Five-year financial review
R million unless otherwise stated |
 |
2012 |
 |
2011 |
2010 |
2009 |
2008 |
|||
Statement of comprehensive income |
||||||||||
Continuing operations |
||||||||||
Turnover (refer note 3) |
55 330.5 |
51 185.0 |
48 703.2 |
43 754.1 |
37 326.7 |
|||||
Trading profit |
1 267.5 |
1 417.7 |
1 638.7 |
1 673.9 |
1 511.7 |
|||||
Earnings before interest, tax, depreciation and amortisation (EBITDA) |
2 073.7 |
2 160.9 |
2 271.3 |
2 192.3 |
1 916.5 |
|||||
Headline earnings |
767.8 |
900.8 |
1 096.4 |
1 081.5 |
939.0 |
|||||
Total Group operations |
||||||||||
Headline earnings |
681.4 |
784.4 |
1 012.1 |
988.6 |
867.2 |
|||||
Statement of financial position |
||||||||||
Total Group operations |
||||||||||
ASSETS |
||||||||||
Non-current assets |
||||||||||
Intangible assets |
799.6 |
404.5 |
1 126.7 |
1 093.6 |
1 155.9 |
|||||
Property |
1 560.3 |
1 149.0 |
977.8 |
863.9 |
848.6 |
|||||
Equipment and vehicles |
2 303.6 |
2 252.8 |
2 437.7 |
2 073.1 |
1 953.9 |
|||||
Operating lease asset |
84.8 |
37.7 |
33.5 |
19.3 |
10.9 |
|||||
Participation in export partnerships |
41.5 |
48.2 |
50.6 |
57.9 |
61.5 |
|||||
Deferred tax asset |
116.5 |
85.8 |
98.1 |
99.8 |
105.8 |
|||||
Investment in associate |
110.5 |
9.9 |
— |
— |
— |
|||||
Loans |
80.8 |
90.2 |
124.7 |
128.6 |
120.7 |
|||||
Investment |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|||||
5 097.8 |
4 078.3 |
4 849.3 |
4 336.4 |
4 257.5 |
||||||
Current assets |
||||||||||
Assets held for sale – discontinued operations |
— |
2 120.1 |
— |
62.6 |
— |
|||||
Inventory |
3 334.9 |
3 162.7 |
3 326.2 |
3 334.5 |
3 028.5 |
|||||
Trade and other receivables |
2 113.9 |
1 739.2 |
1 968.0 |
1 769.5 |
1 243.9 |
|||||
Cash and cash equivalents |
1 271.7 |
— |
1 055.3 |
1 072.8 |
663.2 |
|||||
6 720.5 |
7 022.0 |
6 349.5 |
6 239.4 |
4 935.6 |
||||||
Total assets |
11 818.3 |
11 100.3 |
11 198.8 |
10 575.8 |
9 193.1 |
|||||
EQUITY AND LIABILITIES |
||||||||||
Ordinary shareholders’ equity |
2 404.1 |
2 158.8 |
2 144.6 |
1 695.5 |
1 340.9 |
|||||
Non-current liabilities |
||||||||||
Long-term debt |
771.2 |
626.9 |
670.8 |
678.1 |
681.3 |
|||||
Retirement scheme obligations |
9.0 |
27.1 |
24.7 |
8.2 |
49.0 |
|||||
Operating lease liability |
829.1 |
729.3 |
695.9 |
658.5 |
626.9 |
|||||
1 609.3 |
1 383.3 |
1 391.4 |
1 344.8 |
1 357.2 |
||||||
Current liabilities |
||||||||||
Liabilities held for sale – discontinued operations |
— |
826.6 |
— |
— |
— |
|||||
Short-term debt |
693.3 |
50.2 |
38.7 |
38.3 |
36.4 |
|||||
Cash and cash equivalents |
— |
547.4 |
— |
— |
— |
|||||
Tax |
99.6 |
96.2 |
230.5 |
181.4 |
249.4 |
|||||
Trade and other payables |
7 012.0 |
6 037.8 |
7 393.6 |
7 315.8 |
6 209.2 |
|||||
7 804.9 |
7 558.2 |
7 662.8 |
7 535.5 |
6 495.0 |
||||||
Total equity and liabilities |
11 818.3 |
11 100.3 |
11 198.8 |
10 575.8 |
9 193.1 |
|||||
Directors’ valuation – Property |
1 807.6 |
1 525.6 |
1 303.5 |
1 318.1 |
1 230.6 |
|||||
cash flow Statement |
||||||||||
Total Group operations |
||||||||||
Total net cash from operating activities |
1 228.4 |
17.4 |
962.3 |
1 252.4 |
445.8 |
|||||
Total net cash from investing activities |
(306.4) |
(1 340.7) |
(923.3) |
(841.7) |
(822.5) |
|||||
Total net cash from financing activities |
775.9 |
(87.6) |
(52.6) |
8.4 |
310.3 |
|||||
Performance measures |
||||||||||
Continuing operations |
||||||||||
Turnover – annual growth |
% |
8.1 |
5.1 |
11.3 |
17.2 |
15.4 |
||||
Gross profit on turnover |
% |
18.0 |
17.8 |
18.1 |
18.5 |
19.9 |
||||
Trading profit – annual growth |
% |
(10.6) |
(13.5) |
(2.1) |
10.7 |
18.1 |
||||
Trading profit on turnover |
% |
2.3 |
2.8 |
3.4 |
3.8 |
4.0 |
||||
EBITDA – annual growth |
% |
(4.0) |
(4.9) |
3.6 |
14.4 |
13.0 |
||||
Headline earnings – annual growth |
% |
(14.8) |
(17.8) |
1.4 |
15.2 |
7.5 |
||||
Headline earnings on turnover |
% |
1.4 |
1.8 |
2.3 |
2.5 |
2.5 |
||||
Headline earnings per share |
cents |
160.8 |
189.3 |
231.7 |
229.3 |
206.7 |
||||
Headline earnings per share – annual growth |
% |
(15.1) |
(18.3) |
1.1 |
10.9 |
(2.0) |
||||
Dividend cover |
times |
1.2 |
1.3 |
1.3 |
1.3 |
1.4 |
||||
Total Group operations |
||||||||||
Headline earnings per share |
cents |
142.7 |
164.9 |
213.9 |
209.6 |
190.9 |
||||
Headline earnings per share – annual growth |
% |
(13.5) |
(22.9) |
2.1 |
9.8 |
12.6 |
||||
Return on shareholders’ equity |
% |
29.9 |
36.5 |
52.7 |
65.1 |
73.9 |
||||
Return on total assets |
% |
5.9 |
7.0 |
9.3 |
10.0 |
10.2 |
||||
Net asset value per share |
cents |
548.0 |
503.0 |
512.5 |
441.7 |
355.1 |
||||
Stock exchange (JSE Limited) performance |
||||||||||
Pick n Pay Stores Limited (PIK) |
||||||||||
Number of shares in issue |
millions |
480.4 |
480.4 |
480.4 |
506.1 |
506.1 |
||||
Weighted average number of shares in issue |
millions |
477.4 |
475.7 |
473.2 |
471.7 |
454.4 |
||||
Total market capitalisation |
Rm |
20 690.7 |
22 309.7 |
19 408.1 |
15 690.2 |
15 690.2 |
||||
Market capitalisation net of treasury shares |
Rm |
20 583.8 |
22 151.2 |
19 134.1 |
14 656.3 |
14 590.9 |
||||
Price:earnings ratio |
times |
30.2 |
28.2 |
18.9 |
14.8 |
16.2 |
||||
Dividend per share |
cents |
130.9 |
142.5 |
174.5 |
170.0 |
149.1 |
||||
Dividend cover |
times |
1.1 |
1.2 |
1.2 |
1.2 |
1.3 |
||||
Volume of shares traded |
millions |
216.8 |
275.7 |
209.5 |
238.8 |
239.7 |
||||
Percentage of shares traded |
% |
45.1 |
57.4 |
43.6 |
47.2 |
47.4 |
||||
Market price per share |
cents |
|||||||||
– close at year-end |
cents |
4 307 |
4 644 |
4 040 |
3 100 |
3 100 |
||||
– high for the year |
cents |
4 850 |
4 999 |
4 160 |
3 749 |
3 880 |
||||
– low for the year |
cents |
3 504 |
3 944 |
2 812 |
2 540 |
2 826 |
||||
Pick n Pay Holdings Limited (PWK) |
||||||||||
Number of shares in issue |
millions |
527.2 |
527.2 |
527.2 |
527.2 |
527.2 |
||||
Weighted average number of share in issue |
millions |
516.4 |
515.9 |
515.3 |
514.7 |
512.6 |
||||
Headline earnings per share |
cents |
70.8 |
82.1 |
106.8 |
104.8 |
94.0 |
||||
Price:earnings ratio |
times |
25.9 |
24.4 |
15.7 |
12.5 |
13.7 |
||||
Dividend per share |
cents |
63.5 |
69.3 |
84.9 |
83.0 |
72.8 |
||||
Dividend cover |
times |
1.1 |
1.2 |
1.3 |
1.3 |
1.3 |
||||
Volume of shares traded |
millions |
122.8 |
165.7 |
60.4 |
85.7 |
86.2 |
||||
Percentage of shares traded |
% |
23.3 |
31.4 |
11.5 |
16.3 |
16.4 |
||||
Market price per share |
||||||||||
– close at year-end |
cents |
1 833 |
2 007 |
1 680 |
1 310 |
1 290 |
||||
– high for the year |
cents |
2 030 |
2 115 |
1 783 |
1 560 |
1 603 |
||||
– low for the year |
cents |
1 459 |
1 655 |
1 207 |
1 090 |
1 205 |
||||
Operational statistics |
||||||||||
|
503 |
500 |
466 |
498 |
527 |
|||||
|
388 |
379 |
328 |
284 |
230 |
|||||
|
000 m2 |
744 |
834 |
867 |
880 |
893 |
||||
|
000 m2 |
357 |
363 |
345 |
320 |
254 |
||||
Total number of employees |
000 |
42.4 |
49.2 |
49.0 |
53.1 |
54.7 |
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 |
|
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 and investments, 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 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. |
