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PICK 'n PAY
GROUP RESULT for the year ended 28 February 2001
Pick 'n Pay Stores Limited
Review of operations
Turnover up 11.2%
Trading profit up 20.9%
Operating profit up 10.7%
Headline earnings up 23.6%
Headline earnings per share up 21.9%
Total dividend per share up 23.3%
The salient features of this announcement bear ample testimony to a very
satisfactory result given the tough current trading conditions. Group turnover
for the year is R15.1 billion, an increase of 11.2% over last year which, given
an inflation rate of approximately 6%, reflects strong real growth in turnover.
Our market share at year end of 39.3% (2000 - 38.3%) is another superlative
performance and we are pleased to report that for the month of January 2001 we
achieved 40% market share for the first time in the history of our Group.
Trading profit for the year shows an increase of 20.9%. However, due to reduced
interest earned as a direct result of lower interest rates during the year,
operating profit increases by 10.7%. Cash resources at year end are a healthy
R1.1 billion, an increase of 40%. This strong trading result enables us to
increase our Headline Earnings by 23.6% and our total dividend for the year by
23.3%.
This result is achieved through various positive facets of the business
including strong turnovers throughout our revamped stores, increases in
participation by our General Merchandise Division, increases in market share to
42% in the Pick 'n Pay Butchery Division, and overall increases in market share
through our Supermarkets and Family Stores.
The year ahead will see the aggressive expansion of all Supermarket brands.
This includes at least 5 Pick 'n Pay Corporate, 20 Family, 10 Score and 10
RiteValu stores. We will also be opening 5 Score stores in Tanzania which we
consider to be one of the more promising growth opportunities in Central Africa
TM Supermarkets' management have again excelled under exceptionally trying
circumstances. We are seeing turnover growth ahead of very high levels of
inflation as well as good growth in net profit. Although we are currently
experiencing difficulties in repatriating our dividends from Zimbabwe we remain
optimistic with the medium to long-term prospects in that country.
We are currently testing our Home Shopping systems in three stores in Pretoria,
Johannesburg and Cape Town and once we are satisfied that we are achieving
acceptable levels of service to our consumers, we will expand this service in
these and other major cities in the country.
Financial year 2002 presents some interesting challenges and we look forward
with confidence to meeting these and any others that may present themselves
during the year.
We thank all our consumers for their increasing support and confidence and look
forward to being of service to you in the future.
Sean Summers
Chief Executive Officer
Pick 'n Pay Holdings Limited ("Pikwik")
Result for the year ended 28 February 2001
Pikwik's only asset is its 51.0% (2000: 51.1%) investment in Pick 'n Pay Stores
Limited. The Pikwik Group earnings are directly related to those of this
investment. Headline earnings for the year amount to R162.6 million (2000:
R132.1 million). Headline earnings per share, calculated using the shares in
issue at the balance sheet date of 522.6 million (2000: 516.3 million), is
31.11 cents (2000: 25.58 cents). Pikwik's total distribution for the year,
including the capitalisation issue and alternative cash election described
below, amounts to 20.94 cents per share (2000: 17.03 cents per share).
Capitalisation issues and dividends
The directors have resolved to award a capitalisation issue of ordinary shares
to shareholders registered in the books of the companies at the close of
business on 4 May 2001. The number of capitalisation shares to be awarded per
share will be determined by the ratio that 34.00 cents for Pick 'n Pay Stores
Limited and 16.62 cents for Pick 'n Pay Holdings Limited bears to the weighted
average trading price of the respective ordinary share on The JSE Securities
Exchange South Africa for the four days ending at the close of business on 31
May 2001. Shareholders may elect instead to receive the following cash dividend
in respect of all or part of their shareholding:
Pick 'n Pay Stores Limited
- A final cash dividend (No. 66) of 34.00 cents per share.
Pick 'n Pay Holdings Limited
- A final cash dividend (No. 39) of 16.62 cents per share.
Documentation dealing with the capitalisation issue and the cash election will
be sent to shareholders on 11 May 2001. Capitalisation shares and cash dividend
cheques will be posted to shareholders on 11 June 2001. Shareholders who have
requested electronic transfers of their dividends will have their accounts
credited on this date.
M MARSDEN CA (SA)
Secretary
10 April 2001
These results are also available on our website http://www.picknpay.co.za
Income statement
2001 2000 1999
Rm Growth Rm Rm
(not audited) % (audited) (audited)
Turnover 15 126.1 11.2 13 606.7 12 353.7
Trading profit 396.1 20.9 327.5 224.1
Interest received 80.9 103.0 123.8
Interest paid (28.7) (20.8) (25.2)
Dividends received 26.6 19.4 19.3
Operating profit 474.9 10.7 429.1 342.0
Exceptional items - (32.4) (53.7)
Profit before tax 474.9 396.7 288.3
Tax (150.5) (132.8) (131.8)
Profit after tax 324.4 263.9 156.5
Minority interest (5.4) (8.1) (6.3)
Net profit for the year 319.0 255.8 150.2
Adjustment - 2.4 53.7
Headline earnings 319.0 23.6 258.2 203.9
Per share - cents
Headline earnings 63.88 21.9 52.42 42.05
Earnings 63.88 51.93 30.98
Capitalisation
issue/dividend (see below)
Interim - No. 65 8.85 7.00 5.60
Final - No. 66 34.00 27.75 22.00
Total distribution 42.85 23.3 34.75 27.60
Dividend cover 1.49 1.51 1.52
Cash flow statement
2001 2000 1999
Rm Rm Rm
(not audited) (audited) (audited)
Trading profit 396.1 327.5 224.1
Depreciation and
amortisation 218.5 186.5 210.2
rade and other payables 134.5 116.4 263.1
Stocks (133.1) (19.2) (105.7)
Trade and other receivables 31.8 (145.7) (24.1)
Cash generated by
operations 647.8 465.5 567.6
Interest received 80.9 103.0 123.8
Interest paid (28.7) (20.8) (25.2)
Dividends received 26.6 32.2 19.3
Dividends paid (123.6) (87.8) (68.0)
Tax paid (177.5) (74.6) (110.3)
Cash retained from
operating activities 425.5 417.5 507.2
Equipment and vehicles 207.6 352.7 446.5
Property (61.3) (4.7) 23.0
Interest-bearing debt (146.6) 95.3 4.8
Investments 14.0 84.0 (0.5)
Loans 99.8 28.7 35.8
Net disposals - (4.6) 7.5
Cash utilised for investing
activities 113.5 551.4 517.1
Net increase/(decrease)
in cash resources 312.0 (133.9) (9.9)
Cash resources at
1 March 773.3 907.2 917.1
Cash resources at
28 February 1 085.3 773.3 907.2
Balance sheet
2001 2000 1999
Rm Rm Rm
(not audited) (audited) (audited)
ASSETS
Non-current assets
Property 127.1 188.4 193.1
Equipment and vehicles 761.9 771.9 616.3
Investments 195.5 181.5 97.5
Loans 293.5 193.7 165.0
Participation in export
partnerships 166.2 183.4 194.6
1 544.2 1 518.9 1 266.5
Current assets
Stocks 866.0 730.0 714.9
Trade and other receivables 287.1 301.6 165.4
Cash resources 1 085.3 773.3 907.2
2 238.4 1 804.9 1 787.5
Total assets 3 782.6 3 323.8 3 054.0
EQUITY AND LIABILITIES
Capital and reserves 932.1 760.9 597.5
Minority interest 19.6 18.4 14.0
Non-current liabilities
Interest-bearing debt 200.5 53.9 149.2
Deferred tax 185.9 191.5 242.8
386.4 245.4 392.0
Current liabilities
Trade and other payables 2 124.5 1 989.6 1 858.7
Tax 226.3 247.7 138.2
Dividends payable 93.7 61.8 53.6
2 444.5 2 299.1 2 050.5
Total equity and liabilities 3 782.6 3 323.8 3 054.0
Shares in issue - millions 501.3 494.8 486.9
Weighted average shares in
issue - millions 499.4 492.6 485.1
Net asset value - cents per
share (Property value
based on directors'
valuation) 206.9 174.5 138.6
Statement of changes in equity
2001 2000 1999
(not audited) (audited) (audited)
Rm Rm Rm
Capital and reserves at
1 March 760.9 597.5 547.1
Prior year adjustment (see note) - - (22.8)
Capital and reserves -
as restated 760.9 597.5 524.3
Foreign currency translation
reserve 3.5 - -
Capitalisation awards (13.2) 4.0 3.9
Net profit for the year 319.0 255.8 150.2
Distributions declared (138.1) (96.4) (80.9)
Capital and reserves at
28 February 932.1 760.9 597.5
NOTE TO THE FINANCIAL INFORMATION:
The following changes in accounting policy have been made to accord with
Generally Accepted Accounting Practice.
1. Due to the current shortage of foreign currency in Zimbabwe, we no longer
proportionately consolidate our share of TM Supermarkets' results and account
only for dividends on a cash received basis.
2. Stocks, which were previously valued at invoiced cost, are now valued net of
appropriate trade incentives.
The impact of these changes are not material to the current and prior year
earnings and the total effect on retained income brought forward at 1 March
1998 is a reduction of R22.8 million. Comparative figures have been restated
for the changes.
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