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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