| Tue 19 Feb 2008, 8:00 | | SHP - Shoprite Holdings - Interim Results For The 6 Months To |
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SHP
SHP
SHP - Shoprite Holdings - Interim Results For The 6 Months To
December 2007 and dividend declaration
SHOPRITE HOLDINGS LIMITED
Reg. No. 1936/007721/06)
ISIN: ZAE000012084)
JSE Share code: SHP)
NSX Share code: SRH)
LuSE Share code: SHOPRITE)
("the Group")
Key information
- Trading profit increased 42,2% to R1,020 billion.
- Turnover increased 21,7% - from R19,105 billion to R23,260 billion.
- Non-RSA supermarkets achieved 32,4% sales growth.
- Diluted headline earnings per share rose 55,1% to 128,4 cents.
- Dividend per share declared increased : 40% to 49,0 cents.
Whitey Basson, chief executive, commented:
The first six months of the 2008 financial year produced excellent financial
results. The growth achieved exceeded the anticipated recovery following the
industrial action in the latter half of 2006. It was also not restricted to
those businesses whose activities were impaired by the strike, but occurred in
all divisions with the exception of our furniture business. The rate of growth
exceeded most of the rest of the local food retailing sector and the Group
increased market share for the period under review. At the same time the Group
managed to increase the trading margin from 3,8% to 4,4% due to a strong growth
in turnover, coupled with strong cost control.
18 February 2008
Enquiries:
Shoprite Holdings Limited Tel: (021) 980 4000
Whitey Basson, chief executive
Carel Goosen, deputy managing director
De Kock Communications Tel: (021) 422 2690
Ben de Kock 076 390 7725
OPERATING ENVIRONMENT
During the period under review a number of factors contributed to the erosion of
consumer confidence such as the Reserve Bank`s repeated raising of interest
rates, a marked increase in fuel prices and sharply higher inflation that
combined to reduce consumers` disposable income. In addition, the National
Credit Act, introduced in the middle of 2007, put a curb on credit availability
and increasingly affected sales of durable goods in particular. Traditionally,
food retailing is cushioned to an extent against the effects of an economic
downswing and any recessionary impact is felt much later in the food sector than
elsewhere in retail. Moreover, the bulk of the Group`s business is transacted
with customers who tend to be more directly affected by issues such as
employment rather than other economic developments. We managed to contain our
internal food inflation to 7,99%, compared to a national food inflation which
accelerated to an average of 12,1% compared to 8,5% in the corresponding period.
COMMENTS ON THE RESULTS
Income statement
Total turnover
Total turnover increased by 21,7% from R19,105 billion to R23,260 billion, due
mainly to the excellent performance from all the divisions, with the exception
of the furniture business. The growth was in excess of the increase expected
after the impairment of trading operations due to industrial action in the
corresponding period.
Gross profit
To compete successfully in a highly aggressive South African market, the Group`s
main retail brands sacrificed gross margin for turnover growth.
Expenses
The cost base was managed extremely well. The increase of 23,7% in employee
benefits results primarily from the increase in turnover and the resultant
staffing requirements in the stores.
Trading profit
Given the strong growth in turnover, the margins achieved and the strictly
contained overhead costs, trading profit advanced 42,2% to exceed at the halfway
mark a record amount of R1 billion.
Trading margin
The trading margin of 4,4% is a factor of the strong growth in turnover against
a slower increase in expenditure. A contributing factor was the growth in the
Group`s higher-margin non-RSA operations. Interest received and finance costs
The strong spurt in net interest received resulted from the increases in
interest rates and the stronger cash flow, generated by higher turnover and a
slower increase in stockholding.
Exchange rate differences
The smaller forex profit stemmed from the slight strengthening of the currencies
of the main countries in which the Group trades in Africa and the rand`s
fluctuation against the US dollar.
Dividend declared
The Board declared an interim dividend of 49,0 cents per ordinary share (2007:
35,0 cents), representing a 40% increase.
Balance sheet
Inventories
The increase of 14,1% in inventory to R4,650 billion was lower than the increase
in turnover. This was after provisioning 38 new supermarkets and 26 furniture
stores opened in the previous 12 months, the aggressive buying forward for the
Group`s annual Back to School promotions early in 2008, and a further weakening
in supplier service standards that forced the Group to stockpile certain product
categories to ensure a regular flow of merchandise to its outlets.
Cash and cash equivalents
A favourable balance sheet closing date produced a temporary surge in net cash
and cash equivalents from R1,563 billion to R2,619 billion and should be read
with the increase in trade creditors.
OPERATIONAL REVIEW
The Group experienced, both in turnover growth and profitability, a buoyant
first half. Turnover increased by 21,7% to R23,260 billion while trading profit
was boosted 42,2% to R1,020 billion from R717 million in the corresponding
period. This should be seen within the context of a food retail sector that grew
strongly, although the Group`s rate of growth enabled it to increase market
share. A number of factors contributed to the substantial improvement in sales:
the emerging middle class continued to be a strong economic driver; the extended
interruption in the operation of the national Lotto - which siphons considerable
cash out of the market - channelled some of that income into retail, while there
are increasing indications that more and more money from the extensive informal
sector is finding its way into the formal sector. There is every evidence that
the Group`s wide product and service offering that includes pharmacies, liquor
outlets and Money Market services, is appealing increasingly to consumers of all
income groups. To capitalise on this support, services and aspirational product
ranges were extended, IT applications expanded and the Group-wide refurbishment
programme accelerated to enhance consumers` shopping experience.
Most new supermarkets - 38 were added in the 2007 calendar year - were opened in
predominantly under-serviced residential areas. All of them are performing ahead
of budget.
Number of
outlets
JUN 2007 Opened Closed DEC JUN 2008
2007
Confirmed
new
stores
SUPERMARKETS 604 22 4 622 20
- SHOPRITE 364 10 1 373 5
- CHECKERS 117 3 1 119 5
- CH HYPER 24 0 0 24 0
- USAVE 99 9 2 106 10
HUNGRY LION 97 12 0 109 11
FURNITURE 216 15 2 229 8
- OK FURNITURE 185 11 2 194 4
- HOUSE & HOME 31 4 0 35 4
TOTAL OWN STORES 917 49 6 960 39
- OK FRANCHISE 260 17 21 256 5
- H/LION 4 0 0 4 0
FRANCHISE
TOTAL FRANCHISE 264 17 21 260 5
TOTAL STORES 1181 66 27 1220 44
COUNTRIES 16 0 0 16
OUTSIDE RSA
RSA supermarkets
The Group`s supermarket operation in South Africa, encompassing three chains -
Shoprite, Checkers and Usave - forms the core of the business and grew sales by
22,1% to R18,449 billion. The increase in the number of customer transactions
was satisfactory and the growth in basket size was in line with the Group`s
internal inflation. All three major chains contributed to the overall 1,3%
market share increase to 28,8%. The Group now operates 523 stores country-wide,
having opened 17 during the reporting period.
Shoprite
Shoprite, with 301 local stores increased turnover by 27,3% to R11,049 billion.
Its low-price positioning proved highly attractive to consumers, battered by
cost increases and it benefited considerably from consumers buying down, as is
evident from the strong increase in the number of customer transactions. At the
same time, its traditional customer base not only remained loyal but also grew
in actual numbers. Shoprite`s market share gain was the highest in the Group.
The chain`s growth must, however, be viewed against the background of the
inhibiting effect industrial action had on turnover in the corresponding period
. Even allowing for a correction following that disruption, the results for the
first six months still provide strong evidence of a first-rate achievement.
Checkers
During the review period Checkers continued upgrading stores, refining product
choice and improving customer relations and service delivery to satisfy the
demands of a more exacting customer base. A strong growth in Checkers, which was
hardly, if at all, affected by the industrial action of 2006, was again
reported, although Checkers was not entirely exempt from some of the fall-out
from the downturn in the South African economy. It nevertheless grew turnover
13,4% to R6,912 billion in its 139 stores while increasing the number of
customer transactions and the value per transaction.
Usave
This small-format, no-frills discounter of mainly hard groceries continues to
achieve substantial growth in all areas of its business. Its main focus is on
growing its number of outlets, now standing at 83 and on increasing its number
of higher-margin private labels, which now top 100 item lines. During the review
period it boosted sales by 44,1%, due to a healthy increase in customer
transactions and an increase in the value per transaction.
Supermarkets outside South Africa
In rand terms, the Group`s operations outside of South Africa still represent
roughly 12% of sales and trading profit. The decision to concentrate on the oil
rich western coast of Africa seems to be correct. The established countries also
produced good results. During the review period the Group finally opened its
first supermarket in Ghana, delayed by a fire in the previous financial year.
Located in a modern retail mall in Accra, it is exceeding expectations. In
neighbouring Nigeria, the Group has bought land in Lagos for a second
supermarket and is securing further sites. In addition,the Group acquired two
sites in the Democratic Republic of Congo for development.
OK Franchise
In line with the rest of the food industry, the Franchise Division did well,
increasing turnover by 17,7%. Operating off an increasingly stable franchise
holder base, the division focused strongly on marketing the benefits of
membership to small independent retailers, especially those in an urban
environment, thus complementing its strong rural presence. What was particularly
pleasing was the increase in the loyalty of existing franchise holders as
measured by the percentage growth in purchases from the Group. The number of
franchise holders now stands at 256.
Furniture
The cumulative impact on consumers of higher interest rates, fuel prices and
food costs, was nowhere felt more strongly than in the market for durable and
semi-durable goods. In contrast to the food sector, the market for durable goods
such as home appliances and entertainment products still experienced virtually
no inflation, forcing traders to continue chasing unit sales, discounting
heavily in a highly competitive environment, to boost or even just maintain
turnover figures. The Group`s Furniture Division managed to grow sales by 3,2%,
but at the expense of margins, resulting in a drop of 19,0% in trading profit.
Under the circumstances the Furniture Division weathered these difficult
conditions well by running a very tight ship with strict stock management, a
reduced debtors` book and low exposure to bad debt. During the review period 15
new stores were added to bring the total number of outlets to 229.
GROUP PROSPECTS AND OUTLOOK
The Board does not expect the very good results of the first half of the
financial year to be maintained for the full year. Although the food sector does
not feel the effects of an economic downturn as immediately or acutely as some
other sectors, it is not immune to it. Global pressures are also expected to
impact on the local economy and the outlook is bound to worsen further,
especially in the short term, particularly as the effects of the present energy
crisis are experienced more widely in all sectors, from agriculture to heavy
industry. Because of the Group`s experience of trading in Africa where erratic
power supply is the order of the day, it took the precaution in time of
providing adequate stand-by power for its outlets in order to operate without
interruption.
CORPORATE GOVERNANCE
The Group is committed to the principles embodied in the Code of Corporate
Practice and Conduct in the King Report 2002 ("the Code"). The Group complies
with the significant requirements incorporated in the Code and in the Listings
Requirements of the JSE Ltd.
DIVIDEND NO 118
The Board has declared an interim dividend of 49,0 cents (2007: 35,0 cents) per
ordinary share, payable to shareholders on Monday 17 March 2008. The last day to
trade cum dividend will be Friday, 7 March 2008. As from Monday, 10 March 2008,
all trading of Shoprite Holdings Ltd shares will take place ex dividend. The
record date is Friday, 14 March 2008. Share certificates may not be
dematerialised or rematerialised between Monday, 10 March 2008, and Friday, 14
March 2008, both days inclusive.
ACCOUNTABILITY
These condensed consolidated interim results have been prepared in accordance
with International Financial Reporting Standards ("IFRS"), IAS 34: Interim
Reporting, and Schedule 4 of the South African Companies Act (Act no 61 of
1973), as amended. The accounting policies are consistent with those used in the
annual financial statements for the financial period ended June 2007, with the
following exceptions:
With the introduction of new accounting statement IFRS 7: Financial Instruments:
Disclosures and the amendment to IAS 1: Presentation of Financial Statements:
Capital Disclosures, all related items in the Group are now presented in
accordance with these statements. These statements require retrospective
application and had no significant effect on the Group`s results.
The calculation for headline earnings were adjusted retrospectively in terms of
SAICA Circular 8/2007: Headline Earnings. This recalculation had the following
effect on the comparative information previously presented:
Unaudited Audited
6 months for the year
ended Dec 06 ended Jun 07
Cents Cents
Decrease in headline earnings - 0.6
per share
Decrease in diluted headline - 0.5
earnings per share
CONDENSED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 months % 6 months for the year
R`000 ended Dec 07 change ended Dec 06 ended Jun 07
Sale of merchandise 23 259 616 21.7 19 105 298 38 949 845
Cost of sales (18 602 366) 21.9 (15 265 063) (30 952 417)
Gross profit 4 657 250 21.3 3 840 235 7 997 428
Other operating 421 019 5.9 397 710 798 454
income
Depreciation and (279 661) 13.0 (247 494) (517 397)
amortisation
Operating leases (526 798) 13.1 ( 465 896) (997 735)
Employee benefits (1 839 937) 23.7 (1 487 189) (3 100 627)
Other expenses (1 412 238) 7.0 (1 320 093) (2 582 431)
Trading profit 1 019 635 42.2 717 273 1 597 692
Exchange rate gains 7 065 (63.8) 19 504 23 725
(Expenditure)/income (4 573) (120,9) 21 835 60 935
of a capital nature
Operating profit 1 022 127 34.7 758 612 1 682 352
Interest received 88 694 81.9 48 755 109 332
Finance costs (25 679) (44.5) (46 237) (83 570)
Profit before tax 1 085 142 42.6 761 130 1 708 114
Tax (401 852) 34.6 (298 604) (622 586)
Profit for the 683 290 47.7 462 526 1 085 528
period
ATTRIBUTABLE TO:
Equity holders of 674 653 48.2 455 224 1 076 071
the Company
Minority interest 8 637 18.3 7 302 9 457
683 290 462 526 1 085 528
Earnings per share 133.0 48.3 89.7 212.1
(cents)
Diluted earnings per 127.8 47.7 86.5 203.9
share (cents)
Ordinary dividend 101.0
per share (cents)
Final/interim 66.0 43.5 46.0 35.0
dividend paid
Interim/final 49.0 40.0 35.0 66.0
dividend declared
Number of weighted
average ordinary
shares (`000) used
for calculation of :
earnings per share 507 320 507 345 507 320
diluted earnings 527 804 526 384 527 709
per share
CONDENSED GROUP BALANCE SHEET
Unaudited Unaudited Audited
R`000 Dec-07 Dec-06 Jun-07
ASSETS
Non-current assets 4 724 238 4 062 604 4 403 668
Property, plant and equipment 4 115 159 3 592 185 3 804 159
Available-for-sale investments 27 894 18 437 23 738
Loans and receivables 47 402 32 384 43 990
Deferred tax assets 232 510 162 483 252 749
Intangible assets 297 024 255 074 277 901
Fixed escalation operating lease 4 249 2 041 1 131
accrual
Current assets 9 299 360 7 886 336 7 476 005
Inventories 4 650 266 4 073 930 3 699 199
Other current assets 1 898 381 1 742 495 1 521 906
Assets classified as held for 24 981 128 236 236 249
sale
Available-for-sale investments - 46 526 -
Loans and receivables 3 898 11 317 6 425
Cash and cash equivalents 2 721 834 1 883 832 2 012 226
Total assets 14 023 598 11 948 940 11 879 673
EQUITY AND LIABILITIES
Total equity 3 982 153 3 215 554 3 688 771
Capital and reserves 3 926 022 3 163 099 3 639 181
attributable to equity holders
Minority interest 56 131 52 455 49 590
Non-current liabilities 753 145 720 769 724 188
Borrowings 2 498 2 510 2 498
Deferred tax liabilities 12 642 8 960 8 803
Provisions 292 414 254 079 264 185
Fixed escalation operating lease 445 591 455 220 448 702
accrual
Current liabilities 9 288 300 8 012 617 7 466 714
Other current liabilities 9 137 637 7 646 308 7 370 776
Provisions 47 394 45 743 71 414
Bank overdraft 103 269 320 566 24 524
Total liabilities 10 041 445 8 733 386 8 190 902
Total equity and liabilities 14 023 598 11 948 940 11 879 673
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 months 6 months % for the year
R`000 ended Dec ended Dec change ended Jun 07
07 06
Net profit attributable 674 653 455 224 1 076 071
to shareholders
Expenditure/(income) of a 4 573 (21 835) (63 561)
capital nature
Loss/(profit) on disposal 711 (24 191) (23 876)
of property
Loss/(profit) on disposal
and scrapping of plant,
equipment and intangible
assets
3 600 (1 429) 6 259
Insurance claim received - - (14 053)
for building
Impairment of property, - - 720
plant and equipment
Impairment of goodwill - 3 785 -
Profit on disposal of - - (33 459)
listed investment
Loss on other investing 262 - 848
activities
Tax effect on items of a (1 335) 2 316 10 429
capital nature
Headline earnings 677 891 435 705 1 022 939
Earnings per share 133.0 89.7 48.3 212.1
(cents)
Diluted earnings per 127.8 86.5 47.7 203.9
share (cents)
Headline earnings per 133.6 85.9 55.5 201.6
share (cents)
Diluted headline earnings 128.4 82.8 55.1 193.8
per share (cents)
Ordinary dividend per 101.0
share (cents)
Final/interim dividend 66.0 46.0 43.5 35.0
paid
Interim/final dividend 49.0 35.0 40.0 66.0
declared
CONDENSED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months for the year
R`000 ended Dec 07 ended Dec 06 ended Jun 07
Notes
Cash generated by 1 756 497 2 137 506 3 465 407
operations
Operating profit 1 022 127 758 612 1 682 352
Less: investment (5 594) (6 059) (7 712)
income
Non-cash items 1 335 813 242 388 548 150
Cash settled share (93 138) (32 977) (62 021)
options
Changes in working 2 497 289 1 175 542 1 304 638
capital
Net interest received 67 658 6 703 29 652
Dividends received 951 1 874 3 822
Dividends paid (335 742) (234 933) (417 461)
Tax paid (412 051) (287 321) (524 352)
Cash flows from 1 077 313 1 623 829 2 557 068
operating activities
Cash flows utilised (443 100) (579 455) (1 109 298)
by investing
activities
Purchase of property, plant (644 383) (658 754) (1 258 609)
and equipment and intangible
assets
Proceeds on disposal of 204 921 75 799 106 061
assets held for sale,
property, plant and equipment
and intangible assets
Proceeds on disposal of - 3 542 54 528
listed investment
Acquisition of operations (5 909) - (14 192)
Acquisition of listed - (4 407) -
investment
Other investment activities 2 271 4 365 2 914
Cash flows from financing - 303 99
activities
Acquisition of treasury - - (220)
shares
Other financing activities - 303 319
Movement in cash and cash 634 213 1 044 677 1 447 869
equivalents
Effect of exchange rate (3 350) (18 115) 3 129
movements on cash and cash
equivalents
Net movement in cash and cash 630 863 1 026 562 1 450 998
equivalents
CASH FLOW INFORMATION
1. NON-CASH ITEMS
Depreciation on property, 282 092 252 612 527 674
plant and equipment
Amortisation of intangible 11 258 7 438 15 493
assets
Net fair value (gains)/losses (1 967) 20 689 20 620
on financial instruments
Exchange rate gains (7 065) (19 504) (23 725)
Loss/(profit) on disposal of 711 (24 192) (23 876)
property and assets held for
sale
Loss/(profit) on disposal and 3 600 (1 428) 6 259
scrapping of plant, equipment
and intangible assets
Impairment of property, plant - - 720
and equipment
Loss on other investing 262 - 848
activities
Realisation of profits in - - (33 459)
fair value reserve on
disposal of listed investment
Impairment of goodwill - 3 785 -
Loss on disposal of listed - 865 -
investment
Movement in provisions 5 933 (3 743) 32 334
Movement in cash-settled 45 724 163 17 892
share-based payment accrual
Movement in fixed escalation (4 735) 5 703 7 370
operating lease accrual
335 813 242 388 548 150
2. CHANGES IN WORKING CAPITAL
Inventories (956 631) (826 150) (419 734)
Trade and other receivables (346 299) (286 034) (76 463)
Trade and other payables 1 800 219 2 287 726 1 800 835
497 289 1 175 542 1 304 638
CONDENSED SEGMENT INFORMATION
Unaudited Unaudited Audited
6 months % 6 months for the year
ended Dec Change ended Dec 06 ended Jun 07
07
R`000
SEGMENT REVENUE - by
business segment
- Supermarkets 22 041 909 23.0 17 924 867 36 810 824
- Furniture 1 217 707 3.2 1 180 431 2 139 021
Total segment revenue 23 259 616 21.7 19 105 298 38 949 845
SEGMENT RESULT - by
business segment
- Supermarkets 920 498 51.6 606 999 1 408 866
(including unallocated)
- Furniture 100 608 (18.7) 123 719 204 839
Total segment result 1 021 106 39.7 730 718 1 613 705
Segment result comprises trading
profit plus exchange rate gains less
investment income.
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited
R`000 Dec 07 Dec 06 Jun 07
Capital commitments 254 181 328 030 311 180
Contingent liabilities 34 093 60 004 57 593
Net asset value per share 774 623 717
(cents)
Total number of shares in issue 507 345 507 345 507 345
(adjusted for treasury shares)
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months for the year
R`000 ended Dec 07 ended Dec 06 ended Jun 07
Balance at beginning of July 3 688 771 3 082 868 3 082 868
Net movement in treasury - - (220)
shares
Net fair value profits on 3 535 14 982 31 210
available-for-sale
investments, net of tax
Net profit for the period 683 290 462 526 1 085 528
Realisation of profits on - - (33 459)
disposal of listed investment
Cash settlement of share (38 645) (63 821) (79 927)
options
Foreign currency translation (17 871) (45 777) 20 566
differences
Dividends distributed to (336 927) (235 224) (417 795)
shareholders
Balance at end of 3 982 153 3 215 554 3 688 771
December/June
By Order of the board: JW Basson and CH Wiese
DIRECTORATE
Executive directors
JW Basson (chief executive), CG Goosen (deputy managing director), B Harisunker,
AE Karp, EL Nel, AN van Zyl, BR Weyers
Non-executive directors
CH Wiese (chairman), JJ Fouche, TRP Hlongwane, JA Louw, JF Malherbe, JG
Rademeyer
Alternate directors
JAL Basson, M Bosman, PC Engelbrecht, JD Wiese
Company secretary
AN van Zyl
ADMINISTRATION
Registered office
Cnr William Dabs and Old Paarl Roads, Brackenfell, 7560, South Africa.
PO Box 215, Brackenfell, 7561, South Africa
Telephone: +27 (0) 21 980 4000 - Facsimile: +27 (0) 21 980 4050 Website:
www.shopriteholdings.co.za
Transfer secretaries
South Africa
Computershare Investor Services 2004 (Pty) Ltd, PO Box 61051, Marshalltown,
2107, South Africa
Telephone: +27 (0)11 370 5000 - Facsimile: +27 (0)11 688 5238 Website:
www.computershare.com
Namibia
Transfer Secretaries (Pty) Ltd, PO Box 2401, Windhoek, Namibia
Telephone: +264 (0)61 227 647 - Facsimile: +264 0(61) 248 531
Zambia
Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
Telephone: +260 (0)1 223 174 - Facsimile: +260 (0)1 229 868
Sponsors
South Africa
Nedbank Capital, PO Box 1144, Johannesburg, 2000, South Africa
Telephone: +27 (0)11 295 8602 - Facsimile: +27 (0)11 294 8602 Website:
www.nedbank.co.za
Namibia
Old Mutual Investment Group (Namibia) (Pty) Ltd, PO Box 25549, Windhoek, Namibia
Telephone: +264 (0)61 299 3527 - Facsimile: +264 (0)61 299 3528
Zambia
Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
Telephone: +260 (0)1 223 174 - Facsimile: +260 (0)1 229 868
Auditors
PricewaterhouseCoopers Incorporated., PO Box 2799, Cape Town, 8000, South Africa
Telephone: +27 (0)21 529 2000 - Facsimile: +27 (0)21 529 3300
19 February 2008
Date: 19/02/2008 08:00:02 Produced by the JSE SENS Department.
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