For	
  the	
  six	
  months	
  
ending	
  December	
  2011	
  
1	
  
Carel	
  Goosen	
  	
  	
  
Deputy	
  Managing	
  Director	
  
2	
  
 	
  	
  Turnover	
   R41bn	
  
	
  	
  	
  Owned	
  Outlets	
   1,303	
  
	
  	
  	
  Franchise	
  Outlets	
   427	
  
	
...
4	
  
R	
  41,0bn	
  
R2,2bn	
  
5.27%	
  
280,8c	
  
Turnover	
  
NAV	
  per	
  share	
  
Trading	
  Margin	
  
Headline	...
• 	
  	
  Turnover	
  
– 	
  	
  Total	
  
– 	
  	
  Supermarkets	
  RSA	
  
– 	
  	
  Supermarkets	
  Non-­‐RSA	
  
– 	
 ...
6	
  
Value	
  Added	
  Statement	
  
Tax	
  
R729m	
  
Re-­‐invested	
  
R1,140m	
  
Providers	
  
of	
  Capital	
  
R907...
ExisGng	
  
Stores	
  
Net	
  New	
  
Stores	
   Total	
   Customers	
   Basket	
  
	
  Supermarkets	
  RSA	
   	
  6.8%	
...
Dec	
  	
  2010	
   Opened	
   Closed	
   Dec	
  2011	
  
	
  Supermarkets	
  RSA	
   683	
   51	
   (5)	
   729	
  
	
  S...
Dec	
  2010	
   Dec	
  2011	
  
	
  	
  Gross	
  profit	
  margin	
   19.8%	
   19.96%	
  
Highlights	
  of	
  Results	
  
...
 Finance	
  income	
  earned	
   97	
   102	
   4.6	
  
	
  Net	
  premiums	
  earned	
   125	
   143	
   14.0	
  
	
  Ope...
DepreciaGon	
  and	
  amorGsaGon	
  increased	
  8.24%	
  
• 	
  Increased	
  spend	
  on	
  revamps	
  and	
  new	
  bran...
Trading	
  profit	
  increased	
  16.7%	
  with	
  turnover	
  increasing	
  by	
  13.2%	
  
• 	
  	
  Op=mising	
  of	
  m...
Highlights	
  of	
  Results	
  
13	
  
 	
  Net	
  Interest	
  Expense	
  
	
  	
  -­‐	
  Increased	
  average	
  overdrab	
  balance	
  
	
  	
  -­‐	
  High	
  ...
]	
  
	
  Land	
  and	
  Buildings	
   507	
   338	
  
	
  Distribu=on	
  Centres	
   266	
   117	
  
	
  Store	
  Refurbi...
 Stores:	
   1,308	
   336	
  
	
  	
  -­‐	
  RSA	
   572	
   214	
  
	
  	
  -­‐	
  Non-­‐RSA	
   736	
   122	
  
	
  	
 ...
 	
  Net	
  Overdrab	
  Balances	
   1,003	
   396	
   (60.5)	
  
Dec	
  2010	
  
R’m	
  
Dec	
  2011	
  
R’m	
  
Growth	
...
 	
  Inventory	
   7,628	
   9,353	
   22.6	
  
Dec	
  2010	
  
R’m	
  
Dec	
  2011	
  
R’m	
  
Growth	
  	
  
%	
  
Stock...
 	
  Furniture	
  instalment	
  sales	
   836	
   980	
   17.2	
  
	
  	
  Franchise	
   493	
   581	
   17.8	
  
	
  	
  ...
Highlights	
  of	
  Results	
  
*Cash	
  flow	
  from	
  opera=ng	
  ac=vi=es	
  excluding	
  dividends	
  paid	
  and	
  c...
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Shoprite Holdings Ltd FY 2012 financial results presentation

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Shoprite Holdings Ltd FY 2012 financial results presentation

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Shoprite Holdings Ltd FY 2012 financial results presentation

  1. 1. For  the  six  months   ending  December  2011   1  
  2. 2. Carel  Goosen       Deputy  Managing  Director   2  
  3. 3.      Turnover   R41bn        Owned  Outlets   1,303        Franchise  Outlets   427        Countries   16        Employees   >99,000        Market  Capitalisa=on*   >R65bn   Dec  2011   3   Size  of  OperaGon   *During  January  2012  
  4. 4. 4   R  41,0bn   R2,2bn   5.27%   280,8c   Turnover   NAV  per  share   Trading  Margin   Headline  EPS   +13.2%   Trading  Profit    1,574c   +16.7%   From  5.11%  to   +18.6%   +29.4%   Financial  Highlights  
  5. 5. •     Turnover   –     Total   –     Supermarkets  RSA   –     Supermarkets  Non-­‐RSA   –     Furniture   –     Other  Opera=ng  Segments   +          13.2%   +          12.3%   +          21.2%   +          13.6%   +          11.2%   5   Key  InformaGon  per  Segment   •     Trading  Profit   –     Total   –     Supermarkets  RSA   –     Supermarkets  Non-­‐RSA   –     Furniture   –     Other  Opera=ng  Segments   +        16.7%   +        16.8%   +          22.5%   +          19.9%    -­‐              8.9%  
  6. 6. 6   Value  Added  Statement   Tax   R729m   Re-­‐invested   R1,140m   Providers   of  Capital   R907m   Employees   R3,464m   55%   15%   12%   18%  
  7. 7. ExisGng   Stores   Net  New   Stores   Total   Customers   Basket    Supermarkets  RSA    6.8%        5.5%   12.3%   3.6%   7.6%    Supermarkets  Non-­‐RSA   13.9%      7.3%   21.2%   8.4%   12.4%    Furniture   10.8%   2.8%   13.6%    Other  Divisions   8.0%   3.2%   11.2%    Total   8.0%   5.2%   13.2%   7   Sales  Growth  Analysis  
  8. 8. Dec    2010   Opened   Closed   Dec  2011    Supermarkets  RSA   683   51   (5)   729    Supermarkets  Non-­‐RSA   112   12   (1)   123    Hungry  Lion   132   15   (4)   143    Furniture   298   16   (6)   308    Owned  stores   1,225   94   (16)   1,303    Franchise   280   170   (23)   427    Total  Stores   1,505     264     (39)   1,730    Pharmacies   113     17     -­‐     130      Liquor  Stores   102     51     -­‐     153      Countries   16     -­‐     -­‐     16     Store  Por_olios   8  
  9. 9. Dec  2010   Dec  2011      Gross  profit  margin   19.8%   19.96%   Highlights  of  Results   •     Remain  price  compe==ve   •     Higher  non-­‐food  contribu=on   •     Investment  in  systems  and  logis=cs 9  
  10. 10.  Finance  income  earned   97   102   4.6    Net  premiums  earned   125   143   14.0    Opera=ng  lease  income   112   125   12.0    Commissions  received   209   234   12.1    Franchise  fees  received   19   22   13.4    Investment  income   9   38   >100    Sundry  income   134   220   64.2    Total   705   884   25.5   Dec  2010   R’m   Dec  2011   R’m   Growth   %   Other  operaGng  income   increased  by  25.5%     Highlights  of  Results   10  
  11. 11. DepreciaGon  and  amorGsaGon  increased  8.24%   •   Increased  spend  on  revamps  and  new  branches   OperaGng  leases  increased  14.15%   •   Due  to  new  stores  opened  in  the  past  12  months   •   Turnover  rentals  on  sales  growth   Employee  benefits  increased  12.93%   •   Resul=ng  staff  requirements  due  to  increased  turnover   •   Produc=vity  increased   •   New  stores   Other  operaGng  expenses  increased  19.18%   •   Includes  electricity  and  water  increase  of  >30%   •   In  line  with  turnover  growth  if  excluded   11   Highlights  of  Results  
  12. 12. Trading  profit  increased  16.7%  with  turnover  increasing  by  13.2%   •     Op=mising  of  margins   •     Contained  overhead  costs   •     Growth  of  in-­‐store  services   •     Effec=ve  systems  and  logis=cal  infrastructure   Highlights  of  Results   12  
  13. 13. Highlights  of  Results   13  
  14. 14.    Net  Interest  Expense      -­‐  Increased  average  overdrab  balance      -­‐  High  capital  expenditure   18   27      Income  Tax  Expense      -­‐  Normal    517   621      -­‐  STC   85   92      -­‐  Deferred   10   16      Total   612   729      EffecGve  tax  rate  (excl.  STC)   29.1%   29.5%   Dec  2010   R’m   Dec  2011   R’m   Highlights  of  Results   14  
  15. 15. ]    Land  and  Buildings   507   338    Distribu=on  Centres   266   117    Store  Refurbishment   270   219    New  Stores   298   433    Informa=on  Technology   182   193    Other  Replacements*   275   392   Total   1,798   1,692   Dec  2010   R’m   Dec  2011   R’m   *Motor  vehicles,  generators  and  office  furniture     Capital  Expenditure   Highlights  of  Results   15  
  16. 16.  Stores:   1,308   336      -­‐  RSA   572   214      -­‐  Non-­‐RSA   736   122      Distribu=on  Centres   1,018   548      IT  Systems   160   188      Total   2,486   1,072   Dec  2010   R’m   Dec  2011   R’m   Contracted  Capital  Commitments   Highlights  of  Results   16  
  17. 17.    Net  Overdrab  Balances   1,003   396   (60.5)   Dec  2010   R’m   Dec  2011   R’m   Growth     %   •     Favourable  cut-­‐off   •     High  capital  expenditure  on  fixed  assets   •     Increased  stockholding   Highlights  of  Results   17  
  18. 18.    Inventory   7,628   9,353   22.6   Dec  2010   R’m   Dec  2011   R’m   Growth     %   Stockholding   •     Provision  for  a  net  78  new  corporate  stores   •     Increase  in  internal  food  infla=on •     Taking  on  new  distribu=on  capacity   81%   7%   7%   4%   1%   Opening  Stock   Net  New  Stores   Real  GEB  Growth   InflaGon   Weakening  Rand   18  
  19. 19.    Furniture  instalment  sales   836   980   17.2      Franchise   493   581   17.8      Buy-­‐aid  organisa=ons   181   185   2.2      Rental  and  property  debtors   257   212   (17.5)      MediRite  and  Transpharm   238   212   (11.1)      Money  Market  and  Compu=cket   227   55   (75.9)      Other  receivables   302   446   48.3      Total   2,534   2,671   5.4   Dec  2011   R’m   Growth   %   Debtors  and  other  receivables   Highlights  of  Results   19  
  20. 20. Highlights  of  Results   *Cash  flow  from  opera=ng  ac=vi=es  excluding  dividends  paid  and  changes  in  working  capital   HEPS  vs  Cash  EPS*  vs.  EBITDA  per  share  (cents)   HEPS   Cash  EPS*   EBITDA  per  share    190      292      358      212      302      404     237      354     459      281      290      542     Dec  2008   Dec  2009   Dec  2010   Dec  2011   20  

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