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 | |||||||||||||