Some things in life are better viewed on a big screen

Please open this report on a tablet in landscape mode or a bigger screen

Five-year review of financial performance

Period
Number of weeks
2017
53
2016
52
2015
52
2014
52
2013
52
Returns and margin performance 5-year
average*
Gross margin (%) 55 53 53 55 56 57
Trading margin (%) 20 15 17 21 23 26
Operating margin (%) 29 23 25 31 32 35
Return on equity (%) 35 31 35** 35 37 39
Return on assets (%) 35 26 24** 38 42 46
Inventory turn (times) 4.6 4.5 3.3** 4.7 5.3 5.4
Asset turnover (times) 1.2 1.1 1.0** 1.2 1.3 1.3
Net debt to equity (%) 25 18 33
Net debt to EBITDA (times) 0.5 0.4 0.6
Return on invested capital (ROIC) (%) 22 17 17@ 24 25 26
Weighted average cost of capital (WACC) (%) 13 13 13 14 14 13
ROIC divided by WACC (times) 1.6 1.3 1.3 1.7 1.8 2.0
Statements of comprehensive income 5-year
compound
growth
(%)*
Sale of merchandise (Rm) 15 18 065 16 654 11 290 10 458 9 765
Trading expenses (Rm) 21 (7 086) (6 240) (4 116) (3 668) (3 202)
Trading profit (Rm) 2 2 708 2 851 2 373 2 408 2 548
Profit before tax (Rm) 4 3 915 3 946 3 437 3 357 3 366
Headline earnings (Rm) 5 2 836 2 806 2 471 2 410 2 408
Statements of financial position
Non-current assets (Rm) 41 6 559 7 413 1 876 1 360 1 280
Cash and cash equivalents (Rm) 6 2 055 1 592 1 462 1 588 1 325
Trade and other receivables (Rm) 9 5 256 5 281 4 637 4 182 3 766
Inventories (Rm) 23 1 916 2 401 1 074 863 787
Other current assets (Rm) 39 353 374 108 83 113
Total assets (Rm) 18 16 139 17 061 9 157 8 076 7 271
Total equity (Rm) 10 9 450 8 625 7 504 6 642 6 224
Non-current liabilities (Rm) 118 4 709 5 481 192 88 96
Current liabilities (Rm) 19 1 980 2 955 1 461 1 346 951
Total equity and liabilities (Rm) 18 16 139 17 061 9 157 8 076 7 271
Statements of cash flows 5-year
compound
growth
(%)*
Cash inflow from operations (Rm) 13 2 987 2 839 2 145 2 542 2 198
Capital expenditure (Rm) 16 467 599 380 289 270
Share performance
Basic earnings (cents per share) 5 659.9 667.1 591.2 575.9 570.8
Headline earnings (cents per share) 5 662.0 667.6 593.8 576.8 570.8
Diluted headline earnings (cents per share) 5 660.9 665.9 592.1 569.3 560.7
Cash flow (cents per share) 13 697.2 675.5 515.5 608.4 521.0
Cash equivalent earnings (cents per share) 6 766.3 759.0 642.9 634.8 604.9
Net asset value (cents per share) 9 2 201 2 032 1 791 1 605 1 490
Dividends declared (cents per share) 7 452 452 405 385 362
Dividend cover (times) 1.5 1.5 1.5 1.5 1.6
Number of shares in issue (000’s) 442 059 436 183 429 328 422 640 463 806
Number of shares in issue (net of treasury shares) (000’s) 429 410 424 456 418 960 413 774 417 765
Weighted average number of shares (000’s) 428 370 420 263 416 149 417 757 421 905
Cumulative shares repurchased# (Rm) 3 030 2 929 2 929 2 929 2 439
Cumulative shares repurchased# (000’s) 96 541 95 041 95 041 95 041 88 842
Closing share price (cents per share) 7 150 8 769 8 649 7 490 8 695
Note: 2016 includes the results of Office for 31 weeks, unless otherwise indicated.
* Impacted by the acquisition of Office. Net debt ratios reflect two-year averages.
** The 2016 ratios were previously based on the results of the Group including 12 months of Office’s profits, excluding any exceptional non-recurring items. However, these have now been based on the actual Group results as disclosed.
@ The 2016 ratio is based on the results of the Group including 12 months of Office’s profits, excluding any exceptional non-recurring items.
# Includes shares previously repurchased and cancelled: 44 million (cost of R1.9 billion) in 2014, 36 million (cost of R275 million) in 2007 and 7 million (cost of R200 million) in 2006.
The full 10-Year Review, Ratios, Share Statistics and Definitions is available here.