Investors

Five Year Group Review


2015   2014 2013 2012 2011
Number of weeks 52 weeks Restated* 52 weeks Restated* 52 weeks Restated* 52 weeks
Consolidated statement of financial position (Rm)
Assets      
Non-current assets
19 923  20 834 19 800 21 641 21 193
Current assets excluding assets classified as held-for-sale
7 774  7 240 6 104 14 979 14 136
Assets classified as held-for-sale
393  651 1 160
Total assets
28 090  28 725 27 064 36 620 35 329
Equity and liabilities  
Equity and shareholder's loan
(4 913)  (2 862) (612) 3 592 4 760
Non-current liabilities - third parties
22 894  24 229 21 120 24 505 25 270
Current liabilities
10 109  7 358 6 556 8 523 5 299
Total equity and liabilities
28 090  28 725 27 064 36 620 35 329
Financial position data (Rm)  
Cash and cash equivalents
1 288  410 710 1 086 2 315
Working capital
202  540 944 9 535 7 712
Total debt at unhedged rates
25 890  25 018 21 393 22 591 24 440
Total net debt including cash and derivatives
23 962  22 678 19 655 22 711 23 349
Other financial data (Rm)  
EBITDA
2 720  420 294 2 945 1 509
Adjusted EBITDA
2 726  2 627 3 331 4 120 3 624
Pro forma adjusted EBITDA
2 725  2 687 2 760 3 150 2 949
Depreciation and amortisation
1 079  1 137 1 056 1 177 1 216
Cash value added statement (Rm)  
Cash value added
9 164  8 188 16 807 7 042 7 657
Productivity  
Net asset turn (times)
1.4  1.3 1.3 0.8 0.8
Gross profit to retail sales (%)
37.2  36.5 36.7 36.9 36.9
Cost of selling to retail sales (%)
22.8  21.1 19.8 18.8 19.1
Retail trading profit to retail sales (%)
3.3  3.9 5.2 6.4 5.7
Operating profit to retail sales (%)
5.9  (2.3) (4.3) 4.4 (1.1 )
Revenue - retail sales per sqm (Rand) (moving average)
17 578  18 075 18 095 18 368 17 192
Revenue - retail sales per retail employee (R000)
1 620  1 926 1 805 1 803 1 763
Revenue - retail sales growth (%)
2.0  5.1 1.9 10.9 3.8
Stockturn (times) (moving annual)
4.2  4.3 4.7 5.3 5.7
Effective tax rate (%)
14.0  (25.0) 27.0 0.0 (25.0)
Solvency and liquidity  
Financing cost cover (times)
0.5  (0.2) (0.4) 0.3 0.1
Gearing ratio (interest-bearing debt)
(4.9)  (7.9) (32.1) 6.3 4.9
Total liabilities/shareowners funds
(6.7)  (11) (45.2) 9.2 6.4
Interest-free liabilities/total assets
0.2  0.3 0.2 0.2 0.2
Current ratio
0.8  1.1 1.1 1.8 2.7
Consolidated statement of comprehensive income (Rm)  
Continuing operations  
Total revenues
29 415  28 784 27 210 26 347 23 844
Revenue - Retail sales
27 510  26 974 25 670 25 185 22 716
Cost of sales
(17 265)  (17 132) (16 239) (15 886) (14 332 )
Gross profit
10 245  9 842 9 431 9 299 8 384
Other income
1 125  1 031 763 620 581
Store costs
(6 277)  (5 700) (5 076) (4 738) (4 348 )
Other operating costs
(4 605)  (4 613) (4 427) (3 837) (3 229 )
Share of profits from insurance business
747  739 666 541 487
Trading profit
1 235  1 299 1 357 1 885 1 875
Derivative (loss)/ gain
(601)  603 (897) (10) (2 343 )
Foreign exchange gain/(loss)
998  (2 458) (1 108) (680) 230
Fair value adjustment for put option
(6)  (42)
Discount on repurchase of senior secured notes
  36
Impairment of brands and goodwill
 (33) (465) (126)
Fees incurred on funding facilities
  (10 )
Profit/(loss) before net financing costs
1 626  (631) (1 113) 1 105 (248 )
Net financing costs
(3 381)  (2 628) (3 029) (3 716) (2 497 )
Loss before taxation from continuing operations
(1 755)  (3 259) (4 142) (2 611) (2 745 )
Taxation
(242)  810 (1 101) 169 713
Loss for the period from continuing operations
(1 997)  (2 449) (5 243) (2 442) (2 032 )
Profit/(loss) after tax for the period from discontinued operations
14  (62) 253 477 389
Loss for the period
(1 983)  (2 511) (4 990) (1 965) (1 643)
Consolidated cash flow (Rm)  
Operating cash inflow before changes in working capital
2 502  2 540 2 937 3 832 3 622
Working capital movement
573  (114) 8 482 (1 706) (69 )
Cash inflow from operating activities
3 075  2 426 11 419 2 126 3 553
Net financing costs paid
(3 103)  (2 035) (2 806) (2 956) (2 131 )
Taxation paid
(137)  (115) (102) (145) (97 )
Net cash (outflow)/inflow from operating activities
(165)  276 8 511 (975) 1 325
Net cash utilised in investing activities
(855)  (1 331) (775) (702) (374 )
Increase in shareholder funding
    5  
Super senior secured term loan (decrease)/increase
    (985) 985
Non-current interest-bearing debt increase/ (decrease)
32  (294) (5 402) 684 4 616
Settlement of derivatives
227  1 346 1 021 (5 001)
Receivables-backed notes decrease
  (4 300)  
Current interest-bearing debt increase/(decrease)
1 679  (260) 600 739 (350 )
Capitalised finance lease (decrease)/increase
(40)  (40) (34) 4  
Net cash inflow/ (outflow) from financing activities
1 898  752 (8 115) 447 250
Increase/(decrease) in cash and cash equivalents
878  (303) (379) (1 230) 1 201
 
* Restated for inclusion of Edgars Zimbabwe and re-presented for discontinued operations
Segmental analysis (Rm)  
Retail sales  
Edgars
13 929  13 684 13 318 12 796 11 772
CNA
2 011  2 131 2 065 2 051 1 891
Discount
10 771  10 513 9 786 9 817 9 053
Edgars Zimbabwe
799  646 501 521
Group
27 510  26 974 25 670 25 185 22 716
Gross profit  
Edgars
5 507  5 286 5 290 5 222 4 886
CNA
614  662 670 679 616
Discount
3 757  3 580 3 225 3 121 2 882
Edgars Zimbabwe
367  314 246 277
Group
10 245  9 842 9 431 9 299 8 384
Operating profit  
Edgars
1 305  1 538 2 248 2 636 2 540
CNA
35  69 100 163 128
Discount
1 220  1 212 1 057 1 117 974
Edgars Zimbabwe
101  76 68 75
Manufacturing
(8)  19 10 (4) (4 )
Credit and financial services
1 106  974 765 648 570
Group Services
(2 133)  (4 519) (5 361) (3 530) (4 456 )
Group
1 626  (631) (1 113) 1 105 (248 )
Expenditure for assets  
Edgars
577  873 302 204 199
CNA
14  16 41 20 20
Discount
180  212 238 167 122
Edgars Zimbabwe
33  32 18 14
Manufacturing
2  15 9 9 1
Credit and financial services
1  2 9 4 2
Group services
230  199 239 614 130
Group
1 037  1 349 856 1 032 474
Depreciation and amortisation  
Edgars
331  266 178 158 139
CNA
24  26 24 22 22
Discount
150  155 123 116 111
Edgars Zimbabwe
11  9 7 5
Manufacturing
7  5 4 3 2
Credit and financial services
4  6 6 6 7
Group services
552  670 714 867 935
Group
1 079  1 137 1 056 1 177 1 216
Other statistical data (year-end)  
Number of employees  
- retailing
15 960  18 676 19 142 19 564 17 463
- manufacturing
1 095  1 370 1 222 1 209 777
Total
17 055  20 046 20 364 20 773 18 240
Number of stores
1 500  1 403 1 273 1 203 1 181
Gross closing trading area (000 sqm)
1 584  1 524 1 448 1 391 1 320
Number of active customer accounts ( 000)
3 496  3 789 3 915 3 960 3 713
Electricity usage (kWh)
225 507 406  244 064 004 253 182 496 222 155 735
B-BBEE contributor level
3.0  4.0 4.0 5.0
Corporate social investment (Rm)
9.0  9.0 8.0 8.3