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Rm Four-year
growth %
  2018   20171 2   20162   20152   20142
                       
Revenue 4.9   91,180.6   88,649.7   87,881.9   81,401.2   75,160.3
Sales 4.9   90,941.6   88,356.0   87,567.0   81,275.6   75,014.5
Cost of sales     (73,250.4)   (71,007.5)   (70,266.0)   (65,233.4)   (60,452.1)
Gross profit 5.0   17,691.2   17,348.5   17,301.1   16,042.2   14,562.4
Other income     231.0   234.9   216.8   125.6   145.8
Depreciation and amortisation     (1,134.6)   (1,099.6)   (1,040.7)   (950.4)   (850.8)
Employment costs     (7,582.9)   (7,381.9)   (7,346.6)   (6,784.3)   (6,109.0)
Occupancy costs     (3,491.3)   (3,170.0)   (3,129.2)   (2,861.8)   (2,675.3)
Other operating costs     (3,644.5)   (3,445.8)   (3,397.8)   (3,245.8)   (3,033.3)
Trading profit before interest and taxation 0.4   2,068.9   2,486.1   2,603.6   2,325.5   2,039.8
Restructuring costs     (161.0)        
Impairment of assets     (21.4)   (18.9)   (76.7)   (25.7)   (24.6)
Insurance proceeds on items in PP&E     8.0   58.8   98.1    
Operating profit before foreign exchange movements (1.5)   1,894.5   2,526.0   2,625.0   2,299.8   2,015.2
Foreign exchange (loss)/gain     (2.7)   (39.9)   (141.8)   (149.8)   (49.8)
Operating profit before interest (1.0)   1,891.8   2,486.1   2,483.2   2,150.0   1,965.4
– Finance costs     (648.8)   (592.7)   (618.0)   (523.7)   (401.8)
– Finance income     25.1   25.9   29.1   32.4   41.5
Net finance costs     (623.7)   (566.8)   (588.9)   (491.3)   (360.3)
Profit before taxation     1,268.1   1,919.3   1,894.3   1,658.7   1,605.2
Taxation     (399.4)   (574.2)   (591.1)   (488.8)   (463.1)
Profit for the year (6.6)   868.7   1,345.1   1,303.2   1,169.9   1,142.0
                       
Profit attributable to:                      
– Owners of the parent     888.6   1,332.6   1,289.0   1,113.5   1,084.4
– Non-controlling interests     19.9   12.5   14.2   56.4   57.6
Profit for the year     868.7   1,345.1   1,303.2   1,169.9   1,142.0
                       
Earnings per share (cents)                      
Basic EPS (4.8)   410.6   619.0   595.8   513.9   499.9
Diluted basic EPS (5.1)   401.9   607.5   585.7   506.4   495.0
                       
Trading profit before interest and taxation 0.4   2,068.9   2,486.1   2,603.6   2,325.5   2,039.8
EBITDA before foreign exchange movements (taxed) 1.4   3,050.5   3,644.5   3,742.4   3,275.9   2,890.6
EBITDAR before foreign exchange movements (taxed) 4.1   6,541.8   6,814.5   6,871.6   6,137.7   5,565.9
Headline earnings (4.1)   901.2   1,319.2   1,310.7   1,086.6   1,064.7
Headline earnings before restructure costs (taxed) (1.1)   1,017.1   1,319.2   1,310.7   1,086.6   1,064.7
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 error.
                       
                       
GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS                      
                       
Rm Four-year
growth %
  2018   20171 2   20162   20152   20142
                       
                       
Statement of Financial Position                      
Assets                      
Non-current assets 6.1   14,165.8   13,575.1   12,687.3   12,197.1   11,189.2
Current assets 4.2   20,605.2   18,893.8   18,905.9   18,228.5   17,458.1
Inventory 3.4   12,180.9   10,984.6   11,210.2   11,317.5   10,656.6
Non-current assets classified as held for sale     11.6   19.9   17.7   11.5   18.0
Total assets 5.0   34,782.6   32,488.8   31,610.9   30,437.1   28,665.2
Equity and liabilities                      
Total equity 6.4   6,528.6   6,341.7   5,719.0   5,321.6   5,098.3
Equity attributable to owners of the parent     6,514.0   6,298.5   5,644.5   5,204.4   4,919.5
Non-current liabilities 2.0   3,694.5   4,142.4   4,917.2   3,236.1   3,408.1
Current liabilities 5.1   24,559.5   22,004.7   20,974.6   21,879.4   20,158.8
Trade payables 5.9   18,698.2   17,396.7   16,139.4   16,320.4   14,841.5
Total equity and liabilities 5.0   34,782.6   32,488.8   31,610.9   30,437.1   28,665.2
                       
                       
Statement of Cash Flows                      
Cash inflow from trading activities 4.3   3,411.3   3,969.1   3,700.9   3,319.8   2,882.8
Working capital movements     (545.8)   705.8   (279.0)   417.3   (237.2)
Cash generated from operations 2.0   2,865.5   4,674.9   3,421.9   3,737.1   2,645.6
Net finance costs paid     (482.9)   (593.6)   (489.3)   (437.0)   (345.3)
Investment income     34.0   80.0   50.0   40.3  
Taxation paid     (324.6)   (795.0)   (573.9)   (631.0)   (683.4)
Dividends paid     (750.0)   (689.9)   (453.2)   (958.3)   (914.0)
Net cash flow from operating activities     1,342.0   2,676.4   1,955.5   1,751.1   702.9
                       
Investment to maintain operations     (772.4)   (678.5)   (826.7)   (983.7)   (857.4)
Investment to expand operations     (833.6)   (1,138.3)   (953.7)   (710.7)   (1,322.1)
Investment in subsidiaries and businesses     5.9   (6.5)   (17.7)   (16.9)   (14.4)
Other net investing activities     53.2   16.6   23.2   65.7   47.4
Net cash flow from investing activities (7.9)   (1,546.9)   (1,806.7)   (1,774.9)   (1,645.6)   (2,146.5)
                       
Net cash flow from financing activities     238.7   (1,146.6)   959.5   (25.5)   1,349.7
                       
Net (decrease)/increase in cash and cash equivalents     33.8   (276.9)   1,140.1   80.0   (93.9)
Foreign exchange movements     29.9   (38.7)   (76.9)   (4.9)   (11.0)
Cash and cash equivalents at the beginning of the period     2,306.1   2,621.7   1,558.5   1,483.4   1,588.3
Cash and cash equivalents at the end of the period     2,369.8   2,306.1   2,621.7   1,558.5   1,483.4
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 error.
                       
                       
Stores and productivity measures                      
                       
  Four-year
growth %
  2018   20171 2   20162   20152   20142
Ratios/indicators                      
                       
Operating statistics                      
Depreciation and amortisation costs as a % of sales     1.2   1.2   1.2   1.2   1.1
Impairment costs as a % of sales     0.0   0.0   0.1   0.0   0.0
Employment costs as a % of sales     8.3   8.4   8.4   8.3   8.1
Occupancy costs as a % of sales     3.8   3.6   3.6   3.5   3.6
Total operating costs before foreign exchange movements as a % of sales     17.4   17.1   17.0   17.0   16.9
                       
Number of stores by chain                      
Game     146   142   141   137   130
DionWired     25   24   24   24   23
Massdiscounters     171   166   165   161   153
                       
Makro     21   21   20   19   19
Masswarehouse     21   21   20   19   19
                       
Builders Warehouse     39   38   38   39   35
Builders Trade Depot     13   15   13   14   16
Builders Express     48   44   43   41   41
Builders Superstore     14   11   10   8   8
Massbuild     114   108   104   102   100
                       
Wholesale Cash and Carry     68   67   66   70   73
Retail Cash and Carry     62   61   57   51   47
Masscash     130   128   123   121   120
Total number of stores 2.7   436   423   412   403   392
                       
Trading space (m2) 1.7   1,648,718   1,612,916   1,568,744   1,550,718   1,539,295
Distribution centre space (m2) 1.9   353,716   338,784   337,097   346,660   328,175
                       
Sales per store (R’000)     205,063   210,220   221,481   199,762   189,773
Sales per FTE (R’000)     1,875   1,841   1,825   1,692   1,589
Sales per trading m2 (R’000)     55   55   56   55   51
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 error.
 
                       
Returns, profitability and share information                      
                       
  Four-year
growth %
  2018   20171 2   20162   20152   20142
                       
Productivity ratios                      
Net asset turn     10.4   9.7   9.5   11.1   10.1
Gross margin (%)     19.5   19.6   19.8   19.7   19.4
Operating margin (%)     2.1   2.8   2.8   2.6   2.6
Trading profit before interest and taxation margin (%)     2.3   2.8   3.0   2.9   2.7
EBITDA before foreign exchange movements (%)     3.4   4.1   4.3   4.0   3.9
Effective tax rate (%)     31.5   29.9   31.2   29.5   28.9
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)     14.1   25.7   25.9   23.7   22.7
Return on capital employed before foreign exchange movements (%)     21.4   27.8   32.7   31.0   28.9
Return on invested capital (%)     16.1   18.1   18.5   17.9   17.6
Debt: Equity (%) [Non-current interest-bearing liabilities]     39.1   52.4   50.7   42.6   37.6
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]     54.5   71.8   71.5   59.2   48.2
Cash earnings cover     3.8   3.0   2.8   3.1   2.7
                       
Solvency and liquidity ratios                      
Net cash to total equity (%)     36.3   36.4   45.8   29.3   29.1
Current ratio     0.8   0.9   0.9   0.8   0.9
Quick ratio     0.3   0.4   0.4   0.3   0.3
Inventory days (days)     61.7   57.4   58.1   63.2   64.2
Inventory turn     6.0   6.5   6.3   5.8   5.7
Payable days (days)     83.1   79.7   73.0   79.9   78.4
Asset turn     2.6   2.7   2.8   2.7   2.6
Total liabilities to total equity     4.3   4.1   4.5   4.7   4.6
                       
Per share performance (cents)                      
Headline earnings (4.0)   416.5   694.1   605.8   501.4   490.8
Headline earnings before restructure cost (taxed) (1.9)   470.0   712.3   649.9   552.7   507.4
Diluted headline earnings (4.3)   407.6   681.2   595.5   494.1   486.0
Attributable earnings (4.8)   410.5   618.9   595.8   513.9   499.9
Dividends (5.3)   339.0   347.0   298.9   258.2   421.0
Cash inflow from trading activities before working capital movements 4.3   1,570.7   1,827.9   1,704.4   1,529.1   1,327.7
Operating cash flow 17.5   617.9   1,232.5   900.6   806.5   323.7
Net asset value 7.3   2,999.4   2,900.6   2,599.5   2,397.0   2,265.8
Dividend cover     2.00   2.00   2.00   2.00   1.21
                       
Stock exchange information                      
Shares in issue (millions)     217.2   217.1   217.1   217.1   217.1
Weighted average number of shares (millions)     216.4   215.3   216.4   216.7   216.9
Diluted weighted average number of shares (millions)     221.1   219.4   220.1   219.9   219.1
Shares traded (millions)     156.7   139.9   115.1   94.7   88.0
Percentage of shares traded (%)     72.2   64.4   53.0   43.6   40.5
Earnings yield (%)     4.0   4.4   4.9   5.0   3.5
Dividends yield (%)     3.3   2.5   2.4   2.5   2.9
Market capitalisation (Rm)     22,369.4   30,300.5   26,618.7   22,408.5   31,249.8
Share price (cents):                      
High3     17,848   15,285   15,646   17,500   14,980
Low3     8,635   10,264   9,936   9,559   11,000
Closing     10,300   13,954   12,259   10,320   14,393
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 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 %
  2018   20171   20162   20152   20142
Income Statement                      
Revenue                      
Sales (0.1)   6,901.9   6,608.4   5,942.1   6,381.8   6,926.6
Cost of sales     (5,559.2)   (5,310.9)   (4,768.1)   (5,122.1)   (5,581.9)
Gross profit (0.0)   1,342.7   1,297.5   1,174.0   1,259.7   1,344.7
Other income and expenses     (1,185.8)   (1,114.6)   (1,007.0)   (1,088.8)   (1,160.9)
Trading profit before interest and taxation (3.9)   156.9   182.9   167.0   170.9   183.8
Impairment of assets     (1.6)   (1.4)   (5.2)   (2.0)   (2.3)
Insurance proceeds on items in PP&E     0.6   4.4   6.7    
Operating profit     155.9   185.9   168.5   168.9   181.5
Net finance costs     (47.3)   (42.4)   (40.0)   (38.6)   (33.3)
Profit before tax (7.5)   108.6   143.5   128.5   130.3   148.2
Taxation     (30.3)   (42.9)   (40.1)   (38.4)   (42.8)
Profit for the year (7.2)   78.3   100.6   88.4   91.9   105.4
                       
Profit attributable to:                      
– Owners of the parent (5.5)   79.8   99.7   87.4   87.5   100.1
– Non-controlling interests     (1.5)   0.9   1.0   4.4   5.3
Profit for the year (7.2)   78.3   100.6   88.4   91.9   105.4
                       
Headline earnings (8.7)   68.4   98.7   88.9   85.3   98.3
                       
Statement of Financial Position                      
Total equity 0.7   451.2   509.8   405.3   349.4   439.5
Cash and cash equivalents at the end of the period     163.8   185.4   185.8   102.3   127.9
Total assets (0.7)   2,403.8   2,611.6   2,240.3   1,998.5   2,471.1
Inventories (2.2)   841.8   883.0   794.5   743.1   918.7
Trade payables 0.2   1,292.2   1,398.4   1,143.8   1,071.6   1,279.4
                       
Statement of Cash Flows                      
Cash generated from operations (2.9)   217.5   349.7   232.2   293.4   244.3
Net cash flow from operating activities 11.9   101.8   200.2   132.7   137.5   64.9
Net cash flow from investing activities (12.3)   (117.4)   (135.1)   (120.4)   (129.2)   (198.2)
                       
Exchange rates (Rand:US$)                      
At year end     14.47   12.44   14.11   15.23   11.60
Average for the year     13.18   13.37   14.74   12.74   10.83
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 error
                       
                       
Profitability and share performance in US Dollars                      
                       
                       
  Four-year
growth %
  2018   20171   20162   20152   20142
Ratios/indicators                      
                       
Profitability and gearing ratios                      
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)     15.5   23.9   24.8   28.3   24.3
Return on capital employed before foreign exchange movements (taxed) (%)     23.5   25.9   31.3   37.0   30.9
Return on invested capital (%)     16.2   18.1   18.4   18.1   17.8
Debt: Equity (%) [Non-current interest-bearing liabilities]     39.1   52.4   50.7   42.6   37.6
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]     54.5   71.8   71.5   59.2   48.2
                       
Liquidity ratios                      
Current ratio     0.8   0.9   0.9   0.8   0.9
Inventory days (days)     55.3   60.7   60.8   50.3   52.8
                       
                       
Per share performance (cents)                      
Headline earnings (8.6)   31.6   51.9   41.1   39.4   45.3
Diluted headline earnings (8.9)   30.9   50.9   40.4   38.8   44.9
Attributable earnings (9.4)   31.2   46.3   40.4   40.4   46.2
Dividends (9.8)   25.7   26.0   20.3   20.3   38.9
Cash inflow from trading activities before working capital movements (0.7)   119.2   136.7   115.7   120.1   122.6
Operating cash flow 11.9   46.9   92.2   61.1   63.3   29.9
Net asset value 1.5   207.3   233.2   184.2   157.4   195.3
Dividend cover       2.0   2.0   2.0   1.2
                       
Stock exchange information                      
Market capitalisation (US$m)     1,545.9   2,435.7   1,886.5   1,471.3   2,693.9
                       
Exchange rates (Rand:US$)                      
At year end     14.47   12.44   14.11   15.23   11.60
Average for the year     13.18   13.37   14.74   12.74   10.83
                       
Details of the ratios and terms can be found in definitions and formulas
All periods are 12 month periods
12017 was a 53-week period and has been presented on a 52 week basis
2All periods reflect impact for restatement, refer to note 41 of the annual financial statements. Previous periods estimated based on the relative impact of the December 2017 and December 2016 error.