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Five-year review of
financial performance

Period
Number of weeks

2020
Pro forma~
52

2020
Reported
52

2019$
Pro forma~
52

2019$
Restated
52

2018
52

2017
53

2016
52

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.