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 

               
Number of outlets – Corporate (owned)
   

503 

 

500 

466 

498 

527 

  – Franchise
   

388 

 

379 

328 

284 

230 

Total selling area – Corporate 

000 m2 

 

744 

 

834 

867 

880 

893 

  – Franchise

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.