WELCOME TO OUR ONLINE ANNUAL REPORT 2011

TEN-YEAR REVIEW

Income statement in Rands
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010** 2009 2008* 2007 20061 20051 20042 20033 20023
Income statement (Rm)                      
Continuing operations:                      
Sales 13.7 52,950.1 47,451.0 43,128.7 38,958.3 34,807.6 29,963.6 25,381.5 23,787.7 20,369.5 16,709.2
Cost of sales   (43,281.8) 38,955.9 (35,351.0) (31,781.7) (28,435.7) (24,650.0) (21,202.0) (20,183.2) (17,319.5) (14,112.1)
Gross profit 15.7 9,668.3 8,495.1 7,777.7 7,176.6 6,371.9 5,313.6 4,179.5 3,604.5 3,050.0 2,597.1
Other income   139.4 99.6 103.1 159.2 157.1 117.0 135.6 107.9 81.8 68.9
Depreciation and amortisation costs   (476.3) (382.8) (343.1) (297.8) (240.9) (202.9) (157.5) (133.5) (107.8) (106.2)
Impairment of assets   (10.0) (3.7) (1.6) (4.7) (26.3) (5.4) (74.6) (49.5) (39.7)
Employment costs   (3,766.3) (3,352.9) (2,965.8) (2,723.1) (2,449.8) (2,079.0) (1,656.7) (1,416.6) (1,168.5) (1,017.2)
Occupancy costs   (1,664.7) (1,415.1) (1,170.4) (952.3) (846.0) (740.5) (644.0) (563.7) (408.8) (366.0)
Foreign exchange (loss)/profit   (72.3) (87.7) (78.4) 62.5 (41.4) 33.3 26.8 (31.7) (28.0) 3.4
Other operating costs   (1,759.4) (1,485.8) (1,370.9) (1,427.3) (1,251.3) (1,108.0) (891.4) (716.1) (671.0) (641.2)
Operating profit before Transaction costs 17.1 2,058.7 1,866.7 1,950.6 1,993.1 1,673.3 1,328.1 992.3 776.2 698.2 499.1
Transaction costs   (408.8)
Loss on disposal of Makro Zimbabwe   (38.6)
Operating profit   1,611.3 1,866.7 1,950.6 1,993.1 1,673.3 1,328.1 992.3 776.2 698.2 499.1
Net finance costs   (107.2) (46.7) (48.6) (59.7) (44.4) (32.2) (20.2) (7.2) (50.4) (14.1)
Exceptional items   5.0 6.7 5.2
Profit before tax 13.3 1,504.1 1,820.0 1,902.0 1,933.4 1,628.9 1,295.9 972.1 774.0 654.5 490.2
Taxation   (585.3) (608.2) (620.4) (632.8) (554.8) (444.6) (307.5) (253.9) (215.2) (164.4)
Profit for the year from continuing operations 12.2 918.8 1,211.8 1,281.6 1,300.6 1,074.1 851.3 664.6 520.1 439.3 325.8
Discontinued operation:                      
Profit/(loss) for the year   3.7 (82.1)
Loss on disposal   (1.8)
Profit for the year   918.8 1,211.8 1,281.6 1,300.6 1,074.1 853.2 582.5 520.1 439.3 325.8
Attributable to:                      
Equity holders of the parent 11.2 838.7 1,129.9 1,210.9 1,256.6 1,049.9 828.5 580.1 511.2 429.3 321.7
Preference shareholders   38.4 46.5 38.0 22.5 8.9
Minority interest   41.7 35.4 32.7 21.5 15.3 24.7 2.4 8.9 10.0 4.1
Profit for the year 12.2 918.8 1,211.8 1,281.6 1,300.6 1,074.1 853.2 582.5 520.1 439.3 325.8
Trading profit before Transaction costs, interest and taxation 16.9 2,182.9 2,027.8 2,097.5 2,002.4 1,795.3 1,300.2 965.5 882.5 775.7 535.4
EBITDA before Transaction costs 16.5 2,545.0 2,253.2 2,295.3 2,295.6 1,940.5 1,536.4 1,149.8 984.3 855.5 645.0
Headline earnings 10.4 881.9 1,138.6 1,207.1 1,261.9 1,083.3 836.6 651.9 583.1 480.0 361.6
Headline earnings before Transaction costs 14.8 1,252.7 1,138.6 1,207.1 1,261.9 1,083.3 836.6 651.9 583.1 480.0 361.6
Share-based payment expense excluding acceleration charge                      
Massmart Holdings Limited Employee Share Trust   68.8 79.7 66.6 42.0 19.0 17.4 17.0 7.8 1.2
Massmart Thuthukani Empowerment Trust   33.5 57.8 54.7 62.3 52.2
Massmart Black Scarce Skills Trust   8.4 11.9 12.2 4.8 2.1
Total   110.7 149.4 133.5 109.1 73.3 17.4 17.0 7.8 1.2
Annual growth (%)                      
Total sales   11.6 10.0 10.7 11.9 16.2 18.1 6.7 16.8 21.9 44.4
Comparable sales   5.2 2.6 8.2 10.8 12.5 5.5 5.3 10.7 18.0 19.0
Estimated Group sales (deflation)/inflation (%)   (1.3) (0.4) 11.4 7.5 4.9 0.0 (2.2) (1.2) 10.0 9.0
Trading profit   7.6 (3.3) 4.7 11.5 38.1 34.7 9.4 13.8 44.9 87.4
Profit before tax   (17.4) (4.3) (1.6) 18.7 25.7 33.3 25.6 18.3 33.5 98.7
Definitions/explanations to the ratios and terms above can be found here.
*    2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.
**    Foreign exchange movements relating to the cost of stock have been reallocated from ‘Foreign exchange loss’ to ‘Cost of sales’ in June 2010 (R76.6 million), in line with the Group’s accounting policy. Water and electricity charges have been reallocated from ‘Other operating costs’ to ‘Occupancy costs’ in June 2010 (R88.4 million) in line with the Group’s accounting policy."

 

     

Statement of financial position and statement of cash flows in Rands
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010 2009 2008* 2007 20061 20051 20042 20033 20023
Statement of financial position (Rm)                      
Assets                      
Non-current assets 18.9 5,846.7 4,974.9 4,397.5 3,840.5 3,448.2 3,034.1 2,769.6 1,789.5 1,483.3 1,230.1
Current assets 12.0 10.334.0 9,314.5 8,129.4 8,060.4 7,401.4 6,584.3 5,363.6 5,319.8 4,559.8 3,714.8
   Inventory 13.5 6,199.7 5,601.5 4,893.2 4,758.6 4,027.3 3,221.0 2,677.0 2,356.5 2,236.7 1,981.9
Restricted cash held on behalf of Massmart                      
   Employee Share Trusts’
   beneficiaries
39.3 1,093.6  
Total assets 14.9 17,274.3 14,289.4 12,526.9 11,900.9 10,849.6 9,618.4 8,133.2 7,109.3 6,043.1 4,944.9
Equity and liabilities                      
Total equity 12.7 4,181.7 3,591.8 3,096.7 2,766.5 2,264.8 1,952.4 1,559.0 1,461.5 1,319.1 1,426.7
Non-current liabilities 17.5 1,205.2 895.3 858.3 1,015.9 1,122.2 1,133.8 744.5 774.7 838.8 281.9
   Trade and other payables 13.3 9,381.8 9,194.3 7,670.3 7,380.0 6,755.7 5,875.7 5,001.7 4,437.8 3,684.2 3,042.7
Current liabilities 14.3 10,793.8 9,802.3 8,571.9 8,118.5 7,462.6 6,532.2 5,829.7 4,873.1 3,885.2 3,236.3
Massmart Employee Share Trusts’ beneficiaries liability 39.3 1,093.6
Total equity and liabilities 14.9 17,274.3 14,289.4 12,526.9 11,900.9 10,849.6 9,618.4 8,133.2 7,109.3 6,043.1 4,944.9
Statement of cash flows (Rm)                      
Operating cash including cash-effect of Transaction costs 15.3 2,264.8 2,346.8 2,398.2 2,394.9 1,926.4 1,543.6 1,136.5 1,015.2 848.9 629.8
Working capital movements   (625.4) 292.6 63.8 (73.2) (28.3) 260.4 110.5 255.3 (63.6) 38.9
Cash generated from operations 10.5 1,639.4 2,639.4 2,462.0 2,321.7 1,898.1 1,804.0 1,247.0 1,270.5 785.3 668.7
Net interest paid   (107.2) (46.7) (48.6) (64.1) (44.4) (32.7) (22.0) (5.5) (50.4) (14.1)
Investment income   46.8 33.8 29.5 47.7 53.6 34.6 35.2 19.0 11.0 1.1
Dividends received   2.1 2.3 13.4 2.2 2.5 3.2
Taxation paid   (645.1) (552.8) (700.3) (668.1) (531.6) (487.4) (337.5) (124.2) (77.5) (90.9)
Dividends paid   (822.5) (822.4) (867.4) (709.9) (565.1) (402.8) (416.4) (218.7) (166.6) (90.7)
Net cash flow from operating activities   113.5 1,253.6 888.6 929.5 813.1 918.9 506.3 941.1 501.8 474.1
Investment to maintain operations   (345.4) (284.0) (354.5) (268.3) (152.9) (178.5) (256.1) (136.3) (83.6) (76.3)
Investment to expand operations   (843.0) (346.1) (340.1) (309.6) (317.9) (184.1) (157.6) (263.3) (216.6) (73.1)
Other   (109.5) (500.6) (2.8) (320.3) (220.0) (96.9) (696.8) (35.7) (208.8) (47.2)
Net cash flow from investing activities 23.3 (1,297.9) (1,130.7) (697.4) (898.2) (690.8) (459.5) (1,110.5) (435.3) (509.0) (196.6)
Net cash flow from financing activities   615.3 193.8 (160.7) (222.7) (288.4) 506.0 (22.6) (39.8) 30.8 (233.9)
Net increase/(decrease) in cash and cash equivalents   (569.1) 316.7 30.5 (191.4) (166.1) 965.4 (626.8) 466.0 23.6 43.6
Foreign exchange losses taken to FCTR   2.6 (30.9) (27.3) 4.6 (1.5) 6.1 5.4 (4.2) (10.5) 7.9
Cash and cash equivalents for the period   (566.5) 285.8 3.2 (186.8) (167.6) 971.5 (621.4) 461.8 13.1 51.5
Cash and cash equivalents at the beginning of the period   1,310.9 1,025.1 1,021.9 1,208.7 1,376.3 404.8 1,026.2** 563.4 550.3 498.8
Cash and cash equivalents at the end of the period   744.4 1,310.9 1,025.1 1,021.9 1,208.7 1,376.3 404.8 1,025.2 563.4 550.3
Definitions/explanations to the ratios and terms above can be found here
*    2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.
**    The opening cash flow in 2005 does not agree to the closing cash flow in 2004 due to the results being restated for IFRS from 2005. The difference relates to Makro Zimbabwe being consolidated as a result of IFRS.

 

     

Stores and productivity measures in Rands
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010 2009 2008* 2007 20061 20051 20042 20033 20023
                       
Ratios/indicators                      
Operating statistics                      
Depreciation and amortisation costs as a % of sales   (0.9) (0.8) (0.8) (0.8) (0.7) (0.7) (0.6) (0.6) (0.5) (0.6)
Impairment costs as a % of sales   (0.1) (0.3) (0.2) (0.2)
Employment costs as a % of sales   (7.1) (7.1) (6.9) (7.0) (7.0) (6.9) (6.5) (6.0) (5.7) (6.1)
Occupancy costs as a % of sales   (3.1) (3.0) (2.7) (2.4) (2.4) (2.5) (2.5) (2.4) (2.0) (2.2)
Total expenses as a % of sales   (14.6) (14.2) (13.8) (13.7) (14.0) (13.7) (13.1) (12.3) (11.9) (13.0)
Number of stores by chain                      
Game   100 91 87 84 82 70 61 56 55 54
Dion   6 10 11 11 11 11
DionWired   13 11 6 6 2
Massdiscounters   113 102 93 90 90 80 72 67 66 65
Makro   14 13 13 13 12 14 14** 12 13 12
Masswarehouse   14 13 13 13 12 14 14 12 13 12
Builders Warehouse   27 24 22 22 21 20 15 8 6
Builders Trade Depot   30 31 32 28 28 31 33
Builders Express   24 21 17 18 15 14 14
Massbuild   81 76 71 68 64 65 62 8 6
Wholesale cash and carry   78 77 67 68 69 69 65 63 52 49
Retail cash and carry   27 20 12 3 3 ––
Masscash   105 97 79 71 72 69 65 63 52 49
Total number of stores 10.6 313 288 256 242 238 228 213 150 137 126
FTE (full-time equivalents) 7.2 27,729 26,585 24,518 24,308 24,436 22,412 20,277 17,565 16,763 14,882
Trading space (m2) 10.2 1,280,936 1,179,466 1,087,459 1,047,539 994,277 973,116 877,878 648,923 586,030 533,334
Sales per store (R000)   158,780 153,575 159,350 152,167 136,895 122,509 143,122 136,662 129,007 114,881
Sales per FTE (R000)   1,910 1,785 1,759 1,603 1,422 1,337 1,421 1,354 1,216 1,123
Sales per trading m2 (R000)   39 37 38 35 33 29 32 32 30 27
Definitions/explanations to the ratios and terms above can be found here.
*    2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.
**    Includes the two Makro Zimbabwe stores from 2005, the date from which the results have been consolidated due to IFRS, and excludes them from 2007, the date from which the results have been deconsolidated.

 

     

Returns, profitability and share information in Rands
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010 2009 2008* 2007 20061 20051 20042 20033 20023
Productivity ratios                      
Net asset turn   11 12 13 13 13 12 12 14 13 10
Gross margin (%)   18.3 17.9 18.0 18.4 18.3 17.7 16.5 15.2 15.0 15.5
Operating margin before Transaction costs (%)   3.9 3.9 4.5 5.1 4.8 4.4 3.9 3.3 3.4 3.0
Trading profit before Transaction costs, interestand taxation margin (%)   4.1 4.3 4.9 5.1 5.2 4.3 3.8 3.7 3.8 3.2
EBITDA margin (%)   4.8 4.7 5.3 5.9 5.6 5.1 4.5 4.1 4.2 3.9
Effective tax rate (%)   38.9 33.4 32.6 32.7 34.1 34.3 31.6 32.8 32.9 33.6
Profitability and gearing ratios                      
Return on average shareholders' equity before Transaction costs (%)   33.7 34.9 41.7 50.7 52.3 48.9 44.2 42.8 35.4 27.6
Return on capital employed (%)   47.2 51.8 62.2 70.1 66.1 57.1 51.4 52.7 46.3 37.3
Debt: Equity (%)   15.1 11.1 4.9 9.8 18.0 27.3 9.2 14.1 19.1 16.7
Cash earnings cover   1.1 1.8 1.5 1.3 1.3 1.6 1.4 2.0 1.4 1.6
Solvency and liquidity ratios                      
Net cash to total equity (%)   17.8 36.5 33.1 36.9 53.4 70.5 26.0 70.1 42.7 38.6
Current ratio   1.0 1.0 0.9 1.0 1.0 1.0 0.9 1.1 1.2 1.1
Quick ratio   0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.5
Inventory days days 52 52 51 55 52 48 46 43 47 51
Inventory turn   7.0 7.0 7.2 6.7 7.1 7.7 7.9 8.6 7.7 7.1
Payable days days 56 60 56 60 60 60 60 60 56 61
Asset turn   3.1 3.3 3.4 3.3 3.2 3.1 3.1 3.3 3.4 3.4
Total liabilities to total equity   3.1 3.0 3.0 3.3 3.8 3.9 4.2 3.9 3.6 2.5
Per share performance (cents)                      
Headline earnings before Transaction costs 14.4 615.5 567.2 605.0 634.1 540.4 419.3 327.6 293.1 242.4 183.2
Diluted headline earnings before Transaction costs 13.8 583.5 542.7 591.6 619.0 530.9 408.3 316.4 282.7 235.6 181.9
Attributable earnings 10.9 412.1 562.8 606.9 631.5 523.7 415.3 291.5 256.9 216.8 163.0
Dividends/distribution 22.8 386.0 386.0 386.0 386.0 320.0 210.0 183.0 159.0 97.0 61.0
Cash generated from operations before working capital movements 14.9 1,112.8 1,169.0 1,201.9 1,203.5 961.0 773.7 571.1 510.3 428.6 319.1
Operating cash flow 5.4 459.9 1,034.1 880.1 823.8 687.5 662.5 463.6 583.0 337.5 286.2
Net asset value 11.2 1,854.2 1,722.0 1,517.5 1,359.8 1,113.5 946.0 762.0 717.8 653.0 714.8
Dividend cover   1.1 1.5 1.6 1.7 1.7 2.0 2.0 2.0 2.5 3.0
Stock exchange information                      
Shares in issue (millions)   213.9 201.5 201.3 201.2 201.1 201.0 199.6 199.2 198.6 197.8
Weighted average number of shares (millions)   203.5 200.8 199.5 199.0 200.5 199.5 199.0 199.0 198.1 197.3
Diluted weighted average number of shares (millions)   214.7 209.8 204.1 203.9 204.0 204.9 206.1 206.2 203.8 198.8
Shares traded (millions)   200.7 215.4 232.7 254.1 235.9 233.3 188.1 256.6 86.1 40.2
Percentage of shares traded (%)   93.8 106.9 115.6 126.3 117.3 116.0 94.2 128.8 43.4 20.3
Earnings yield (%)   3.1 4.6 7.6 10.3 6.0 9.5 6.5 7.9 10.3 12.1
Dividends yield (%)   2.9 3.2 4.8 6.3 3.6 4.8 4.1 4.9 4.6 4.5
Market capitalisation (Rm)   28,316.0 24.582.5 16.104.2 12.371.5 17.694.4 8.819.7 8.937.9 6.489.6 4.170.3 2.670.6
Share price South African (cents):                      
   High   15,460 12.580 9.029 9.724 9.997 6.408 5.370 3.359 2.222 1.550
   Low   11,358 7.275 5.650 5.910 4.185 4.185 3.145 2.080 1.275 930
   Closing   13,239 12.200 8.000 6.149 8.800 4.387 4.477 3.258 2.100 1.350
Definitions/explanations to the ratios and terms above can be found here.

*   2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.

     

Income statement, statement of financial position and statement of cash flows in US Dollars
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010 2009 2008* 2007 20061 20051 20042 20033 20023
                       
Income statement ($m)                      
Continuing operations:                      
Sales 18.4 7,521.3 6,235.3 4,765.6 5,329.5 4,821.0 4,667.2 4,087.2 3,477.7 2,248.3 1,643.0
Cost of sales   (6,148.0) (5,119.0) (3,906.2) (4,347.7) (3,938.5) (3,839.6) (3,414.2) (2,950.8) (1,911.6) (1,387.6)
Gross profit 20.6 1,373.3 1,116.3 859.4 981.8 882.5 827.6 673.0 526.9 336.7 255.4
Other income and expenses   (1,144.5) (871.1) (643.9) (709.1) (650.8) (620.8) (513.2) (413.5) (259.6) (206.3)
Operating profit 18.6 228.8 245.2 215.5 272.7 231.7 206.8 159.8 113.4 77.1 49.1
Finance costs   (15.2) (6.1) (5.4) (8.2) (6.1) (5.0) (3.3) (1.1) (5.6) (1.4)
Exceptional items   0.7 0.7 0.5
Profit before tax 18.0 213.6 239.1 210.1 264.5 225.6 201.8 156.5 113.0 72.2 48.2
Taxation   (83.1) (79.9) (68.6) (86.6) (76.8) (69.3) (49.5) (37.1) (23.8) (16.2)
Profit for the year from continuing operations 16.9 130.5 159.2 141.5 177.9 148.8 132.5 107.0 75.9 48.4 32.0
Discontinued operation:                      
   Profit/(loss) for the year   0.6 (13.2)
   Loss on disposal   (0.3)
Profit for the year   130.5 159.2 141.5 177.9 148.8 132.8 93.8 75.9 48.4 32.0
Attributable to:                      
   Equity holders of the parent 15.9 119.1 148.4 133.7 171.9 145.5 129.0 93.4 74.6 47.3 31.6
   Preference shareholders   5.5 6.1 4.2 3.1 1.2
   Minority interest   5.9 4.7 3.6 2.9 2.1 3.8 0.4 1.3 1.1 0.4
Profit for the year 16.9 130.5 159.2 141.5 177.9 148.8 132.8 93.8 75.9 48.4 32.0
Headline earnings before Transaction costs 19.6 177.9 149.6 133.4 172.6 150.0 130.3 105.0 85.2 53.0 35.6
Statement of financial position ($m)                      
Total equity 17.0 570.6 452.4 384.7 343.7 311.0 254.3 226.0 225.5 163.5 139.1
Net cash   107.1 170.9 129.1 128.4 167.9 184.0 60.1 161.7 71.1 54.1
Total assets 19.9 2,485.5 1,863.0 1,577.7 1,495.1 1,506.9 1,285.9 1,208.5 1,121.3 762.1 486.2
   Inventories 18.4 892.0 730.3 616.3 597.8 559.3 430.6 397.8 371.7 282.1 194.9
Trade and other payables 18.2 1,349.9 1,198.7 966.0 927.1 938.3 785.5 743.2 700.0 464.6 299.2
Statement of cash flows ($m)                      
Cash generated from operations 15.1 232.9 346.8 272.0 317.6 262.9 281.0 200.8 185.7 86.7 65.8
Net cash flow from operating activities   16.1 164.7 98.2 127.2 112.6 143.1 81.5 137.6 55.4 46.6
Net cash flow from investing activities 28.5 (184.4) (148.6) (77.1) (122.9) (95.7) (71.6) (178.8) (63.6) (56.2) (19.3)
Exchange rates (Rand/US$)                      
At year-end   6.95 7.67 7.94 7.96 7.20 7.48 6.73 6.34 7.93 10.17
Average for the year   7.04 7.61 9.05 7.31 7.22 6.42 6.21 6.84 9.06 10.17
Definitions/explanations to the ratios and terms above can be found here.

*   2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.

     

Profitability and share performance in US Dollars
as at 26 June 2011

  Nine-year                    
  growth % 2011 2010 2009 2008* 2007 20061 20051 20042 20033 20023
Ratios/indicators                      
Profitability and gearing ratios                      
Return on average shareholders' equity before Transaction costs (%)   34.8 35.7 36.6 52.7 53.1 54.3 46.5 43.8 35.0 24.6
Return on capital employed (%)   48.7 53.0 54.6 72.7 67.2 63.2 54.3 54.1 45.7 33.6
Debt: Equity (%)   15.1 11.1 4.9 9.8 18.0 27.3 9.2 14.1 19.1 16.7
Liquidity ratios                      
Current ratio   1.0 1.0 0.9 1.0 1.0 1.0 0.9 1.1 1.2 1.1
Inventory days   53 52 58 50 52 41 43 46 54 51
Per share performance (cents)                      
Headline earnings before Transaction costs 19.2 87.4 74.5 66.8 86.7 74.8 65.3 52.8 42.9 26.8 18.0
Diluted headline earnings before Transaction costs 18.6 82.9 71.3 65.4 84.7 73.5 63.6 51.0 41.3 26.0 17.9
Attributable earnings 15.5 58.5 74.0 67.1 86.4 72.5 64.7 46.9 37.6 23.9 16.0
Dividends/distribution 27.9 54.8 50.7 42.7 52.8 44.3 32.7 29.5 23.2 10.7 6.0
Cash generated from operations before working capital movements 19.7 158.1 153.6 132.8 164.6 133.1 120.5 92.0 74.6 47.3 31.4
Operating cash flow 9.8 65.3 135.9 97.2 112.7 95.2 103.2 74.7 85.2 37.3 28.1
Net asset value 16.0 266.8 224.5 191.1 170.8 154.7 126.5 113.2 113.2 82.3 70.3
Dividend cover   1.1 1.5 1.6 1.7 1.7 2.0 2.0 2.0 2.5 3.0
Stock exchange information                      
Market capitalisation ($m)   4,074.2 3.205.0 2.028.2 1.554.2 2,457.6 1,179.1 1,328.1 1,023.6 525.9 262.6
Exchange rates (Rand/US$)                      
At year-end   6.95 7.67 7.94 7.96 7.20 7.48 6.73 6.34 7.93 10.17
Average for the year   7.04 7.61 9.05 7.31 7.22 6.42 6.21 6.84 9.06 10.17
Definitions/explanations to the ratios and terms above can be found here.
*   2008 was a 53-week period. For comparative purposes, the adjusted pro forma 52-week period has been used where appropriate.

Technical clarification:
1. These amounts exclude amounts relating to the discontinued operation (Furnex).
2. These amounts have not been restated for IFRS.
3. These amounts have not been restated for IFRS or for SAICA's reinterpretation of IAS 17, Leases.