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Five-year Salient Features
for the year ended 31 August

      4-year compound annual growth % 2009 2008(restated) 2007 2006 2005
Cash flow                
  Net cash effects of operating                
  activities   R’m   866 108 1 023 118 (13)
  Capital expenditure   R’m 7.3% 225 174 155 162 170
  Depreciation and amortisation   R’m 3.8% 122 103 104 109 105
Performance                
  Turnover growth   %   8.3 1.1 12.0 14.8 8.6
  Comparable stores’ turnover growth   %   13.2 9.2 13.2 9.9 8.9
  Gross profit growth   %   13.2 0.1 13.8 9.8 *
  Gross profit margin   %   20.7 19.8 19.8 19.5 20.4
  Operating margin   %   5.8 5.3 4.8 3.9 3.8
  Inventory days       54 55 57 66 76
  Current ratio   times   1.0 1.1 1.1 1.4 1.3
  Return on total assets   %   12.3 10.5 9.3 7.2 6.0
  Return on shareholders’ interest   %   42.3 32.8 24.7 16.7 14.2
  Interest-bearing debt to shareholders’ interest at year-end   %   6.0 10.1 4.6 7.4 5.4
  Interest-bearing debt, including cash, to shareholders’ interest at year-end   %   (30.5) 1.3 (10.2) 13.8 15.1
  Effective tax rate   %   27.0 24.7 27.0 25.5 30.1
Statistics                
  Number of permanent employees       7 585 7 122 9 076 9 058 8 947
  Number of stores       540 519 665 664 663
  Weighted retail trading area   m²   204 382 194 888 242 211 237 575 249 417
Share statistics                
  Number of shares  (gross) in issue   m   302.8 324.1 336.0 355.5 370.3
  Number of shares in issue (net  of treasury shares)   m   276.3 290.3 316.1 347.6 340.5
  Weighted average number of shares (net of treasury shares)   m   285.2 298.2 336.3 344.3 339.9
  Weighted average diluted number of shares (net of treasury shares)   m   288.3 303.8 346.3 354.4 349.4
  Headline earnings per share –undiluted cents   167.7 134.0 106.1 73.1 59.0
    – diluted cents 30.4% 165.9 131.5 103.0 71.0 57.4
  Distribution per share   cents 29.7% 84.0 61.1 48.2 33.2 29.7
  Distribution cover   times   2.0 2.2 2.2 2.2 2.0
  Share price – closing cents 25.8% 2 030 1 550 1 525 1 035 810
    – high cents   2 099 1 799 1 689 1 121 990
    – low cents   1 192 1 185 984 780 690
  Net asset value per share   cents (0.6%) 407 393 410 459 416
  Net tangible asset value per share   cents (1.2%) 263 260 260 320 275
  Market capitalisation (gross)   R’m 19.7% 6 148 5 024 5 123 3 679 2 999
  Market capitalisation (net of treasury shares)   R’m 19.4% 5 609 4 500 4 821 3 598 2 758
  Price earnings ratio   times (2.9%) 12.2 11.8 14.8 14.2 13.7
  Volume of shares traded   m   222.3 300.3 316.1 226.9 131.9
  Percentage of shares traded   %   77.9 100.7 94.1 65.9 38.8
  Free float (including treasury shares)   %   91.1 89.4 96.7 97.1 98.3
  Shareholders’ return   cents   564 86 538 258 70
  Increase in share price   cents   480 25 490 225 40
    Distribution per share   cents   84 61 48 33 30
Other information                
  Inflation rate                
    CPI   %   7.7 11.6 5.8 3.9 2.3
  Interest rates                
    Prime overdraft rate – closing %   10.5 15.5 13.5 11.5 10.5
      – average %   13.3 14.7 12.5 10.7 10.8
    R153 – closing %   7.4 9.8 9.3 8.7 7.7
      – average %   7.6 9.9 8.4 7.7 8.0
  FTSE/JSE Africa share indices                
    All Share Index       24 929 27 702 28 660 21 954 15 414
    General Retailers Index     2.3% 24 277 24 909 31 715 23 521 22 163
    Food and Drug Retailers Index     10.9% 4 636 4 369 3 969 3 605 3 070
Exchange rates                
  Rand/US Dollar – closing R/US$    7.77 7.75 7.16 7.19 6.48
  – average R/US$    9.05 7.41 7.20 6.48 6.23

 
 


Notes:
1. The income statements include the results of the Discom business unit as if part of continuing operations, which was disposed of during September 2007.
2. For an explanation of terms used, please refer to the Definitions.
*  Not available as 2004 income statement was not restated in accordance with IFRS.