Pick n Pay at a glance/Ten-year financial review

Ten-year financial review

R million unless otherwise stated		2011	2010	2009	2008	2007	2006	2005	2004	2003*	2002*
Operating results – continuing operations	Annual growth
Turnover	5.9%	51 945.8	49 068.6	43 991.1	37 506.9	32 339.4
Trading profit	(13.5%)	1 417.7	1 638.7	1 673.9	1 511.7	1 279.6
Headline earnings	(17.8%)	900.8	1 096.4	1 081.5	939.0	873.7
EBITDA	(4.9%)	2 160.9	2 271.3	2 192.3	1 916.5	1 696.0
Operating results – Group	10-year compound annual growth
Turnover	14.3%	57 558.8	55 314.4	51 932.9	45 380.7	39 337.1	35 078.4	31 885.0	29 276.1	26 194.2	18 817.5
Trading profit	14.9%	1 294.5	1 546.0	1 572.6	1 436.0	1 200.2	1 051.4	947.8	736.5	636.0	434.0
Headline earnings***	7.4%	784.4	1 012.1	988.6	867.2	772.9	713.3	633.9	522.5	455.1	348.6
EBITDA	14.0%	2 056.4	2 285.6	2 188.4	1 917.9	1 626.6	1 376.8	1 287.8	1 056.4	952.7	686.7
Consolidated statements of financial position
Assets
Non-current assets
Intangible assets		404.5	1 126.7	1 093.6	1 155.9	904.6	745.8	659.5	687.6	742.1	704.1
Property		1 149.0	977.8	863.9	848.6	752.2	499.0	251.6	182.3	110.9	95.4
Equipment and vehicles		2 252.8	2 437.7	2 073.1	1 953.9	1 773.0	1 374.7	1 159.3	1 045.4	877.2	855.1
Investments		0.2	0.2	0.2	0.2	0.2	9.3	3.6	2.7	176.4	195.5
Investment in associate		9.9	—	—	—	9.1	47.0	23.6	15.0	12.6	11.0
Loans		90.2	124.7	128.6	120.7	108.8	96.7	95.8	89.6	97.5	89.2
Operating lease asset		37.7	33.5	19.3	10.9	5.9	4.8	3.7	2.5	2.1	2.0
Participation in export partnerships		48.2	50.6	57.9	61.5	67.8	71.8	102.7	127.6	143.3	149.3
Deferred tax		85.8	98.1	99.8	105.8	151.2	238.3	209.7	94.1	32.7	(18.1)
		4 078.3	4 849.3	4 336.4	4 257.5	3 772.8	3 087.4	2 509.5	2 246.8	2 194.8	2 083.5
Current assets
Assets held for sale – discontinued operations		2 120.1	—	62.6	—	—	—	—	—	—	—
Inventory		3 162.7	3 326.2	3 334.5	3 028.5	2 352.7	1 979.9	1 851.7	1 560.7	1 501.4	1 259.5
Trade and other receivables		1 739.2	1 968.0	1 769.5	1 243.9	943.7	750.7	634.5	628.1	495.7	357.5
Cash and cash equivalents		—	1 055.3	1 072.8	663.2	709.1	944.6	1 329.0	1 502.5	1 035.6	986.5
		7 022.0	6 349.5	6 239.4	4 935.6	4 005.5	3 675.2	3 815.2	3 691.3	3 032.7	2 603.5
Total assets		11 100.3	11 198.8	10 575.8	9 193.1	7 778.3	6 762.6	6 324.7	5 938.1	5 227.5	4 687.0
Equity and liabilities
Ordinary shareholders’ equity		2 158.8	2 144.6	1 695.5	1 340.9	1 004.9	851.9	699.5	772.3	640.1	782.6
Non-current liabilities
Long-term debt		626.9	670.8	678.1	681.3	181.8	192.9	199.2	188.2	243.3	241.3
Retirement scheme obligations		27.1	24.7	8.2	49.0	129.0	194.8	189.8	145.0	125.9	123.5
Operating lease liability		729.3	695.9	658.5	626.9	584.3	554.4	505.5	430.8	428.9	391.0
		1 383.3	1 391.4	1 344.8	1 357.2	895.1	942.1	894.5	764.0	798.1	755.8
Current liabilities
Liabilities held for sale – discontinued operations		826.6	—	—	—	—	—	—	—	—	—
Cash and cash equivalents		547.4	—	—	—	—	—	—	—	—	—
Short-term debt		50.2	38.7	38.3	36.4	51.6	79.5	61.7	159.9	186.7	17.2
Trade and other payables		6 037.8	7 393.6	7 315.8	6 209.2	5 605.4	4 654.1	4 282.3	3 972.0	3 394.9	2 897.1
Tax		96.2	230.5	181.4	249.4	221.3	235.0	386.7	269.9	207.7	234.3
		7 558.2	7 662.8	7 535.5	6 495.0	5 878.3	4 968.6	4 730.7	4 401.8	3 789.3	3 148.6
Total equity and liabilities		11 100.3	11 198.8	10 575.8	9 193.1	7 778.3	6 762.6	6 324.7	5 938.1	5 227.5	4 687.0
Directors’ valuation – Property		1 525.6	1 303.5	1 318.1	1 230.6	1 029.0	781.4	476.6	365.5	247.4	223.0
– Investments		2.5	2.5	2.5	2.2	0.2	9.3	3.6	2.7	176.4	195.5
Statistics
Number of outlets – Corporate		500	466	498	527	504	468	446	438	396	332
– Franchise		379	328	284	230	209	179	172	162	157	139
Total selling area – Corporate	000 m²	834	867	880	893	875	803	790	800	748	678
– Franchise	000 m²	363	345	320	254	224	215	205	198	187	173
Number of TM Supermarkets		51	53	56	56	56	54	54	53	53	53
Number of Auto Centres		5	5	5	5	5	5	5	5	5	10
Total number of employees**	000’s	49.2	49.0	53.1	54.7	49.2	47.0	47.7	44.7	31.0	27.3

*	The Group adopted International Financial Reporting Standards (IFRS) in the 2006 financial year. The results presented above for the years after February 2004 are fully IFRS compliant and have been audited. The impact of IFRS for all years preceding February 2004 has been accounted for based on estimates, has not been audited and has only been presented to assist users with further comparative information.
**	Prior to 2004 all casual employees were included as a one-third equivalent of full-time employees in this total. From 2004 these employees have been fully accounted for in the total number of employees, as they now receive full proportional Company benefits as variable-time employees.
***	2007 is presented before the deferred tax adjustment.

			2011	2010	2009	2008	2007	2006	2005	2004	2003	2002
Performance measures – continuing operations
Turnover growth	%		5.9	11.5	17.3	16.0
Trading profit growth	%		(13.5)	(2.1)	10.7	18.1
Headline earnings growth	%		(17.8)	1.4	15.2	7.5
Headline earnings per share growth	%		(18.3)	1.0	16.9	(2.0)
EBITDA growth	%		(4.9)	3.6	14.4	13.0
Dividend cover	times		1.3	1.3	1.3	1.2
Performance measures – Group		10-year compound annual growth
Turnover growth	%	14.3	4.1	6.5	14.4	15.4	12.1	10.0	8.9	11.8	39.2	24.4
Trading profit growth	%	14.9	(16.3)	(1.7)	9.5	19.6	14.2	10.9	28.7	15.8	46.5	34.4
Headline earnings growth	%	7.4	(22.5)	2.4	14.0	12.2	8.4	12.5	21.3	14.8	30.5	23.7
EBITDA growth	%	14.0	(10.0)	4.4	14.1	17.9	18.1	6.9	21.9	10.9	38.7	24.0
Trading profit on turnover	%		2.2	2.8	3.0	3.2	3.1	3.0	3.0	2.5	2.4	2.3
Headline earnings on turnover	%		1.4	1.8	1.9	1.9	2.0	2.0	2.0	1.8	1.7	1.9
Return on shareholders’ equity	%		36.5	52.7	65.1	73.9	83.3	92.0	86.1	74.0	64.0	54.7
Return on total assets	%		7.0	9.3	10.0	10.2	10.6	10.9	10.3	9.4	9.2	8.4
Headline earnings per share	cents	10.4%	164.9	213.9	209.6	190.9	169.5	154.7	135.2	111.0	94.1	69.8
Headline earnings per share growth	%		(22.9)	2.1	9.8	12.6	9.6	14.4	21.8	18.0	34.7	14.3
Net asset value per share	cents	14.5%	503.0	512.5	441.7	355.1	272.7	237.9	193.0	197.3	161.0	184.5
JSE Limited information
Pick n Pay Stores Limited (PICKNPAY)
Number of shares in issue	millions		480.4	480.4	506.1	506.1	486.1	486.1	486.1	483.4	483.4	497.1
Market capitalisation	Rm	14.0%	22 309.7	19 408.1	15 690.2	15 690.2	15 974.4	14 729.9	11 229.7	8 508.6	6 018.9	4 896.9
Price-earnings ratio	times		28.2	18.9	14.8	16.2	19.4	19.6	17.1	15.9	13.2	14.1
Dividend per share	cents	12.8%	142.5	174.5	170.0	149.1	134.3	113.8	96.5	80.0	69.0	51.8
Dividend cover	times		1.2	1.2	1.2	1.3	1.3	1.4	1.4	1.4	1.4	1.3
PICKNPAY ordinary shares
Volume of shares traded	millions		275.7	209.5	238.8	239.7	255.0	147.9	140.2	133.7	171.6	191.4
Percentage of shares traded	%		57.4	43.6	47.2	47.4	52.5	30.4	28.8	27.7	35.5	38.5
Share price – High	cents		4 999	4 160	3 749	3 880	3 631	3 200	2 494	1 850	1 500	1 350
Share price – Low	cents		3 944	2 812	2 540	2 826	2 580	2 150	1 630	1 160	900	900
Share price – Year-end	cents	14.4%	4 644	4 040	3 100	3 100	3 286	3 030	2 310	1 760	1 245	985
Pick n Pay Holdings Limited (PIKWIK)
Number of shares in issue	millions		527.2	527.2	527.2	527.2	527.2	527.2	527.2	527.2	527.2	527.2
Headline earnings per share	cents	9.9%	82.3	106.8	104.8	94.0	85.4	78.7	69.7	57.5	49.6	37.3
Dividend per share	cents	12.7%	69.3	84.9	83.0	72.8	65.5	55.0	47.1	39.1	33.7	25.3
PIKWIK ordinary shares
Volume of shares traded	millions		165.7	60.4	85.7	86.2	76.0	39.9	61.1	49.9	72.5	90.4
Percentage of shares traded	%		31.4	11.5	16.3	16.4	14.4	7.6	11.6	9.5	13.8	17.1
Share price – High	cents		2 115	1 783	1 560	1 603	1 570	1 420	1 135	814	610	540
Share price – Low	cents		1 655	1 207	1 090	1 205	1 170	1 040	760	490	385	381
Share price – Year-end	cents		2 007	1 680	1 310	1 290	1 484	1 355	1 125	800	520	420

Definitions
Headline earnings	Net profit for the year adjusted for the after-tax effect of certain capital items
EBITDA	Earnings before interest, tax, depreciation and amortisation and before capital items.
Return on shareholders’ equity	Headline earnings expressed as a percentage of the average ordinary shareholders’ equity for the year
Return on total assets	Headline earnings expressed as a percentage of the average total assets for the year
Headline earnings per share	Headline earnings divided by the weighted average number of shares in issue for the year
Dividend cover	Headline earnings per share divided by the dividends per share which relate to those earnings
Net asset value per share	Total value of net assets at year-end, adjusted for directors’ valuations of property divided by the number of shares in issue at year-end, held outside the Group
Market capitalisation	The price per share at year-end multiplied by the number of shares in issue at year-end
Price-earnings ratio	The price per share at year-end divided by Group headline earnings per share
Dividends per share	The interim dividend declared during the current financial year and the final dividend declared after year-end, in respect of the current financial year