.9   26.8   29.6   33.4
Current ratio     0.9   0.9   0.9   0.9   0.9
Quick ratio     0.4   0.3   0.3   0.3   0.3
Inventory days (days)     58.1   63.4   64.4   63.7   65.9
Inventory turn     6.3   5.8   5.7   5.8   5.5
Payable days (days)     69.7   75.9   74.5   75.7   75.1
Asset turn     2.9   2.8   2.7   2.8   2.9
Total liabilities to total equity     4.2   4.3   4.2   3.9   3.7
                       
Per share performance (cents)                      
Headline earnings 5.9   597.8   516.3   509.7   615.2   475.2
Headline earnings before foreign exchange movements (taxed) 3.8   641.8   567.5   526.2   592.7   552.3
Diluted headline earnings 5.8   587.6   508.8   504.7   608.6   468.1
Attributable earnings 7.7   604.7   513.5   497.8   591.4   449.8
Dividends (8.2)   298.9   258.2   421.0   421.0   421.0
Cash inflow from trading activities before working capital movements 10.3   1,835.2   1,558.8   1,375.4   1,375.5   1,240.8
Operating cash flow 17.5   1,038.7   815.5   765.1   1,303.6   544.8
Net asset value 6.5   2,813.0   2,595.6   2,456.9   2,382.7   2,185.1
Dividend cover     2.0   2.0   1.21   1.46   1.13
                       
Stock exchange information                      
Shares in issue (millions)     217.1   217.1   217.1   217.1   216.9
Weighted average number of shares (millions)     216.4   216.7   216.9   216.9   216.1
Diluted weighted average number of shares (millions)     220.1   219.9   219.1   219.3   219.4
Shares traded (millions)     115.1   94.7   88.0   98.0   73.7
Percentage of shares traded (%)     53.0   43.6   40.5   45.1   34.0
Earnings yield (%)     4.9   5.0   3.5   4.4   2.4
Dividends yield (%)     2.4   2.5   2.9   3.1   2.2
Market capitalisation (Rm)     26,618.7   22,408.5   31,250   29,414   41,041
Share price (cents):                      
High5     15,646   17,500   14,980   20,800   19,241
Low5     9,936   9,559   11,000   12,710   15,652
Closing     12,259   10,320   14,393   13,548   18,921
                       
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 growth %                    
(US$m)   2016   2015   2014   2013 1   2012
                       
Income Statement                      
Revenue                      
Sales (6.3)   6,192.0   6,653.1   7,218.2   7,519.6   8,029.2
Cost of sales     (5,018.0)   (5,393.5)   (5,873.6)   (6,131.8)   (6,532.1)
Gross profit (5.9)   1,174.0   1,259.6   1,344.6   1,387.8   1,497.1
Other income and expenses     (1,006.9)   (1,088.4)   (1,160.8)   (1,159.5)   (1,243.7)
Trading profit before interest and taxation (9.9)   167.1   171.2   183.8   228.3 253.4
Impairment of assets     (5.2)   (2.0)   (2.3)   (4.3)   (2.6)
Insurance proceeds on items in PP&E     6.7        
Operating profit before Walmart transaction, integration and related costs     168.6   168.8   181.5   224.0   250.8
Walmart transaction, integration and related costs             (42.5)
Net finance costs     (38.8)   (37.3)   (31.9)   (26.5)   (15.5)
Profit before tax (9.4)   129.8   131.5   149.6   197.5   192.8
Taxation     (40.0)   (39.7)   (44.6)   (57.8)   (67.0)
Profit for the year (8.1)   89.8   91.8   105.0   139.7   125.8
                       
Profit attributable to:                      
Owners of the parent (7.0)   88.8   87.4   99.7   133.6   118.6
Preference shareholders             0.6
Non-controlling interests     1.0   4.4   5.3   6.1   6.5
Profit for the year (8.1)   89.8   91.8   105.0   139.7   125.7
                       
Headline earnings (8.5)   87.8   87.8   102.1   138.9   125.2
                       
Statement of Financial Position                      
Total equity (6.5)   438.2   380.2   476.5   510.4   572.2
Cash and cash equivalents at the end of the period     185.8   102.3   127.9   151.0   190.9
Total assets (4.2)   2,259.6   2,017.7   2,492.0   2,485.5   2,679.8
Inventories (7.2)   836.5   783.6   968.0   961.5   1,128.2
Trade payables (6.0)   1,143.8   1,071.6   1,279.5   1,302.5   1,467.0
                       
Statement of Cash Flows                      
Cash generated from operations 2.1   252.6   295.0   248.2   388.8   232.5
Net cash flow from operating activities 41.6   153.1   139.0   68.8   199.2   38.1
Net cash flow from investing activities (12.2)   (120.4)   (129.2)   (198.2)   (240.0)   (203.0)
                       
Exchange rates (Rand:US$)                      
At year end     14.11   15.23   11.6   10.52   8.59
Average for the year     14.74   12.74   10.83   9.61   8.20
                       
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 %                    
    2016   2015   2014   2013 1   2012
                       
                       
Ratios/indicators                      
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed)2 (%)     22.6   26.8   23.3   28.4   28.9
Return on capital employed before foreign exchange movements (taxed) (%)     30.3   36.4   30.8   47.0   43.7
Return on invested capital (%)     18.2   18.0   17.7   18.2   17.9
Debt: Equity (%) [Non-current interest- bearing liabilities]     43.6   36.0   31.5   18.0   10.7
Debt: Equity (%) [Current and Non-current interest- bearing liabilities, excluding Bank overdrafts]     62.6   54.6   44.5   29.7   22.7
                       
Liquidity ratios                      
Current ratio     0.9   0.9   0.9   0.9   0.9
Inventory days (days)     65.5   52.9   60.0   58.2   62.9
                       
                       
Per share performance (cents)                      
Headline earnings (6.4)   42.4   33.9   43.9   58.5   55.3
Diluted headline earnings (6.5)   41.6   33.4   43.5   57.9   54.5
Attributable earnings (4.9)   42.9   33.7   42.9   56.2   52.4
Dividends (18.9)   21.2   17.0   36.3   40.0   49.0
Cash inflow from trading activities before working capital movements (2.6)   130.1   102.3   118.6   130.8   144.4
Operating cash flow 3.8   73.6   53.5   66.0   123.9   63.4
Net asset value (5.9)   199.4   170.4   211.8   226.5   254.4
Dividend cover     2.0   2.0   1.2   1.5   1.1
                       
Stock exchange information                      
Market capitalisation (US$m)     1,886.5   1,471.3   2,694.1   2,796.0   4,777.8
                       
Exchange rates (Rand:US$)                      
At year end     14.11   15.23   11.5995   10.52   8.59
Average for the year     14.74   12.74   10.83   9.61   8.20
                       
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