Investor Information: Seven Year Review
| (All amounts in Rm’s) |
Seven year
compound
growth %
p.a. |
2008* |
2007* |
2006 |
2005 |
2004 |
2003* |
2002* |
2001* |
|
OPERATIONS |
|
|
|
|
|
|
|
|
| Turnover |
20 |
1 635 |
1 477 |
1 285 |
1 032 |
800 |
749 |
620 |
455 |
| Normalised trading profit# |
26 |
424 |
393 |
338 |
274 |
214 |
166 |
129 |
82 |
| Profit before taxation |
25 |
405 |
408 |
352 |
285 |
222 |
174 |
133 |
85 |
Profit attributable to equity
holders of the parent |
25 |
275 |
270 |
233 |
191 |
151 |
118 |
95 |
59 |
| Headline earnings |
25 |
275 |
270 |
237 |
190 |
151 |
122 |
95 |
58 |
| Dividends paid |
34 |
54 |
95 |
114 |
60 |
26 |
21 |
18 |
11 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL POSITION |
|
|
|
|
|
|
|
|
| Non-current assets |
|
890 |
772 |
550 |
446 |
330 |
265 |
257 |
209 |
| Current assets |
|
680 |
573 |
567 |
520 |
425 |
327 |
301 |
177 |
Equity attributable to equity
holders of the parent |
|
1 158 |
944 |
764 |
634 |
500 |
389 |
326 |
234 |
| Non-current liabilities |
|
101 |
12 |
11 |
12 |
9 |
10 |
12 |
7 |
| Current liabilities |
|
286 |
357 |
312 |
291 |
232 |
182 |
212 |
139 |
|
|
|
|
|
|
|
|
|
|
CASH FLOW |
|
|
|
|
|
|
|
|
| Cash flows from operating activities |
|
107 |
168 |
167 |
205 |
155 |
126 |
98 |
49 |
| Cash flows utilised in investing activities
|
|
(138) |
(249) |
(121) |
(137) |
(88) |
(67) |
(59) |
(45) |
| Cash flows from financing activities |
|
54 |
(4) |
(4) |
10 |
(2) |
7 |
7 |
10 |
| Cash and cash equivalents at end of year
|
|
281 |
258 |
343 |
301 |
223 |
158 |
92 |
46 |
Historical ratios relating to financial years prior to and including 2003 were not restated to reflect subsequent changes in accounting policies.
Trading profit excluding BEE share option expense of R25 million in 2008.
|
|
|
|
|
|
|
|
|
|
|
FINANACIAL RATIOS |
|
|
|
|
|
|
|
|
| Returns |
|
|
|
|
|
|
|
|
|
| Normalised trading profit to turnover (%) |
5% |
25,9 |
26,6 |
26,3 |
26,5 |
26,7 |
22,1 |
20,9 |
18,1 |
| Return on shareholders’ interest (%)(1) |
|
26,2 |
31,6 |
33,3 |
33,7 |
34,0 |
33,0 |
33,9 |
28,6 |
| Average consumer price index (%) |
|
12,2 |
7,0 |
4,9 |
2,6 |
4,8 |
9,6 |
10,6 |
6,9 |
| Earnings per share (cents) |
25 |
34,6 |
33,9 |
29,3 |
24,4 |
19,4 |
15,2 |
11,8 |
7,3 |
| Headline earnings per share (cents) |
25 |
34,4 |
33,9 |
29,8 |
24,3 |
19,5 |
15,7 |
11,8 |
7,2 |
| Dividends declared per share (cents) |
36 |
12,0 |
11,4 |
9,8 |
6,1 |
3,6 |
3,0 |
2,3 |
1,4 |
| Special dividend per share |
|
|
|
|
7,5 |
3,2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Productivity |
|
|
|
|
|
|
|
|
|
| Turnover per employee (R000’s) |
10 |
2 809 |
2 499 |
2 596 |
2 572 |
2 122 |
2 171 |
1 797 |
1 441 |
| Total assets per employee (R000’s) |
12 |
2 698 |
2 276 |
2 257 |
2 394 |
2 003 |
1 718 |
1 617 |
1 222 |
| Normalised trading profit per employee (R000’s) |
16 |
729 |
665 |
683 |
681 |
566 |
479 |
375 |
261 |
| Turnover growth (%) |
|
10,7 |
14,9 |
24,5 |
29,6 |
6,8 |
20,9 |
36,1 |
7,8 |
| Number of employees |
|
582 |
591 |
495 |
403 |
377 |
345 |
345 |
316 |
| Number of stores |
|
98 |
93 |
98 |
101 |
97 |
94 |
91 |
78 |
| – Owned and joint ventures |
|
44 |
44 |
42 |
42 |
36 |
33 |
35 |
34 |
| – Franchised |
|
54 |
49 |
56 |
59 |
61 |
61 |
56 |
44 |
| |
|
|
|
|
|
|
|
|
|
| Solvency and liquidity |
|
|
|
|
|
|
|
|
|
| Interest cover (times)(2) |
|
28,5 |
196,5 |
112,7 |
219,8 |
144,2 |
96,1 |
71,8 |
1 176,5 |
| Dividend cover (times)(3) |
|
2,9 |
3,0 |
3,1 |
4,0 |
5,4 |
5,3 |
5,1 |
5,3 |
| Gearing ratio (%)(4) |
|
8,5 |
1,2 |
1,3 |
1,5 |
1,6 |
2,4 |
3,2 |
1,8 |
| Current ratio (times)(5) |
|
2,4 |
1,6 |
1,8 |
1,8 |
1,8 |
1,8 |
1,4 |
1,2 |
| Acid test ratio (times)(6) |
|
1,5 |
1,0 |
1,3 |
1,3 |
1,3 |
1,3 |
0,8 |
0,6 |
| |
|
|
|
|
|
|
|
|
|
| Stock exchange performance |
|
|
|
|
|
|
|
|
|
| Market capitalisation* (Rm's)
|
21 |
2 516 |
5 147 |
3 391 |
2 364 |
1 368 |
1 179 |
842 |
678 |
| Closing share price at year end (cents)
|
21 |
317 |
645 |
427 |
302 |
176 |
152 |
105 |
84 |
| Market value per share |
|
|
|
|
|
|
|
|
|
| – High (cents) |
|
727 |
727 |
475 |
318 |
179 |
152 |
107 |
91 |
| – Low (cents) |
|
250 |
414 |
302 |
173 |
116 |
105 |
80 |
75 |
| Closing share price to net asset value
per share |
|
2,13 |
5,27 |
4,28 |
3,57 |
2,66 |
2,86 |
2,51 |
2,81 |
| Price earnings ratio (times) |
|
9,16 |
19,06 |
14,57 |
12,40 |
9,07 |
10,0 |
8,9 |
11,6 |
| Dividend yield (%) |
|
3,8 |
1,8 |
2,3 |
2,6 |
2,1 |
1,9 |
2,2 |
1,6 |
| Earnings yield (%) |
|
10,9 |
5,2 |
6,9 |
8,1 |
11,0 |
10,0 |
11,3 |
8,7 |
| Number of shares in issue (000 000’s) (excluding treasury shares)# |
|
794 |
797 |
796 |
782 |
776 |
781 |
806 |
806 |
| Volume of shares traded (000) |
|
58 |
37 |
23 |
31 |
18 |
11 |
26 |
20 |
| Value of shares traded (R000’s) |
|
227 713 |
190 352 |
94 921 |
77 466 |
27 570 |
13 671 |
23 462 |
16 772 |
| Volume of shares traded as a % of total
issued shares |
|
7,3 |
4,6 |
2,9 |
3,9 |
2,3 |
1,3 |
3,2 |
2,5 |
*Excluding treasury shares
Definitions
(1) Return on shareholders’ interest: Profit for the year as a percentage of average equity attributable to equity holders of the
parent.
(2) Interest cover: Trading profit divided by interest paid.
(3) Dividend cover: Headline earnings divided by dividends declared (excluding special dividends).
(4) Gearing ratio: Interest bearing debt as a percentage of equity attributable to equity holders of the parent.
(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 1998 to 2003 were not restated to reflect subsequent changes in accounting policies.
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