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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 | 7 | 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) | 9 | 1 | ||||
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. |
The full 10-year review and definitions are available on the website at www.truworths.co.za/reports.
Refer to Summarised Group Annual Financial Statements for more detail.