OUR PERFORMANCE

Pick n Pay Women's Walk Chief Executive Officer's report Chief Finance Officer's report Five-year review Value added statement

Five-year review

R million unless otherwise stated     2014  
364 days  		 2013  
368 days  		 2012  
366 days  		 2011  
365 days  		 2010  
365 days  
Pick n Pay Stores Limited              
Performance measures              
Turnover growth   %   6.5   7.1   8.1   5.1   11.3  
Gross profit on turnover*   %   17.5   17.4   17.8   17.6   18.0  
Trading profit growth   %   18.5   (33.2)  (10.1)  (13.5)  (2.1) 
Trading profit on turnover   %   1.6   1.4   2.3   2.8   3.4  
Profit on turnover   %   0.9   0.9   1.4   1.8   2.4  
Headline earnings growth   %   24.5   (30.7)  (14.8)  (17.8)  1.4  
Headline earnings on turnover   %   1.0   0.9   1.4   1.8   2.3  
Headline earnings per share   cents   138.5   111.5   160.8   189.3   231.7  
Headline earnings per share growth   %   24.2   (30.7)  (15.1)  (18.3)  1.1  
Return on shareholders’ equity   %   25.9   22.1   29.9   36.5   52.7  
Return on total assets   %   4.9   4.3   5.9   7.0   9.3  
Net asset value per share   cents   645.6   586.0   548.0   503.0   512.5  
Consolidated statements of comprehensive income              
Turnover     63 117.0   59 271.3   55 330.5   51 185.0   48 703.2  
Trading profit     1 010.3   852.4   1 275.1   1 417.7   1 638.7  
Headline earnings     662.6   532.2   767.8   900.8   1 096.4  
Consolidated statements of financial position              
Assets              
Non-current assets     5 739.9   5 407.8   5 091.1   4 078.3   4 849.3  
Current assets     8 364.7   7 613.3   6 727.2   7 022.0   6 349.5  
Total assets     14 104.6   13 021.1   11 818.3   11 100.3   11 198.8  
Equity and liabilities              
Ordinary shareholders’ equity     2 702.6   2 416.0   2 404.1   2 158.8   2 144.6  
Non-current liabilities     1 789.8   1 697.1   1 609.3   1 383.3   1 391.4  
Current liabilities     9 612.2   8 908.0   7 804.9   7 558.2   7 662.8  
Total equity and liabilities     14 104.6   13 021.1   11 818.3   11 100.3   11 198.8  
* In order to improve disclosure, components of gross profit has been reclassified to other income. Refer to notes 2 and 31 of the Group financial statements. Comparative numbers presented have been restated accordingly.

 

  Turnover (Rm)   Net asset value (cents)
 

 

    2014  
364 days  		 2013  
368 days  		 2012  
366 days  		 2011  
365 days  		 2010  
365 days  
Stock exchange (JSE Limited) performance              
Pick n Pay Stores Limited (PIK)            
Number of shares in issue   millions   480.4   480.4   480.4   480.4   480.4  
Weighted average number of shares in issue   millions   478.4   478.1   477.4   475.7   473.2  
Total market capitalisation   Rm   21 685.1   21 829.3   20 690.7   22 309.7   19 408.1  
Market capitalisation net of treasury shares   Rm   21 596.0   21 736.3   20 583.8   22 151.2   19 134.1  
Price:earnings ratio   times   32.6   40.8   30.2   28.2   18.9  
Dividend per share   cents   92.3   84.0   130.9   142.5   174.5  
Dividend cover   times   1.5   1.3   1.1*   1.2   1.2  
Volume of shares traded   millions   165.2   274.5   216.8   275.7   209.5  
Percentage of shares traded   %   34.4   57.1   45.1   57.4   43.6  
Market price per share                
– close at year-end   cents   4 514   4 544   4 307   4 644   4 040  
– high for the year   cents   5 440   4 900   4 850   4 999   4 160  
– low for the year   cents   3 519   4 022   3 504   3 944   2 812  
Pick n Pay Holdings Limited RF (PWK)            
Number of shares in issue   millions   527.2   527.2   527.2   527.2   527.2  
Weighted average number of shares in issue   millions   516.2   516.4   516.4   515.9   515.3  
Total market capitalisation   Rm   10 835   9 986.1   9 664.5   19 581.9   8 857.8  
Headline earnings per share   cents   68.8   55.1   70.8   82.1   106.8  
Price:earnings ratio   times   29.9   34.4   25.9   24.4   15.7  
Dividend per share   cents   44.3   40.8   63.5   69.3   84.9  
Dividend cover   times   1.6   1.4   1.1*   1.2   1.3  
Volume of shares traded   millions   70.5   139.6   122.8   165.7   60.4  
Percentage of shares traded   %   13.4   26.5   23.3   31.4   11.5  
Market price per share               
– close at year-end   cents   2 055   1 894   1 833   2 007   1 680  
– high for the year   cents   2 300   2 118   2 030   2 115   1 783  
– low for the year   cents   1 619   1 770   1 459   1 655   1 207  

* Due to an additional dividend paid to shareholders in respect of secondary tax on companies no longer payable, the dividend cover for the period decreased.

  Definitions      
  Headline earnings     Profit for the period adjusted for the after tax effect of certain capital items  
  Return on shareholders’ equity     Headline earnings expressed as a percentage of the average ordinary shareholders’ equity for the period  
  Return on total assets     Headline earnings expressed as a percentage of the average total assets for the period  
  Headline earnings per share     Headline earnings divided by the weighted average number of shares in issue for the period  
  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 period end, adjusted for directors’ valuations of property and investments, divided by the number of shares in issue at period end, held outside the Group  
  Market capitalisation     The price per share at period end multiplied by the number of shares in issue at period end  
  Price:earnings ratio     The price per share at period end divided by headline earnings per share  
  Dividends per share     The interim dividend declared during the current financial period and the final dividend declared after period end, in respect of the current financial period  

 



    2014  
364 days  		 2013  
368 days  		 2012  
366 days  		 2011  
365 days  		 2010  
365 days  
Pick n Pay Stores Limited                
EMPLOYEE measures                
Employee statistics                
Number of employees   000     49.3   47.9   42.4   49.0   53.1  
Permanent employee turnover   %     15.0   16.0   15.0   15.0   —*  
Investment in training, including bursaries   millions     91.7   89.9   80.2   71.8   55.2  
Employment equity**   %              
Top management   %     39.0   40.0   39.0   39.0   39.0  
Senior management   %     61.0   60.0   60.0   58.0   59.0  
Professionally qualified middle management   %     85.0   84.0   84.0   84.0   84.0  
Skilled technical and junior management   %     95.0   95.0   95.0   94.0   —*  
Semi-skilled and discretionary decision making   %     99.8   99.7   99.8   100.0   93.0  
Unskilled and defined decision-making   %     99.6   99.6   99.6   99.6   100.0  
OPERATIONAL STATISTICS                
Number of stores                
Group       1 076   991   891   789   710  
Pick n Pay – Owned       464   420   374   311   286  
Pick n Pay – Franchise       433   421   388   369   321  
Boxer stores       179   150   129   109   103  
Associate                
TM Supermarkets       52   49   50   51   53  
Total square metres   000 m2     2 069.4   2 002.2   1 895.2   1 818.3   1 873.7  
Owned   000 m2     1 466.6   1 386.4   1 269.9   1 223.1   1 293.5  
Franchise   000 m2     602.8   615.8   598.3   595.2   580.2  
* Information for 2010 was not measured.
** These measures represent the participation of employment equity candidates, as governed by the Employment Equity Act, No 55 of 1998, in the presented categories.