| |
| |
| for the year ended 30 June 2004 |
| |
| (All amounts in R000’s)
|
Seven-year
compound
growth
% p.a. |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
| Operations |
|
|
|
|
|
|
|
|
|
| Turnover |
18% |
799 892
|
749 150 |
619 812 |
455 329 |
422 534 |
342 910 |
298 494 |
256 244 |
| Trading profit |
37% |
213 657
|
165 575 |
129 255 |
82 355 |
64 746 |
43 216 |
29 946 |
24 098 |
| Profit before taxation |
34% |
221 802
|
173 881 |
132 956 |
84 906 |
70 240 |
48 252 |
36 043 |
28 165 |
| Net profit for the year |
34% |
150 795
|
117 610 |
94 915 |
58 610 |
49 345 |
33 034 |
24 494 |
19 030 |
| Headline earnings |
35% |
151 100
|
121 711 |
94 915 |
58 042 |
46 665 |
33 034 |
22 985 |
18 098 |
| Dividends declared |
34% |
26 414
|
20 506 |
18 311 |
11 111 |
10 007 |
6 409 |
4 578 |
3 662 |
| Financial position |
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
329 686
|
265 324 |
256 959 |
209 089 |
170 423 |
118 430 |
71 717 |
63 277 |
| Current assets |
|
425 413
|
327 343 |
300 853 |
177 131 |
115 910 |
92 581 |
112 588 |
85 930 |
| Capital and reserves |
|
499 673
|
389 459 |
325 953 |
233 515 |
178 826 |
139 370 |
112 815 |
97 647 |
| Non-current liabilities |
|
8 674
|
10 004 |
11 543 |
6 692 |
5 140 |
4 202 |
4 375 |
3 761 |
| Current liabilities |
|
232 089
|
182 430 |
211 787 |
138 960 |
100 168 |
66 936 |
66 782 |
47 799 |
| Cash flow |
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
154
812 |
126
367 |
97
925 |
49
499 |
66
114 |
21
437 |
36
324 |
31
224 |
| Cash flows utilised in investing activities
|
|
(88
047) |
(67
985) |
(59
456) |
(44
603) |
(54
708) |
(50
916) |
(16
092) |
(7
618) |
| Cash flows from financing activities |
|
(1
468) |
7
395 |
6
649 |
10
008 |
848 |
734 |
|
|
| Cash and cash equivalents at end of year
|
|
222
852 |
157
555 |
91
778 |
46
660 |
31
756 |
19
502 |
48
247 |
28
015 |
| |
|
|
|
|
|
|
|
|
|
| Financial ratios |
|
|
|
|
|
|
|
|
|
| Returns |
|
|
|
|
|
|
|
|
|
| Trading profit to turnover (%) |
16% |
26,7
|
22,1 |
20,9 |
18,1 |
15,3 |
12,6 |
10,0 |
9,4 |
| Return on shareholders’ interest (%)(1)
|
|
34,8
|
31,1 |
33,5 |
27,7 |
31,3 |
25,8 |
21,7 |
21,3 |
| Average consumer price index (%) |
|
4,8
|
9,6 |
10,6 |
6,9 |
7,0 |
7,1 |
6,9 |
8,6 |
| Earnings per share (cents) |
35% |
854,6
|
668,1 |
518,3 |
320,1 |
269,5 |
180,4 |
126,2 |
103,9 |
| Headline earnings per share (cents) |
36% |
856,3
|
691,4 |
518,3 |
317,0 |
254,8 |
180,4 |
125,5 |
98,8 |
| Dividends per share (cents) |
35% |
160 |
130 |
100 |
60 |
54 |
35 |
25 |
20 |
| Special dividend per share |
|
140 |
|
|
|
|
|
|
|
| Productivity |
|
|
|
|
|
|
|
|
|
| Turnover per employee (R000’s) |
13% |
2
122 |
2 171 |
1 797 |
1 441 |
1 346 |
1 039 |
1 029 |
860 |
| Total assets per employee (R000’s) |
18% |
2
003 |
1 718 |
1 617 |
1 222 |
912 |
639 |
646 |
501 |
| Trading profit per employee (R000’s) |
32% |
566 |
479 |
375 |
261 |
206 |
131 |
103 |
81 |
| Turnover growth (%) |
6,8 |
20,9
|
36,1 |
7,8 |
23,2 |
14,9 |
16,5 |
13,2 |
|
| Number of employees |
377 |
345 |
345 |
316 |
314 |
330 |
290 |
298 |
|
| Number of stores |
97 |
94 |
91 |
78 |
67 |
61 |
53 |
44 |
|
| – Owned and joint ventures |
36 |
33 |
35 |
34 |
34 |
33 |
28 |
26 |
|
| – Franchised |
61 |
61 |
56 |
44 |
33 |
28 |
25 |
18 |
|
| Solvency and liquidity |
|
|
|
|
|
|
|
|
|
| Interest cover (times)(2) |
|
144,2
|
96,1 |
71,8 |
1 176,5
|
— |
— |
— |
— |
| Dividend cover (times)(3) |
|
5,7
|
5,9 |
5,1 |
5,3 |
4,9 |
5,2 |
5,0 |
4,9 |
| Gearing ratio (%)(4) |
|
1,6
|
2,4 |
3,2 |
1,8 |
— |
— |
— |
— |
| Current ratio (times)(5) |
|
1,8
|
1,8 |
1,4 |
1,2 |
1,2 |
1,4 |
1,7 |
1,8 |
| Acid test ratio (times)(6) |
|
1,3
|
1,3 |
0,8 |
0,6 |
0,5 |
0,5 |
0,9 |
0,8 |
| Stock exchange performance
|
|
|
|
|
|
|
|
|
|
| Market capitalisation (rand millions)
|
26% |
1
368 |
1 179 |
842,3 |
677,5 |
659,2 |
402,8 |
393,7 |
267,3 |
| Closing share price at year end (cents)
|
27% |
7
750 |
6 700 |
4 600 |
3 700 |
3 600 |
2 200 |
2 150 |
1 460 |
| Market value per share |
|
|
|
|
|
|
|
|
|
| – High (cents) |
|
7
870 |
6 700 |
4 700 |
4 000 |
3 700 |
2 350 |
2 405 |
1 550 |
| – Low (cents) |
|
5
120 |
4 600 |
3 500 |
3 300 |
2 150 |
1 590 |
1 450 |
750 |
| Closing share price to net asset value
per share |
|
2,66
|
2,86 |
2,51 |
2,81 |
3,64 |
2,81 |
3,38 |
2,79 |
| Price earnings ratio (times) |
|
9,07
|
10,0 |
8,9 |
11,6 |
13,6 |
12,2 |
17,1 |
15,1 |
| Dividend yield (%) |
|
2,1
|
1,9 |
2,2 |
1,6 |
1,5 |
1,5 |
1,2 |
1,3 |
| Earnings yield (%) |
|
11,0
|
10,0 |
11,3 |
8,7 |
7,5 |
8,0 |
5,8 |
6,6 |
| Number of shares in issue (000) |
|
17
646 |
17 604 |
18 311 |
18 311 |
18 311 |
18 311 |
18 311 |
18 311 |
| Volume of shares traded (000) |
|
398 |
242 |
590 |
464 |
501 |
574 |
1 781 |
1 327 |
| Value of shares traded (R000’s) |
|
27
570 |
13 671 |
23 462 |
16 772 |
13 262 |
11 374 |
38 118 |
15 186 |
| Volume of shares traded as a % of total
issued shares |
|
2,3
|
1,3 |
3,2 |
2,5 |
2,7 |
3,1 |
9,7 |
7,2 |
| |
|
|
|
|
|
|
|
|
|
|
| |
| Definitions |
(1)Return
on shareholders’ interest: Profit after taxation
as a percentage of average shareholders’ interest.
(2)Interest
cover: Trading profit divided by interest.
(3)Dividend
cover: Headline earnings divided by dividends paid.
(4)Gearing ratio:
Interest bearing debt as a percentage of shareholders’ interest.
(5)Current ratio:
Current assets divided by current liabilities.
(6)Acid
test ratio: Current assets, less inventory, dividend
by current liabilities. |
| *Historical ratios relating to 1997 to 2002
were not restated to reflect the current year’s changes in
accounting policies. |
| |
 |
| |
|
| |
|
