Definitions and formulas

Employment costs

Includes the IFRS 2 Share-based Payment expense.

Other operating costs

Includes the foreign exchange gains and losses.

Walmart costs

Includes professional fees, integration costs, expatriate employment costs, share-based payments, travel, consulting costs and other direct expenses relating to the Walmart transaction.

Net finance costs

Interest received less interest paid.

EBITDA

Earnings before interest, taxation, depreciation, amortisation and asset impairments.

EBITDAR

Earnings before interest, taxation, depreciation, amortisation, asset impairments and occupancy costs.

Trading profit before interest and taxation

Earnings before interest, taxation, asset impairments, the BEE IFRS 2 charge, foreign exchange movements, loss on disposal of business, assets classified as held for sale and Walmart related costs.

Comparable sales

Sales figures quoted for stores that have traded, and will trade, for all 12 months of the current and prior year.

FTE (full-time equivalents)

Includes all permanent employees and the permanent equivalent of temporary employees and contracted workers.

Trading space (m2)

Trading space excludes parking, yard, warehouse space, office space and receiving areas.

Sales per store (R000)
Sales
Number of stores

Sales for Shield, CellShack, Saverite, Kawena and Kangela are excluded as they do not have stores.

Sales per FTE (R000)
Sales
FTEs

Sales per trading
m2 (R000)
Sales
Trading m2

Sales for Shield, CellShack, Saverite, Kawena and Kangela are excluded as they do not have stores.

Net asset turn
Sales
Net assets  

The Group defines net assets as capital reserves and interest-bearing LT liabilities.

Gross margin (%)
Gross profit
Sales  

Operating margin (%)
Operating profit
Sales  

Trading profit before interest and taxation margin (%)
Trading profit before interest and taxation
Sales  

EBITDA margin (%)
EBITDA
Sales  

Effective tax rate (%)
Taxation
Profit before tax  

Note 10 of the financial section holds further information.

Return on average shareholders’ equity (%)
Headline earnings
Average of opening and closing equity attributable to equity holders of the parent  

Return on capital employed (%)
  Operating profit before asset impairments
Average of opening and closing capital employed balances

The Group defines capital employed as capital and reserves and interest-bearing LT liabilities.

Return on invested capital (%)
Adjusted operating profit
Average invested capital

Adjusted operating profit includes finance income and adds back depreciation, amortisation and occupancy costs. Average invested capital is average total assets of continuing operations plus average accumulated depreciation and amortisation less average accounts payable less average accrued liabilities plus occupancy costs x 8.

Debt: Equity (%)
Debt
Capital and reserves  

Debt comprises non-current interest-bearing liabilities.

Cash earnings cover
Operating cash flow per share
Headline earnings per share

Net cash to total equity (%)
Cash and cash equivalents, net of borrowings
Total equity at the end of the year

Current ratio
Current assets
Current liabilities

Quick ratio
Current assets excluding inventory
Current liabilities  

Inventory days
Inventory
Total cost of sales  

Inventory turn
Total cost of sales
Inventory  

Payable days
Trade payables
Total cost of sales

Asset turn
Sales
Total assets  

Total liabilities to total equity
Current and non-current liabilities
Total equity  

Headline earnings per share
Headline earnings
Weighted average number of shares
in issue  

Diluted headline earnings per share
Headline earnings
Diluted weighted average number of
shares in issue

Attributable earnings per share
Earnings attributable to the equity
holders of the parent
Weighted average number of shares
in issue

Dividends/distribution

Distribution to shareholders

Cash generated from operations before working capital movements per share
  Cash generated from operations
before working capital movements
Weighted average number of shares
in issue

Operating cash flow per share
Net cash flow from operations
Weighted average number of shares
in issue  

Net cash flow from operations is after working capital movements, and excludes exceptional items and dividends paid.

Net asset value per share
Capital and reserves
Total number of shares in issue

Dividend cover
Headline earnings per share
Interim and final dividend per share