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Trading statement
Pick n Pay Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1981/009610/06)
Share code: PWK ISIN code: ZAE000005724
Trading statement
Shareholders are advised that Pick n Pay Holdings Limited (“the Group”) is in the process of
finalising its financial results for the 52 weeks ended 1 March 2015, which are expected to
be published on 21 April 2015.
The Group is pleased to report that it will deliver a strong financial performance for the
2015 financial year, recording growth in headline earnings per share of over 20% on the
prior year, for a fourth consecutive reporting period. This result reflects progress over the
past two years in achieving the first phase of the Group’s recovery plan – to stabilise the
business by applying effective financial rigour to expenditure, making significant
improvements to working capital management to reduce debt and interest charges, and
beginning the task of driving greater efficiency through all operations.
These improvements have strengthened underlying margins and positioned the Group for
the next phase of its recovery plan, which is to change the trajectory of performance for the
long-term.
Turnover growth of 6.1% reflects the financial pressure on middle-income customers,
combined with the impact of strategic actions which, while strengthening the quality of our
estate, have impacted turnover in the reporting year. These actions include the closure of
40 underperforming stores over the last 2 years, disruption to trading in hypermarkets and
supermarkets undergoing refurbishment, and a deliberately cautious approach to corporate
new space growth. The Group is determined to drive strong returns from new space, and
has over the past year developed a stronger plan for future growth which builds on its
improved operating model and wider choice of formats.
We expect the results for the financial year ended 1 March 2015, expressed as growth on
the previous year, to fall within the following ranges:
2015 2015
Growth on prior Expected range 2014
year cents per share cents per share
HEPS will increase between 20% and 30% 82.60 to 89.48 68.83
Diluted HEPS will increase
between 20% and 30% 80.56 to 87.27 67.13
EPS will increase between 40% and 50% 84.85 to 90.92 60.61
Diluted EPS will increase
between 40% and 50% 82.74 to 88.65 59.10
HEPS excludes the impairment of intangible assets of R104.1 million in the prior year, which accounts for the difference in
the year-on-year increase between HEPS and EPS.
Having substantially completed the first stage of its strategic recovery plan, Pick n Pay is
now a stronger business and better for customers. The second stage of the plan - Changing
the Trajectory of Pick n Pay - will deliver accelerated improvements in operating efficiency,
investment and innovation in the customer offer, a further strengthening of the balance
sheet and financial performance and a dynamic approach to expansion.
This trading statement has not been reviewed by or reported on by the Group’s auditors.
By order of the board
Cape Town
10 April 2015 Sponsor: Investec Bank Limited
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