GROUP INCOME STATEMENT
Rm	Four-year growth %		2019		2018		20171		2016		2015
Revenue	3.6		93,843.1		91,180.6		88,649.7		87,881.9		81,401.2
Sales	3.6		93,660.0		90,941.6		88,356.0		87,567.0		81,275.6
Cost of sales			(75,946.8)		(73,250.4)		(71,007.5)		(70,266.0)		(65,233.4)
Gross profit	2.5		17,713.2		17,691.2		17,348.5		17,301.1		16,042.2
Other income			179.7		231.0		234.9		216.8		125.6
Depreciation and amortisation			(3,067.1)		(1,134.6)		(1,099.6)		(1,040.7)		(950.4)
Employment costs			(8,188.0)		(7,582.9)		(7,381.9)		(7,346.6)		(6,784.3)
Occupancy costs			(1,365.8)		(3,491.3)		(3,170.0)		(3,129.2)		(2,861.8)
Other operating costs			(4,160.8)		(3,644.5)		(3,445.8)		(3,397.8)		(3,245.8)
Trading profit before interest and taxation	(16.9)		1,111.2		2,068.9		2,486.1		2,603.6		2,325.5
Reorganisation and restructuring costs			(33.1)		(161.0)		–		–		–
Impairment of assets			(229.5)		(21.4)		(18.9)		(76.7)		(25.7)
Insurance proceeds on items in PP&E			3.4		8.0		58.8		98.1		–
Operating profit before foreign exchange movements	(22.0)		852.0		1,894.5		2,526.0		2,625.0		2,299.8
Foreign exchange loss			(143.0)		(2.7)		(39.9)		(141.8)		(149.8)
Operating profit before interest	(24.2)		709.0		1,891.8		2,486.1		2,483.2		2,150.0
– Finance costs			(1,860.4)		(648.8)		(592.7)		(618.0)		(523.7)
– Finance income			61.3		25.1		25.9		29.1		32.4
Net finance costs			(1,799.1)		(623.7)		(566.8)		(588.9)		(491.3)
(Loss)/Profit before taxation			(1,090.1)		1,268.1		1,919.3		1,894.3		1,658.7
Taxation			(206.3)		(399.4)		(574.2)		(591.1)		(488.8)
(Loss)/Profit for the year	(210.8)		(1,296.4)		868.7		1,345.1		1,303.2		1,169.9
Profit attributable to:
– Owners of the parent			(1,307.5)		888.6		1,332.6		1,289.0		1,113.5
– Non-controlling interests			11.1		(19.9)		12.5		14.2		56.4
Profit for the year			(1,296.4)		868.7		1,345.1		1,303.2		1,169.9
Earnings per share (cents)
Basic EPS	(216.9)		(600.6)		410.6		619.0		595.8		513.9
Diluted basic EPS	(217.5)		(594.9)		401.9		607.5		585.7		506.4
Trading profit before interest and taxation	(16.9)		1,111.2		2,068.9		2,486.1		2,603.6		2,325.5
EBITDA before foreign exchange movements (taxed)	6.1		4,148.6		3,050.5		3,644.5		3,742.4		3,275.9
EBITDAR before foreign exchange movements (taxed)	(3.3)		5,371.4		6,541.8		6,814.5		6,871.6		6,137.7
Headline (loss)/earnings	(205.6)		(1,147.4)		901.2		1,319.2		1,310.7		1,086.6
Headline (loss)/earnings before restructure costs (taxed)	(203.4)		(1,123.6)		1,017.1		1,319.2		1,310.7		1,086.6
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
GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS
Rm	Four-year growth %		2019		2018		20171		2016		2015
Statement of Financial Position
Assets
Non-current assets	15.6		21,747.2		14,165.8		13,575.1		12,687.3		12,197.1
Current assets	0.3		18,431.1		20,605.2		18,893.8		18,905.9		18,228.5
Inventory	1.2		11,893.8		12,180.9		10,984.6		11,210.2		11,317.5
Non-current assets classified as held for sale			159.5		11.6		19.9		17.7		11.5
Total assets	7.3		40,337.8		34,782.6		32,488.8		31,610.9		30,437.1
Equity and liabilities
Total equity	(2.5)		4,800.8		6,528.6		6,341.7		5,719.0		5,321.6
Equity attributable to owners of the parent			4,785.5		6,514.0		6,298.5		5,644.5		5,204.4
Non-current liabilities	36.2		11,121.2		3,694.5		4,142.4		4,917.2		3,236.1
Current liabilities	2.8		24,415.8		24,559.5		22,004.7		20,974.6		21,879.4
Trade payables	2.1		17,764.3		18,698.2		17,396.7		16,139.4		16,320.4
Total equity and liabilities	7.3		40,337.8		34,782.6		32,488.8		31,610.9		30,437.1
Statement of Cash Flows
Cash inflow from trading activities	6.7		4,296.8		3,411.3		3,969.1		3,700.9		3,319.8
Working capital movements			(82.0)		(545.8)		705.8		(279.0)		417.3
Cash generated from operations	3.1		4,214.8		2,865.5		4,674.9		3,421.9		3,737.1
Net finance costs paid			(1,714.7)		(482.9)		(593.6)		(489.3)		(437.0)
Investment income			20.0		34.0		80.0		50.0		40.3
Taxation paid			(213.2)		(324.6)		(795.0)		(573.9)		(631.0)
Dividends paid			(162.4)		(750.0)		(689.9)		(453.2)		(958.3)
Net cash flow from operating activities			2,144.5		1,342.0		2,676.4		1,955.5		1,751.1
Investment to maintain operations			(580.3)		(772.4)		(678.5)		(826.7)		(983.7)
Investment to expand operations			(791.5)		(833.6)		(1,138.3)		(953.7)		(710.7)
Investment in subsidiaries and businesses			11.3		5.9		(6.5)		(17.7)		(16.9)
Other net investing activities			49.2		53.2		16.6		23.2		65.7
Net cash flow from investing activities	(5.5)		(1,311.3)		(1,546.9)		(1,806.7)		(1,774.9)		(1,645.6)
Net cash flow from financing activities			(2,061.8)		238.7		(1,146.6)		959.5		(25.5)
Net (decrease)/increase in cash and cash equivalents			(1,228.6)		33.8		(276.9)		1,140.1		80.0
Foreign exchange movements			(12.7)		29.9		(38.7)		(76.9)		(4.9)
Cash and cash equivalents at the beginning of the period			2,369.8		2,306.1		2,621.7		1,558.5		1,483.4
Cash and cash equivalents at the end of the period			1,128.5		2,369.8		2,306.1		2,621.7		1,558.5
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
Stores and productivity measures
	Four-year growth %		2019		2018		20171		2016		2015
Ratios/indicators
Operating statistics
Depreciation and amortisation costs as a % of sales			3.3		1.2		1.2		1.2		1.2
Impairment costs as a % of sales			0.2		0.0		0.0		0.0		0.1
Employment costs as a % of sales			8.7		8.3		8.3		8.4		8.4
Occupancy costs as a % of sales			1.5		3.8		3.8		3.6		3.6
Total operating costs before foreign exchange movements as a % of sales			17.9		17.4		17.4		17.1		17.0
Number of stores by chain
Game			150		146.0		142.0		141.0		137.0
DionWired			23		25.0		24.0		24.0		24.0
Massdiscounters			173		171.0		166.0		165.0		161.0
Makro			22		21.0		21.0		20.0		19.0
Masswarehouse			22		21.0		21.0		20.0		19.0
Builders Warehouse			39		39.0		38.0		38.0		39.0
Builders Trade Depot			12		13.0		15.0		13.0		14.0
Builders Express			51		48.0		44.0		43.0		41.0
Builders Superstore			16		14.0		11.0		10.0		8.0
Massbuild			118		114.0		108.0		104.0		102.0
Wholesale Cash and Carry			68		68.0		67.0		66.0		70.0
Retail Cash and Carry			62		62.0		61.0		57.0		51.0
Masscash			130		130.0		128.0		123.0		121.0
Total number of stores	2.4		443		436.0		423.0		412.0		403.0
Trading space (m2)	1.9		1,675,052		1,648,718		1,612,916		1,568,744		1,550,718
Distribution centre space (m2)	0.5		353,024		353,716		338,784		337,097		346,660
Sales per store (R’000)			207,959		205,063		210,220		221,481		199,762
Sales per FTE (R’000)			1,836		1,875		1,895		1,842		1,823
Sales per trading m2 (R’000)			56		55		56		56		55
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
Returns, profitability and share information
	Four-year growth %		2019		2018		20171		2016		2015
Productivity ratios
Net asset turn			5.9		10.4		9.8		9.0		11.3
Gross margin (%)			18.9		19.5		19.5		19.6		19.8
Operating margin (%)			0.8		2.1		2.1		2.8		2.8
Trading profit before interest and taxation margin (%)			1.2		2.3		2.3		2.8		3.0
EBITDA before foreign exchange movements (%)			4.4		3.4		3.4		4.1		4.3
Effective tax rate (%)			(18.9)		31.5		31.5		29.9		31.2
Profitability and gearing ratios
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)			(19.9)		13.8		23.9		23.5		26.9
Return on capital employed before foreign exchange movements (%)			8.8		21.2		20.0		29.0		30.1
Debt: Equity (%) [Non-current interest-bearing liabilities]			116.9		38.5		48.8		46.0		40.8
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]			137.6		53.6		66.9		64.9		56.7
Cash earnings cover			(3.7)		3.8		3.8		3.0		2.5
Solvency and liquidity ratios
Net cash to total equity (%)			23.5		36.3		36.3		36.4		45.8
Current ratio			0.8		0.8		0.8		0.9		0.9
Quick ratio			0.3		0.3		0.3		0.4		0.4
Inventory days (days)			57.2		61.7		61.7		56.3		58.1
Inventory turn			6.4		6.0		6.0		6.5		6.3
Payable days (days)			74.2		83.1		83.1		77.9		73.3
Asset turn			2.3		2.6		2.6		2.7		2.8
Total liabilities to total equity			7.4		4.3		4.3		4.1		4.5
Per share performance (cents)
Headline earnings	(205.1)		(527.1)		416.5		694.1		605.8		501.4
Headline earnings before restructure cost (taxed)	(193.4)		(516.1)		470.0		712.3		649.9		552.7
Diluted headline earnings	(205.6)		(522.0)		407.6		681.2		595.5		494.1
Attributable earnings	(201.0)		(600.6)		410.5		412.7		615.9		594.9
Dividends	(14.2)		140.0		339.0		347.0		298.9		258.2
Cash inflow from trading activities before working capital movements	3.6		1,960.8		1,570.7		1,571.0		1,827.9		1,704.6
Operating cash flow	2.1		978.6		617.9		618.0		1,232.6		900.6
Net asset value	(4.3)		2,183.8		2,999.4		2,999.8		2,900.7		2,599.7
Dividend cover			–		–		2.00		2.00		2.00
Stock exchange information
Shares in issue (millions)			219.1		217.2		217.1		217.1		217.1
Weighted average number of shares (millions)			217.7		216.4		215.3		216.4		216.7
Diluted weighted average number of shares (millions)			219.8		221.1		219.4		220.1		219.9
Shares traded (millions)			186.2		156.7		139.9		115.1		94.7
Percentage of shares traded (%)			85.0		72.2		64.4		53.0		43.6
Earnings yield (%)			(11.8)		4.0		3.0		5.0		5.8
Dividends yield (%)			2.7		3.3		2.5		2.4		2.5
Market capitalisation (Rm)			11,165.1		22,369.4		30,300.5		26,618.7		22,408.5
Share price (cents):
High2			11,669		17,848		15,285		15,646		17,500
Low2			3,825		8,635		10,264		9,936		9,559
Closing			5,095		10,300		13,954		12,259		10,320
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
2Taking into account intra-day high and low prices
GROUP INCOME STATEMENT, GROUP STATEMENT OF FINANCIAL POSITION AND GROUP STATEMENT OF CASH FLOWS
US$m	Four-year growth %		2019		2018		20171		2016		2015
Income Statement
Revenue
Sales	(1.4)		6,495.1		6,901.9		6,801.8		5,995.6		6,875.8
Cost of sales			(5,266.8)		(5,559.2)		(5,478.6)		(4,818.4)		(5,517.3)
Gross profit	(2.5)		1,228.3		1,342.7		1,323.2		1,177.2		1,358.5
Other income and expenses, including foreign exchange loss			(1,161.2)		(1,185.8)		(1,168.6)		(1,011.2)		(1,165.2)
Trading profit before interest and taxation, including foreign exchange loss	(23.2)		67.1		156.9		154.6		166.0		193.3
Reorganisation and restructuring costs			(2.3)		(12.2)
Impairment of assets			(15.9)		(1.6)		(1.6)		(1.3)		(6.0)
Insurance proceeds on items in PP&E			0.2		0.6		0.6		4.0		7.7
Operating profit			49.1		143.7		153.6		168.7		195.0
Net finance costs			(124.8)		(47.3)		(46.6)		(38.5)		(46.2)
(Loss)/Profit before taxation	(150.9)		(75.7)		96.4		107.0		130.2		148.8
Taxation			(14.3)		(30.3)		(29.9)		(39.0)		(46.4)
(Loss)/Profit for the year	(187.9)		(90.0)		66.1		77.1		91.2		102.4
Profit attributable to:
– Owners of the parent	(189.6)		(90.8)		67.6		78.6		90.4		101.3
– Non-controlling interests			0.8		(1.5)		(1.5)		0.8		1.1
Profit for the year	(187.9)		(90.0)		66.1		77.1		91.2		102.4
Headline (loss)/earnings	(177.4)		(79.6)		68.4		67.4		89.5		102.9
Statement of Financial Position
Total equity	(2.3)		342.2		451.2		524.8		449.4		375.5
Cash and cash equivalents at the end of the period			80.4		163.8		190.5		163.4		172.1
Total assets	8.5		2,875.1		2,403.8		2,796.0		2,302.5		2,075.6
Inventories	3.6		847.7		841.8		979.2		778.5		736.1
Trade payables	4.6		1,266.2		1,292.2		1,503.1		1,232.9		1,059.7
Statement of Cash Flows
Cash generated from operations	2.1		292.3		217.5		214.3		317.2		268.7
Net cash flow from operating activities	(0.8)		148.7		101.8		100.4		181.6		153.5
Net cash flow from investing activities	(10.1)		(90.9)		(117.4)		(115.7)		(122.6)		(139.4)
Exchange rates (Rand:US$)
At year end			14.03		14.47		12.44		14.11		15.23
Average for the year			14.42		13.18		13.37		14.74		12.74
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
Profitability and share performance in US Dollars
	Four-year growth %		2019		2018		20171		2016		2015
Ratios/indicators
Profitability and gearing ratios
Return on average shareholders’ equity before foreign exchange movements (taxed) (%)			(19.9)		13.8		23.9		23.5		26.9
Return on capital employed before foreign exchange movements (taxed) (%)			8.8		21.2		20.0		29.0		30.1
Debt: Equity (%) [Non-current interest-bearing liabilities]			116.9		38.5		48.8		46.0		40.8
Debt: Equity (%) [Current and Non-current interest-bearing liabilities, excluding Bank overdrafts]			137.6		53.6		66.9		64.9		56.7
Liquidity ratios
Current ratio			0.8		0.8		0.8		0.9		0.9
Inventory days (days)			57.2		61.7		61.7		56.3		58.1
Per share performance (cents)
Headline earnings	(188.9)		(36.6)		31.6		31.6		51.9		41.1
Diluted headline earnings	(189.6)		(36.2)		30.9		30.9		50.9		40.4
Attributable earnings	(199.7)		(41.7)		31.2		31.2		30.9		41.8
Dividends	(16.8)		9.7		25.7		25.7		26.0		20.3
Cash inflow from trading activities before working capital movements	2.3		136.0		119.2		119.2		117.5		124.0
Operating cash flow	(5.1)		67.9		46.9		46.9		46.2		83.6
Net asset value	(6.7)		155.7		207.3		207.3		241.1		205.6
Dividend cover					–		–		2.0		2.0
Stock exchange information
Market capitalisation (US$m)			795.8		1,545.9		1,545.9		2,435.7		1,886.5
Exchange rates (Rand:US$)
At year end			14.03		14.47		14.47		12.44		14.11
Average for the year			14.42		13.18		13.18		13.37		14.74
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