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SHOPRITE HOLDINGS LIMITED INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA REGISTRATION NUMBER 1936/007721/06 CONSOLIDATED INCOME STATEMENT
AUDITED AUDITED AUDITED 12 MONTHS TO % 12 MONTHS TO 12 MONTHS TO (R'000) 30/06/00 CHANGE 30/06/99 30/06/98 REVENUE 18 430 568 6.2 17 349 078 14 564 247 OPERATING PROFIT BEFORE EXCEPTIONAL
ITEMS 325 801 158.7 125 921 236 655 EXCEPTIONAL ITEMS (19 186) (1 345) (2 028) OPERATING PROFIT
AFTER EXCEPTIONAL ITEMS 306 615 146.1 124 576 234 627 INVESTMENT INCOM 84 891 116 422 93 126 FINANCE CHARGES 65 192 102 641 46 611 PROFIT BEFORE TAXATION 326 314 135.8 138 357 281 142 TAXATION 25 018 27.4 19 631 31 843 PROFIT AFTER TAXATION 301 296 153.8 118 726 249 299 OUTSIDE SHAREHOLDERS'
INTEREST 7 370 4 416 7 468
NET PROFIT 293 926 157.1 114 310 241 831 HEADLINE EARNINGS
PER SHARE (CENTS) 57.6 170.4 21.3 46.1 EARNINGS PER SHARE (CENTS) AFTER
EXCEPTIONAL ITEMS 54.1 157.6 21.0 45.7 DISTRIBUTION TO SHAREHOLDERS
(CENTS PER SHARE) 18.0 28.6 14.0 14.0
DIVIDEND COVER (TIMES) 3.2 1.5 3.3 NUMBER OF ORDINARY SHARES ('000) USED FOR CALCULATION OF EARNINGS PER SHARE
(WEIGHTED AVERAGE*) 543 479 543 479 529 275* CONSOLIDATED BALANCE SHEET
AUDITED AUDITED AUDITED (R'000) 30/06/00 30/06/99 30/06/98 NON-CURRENT ASSETS 1 377 578 1 274 401 1 328 021 FIXED ASSETS 1 294 358 1 138 431 963 471 INVESTMENTS 82 841 135 970 364 550 DEFERRED TAXATION 379 - -
CURRENT ASSETS 3 766 049 3 879 544 3 432 170 INVENTORIES 2 108 873 2 083 302 2 052 037 ACCOUNTS RECEIVABLE 1 120 282 1 265 478 1 336 190 BANK BALANCES AND CASH 536 894 530 764 43 943 TOTAL ASSETS 5 143 627 5 153 945 4 760 191 ORDINARY SHAREHOLDERS' FUNDS 1 293 015 1 092 100 1 055 427 OUTSIDE SHAREHOLDERS' INTEREST 31 777 25 048 21 601 NON-CURRENT LIABILITIES 333 392 437 041 545 519 INTEREST-FREE LIABILITIES 18 858 66 510 123 601 OTHER NON-CURRENT LIABILITIES 310 596 367 766 419 533 DEFERRED TAXATION 3 938 2 765 2 385 CURRENT LIABILITIES 3 485 443 3 599 756 3 137 644 INTEREST-BEARING DEBT 47 651 283 092 50 205 OTHER CURRENT LIABILITIES 3 437 792 3 316 663 3 087 439 TOTAL EQUITY AND LIABILITIES 5 143 627 5 153 945 4 760 191 CONSOLIDATED CASH FLOW STATEMENT
AUDITED AUDITED AUDITED 12 MONTHS TO 12 MONTHS TO 12 MONTHS TO (R'000) 30/06/00 30/06/99 30/06/98 CASH GENERATED BY OPERATIONS 689 402 530 613 91 020
NET INVESTMENT INCOM 15 904 1 733 24 732
DIVIDENDS RECEIVED 3 795 12 048 21 784
DIVIDENDS PAID (83 012) (81 536) (68 378) CASH FLOW FROM OPERATIONS 626 089 462 858 69 158
INVESTMENT ACTIVITIES (562 867) (151 833) (387 469) ACQUISITION OF FIXED ASSETS (402 546) (373 024) (317 910) OTHER INVESTMENT ACTIVITIES (160 321) 221 191 (69 559) NET CASH FLOW 63 222 311 025 (318 311) FINANCING ACTIVITIES (57 092) 175 796 (133 571) PROCEEDS ON SHARE ISSUE - - 332 991 NET MOVEMENT IN DEBT (57 092) 175 796 (466 562) MOVEMENT IN BANK BALANCES
AND CASH 6 130 486 821 (451 882) ACQUIRED THROUGH ACQUISITION
OF SUBSIDIARY - - 139 961 NET MOVEMENT IN BANK BALANCES
AND CASH 6 130 486 821 (311 921) SUPPLEMENTARY INFORMATION
AUDITED AUDITED AUDITED 12 MONTHS TO 12 MONTHS TO 12 MONTHS TO (R'000) 30/06/00 30/06/99 30/06/98 1. DEPRECIATION FOR THE YEAR 229 691 189 416 138 761 2. DIVIDENDS RECEIVED
(INCLUDED IN INVESTMENT INCOME) 3 795 12 048 21 784 3. CAPITAL EXPENDITURE FOR
THE YEAR 402 546 373 024 317 910 4. CAPITAL COMMITMENTS
CONTRACTED 109 219 71 330 44 990 5. INVESTMENTS: UNLISTED - AT COST AND
DIRECTORS' VALUATION 77 061 132 699 361 279 LISTED - AT COST 3 271 3 27 3 271
- AT MARKET VALUE 6 998 6 141 8 569
6. CONTINGENT LIABILITIES 502 645 412 358 683 7. NET ASSET VALUE PER
SHARE (CENTS) 238 201 194 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AUDITED AUDITED AUDITED 12 MONTHS TO 12 MONTHS TO 12 MONTHS TO (R'000) 30/06/00 30/06/99 30/06/98 BALANCE AT 1 JULY 1 092 100 1 055 427 554 492 ISSUE OF SHARES - - 332 991 MOVEMENT IN FOREIGN CURRENCY
TRANSLATION RESERVE 4 815 (1550) 2 200
NET PROFIT FOR THE YEAR 293 926 114 310 241 381 DIVIDENDS PROVIDED/PAID (97 826) (76 087) (76 087) BALANCE AT 30 JUNE 1 293 015 1 092 100 1 055 427 COMMENTS ON THE RESULTS
1. THE REDUCTION IN SIZE OF 15 OUTLETS AND THE CLOSURE OF A FURTHER 26 OUTLETS, RESULTING IN THE EXCISE OF A TOTAL 127 000 SQUARE METRES, CAUSED THE INCREASE IN SALES TO BE ONLY MARGINALLY HIGHER THAN INFLATION.
2. EXCEPTIONAL ITEMS ARE THE NET RESULT OF A PROVISION FOR LOSSES REALIZED IN THE SHARE INCENTIVE TRUST AND A PROFIT OWING TO THE CANCELLATION OF CERTAIN LEASES.
3. IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRACTICE A DEFERRED TAX DEBIT AND THE RESULTANT NEGATIVE GOODWILL WERE NOT CREATED. THE GROUP STILL HAS LARGE TAX LOSSES AT ITS DISPOSAL.
4.THE DISPUTE BETWEEN THE GROUP AND SAB HAS NOT BEEN FINALLY RESOLVED. FOR PRUDENCY REASONS NO ADJUSTMENT HAS THEREFORE BEEN MADE IN THE STATEMENTS FOR INTEREST RECEIVABLE OF R80 MILLION.
5.IN THE LIGHT OF NEW ACCOUNTING STATEMENTS CERTAIN ADJUSTMENTS IN REGARD TO CLASSIFICATION WERE MADE IN THE COMPARATIVE FIGURES. PROSPECTS
DESPITE THE FACT THAT TRADING CONDITIONS ARE EXPECTED TO REMAIN DIFFICULT, THE GROUP IS STILL OPTIMISTIC ABOUT BUSINESS PROSPECTS IN THE CURRENT FINANCIAL YEAR. THIS OPTIMISM IS BASED MAINLY ON ITS EXPANSION INTO THE REST OF AFRICA AND ITS SOUND POSITIONING IN ITS TRADITIONAL TRADING AREAS.
IN ADDITION, THE GROUP EXPECTS TO BECOME THE FIRST RETAIL ENTERPRISE ON THE AFRICAN CONTINENT WITH A TURNOVER OF MORE THAN R20 BILLION AT THE END OF THE CURRENT TRADING YEAR. DIVIDEND
THE BOARD HAS DECLARED A FINAL DIVIDEND OF 9,5 CENTS, BRINGING THE TOTAL DISTRIBUTION FOR THE YEAR TO 18 CENTS PER SHARE (1999: 14 CENTS). THE FINAL DIVIDEND WILL BE PAYABLE ON 29 SEPTEMBER 2000 TO SHAREHOLDERS APPEARING IN THE COMPANY'S REGISTER OF SHAREHOLDERS AT THE CLOSE OF BUSINESS ON 15 SEPTEMBER 2000. BY ORDER OF THE BOARD C.H.WIESE (CHAIRMAN) J.W.BASSON (MANAGING DIRECTOR) 28 AUGUST 2000 C/O WILLIAM DABS & OLD PAARL ROADS BRACKENFELL
THIS INFORMATION IS ALSO AVAILABLE ON THE INTERNET AT: HTTP://WWW.SHOPRITE.CO.ZA
