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GROUP INCOME STATEMENT                      
                       
Rm Four-year
growth %
  20171   20162   20152   20142   20131 2
                       
Revenue 6.7   94,029.1   91,564.9   84,857.4   78,319.0   72,512.9
Sales 6.7   93,735.2   91,250.0   84,731.8   78,173.2   72,263.4
Cost of sales     (76,084.6)   (73,924.7)   (68,734.4)   (63,667.5)   (58,948.0)
Gross profit 7.3   17,650.6   17,325.3   15,997.4   14,505.7   13,315.4
Other income     235.1   216.8   125.6   145.8   249.5
Depreciation and amortisation     (1,095.4)   (1,036.5)   (946.2)   (846.6)   (731.1)
Employment costs     (7,402.9)   (7,346.6)   (6,784.3)   (6,109.0)   (5,423.5)
Occupancy costs     (3,187.0)   (3,133.2)   (2,865.6)   (2,678.8)   (2,555.3)
Other operating costs     (3,463.3)   (3,397.8)   (3,245.8)   (3,033.3)   (2,750.3)
Trading profit before interest and taxation 6.8   2,737.1   2,628.0   2,281.1   1,983.8   2,104.7
Impairment of assets     (18.9)   (76.7)   (25.7)   (24.6)   (41.6)
Insurance proceeds on items in PP&E     58.8   98.1      
Operating profit before foreign exchange movements 7.7   2,777.0   2,649.4 2,255.4 1,959.2 2,063.1
Foreign exchange (loss)/gain     (47.2)   (141.8)   (149.8)   (49.8)   67.8
Operating profit before interest 6.4   2,729.8   2,507.6   2,105.6   1,909.4   2,130.9
– Finance costs     (585.4)   (601.0)   (507.7)   (386.8)   (283.8)
– Finance income     26.4   29.1   32.4   41.5   28.7
Net finance costs     (559.0)   (571.9)   (475.3)   (345.3)   (255.1)
Profit before taxation     2,170.8   1,935.7   1,630.3   1,564.1   1,875.8
Taxation     (649.1)   (595.9)   (493.4)   (467.5)   (549.2)
Profit for the year 3.5   1,521.7   1,339.8   1,137.0   1,096.6   1,326.5
                       
Profit attributable to:                      
– Owners of the parent     1,507.7   1,325.6   1,080.6   1,039.0   1,267.4
– Non-controlling interests     14.0   14.2   56.4   57.6   59.1
Profit for the year     1,521.7   1,339.8   1,137.0   1,096.6   1,326.5
                       
Earnings per share (cents)                      
Basic EPS 4.6   700.3   612.7   498.7   479.0   584.3
Diluted basic EPS 4.4   687.3   602.3   491.4   474.3   577.9
                       
Trading profit before interest and taxation 6.5   2,743.9   2,637.1   2,317.5   2,020.9   2,129.8
EBITDA before foreign exchange movements (taxed) 8.2   3,891.3   3,762.6   3,239.9   2,846.3   2,841.8
EBITDAR before foreign exchange movements (taxed) 7.0   7,078.3   6,895.8   6,105.5   5,525.1   5,397.1
Headline earnings 3.2   1,494.3   1,310.7   1,086.6   1,064.7   1,318.9
Headline earnings before foreign exchange movements (taxed) 4.8   1,533.4   1,406.0   1,197.6   1,100.6   1,270.1
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.
                       
                       
GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS                      
                       
Rm Four-year
growth %
  20171   20162   20152   20142   20131 2
                       
                       
Statement of Financial Position                      
Assets                      
Non-current assets 7.3   13,402.4   12,515.4   12,025.8   11,018.3   10,111.8
Current assets 4.8   18,893.8   18,905.9   18,228.5   17,458.1   15,664.9
Inventory 3.4   10,984.6   11,210.2   11,317.5   10,656.6   9,600.0
Non-current assets classified as held for sale     19.9   17.7   11.5   18.0  
Total assets 5.8   32,316.1   31,439.0   30,265.8   28,494.4   25,776.7
Equity and liabilities                      
Total equity 6.5   6,391.4   5,755.8   5,346.0   5,123.6   4,977.5
Equity attributable to owners of the parent     6,348.2   5,681.3   5,191.8   4,930.8   4,780.9
Non-current liabilities 15.6   3,934.6   4,722.4   3,053.4   3,236.8   2,206.4
Current liabilities 4.3   21,990.1   20,960.8   21,866.4   20,134.0   18,592.8
Trade payables 6.1   17,396.7   16,139.4   16,320.4   14,841.5   13,702.5
Total equity and liabilities 5.8   32,316.1   31,439.0   30,265.8   28,494.4   25,776.7
                       
                       
Statement of Cash Flows                      
Cash inflow from trading activities 7.2   3,964.8   3,700.9   3,319.8   2,882.8   3,001.0
Working capital movements     705.7   (279.0)   417.3   (237.2)   773.2
Cash generated from operations 5.5   4,670.5   3,421.9   3,737.1   2,645.6   3,774.2
Net finance costs paid     (593.6)   (489.3)   (437.0)   (345.3)   (255.1)
Investment income     80.0   50.0   40.3     79.2
Taxation paid     (795.0)   (573.9)   (631.0)   (683.4)   (732.8)
Dividends paid     (689.9)   (453.2)   (958.3)   (914.0)   (913.4)
Net cash flow from operating activities     2,672.0   1,955.5   1,751.1   702.9   1,952.1
                       
Investment to maintain operations     (678.5)   (826.7)   (983.7)   (857.4)   (752.1)
Investment to expand operations     (1,138.3)   (953.7)   (710.7)   (1,322.1)   (1,306.8)
Investment in subsidiaries and businesses     (6.5)   (17.7)   (16.9)   (14.4)  
Other net investing activities     16.6   23.2   65.7   47.4   (247.4)
Net cash flow from investing activities (5.9)   (1,806.7)   (1,774.9)   (1,645.6)   (2,146.5)   (2,306.3)
                       
Net cash flow from financing activities     (1,142.2)   959.5   (25.5)   1,349.7   293.0
                       
Net (decrease)/increase in cash and cash equivalents     (276.9)   1,140.1   80.0   (93.9)   (61.2)
Foreign exchange movements     (38.7)   (76.9)   (4.9)   (11.0)   9.6
Cash and cash equivalents at the beginning of the period     2,621.7   1,558.5   1,483.4   1,588.3   1,639.9
Cash and cash equivalents at the end of the period     2,306.1   2,621.7   1,558.5   1,483.4   1,588.3
                     
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.
                       
                       
Stores and productivity measures                      
                       
  Four-year
growth %
  20171   20162   20152   20142   20131 2
Ratios/indicators                      
                       
Operating statistics                      
Depreciation and amortisation costs as a % of sales     1.2   1.1   1.1   1.1   1.0
Impairment costs as a % of sales     0.0   0.1   0.0   0.0   0.1
Employment costs as a % of sales     7.9   8.1   8.0   7.8   7.5
Occupancy costs as a % of sales     3.4   3.4   3.4   3.4   3.5
Total operating costs before foreign exchange movements as a % of sales     16.2   16.3   16.3   16.2   15.9
                       
Number of stores by chain                      
Game     142   141   137   130   121
DionWired     24   24   24   23   22
Massdiscounters     166   165   161   153   143
                       
Makro     21   20   19   19   19
Masswarehouse     21   20   19   19   19
                       
Builders Warehouse     38   38   39   35   34
Builders Trade Depot     15   13   14   16   20
Builders Express     44   43   41   41   36
Builders Superstore     11   10   8   8   2
Massbuild     108   104   102   100   92
                       
Wholesale Cash and Carry     67   66   70   73   75
Retail Cash and Carry     61   57   51   47   47
Masscash     128   123   121   120   122
Total number of stores 3.0   423   412   403   392   376
                       
Trading space (m2) 2.2   1,612,916   1,568,744   1,550,718   1,539,295   1,481,308
Distribution centre space (m2) 1.1   338,784   337,097   346,660   328,175   323,813
                       
Sales per store (R’000)     210,220   221,481   199,762   189,773   183,008
Sales per FTE (R’000)     1,947   1,902   1,764   1,923   1,924
Sales per trading m2 (R’000)     58   58   55   51   49
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.
 
                       
Returns, profitability and share information                      
                       
  Four-year
growth %
  20171   20162   20152   20142   20131 2
                       
Productivity ratios                      
Net asset turn     10.5   10.1   11.8   10.8   11.7
Gross margin (%)     18.8   19.0   18.9   18.6   18.4
Operating margin (%)     2.9   2.7   2.5   2.4   2.9
Trading profit before interest and taxation margin (%)     2.9   2.9   2.7   2.6   2.9
EBITDA before foreign exchange movements (%)     4.2   4.1   3.8   3.6   3.9
Effective tax rate (%)     29.9   30.8   30.3   29.9   29.3
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)     25.5   25.9   23.7   22.7   26.7
Return on capital employed before foreign exchange movements (%)     31.1   33.6   31.6   29.6   36.0
Return on invested capital (%)     18.8   18.6   17.9   17.6   18.3
Debt: Equity (%) [Non-current interest-bearing liabilities]     48.7   47.1   39.1   34.1   18.9
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]     67.7   67.6   59.2   48.1   30.9
Cash earnings cover     2.7   2.8   3.1   2.7   2.3
                       
Solvency and liquidity ratios                      
Net cash to total equity (%)     36.1   45.5   29.2   29.0   31.9
Current ratio     0.9   0.9   0.8   0.9   0.8
Quick ratio     0.4   0.4   0.3   0.3   0.3
Inventory days (days)     53.6   55.2   59.9   60.9   60.4
Inventory turn     6.9   6.6   6.1   6.0   6.1
Payable days (days)     74.4   69.4   75.8   74.4   74.2
Asset turn     2.9   2.9   2.8   2.7   2.8
Total liabilities to total equity     4.1   4.5   4.7   4.6   4.2
                       
Per share performance (cents)                      
Headline earnings 3.4   694.1   605.8   501.4   490.8   608.1
Headline earnings before foreign exchange movements (taxed) 5.0   712.3   649.9   552.7   507.4   585.6
Diluted headline earnings 3.2   681.2   595.5   494.1   486.0   601.4
Attributable earnings 4.6   700.3   612.7   498.7   479.0   584.3
Dividends (4.7)   347.0   298.9   258.2   421.0   421.0
Cash inflow from trading activities before working capital movements 7.2   1,825.9   1,704.4   1,529.1   1,327.7   1,382.2
Operating cash flow 8.2   1,230.5   900.6   806.5   323.7   899.1
Net asset value 7.3   2,923.5   2,616.5   2,391.2   2,271.0   2,202.0
Dividend cover     2.00   2.00   2.00   1.21   1.46
                       
Stock exchange information                      
Shares in issue (millions)     217.1   217.1   217.1   217.1   217.1
Weighted average number of shares (millions)     215.3   216.4   216.7   216.9   216.9
Diluted weighted average number of shares (millions)     219.4   220.1   219.9   219.1   219.3
Shares traded (millions)     139.9   115.1   94.7   88.0   98.0
Percentage of shares traded (%)     64.4   53.0   43.6   40.5   45.1
Earnings yield (%)     5.0   5.0   4.8   3.3   4.3
Dividends yield (%)     2.5   2.4   2.5   2.9   3.1
Market capitalisation (Rm)     30,300.5   26,618.7   22,408.5   31,249.8   29,414.0
Share price (cents):                      
High3     15,285   15,646   17,500   14,980   20,800
Low3     10,264   9,936   9,559   11,000   12,710
Closing     13,954   12,259   10,320   14,393   13,548
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.
3Taking into account intra-day high and low prices
                       
                       
GROUP INCOME STATEMENT, GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS                      
                       
                       
US$m Four-year
growth %
  20171   20162   20152   20142   20131 2
Income Statement                      
Revenue                      
Sales (1.7)   7,010.7   6,192.0   6,653.1   7,218.2   7,519.6
Cost of sales     (5,690.6)   (5,016.3)   (5,397.0)   (5,878.8)   (6,134.0)
Gross profit (1.2)   1,320.1   1,175.7   1,256.1   1,339.4   1,385.6
Other income and expenses     (1,119.0)   (1,006.9)   (1,088.8)   (1,160.8)   (1,159.5)
Trading profit before interest and taxation (2.9)   201.1   168.8   167.3   178.6   226.1
Impairment of assets     (1.4)   (5.2)   (2.0)   (2.3)   (4.3)
Insurance proceeds on items in PP&E     4.4   6.7      
Operating profit     204.1   170.3   165.3   176.3   221.8
Net finance costs     (41.8)   (38.8)   (37.3)   (31.9)   (26.5)
Profit before tax (4.5)   162.3   131.5   128.0   144.4   195.3
Taxation     (48.5)   (40.4)   (38.7)   (43.2)   (57.2)
Profit for the year (4.7)   113.8   91.1   89.3   101.2   138.1
                       
Profit attributable to:                      
– Owners of the parent (3.9)   112.8   90.1   84.9   95.9   132.0
– Non-controlling interests     1.0   1.0   4.4   5.3   6.1
Profit for the year (4.7)   113.8   91.1   89.3   101.2   138.1
                       
Headline earnings (5.0)   111.8   88.9   85.3   98.3   137.2
                       
Statement of Financial Position                      
Total equity 2.1   513.8   407.9   351.0   441.7   473.1
Cash and cash equivalents at the end of the period     185.4   185.8   102.3   127.9   151.0
Total assets 1.5   2,597.8   2,228.1   1,987.2   2,456.4   2,450.3
Inventories (0.8)   883.0   794.5   743.1   918.7   912.5
Trade payables 1.8   1,398.4   1,143.8   1,071.6   1,279.4   1,302.5
                       
Statement of Cash Flows                      
Cash generated from operations (2.9)   349.3   232.2   293.4   244.3   392.7
Net cash flow from operating activities (0.4)   199.8   132.7   137.5   64.9   203.1
Net cash flow from investing activities (13.4)   (135.1)   (120.4)   (129.2)   (198.2)   (240.0)
                       
Exchange rates (Rand:US$)                      
At year end     12.44   14.11   15.23   11.60   10.52
Average for the year     13.37   14.74   12.74   10.83   9.61
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.
                       
                       
Profitability and share performance in US Dollars                      
                       
                       
  Four-year
growth %
  20171   20162   20152   20142   20131 2
Ratios/indicators                      
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)     23.7   24.8   28.3   24.3   29.2
Return on capital employed before foreign exchange movements (taxed) (%)     28.9   32.2   37.8   31.7   39.4
Return on invested capital (%)     18.7   18.5   18.1   17.7   18.1
Debt: Equity (%) [Non-current interest-bearing liabilities]     48.7   47.1   39.1   34.1   18.9
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]     67.7   67.6   59.2   48.1   30.9
                       
Liquidity ratios                      
Current ratio     0.9   0.9   0.8   0.9   0.8
Inventory days (days)     56.6   57.8   50.3   52.8   46.6
                       
                       
Per share performance (cents)                      
Headline earnings (4.8)   51.9   41.1   39.4   45.3   63.3
Diluted headline earnings (5.0)   50.9   40.4   38.8   44.9   62.6
Attributable earnings (3.7)   52.4   41.6   39.2   44.2   60.8
Dividends (12.3)   26.0   20.3   20.3   38.9   43.8
Cash inflow from trading activities before working capital movements (1.3)   136.6   115.7   120.1   122.6   143.8
Operating cash flow (0.4)   92.0   61.1   63.3   29.9   93.6
Net asset value 2.9   235.0   185.4   157.0   195.8   209.3
Dividend cover     2.0   2.0   2.0   1.2   1.5
                       
Stock exchange information                      
Market capitalisation (US$m)     2,435.7   1,886.5   1,471.3   2,693.9   2,796.0
                       
Exchange rates (Rand:US$)                      
At year end     12.44   14.11   15.23   11.60   10.52
Average for the year     13.37   14.74   12.74   10.83   9.61
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 and 2013 were a 53-week period
2All periods reflect impact for restatement, refer to note 43 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2016 and December 2015 error.