2024

INTEGRATED REPORT

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Five-year review of financial performance

2024  2024  2023  2023  2022  2022  2021  2020  2020 
Period  Reported  Pro forma@ Reported  Pro forma^ Reported  Pro forma* Reported  Reported  Pro forma~
Number of weeks  52  52  52  52  53  52  52  52  52 
Share performance 
Total shareholder return (15-year CAGR) (%) 10  11  11  11 
Basic earnings/(loss) per share  (cents) 1 046.9  830.3  888.5  813.1  794.1  765.5  480.2  (133.0) 340.3 
Headline earnings per share  (cents) 817.9  805.8  873.3  797.9  779.8  751.2  520.3  410.4  410.4 
Diluted headline earnings per share  (cents) 805.8  793.8  861.4  787.0  770.8  742.5  516.7  409.0  409.0 
Cash flow per share  (cents) 1 240.0  955.5  923.5  947.3  1 080.4 
Cash equivalent earnings per share  (cents) 1 255.3  1 286.2  1 154.6  882.8  795.0 
Net asset value per share  (cents) 2 553  2 073  1 658  1 562  1 450 
Annual cash dividend per share  (cents) 529  565  505  350  280 
Dividend cover  (times) 1.5  1.5  1.5  1.5  1.5 
Number of shares in issue  (000's) 408 499  408 499  408 499  408 499  409 456  409 456  438 407  442 964  442 964 
Number of shares in issue (net of treasury shares) (000's) 372 251  372 251  369 303  369 303  368 334  368 334  396 380  414 427  414 427 
Weighted average number of shares  (000's) 371 330  371 330  368 581  368 581  384 219  384 219  406 267  418 121  418 121 
Cumulative value of shares repurchased#  (Rm) 6 448  6 448  6 420  4 831  4 063 
Cumulative number of shares repurchased#  (000's) 163 463  163 463  162 907  133 555  114 299 
Closing share price  (cents per share) 9 328  5 660  4 886  5 616  3 428 
Returns and margin performance 
Gross margin  (%) 52.3  52.3  52.5  52.5  53.5  53.5  51.0  50.8  50.8 
Trading margin  (%) 20.4  15.1  18.2  16.4  20.2  19.7  13.8  (7.8) 7.9 
Operating margin  (%) 27.3  22.0  24.0  22.2  24.7  24.3  18.5  (0.7) 15.0 
Return on equity  (%) 45  36  48  44  50  48  32  (8) 14 
Return on assets  (%) 30  24  30  27  33  32  24  (1) 13 
Inventory turn  (times) 4.3  4.3  4.2  4.2  4.6  4.5  4.6  4.0  4.0 
Asset turnover  (times) 1.1  1.1  1.2  1.2  1.3  1.3  1.3  1.1  0.9 
Net (debt)/cash to equity  (%) (3) (11) (9)
Net (debt)/cash to EBITDA  (times)   (0.1) (0.1) 0.1  – 
Return on invested capital (ROIC) (%) 25  28  35  24  (1) 11 
Weighted average cost of capital (WACC) (%) 15  14  14  12  11 
ROIC divided by WACC  (times) 1.7  2.0  2.5  2.0  (0.1)
Cash realisation rate  (%) 99  74  80  107  136 
Statements of comprehensive income  
Sale of merchandise  (Rm) 20 664  20 664  19 894  19 894  17 886  17 584  16 400  16 379  16 379 
Trading expenses  (Rm) (8 168) (8 218) (7 772) (7 772) (6 607) (6 598) (6 454) (10 027) (7 457)
Trading profit/(loss) (Rm) 4 218  3 129  3 616  3 258  3 618  3 468  2 269  (1 274) 1 296 
Profit/(loss) before finance costs and tax  (Rm) 5 631  4 542  4 775  4 411  4 417  4 267  3 038  (110) 2 460 
Profit/(loss) before tax  (Rm) 5 155  4 066  4 397  4 033  4 182  4 032  2 746  (463) 2 107 
Headline earnings  (Rm) 3 037  2 992  3 219  2 941  2 996  2 886  2 114  1 716  1 716 
Statements of financial position 
Non-current assets  (Rm) 8 553  6 716  5 520  5 305  5 856 
Cash and cash equivalents and money market fund investments  (Rm) 2 269  1 462  1 068  1 077  2 150 
Trade and other receivables  (Rm) 5 419  5 546  4 908  4 327  4 091 
Inventories  (Rm) 2 312  2 244  1 819  1 755  2 010 
Other current assets  (Rm) 99  165  176  57  174 
Total assets  (Rm) 18 652  16 133  13 491  12 521  14 281 
Total equity  (Rm) 9 506  7 654  6 106  6 191  6 008 
Non-current liabilities  (Rm) 3 794  3 237  2 628  2 195  2 698 
Current liabilities  (Rm) 5 352  5 242  4 757  4 135  5 575 
Total equity and liabilities  (Rm) 18 652  16 133  13 491  12 521  14 281 
Statements of cash flows 
Cash inflow from operations  (Rm) 4 604  3 522  3 548  3 849  4 517 
Capital expenditure  (Rm) 770  717  340  320  435 

Notes:

@ The ‘2024 Pro forma’ has been calculated by excluding the impact of the Office UK trademark impairment reversal of R1 019 million, Office UK insurance recoveries received of R20 million, consolidation of the Group’s charitable trusts resulting in a reduction in other operating costs to the value of R123 million and net foreign exchange losses of R73 million.
^ The ‘2023 Pro forma’ has been calculated by deducting the settlement of a long-standing indirect tax matter with the South African Revenue Service (SARS), resulting in previous adverse assessments that had been issued in the 2022 financial period being reduced by R109 million (including the reversal of interest charged of R37 million), the release of accruals that had been accumulated since the 2008 financial period in respect of this matter amounting to R145 million, and the recognition of interest of R6 million on the overpayment of tax, insurance recoveries received of R85 million as a result of losses and damages arising from the civil unrest in South Africa during July 2021, net foreign exchange gains of R19 million, and its impact on trading profit, profit before finance costs and tax, profit before tax, the resultant tax impact and profit for the period.
* The ‘2022 Pro forma’ has been calculated by deducting first week adjustments which relate to sale of merchandise, the related cost of sales (calculated with reference to the gross profit margin for the 53-week period ended 3 July 2022), weekly payroll expense, concession rent, and tax expense (calculated with reference to the actual tax rate for the 53-week period ended 3 July 2022) for the one-week period from 28 June 2021 to 4 July 2021, together with the resultant gross profit, trading profit, profit before finance costs and tax, profit before tax and profit for the said one-week period.
~ Excluding the impact of goodwill and intangible asset impairments.
# Pursuant to the general buy-back programme as well as for share scheme purposes, and includes shares previously repurchased and cancelled: R1 million (cost of R28 million) in 2023, R29 million (cost of R1.6 billion) in 2022, R5 million (cost of R222 million) in 2021, R44 million (cost of R1.9 billion) in 2014, R36 million (cost of R275 million) in 2007 and R7 million (cost of R200 million) in 2006.

2024

INTEGRATED REPORT