Five-year review of
financial performance
|
Period |
2020 |
2020 |
2019$ |
2019$ |
2018 |
2017 |
2016 |
||
|
Returns and margin performance |
|||||||||
|
Gross margin |
(%) |
50.8 |
50.8 |
51.6 |
51.6 |
52.4 |
52.6 |
52.9 |
|
|
Trading margin |
(%) |
7.9 |
(7.8) |
12.6 |
2.5 |
14.4 |
15.0 |
17.0 |
|
|
Operating margin |
(%) |
15.0 |
(0.7) |
19.0 |
9.0 |
22.5 |
23.3 |
24.9 |
|
|
Return on equity |
(%) |
14 |
(8) |
22 |
7 |
27 |
31 |
35 |
|
|
Return on assets |
(%) |
13 |
(1) |
19 |
10 |
25 |
26 |
24 |
|
|
Inventory turn |
(times) |
4.0 |
4.0 |
4.2 |
4.2 |
4.0 |
4.5 |
3.3 |
|
|
Asset turnover |
(times) |
0.9 |
1.1 |
1.0 |
1.1 |
1.1 |
1.1 |
1.0 |
|
|
Net (cash) debt to equity |
(%) |
— |
(1) |
7 |
8 |
9 |
18 |
33 |
|
|
Net debt to EBITDA |
(times) |
— |
— |
0.1 |
0.2 |
0.2 |
0.4 |
0.6 |
|
|
Return on invested capital (ROIC) |
(%) |
11 |
(1) |
19 |
9 |
16 |
17 |
17@ |
|
|
Weighted average cost of capital (WACC) |
(%) |
11 |
11 |
12 |
12 |
14 |
13 |
13 |
|
|
ROIC divided by WACC |
(times) |
1.0 |
(0.1) |
1.6 |
0.8 |
1.1 |
1.3 |
1.3 |
|
|
Cash realisation rate |
(%) |
136 |
136 |
93 |
93 |
109 |
91 |
89 |
|
|
Statements of comprehensive income |
|||||||||
|
Sale of merchandise |
(Rm) |
16 379 |
16 379 |
18 094 |
18 094 |
17 547 |
18 065 |
16 654 |
|
|
Trading expenses |
(Rm) |
(7 457) |
(10 027) |
(7 388) |
(9 208) |
(6 954) |
(7 086) |
(6 240) |
|
|
Trading profit/(loss) |
(Rm) |
1 296 |
(1 274) |
2 279 |
459 |
2 518 |
2 708 |
2 851 |
|
|
Operating profit/(loss) |
(Rm) |
2 460 |
(110) |
3 440 |
1 620 |
3 946 |
4 210 |
4 154 |
|
|
Profit/(loss) before tax |
(Rm) |
2 107 |
(463) |
3 046 |
1 226 |
3 696 |
3 915 |
3 946 |
|
|
Headline earnings |
(Rm) |
1 716 |
1 716 |
2 445 |
2 445 |
2 647 |
2 836 |
2 806 |
|
|
Statements of financial position |
|||||||||
|
Non-current assets |
(Rm) |
10 246 |
5 856 |
10 465 |
8 645 |
6 904 |
6 559 |
7 413 |
|
|
Cash and cash equivalents |
(Rm) |
2 150 |
2 150 |
777 |
777 |
982 |
2 055 |
1 592 |
|
|
Trade and other receivables |
(Rm) |
4 091 |
4 091 |
4 934 |
4 934 |
5 110 |
5 256 |
5 281 |
|
|
Inventories |
(Rm) |
2 010 |
2 010 |
2 108 |
2 108 |
2 072 |
1 916 |
2 401 |
|
|
Other current assets |
(Rm) |
174 |
174 |
175 |
175 |
423 |
353 |
374 |
|
|
Total assets |
(Rm) |
18 671 |
14 281 |
18 459 |
16 639 |
15 491 |
16 139 |
17 061 |
|
|
Total equity |
(Rm) |
9 826 |
6 008 |
10 105 |
8 379 |
10 369 |
9 450 |
8 625 |
|
|
Non-current liabilities |
(Rm) |
3 270 |
2 698 |
4 732 |
4 638 |
2 363 |
4 709 |
5 481 |
|
|
Current liabilities |
(Rm) |
5 575 |
5 575 |
3 622 |
3 622 |
2 759 |
1 980 |
2 955 |
|
|
Total equity and liabilities |
(Rm) |
18 671 |
14 281 |
18 459 |
16 639 |
15 491 |
16 139 |
17 061 |
|
|
Statements of cash flows |
|||||||||
|
Cash inflow from operations |
(Rm) |
4 517 |
4 517 |
4 002 |
4 002 |
3 471 |
2 987 |
2 839 |
|
|
Capital expenditure |
(Rm) |
435 |
435 |
465 |
465 |
485 |
467 |
599 |
|
|
Share performance |
|||||||||
|
Basic earnings/(loss) per share |
(cents) |
340.3 |
(133.0) |
503.8 |
144.7 |
614.8 |
659.9 |
667.1 |
|
|
Headline earnings per share |
(cents) |
410.4 |
410.4 |
571.7 |
571.7 |
615.7 |
662.0 |
667.6 |
|
|
Diluted headline earnings per share |
(cents) |
409.0 |
409.0 |
569.5 |
569.5 |
612.7 |
660.9 |
665.9 |
|
|
Cash flow per share |
(cents) |
1 080.4 |
1 080.4 |
935.7 |
935.7 |
807.4 |
697.2 |
675.5 |
|
|
Cash equivalent earnings per share |
(cents) |
795.0 |
795.0 |
1 006.3 |
1 006.3 |
738.3 |
766.3 |
759.0 |
|
|
Net asset value per share |
(cents) |
2 371 |
1 450 |
2 375 |
1 969 |
2 421 |
2 201 |
2 032 |
|
|
Annual cash dividend per share |
(cents) |
280 |
280 |
384 |
384 |
420 |
452 |
452 |
|
|
Dividend cover |
(times) |
1.5 |
1.5 |
1.5 |
1.5 |
1.5 |
1.5 |
1.5 |
|
|
Number of shares in issue |
(000’s) |
442 964 |
442 964 |
442 876 |
442 876 |
442 590 |
442 059 |
436 183 |
|
|
Number of shares in issue (net of treasury shares) |
(000’s) |
414 427 |
414 427 |
425 506 |
425 506 |
428 260 |
429 410 |
424 456 |
|
|
Weighted average number of shares |
(000’s) |
418 121 |
418 121 |
427 653 |
427 653 |
429 855 |
428 370 |
420 263 |
|
|
Cumulative value of shares repurchased# |
(Rm) |
4 063 |
4 063 |
3 480 |
3 480 |
3 214 |
3 030 |
2 929 |
|
|
Cumulative number of shares repurchased# |
(000’s) |
114 299 |
114 299 |
102 391 |
102 391 |
98 641 |
96 437 |
94 937 |
|
|
Closing share price |
(cents per share) |
3 428 |
3 428 |
7 000 |
7 000 |
7 725 |
7 150 |
8 769 |
Note 1: 2016 includes the results of Office for 31 weeks, unless otherwise indicated.
Note 2: The 2018 and earlier financial periods are pre-adoption of IFRS 16.
~ Excluding the impact of goodwill and intangible asset impairments.
$ 2019 restated as a result of the adoption of IFRS 16: Leases.
@ The 2016 ratio is based on the results of the Group including 12 months of Office’s profits, on a pro forma basis, excluding any exceptional non-recurring items.
# Includes shares previously repurchased and cancelled: 44 million (cost of R1.9 billion) in 2014, 36 million (cost of R275 million) in 2007 and 7 million (cost of R200 million) in 2006.
The full ten-year review and definitions are available on the website a www.truworthsinternational.com.
The Summarised Group Annual Financial Statements appear here.