Analyst Presentation of Results

Final Results
Presentation
for 52 weeks ended 28 December 2014
Operating Model
Massmart is a high-volume, low-cost, omni-channel distributor of Food, Liquor, General
Merchandise and Home Improvement in sub-Saharan Africa
+
+
+
+
+
Africa’s second largest retailer / distributor
Market leader in General Merchandise and Home Improvement
Market leader in Liquor and Wholesale Food
3rd largest in Liquor & Food (retail & wholesale)
Fastest growing Retail Food proposition Game in 2014
+ Highest sales densities in SA retail at R190m/store
+ Lowest Operating Costs as % of sales in SA retail at 16.2%
+ Great retail and wholesale brands and formats Makro, Game, DionWired, Builders, Jumbo
+ Deep, wide penetration across LSM 3-10 and Retail, Wholesale & Commercial customers
+ Owned by Walmart
Final Results Presentation February 2015
2
Retail Leadership team
Team has combined total of 54 years’ experience in Massmart operations
Robin Wright
(59)
Neville Dunn
(46)
Doug Jones
(42)
Llewellyn Walters
(51)
BCom, CA (SA)
Bcom CA(SA)
BCom, BAcc, CA (SA)
BCom, PGDA CA (SA)
BA (LLB)
17 years with
Massmart
13 years
with Massmart
10 years with
Massmart
8 years
with Massmart
6 years
with Massmart
Founder CCW Stores Chief
Executive Masscash Group
Food Executive
Chief Executive
Massdiscounters
Financial Manager The Hub
Financial Director Masscash
Operations Director Masscash
Chief Executive
Masscash Wholesale
Group Chief Executive
Officer UPD
Chief Executive Masswarehouse
Chief Executive
Cambridge Food
Operations Financial Manager
SAB Ltd Softdrinks Division
Finance Director Makro
Commercial Director Makro
Chief Executive
Masswarehouse
Divisional Managing Director
Super Group, African Operations
Chief Executive
Massbuild
Final Results Presentation February 2015
Kevin Vyvyan-Day
(50)
3
Consumer environment
Tough but an improved second-half
+ Constrained discretionary spending
with focus on exceptional value amongst
low- & middle-income customers
+ Steady demand amongst higher-income
customers in Builders and Makro
+ Wholesale affected by commodities’
deflation and dis-inflation across basket
12
% Growth year-on-year
+ Low economic growth, soft job creation,
unsettled labour market, high utility costs,
weak currency, and electricity disruptions.
Low consumer confidence
10
Nominal Sales
8
6
4
Real Sales
2
0
Jan 13
Apr 13
Jul 13
Oct 13
Jan 14
Apr 14
Jul 14
Oct 14
-2
+ Disruption in electricity supply impacts
negatively on foot traffic in shopping centers,
benefits our stand-alone stores?
Final Results Presentation February 2015
4
Performance highlights
Scale, Growth and Innovation
+ Game SA had a good H2, growing profit. Game Africa declined from
weaker economies, new stores and currency devaluations (-R40m)
+ Game Retail Food growth continues, is now R3.2 billion. Positive
impact on General Merchandise sales
+ Great performances from Makro, Builders Warehouse and Builders
Express as they leverage skills, scale, SAP and supply chain. Profit
acceleration in H2
+ Margin recovery in Masscash Wholesale through focus on direct
distribution and larger stores
+ Market research confirms high consumer brand affiliation with
Cambridge Food. Great trading performance
+ Great performance by new Builders Warehouse, Maputo
+ Successful launch of Makro online in General Merchandise
and Liquor
Final Results Presentation February 2015
5
Performance highlights at a glance
Great sales growth, good margin management and decent cost control in tough environment
Rm
52 weeks
December 2014
(Reviewed)
% of
sales
52 weeks
December
2013
(Pro forma)
% of
sales
52 week
% growth
52 week
Comparable
% sales
growth
Estimated
% sales
inflation
Sales
78,173.2
70,790.7
10.4
7.5
4.8
Massdiscounters
17,955.2
16,294.2
10.2
4.8
3.1
Masswarehouse
21,554.8
19,271.7
11.8
10.7
5.5
Massbuild
Masscash
Trading profit before
interest and tax
10,822.8
27,840.4
9,441.3
25,783.5
14.6
8.0
9.1
6.3
5.9
4.8
Massdiscounters
Masswarehouse
Massbuild
Masscash
2,061.7
2.6
1,994.4
2.8
3.4
180.7
1.0
326.9
2.0
(44.7)
1,044.3
4.8
939.5
4.9
11.2
537.6
299.1
5.0
1.1
467.6
260.4
5.0
1.0
15.0
14.9
Final Results Presentation February 2015
6
Did You Know?
+ 98 private label brands generate sales of R7.2 billion across the Group
+ Our retail brands have the highest spontaneous awareness for household
appliances, electronics, outdoor & patio, home improvement
+ Load-shedding products comprise 1.5% of Builders Warehouse sales and grew
36% (generators, solar, gas, emergency lighting)
+ Game sells 1/3rd of all TVs sold in South Africa
+ Makro online had one million active visitors in 30 days to mid-December
+ Makro Liquor sold 108m cans / bottles beer, 43m cans cider and 5m bottles
whiskey
Final Results Presentation February 2015
7
Financial Performance
+
Three divisions had a strong performance with Game SA showing improved trading in
the second half of the year
+ Total sales growth increased to 10.4% (Dec 2013: 7.5% 52 weeks) and comparable
sales increased by 7.5% (Dec 2013: 3.8%)
+ Gross margin increased to 18.63% (Dec 2013: 18.44% 52 weeks)
+ Comparable expense growth of 7.1% is lower than comparable sales growth of 7.5%
+ Foreign exchange loss of R49.8m (Dec 2013: R67.8 m gain)
+ Operating profit before foreign exchange movements and interest increased by 4.3%
(Dec 2013: -0.3% 52 weeks)
Final Results Presentation February 2015
8
Sales
Real comparable volume growth
52 weeks
December
2014
(Reviewed)
52 weeks
December 2013
(Pro forma)
52 week
% growth
52 week
Comparable
% sales
growth
Estimated
% sales
inflation
Total
78,173.2
70,790.7
10.4
7.5
4.8
Massdiscounters
17,955.2
16,294.2
10.2
4.8
3.1
Masswarehouse
21,554.8
19,271.7
11.8
10.7
5.5
Massbuild
Masscash
10,822.8
27,840.4
9,441.3
25,783.5
14.6
8.0
9.1
6.3
5.9
4.8
Rm
+
Rest of Africa businesses’ sales growth:
Sales in ZAR grew by 16.2%
+
Higher inflation in General Merchandise
and Home Improvement
+
Wholesale business is experiencing deflation in some
Food commodities in 2015
8.1%
91.9%
S.A. Sales
Final Results Presentation February 2015
Rest of Africa Sales
9
Operating profit before forex and interest
Rbn
0.5
1.0
1.5
2.0
2013
2.5
3.0
3.5
+ Operating profit before forex of R1,933.7m
Sales-related gross margin
+ A strong trading performance in Makro, Massbuild and Masscash Retail; offset by:
+ Greater Food contribution across the Group
+ A softer margin performance in Massdiscounters attributable to the overstock position
Price-and-mix-related gross margin
Other income
+ Prior year included insurance proceeds
+ Total increase of 14.0% / Comparable increase of 8.5%
+ Increase in staff (Full-Time Equivalents) of 8.3% to +/- 41,000 FTE’s
Employment costs
+
+
+
+
Occupancy costs
Total increase of 5.3% / Comparable increase of 3.6%
3.9% increase of net new trading space to a total of 1,539,295m²
Electricity, rates and taxes increased by approximately 15%
Property acquisitions resulting in a reduction of occupancy costs
+ Depreciation growth of 15.8% is greater than sales growth of 10.4%
+ The opening of new stores, DC’s and the acquisition of key properties is driving the increase
+ Rate of increase should reduce significantly from 2015
Depreciation, Amortisation and
Impairment of Assets
+ Total increase of 12.6% / Comparable increase of 7.8%
+ Credit card commission increased by 15.5% - increased usage
Other operating costs
+ Operating profit before forex of R2,015.9 million
+ Increase of 4.3%
2014
Final Results Presentation February 2015
10
EBITDA
Rm
Operating profit before foreign exchange
movements and interest
Depreciation and amortisation
Impairment of assets
EBITDA before foreign exchange movements
Final Results Presentation February 2015
52 weeks
December 2014
(Reviewed)
52 weeks
December 2013
(Pro forma)
52 week
% growth
2,015.9
1,933.7
4.3
846.6
731.1
15.8
24.6
41.6
2,887.1
2,706.4
6.7
11
Foreign Exchange Movements
52 weeks
December 2014
(Reviewed)
52 weeks
December 2013
(Pro forma)
(5.7)
82.4
Other
(44.1)
(14.6)
Total (loss)/gain
(49.8)
67.8
Massdiscounters
+
Rand weakened by 12.7% against the USD
+
Ghanaian New Cedi and the Nigerian Naira devalued against the Rand
Final Results Presentation February 2015
12
Inventories and Creditors
Inventories (Rm)
Inventory Days
Trade Creditors (Rm)
Creditors’ Days
December 2014
(Reviewed)
December 2013
(Audited)
11,228.8
10,115.5
64
64
14,841.5
13,702.4
75
76
+
Good inventory management. Growth of 11.0% is marginally ahead of sales growth
+ New stores
+ Massdiscounters, while improving, remains overstocked
+
Trade Creditors increased by 8.3%
+ Creditors’ Days slightly tighter
Final Results Presentation February 2015
13
Capital Expansion
2 500
4.0%
2 000
3.0%
1 500
2.5%
Rm
Capex as a % of sales
3.5%
1 000
2.0%
500
1.5%
1.0%
0
Dec 2010
+
+
Dec 2011
Dec 2012
Dec 2013
Dec 2014
Investment to maintain operations
Investment to expand operations
Property acquisitions
Businesses acquired
Total capex as a % of sales
Total capex as a % of sales excl business and property acq's
Total Capex as a % of sales: 2.7% (Dec 2013: 3.3%)
Total Capex excl. business and property acq’s as a % of sales: 1.6% (Dec 2013: 1.8%)
Final Results Presentation February 2015
14
Capital Expansion
Sales split between owned and leased stores
31%
Final Results Presentation February 2015
27%
13%
15
Capital expansion
Annualised benefit of property acquisitions over the last 2 years
Saving on lease payments:
Less finance costs:
R109m
Less
depreciation
costs:
R36m
Net savings:
Final Results Presentation February 2015
R210m
R65m
16
Cash Flow Statement
52 weeks
December 2014
(Reviewed)
53 weeks
December 2013
(Audited)
Operating cash before working capital movements
2,983.4
2,984.0
Working capital movements
(295.1)
752.6
Cash generated by operations
2,688.3
3,736.6
(1,028.7)
(987.9)
(857.4)
(780.2)
Free cash flow
802.2
1,968.5
Dividends paid
(914.0)
(913.4)
Investment to expand operations and
other net investing activities
(1,289.1)
(1,446.9)
Cash outflow before financing activities
(1,400.9)
(391.8)
Rm
Net interest and tax paid
Net investment to maintain operations
+ The effect of week 53 in the prior and current year is approximately R500m in working capital
Final Results Presentation February 2015
17
Forecast stores: Dec 2014 – Dec 2016
Dec 2014
Forecast new stores
Jan 2015 – Dec 2016
Dec 2016
Number of stores
392
63
455
Massdiscounters
153
19
172
Masswarehouse
19
1
20
100
120
20
23
120
143
Massbuild
Masscash
% increase
1,539,295
192,893
1,732,188
12.5
Massdiscounters
506,188
60,340
566,528
11.9
Masswarehouse
195,794
12,000
207,794
6.1
Massbuild
Masscash
436,538
400,775
57,500
63,053
494,038
463,828
13.2
15.7
Trading space (m2)
+
+
+
+
Massdiscounters: Game SA – 8; DionWired – 4; and Game Africa - 7 (Kenya 1, Mozambique 1, Nigeria 3 and Zambia 2)
Masswarehouse: Makro - 1
Massbuild: BWH SA - 4; BEX – 4; BTD – 1; BSS - 8; and BW Africa - 3 (Mozambique 1 and Zambia 2)
Masscash: Retail – 18; Wholesale SA – 2; and Wholesale Africa - 3 (Mozambique 2 and Zambia 1)
Forecast for 2015:
+
33 new stores resulting in an additional 6.3% net new trading space
Final Results Presentation February 2015
18
Strategic Priorities
+ Improve Profitability
+ Grow Builders and Retail Food in South Africa
+ Grow into Africa
+ Grow Online
Final Results Presentation February 2015
19
Improve Profitability
To improve Group profitability from a focus on Sales, Operating Margin and Expenses
+ Increase comparable stores’ sales
+ New customer groups – commercial, online, exports
+ New formats, format renewal
+ Increase Private Label penetration:
currently 9.8% of sales, and highest in Builders at 18.7%
+ Reduce costs in value-chain
+ Increase property ownership:
estimated future annual benefit of R65m
+ Reduce capital cost of new stores
+ But always prepared to invest profit into price, to drive sales / productivity loop
Final Results Presentation February 2015
20
Growing Game
In 2009 began transforming Game from traditional GM discounter …
Subsequent Challenges
Response:
+ Demand & fulfillment software (JDA) poorly configured & operated
+ Re-installed JDA in 2013/14
+ Inadequate store segmentation impacted merchandise range:
Rosebank to Ulundi
+ Supply chain & RDC skills
+ Initially difficult to attract suitable Food skills
+ Revised store segmentation and
merchandise range
+ Poor demand data history impacts Fresh wastage
+ Hiring great skills. Suppliers’
support
+ Complexity of Fresh supply chain
+ Improving demand data history
+ Distracted the core General Merchandise team
+ Group Fresh supply chain
+ SAP point-of-sale
Final Results Presentation February 2015
21
Growing Game
Current Successes:
Sales Growth: Game vs SA GM retailers
+ Now a less cyclical retail format offering wide
range of GM & selected Food range
+ Game store footprint increased
7.3% CAGR to 130 stores
+ Food of R3.2bn is now almost
18% of total sales
+ Food now in 58 SA stores and in SA
comparable stores sales +19%
& GM sales in those stores outgrowing nonFood stores
+ Most GM market shares steady or improved
3 month rolling year-on-year growth
+ Since 2008 Game sales have grown
10% CAGR to R18bn
20%
StatsSA
Game Gen Merch*
15%
10%
5%
0%
-5%
-10%
Source: Massmart, StatsSA. StatsSA figures for retailers in Household furniture, Appliances & Equipment
*Game Gen Merch = Total Game SA sales in General Merchandise, excl. cellular and hardware
Game SA had a good Q4. Key business inputs improving gradually. Another six months to
rebalance inventory levels. Hopeful of a better SA performance in 2015
Final Results Presentation February 2015
22
Grow Retail Food in SA
Build a Retail Food proposition on the General Merchandise and Wholesale Food
platforms. To reduce cyclicality, counter potential decline in Wholesale, complement
our existing offerings and enter the under-penetrated lower-income arena
Current situation
+ Retail Food sales from Rnil to R14.7bn since 2008
+ Trading through 132 stores in Makro, Game and Cambridge Food
+ Positive impact in Game and Makro, with increased traffic and new customers
+ Own private label in all three formats – Cambridge, Marketside, M-brand
+ Implemented full offering including dry groceries, bakery, butchery, fresh produce & prepared meals
+ Developing dedicated supply chain for Fresh, Meat & Bakery – either owned or 3rd party
+ Competitive pricing enabled through General Merchandise margins & lower operating expenses
+ Disrupted market equilibrium as suggested by competitor reaction, specifically aggressive enforcement
of lease exclusivities and keen pricing / promotions
Final Results Presentation February 2015
23
Grow Retail Food in SA
Key priorities
Inhibitors
+
Complete Game Food roll-out and grow
national footprint of Cambridge Food
brand
+
Improve product offering & store operating
efficiencies
+
Develop and leverage specialist Groupowned assets (e.g. Fruitspot) to service
Fresh, Bakery and Butchery proposition
+
Grow Food private labels
Final Results Presentation February 2015
+
Lease exclusivities, dedicated supply & logistics,
cold chain infrastructure and specialist skills
24
Grow Builders’ formats in SA
Current Situation
Inhibitors
+
Market leaders in SA with Builders
Warehouse & Builders Express. Few direct
format competitors
+
Pleased with early success of Superstore
+
Enabled by great skills & management, SAP
and national DC
+
Under-penetrated is some key metropolitan &
urban areas
+
Real estate, economic / housing cycle
Key priorities
+
Aggressively roll-out Warehouse & Express
stores
+
Grow Builders Superstore (8 stores in next two
years)
Final Results Presentation February 2015
25
Grow into Africa
To replicate South African market leadership and operating strengths in underserviced, high potential markets in sub-Saharan Africa, to increase geographic
market exposure for growth
Current situation
+
33 stores in 11 sub-Saharan non-South African countries generating sales of R6.4bn representing
8.1% of total sales
+
Average store sales of R192m p.a., almost x2 higher than that achieved by grocery retail peers
+
Game – first wave city expansion into 10 non-SA countries has resulted in good General
Merchandise market shares and an emerging Retail Food proposition
+
Builders Warehouse – second wave city expansion into two countries has resulted in excellent
sales and margin growth
+
Masscash Wholesale – over 10 years have opened / acquired stores in four countries. Sales of
R2.7bn
+
Continued learning from Valumart, Nigeria, launched in 2012. Have expanded the pilot to validate
logistics and distribution requirements
Final Results Presentation February 2015
26
Grow into Africa
Key priorities
Inhibitors
+ Grow into selected cities & metros. Seven
Game stores planned for 2015-16
+ Securing land title, volatile currencies,
unpredictable customs & duty environments
+ Grow Builders Warehouse presence in SADC
region. Three planned for 2015-16
+ Initiate a third wave through Cash & Carry or
Hybrid model, with Dry Groceries & limited GM.
Focus on major cities & towns in SADC. Three
planned for 2015-16
+ Total African space growth 2015-2016 of
approximately 45%
3
1
NIGERIA
GHANA
1
UGANDA
TANZANIA
1
2
1
MALAWI
ZAMBIA
5
BOTSWANA
MOZAMBIQUE
NAMIBIA11
4
1
LESOTHO
SOUTH AFRICA
SWAZILAND
3
359
Final Results Presentation February 2015
27
Grow online
To build a profitable omni-channel presence that is synergistic with Massmart
category market leadership and needs of customer base
Current situation
+
DionWired online launched in 2012. Essential offering for hi-tech customer. Good online
retail learning experience for the Group. High basket size, now 2.3% of sales
+
Makro online launched April (General Merchandise) and October 2014 (Liquor). High basket size,
high proportion of click-&-collect, predominantly retail. New and existing customers
+
Trialing Makro convenience locker access, for later roll-out to SASOL service station forecourts
+
Shield online system and call-centre integrated with, and accessible to, Cash & Carry B2B customer
base
+
Access to skills & experience at ASDA online and walmart.com
Final Results Presentation February 2015
28
Grow online
Key priorities
Inhibitors
+ Invest in appropriate technology – master
data, digital catalogue, inventory accuracy,
extended assortments, fulfillment
+ Expand Shield B2B online to broader Cash &
Carry customer base
+
Technology – cost & effectiveness
+
Back-office interface
+
Consumer confidence in online payment systems
+ Develop & launch Builders Warehouse online
+ Mobile applications
Final Results Presentation February 2015
29
Prospects
+
+
+
+
For the 8 weeks to 22 February 2015, total sales increased by 10.0%
Comparable sales increased by 7.9%
Continuation of sales trends seen in Q4 of 2014
South African consumer environment seems mildly positive, but
fragile. Need to watch oil price, taxes and interest rates
+ Mixed African economic prospects in short-term
Any reference to future financial performance included in this document has not been reviewed or reported on by the Group’s external auditors. The auditor’s report does not necessarily report on all of
the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should
obtain a copy of the auditor’s report together with the accompanying financial information from the issuer’s registered office.
Final Results Presentation February 2015
30
Dedicated to adding value
For further details, go to
massmart.co.za/results2014
Additional Information
+
+
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+
+
+
+
+
Reviewed Consolidated Income Statement for 52 Weeks ended 28 December 2014
Tax Rate Reconciliation
Headline Earnings Reconciliation
Store Portfolio
Store Portfolio (including location of stores)
Forecast Stores (including location of stores)
Capex per category
Number of shares
Final Results Presentation February 2015
32
Reviewed Consolidated Income Statement for the
52 Weeks ended 28 December 2014
52 weeks
December 2014
(Reviewed)
52 weeks
December 2013
(Pro forma)
52 week
% growth
Revenue
78,319.0
71,035.3
10.3
Sales
78,173.2
70,790.7
10.4
Cost of sales
(63,610.8)
(57,733.8)
(10.2)
Gross Profit
14,562.4
13,056.9
11.5
145.8
244.6
(40.4)
(846.6)
(731.1)
(15.8)
(24.6)
(41.6)
40.9
Employment costs
(6,109.0)
(5,357.5)
(14.0)
Occupancy costs
(2,678.8)
(2,544.5)
(5.3)
Other operating costs
(3,033.3)
(2,693.1)
(12.6)
2,015.9
1,933.7
4.3
(49.8)
67.8
Operating profit before interest
1,966.1
2,001.5
(1.8)
Net finance costs
(345.3)
(249.8)
(38.2)
Profit before taxation
1,620.8
1,751.7
(7.5)
Taxation
(483.4)
(512.6)
5.7
Profit for the year
1,137.4
1,239.1
(8.2)
Rm
Other income
Depreciation and amortisation
Impairment of assets
Operating profit before foreign exchange movements and interest
Foreign exchange (loss) / gain
Final Results Presentation February 2015
33
Tax Rate Reconciliation
52 weeks
December 2014
(Reviewed)
%
Standard tax rate
52 weeks
December2013
(Pro forma)
28.0
28.0
2.8
(2.0)
(0.4)
(0.3)
2.0
1.4
Other – including foreign tax adjustments
(2.6)
2.2
Group tax rate
29.8
29.3
Non-taxable income and disallowed expenses
Allowances on lease premiums and improvements
Assessed loss not utilised
Final Results Presentation February 2015
34
Headline Earnings Reconciliation
52 weeks
December 2014
(Reviewed)
Rm
52 weeks
December 2013
(Pro forma)
Attributable earnings
1,079.8
1,180.0
Impairment of assets
24.6
41.6
1.4
11.9
-
1.8
(0.3)
(3.8)
1,105.5
1,231.5
35.9
(48.8)
1,141.4
1,182.7
Loss on disposal of tangible and intangible assets
Loss on disposal of business
Tax effects on adjustments
Headline earnings
Foreign exchange loss/(gain) (taxed)
Headline earnings before foreign exchange (taxed)
Final Results Presentation February 2015
52 week
% growth
(10.2)
(3.5)
35
Store Portfolio
December 2013
Opened
Closed
December 2014
Number of stores
376
28
-12
392
Massdiscounters
143
13
-3
153
Masswarehouse
19
-
-
19
92
122
12
3
-4
-5
100
120
Massbuild
Masscash
Massdiscounters:
+
Opened 11 Game stores (one in Nigeria and one in Namibia) and two DionWired stores
+
Closed two Game stores and one DionWired store
Massbuild:
+
Opened three Builders Warehouse stores, four Builders Express stores, one Builders Trade
Depot store and four Superstores
+
Closed two Builders Warehouse stores and two Builders Express stores
Masscash:
+
Opened three and closed three Retail stores
+
Closed two Wholesale stores
Final Results Presentation February 2015
36
Store Portfolio including location of stores
Massdiscounters
Masswarehouse
Massbuild
Masscash
Total
143
19
92
122
376
13
-
12
3
28
December 2013
Opened:
-3
Closed
BWH: 1 Africa
store
BWH: 2 SA stores
BEX: 4 SA stores
BTD: 1 SA store
BSS: 4 SA stores
Game: 2 Africa
stores
Game: 9 SA stores
DionWired: 2 SA
stores
-
Game: 2 SA stores
DionWired: 1 SA
store
December 2014
153
Final Results Presentation February 2015
-4
BWH: 2 SA stores
BEX: 2 SA stores
19
100
Retail: 3 SA stores
-5
-12
Retail: 3 SA stores
Wholesale: 2 SA
stores
120
392
37
Forecast stores including location of stores
Massdiscounters
December 2014
Forecast SA openings 2015:
Forecast SA openings 2016:
120
392
6
-
9
12
27
1
6
BWH: 3
BEX: 2
BTD: 1
BSS: 3
1
Wholesale:
Mozambique 1
BWH: Zambia 1
163
19
110
133
425
6
1
8
8
23
2
7
Game: 4
DionWired: 2
Makro: 1
172
BWH: 1
BEX: 2
BSS: 5
Retail: 8
-
Game: Nigeria 2;
and Zambia 1
Final Results Presentation February 2015
Retail: 10
Wholesale: 2
-
Game: Kenya 1;
Mozambique 1;
Nigeria 1; and
Zambia 1
December 2016
Total
100
3
Forecast Africa openings 2016:
Masscash
19
Game: 4
DionWired: 2
December 2015
Massbuild
153
4
Forecast Africa openings 2015:
Masswarehouse
2
BWH: Zambia 1;
Mozambique 1
20
120
Wholesale: Zambia 1;
Mozambique 1
143
455
38
Capex per category
52 weeks
December 2014
(Reviewed)
Rm
Land and buildings/leasehold improvements
52 weeks
December2013
(Pro forma)
948.9
807.2
11.0
34.7
341.7
427.7
Computer hardware
12.6
33.8
Computer software
7.9
1.5
-
1.9
1,322.1
1,306.8
104.8
47.7
92.1
43.4
Fixtures, fittings, plant and equipment
427.2
521.7
Computer hardware
108.1
70.9
Computer software
123.6
96.5
1.6
-
857.4
780.2
Vehicles
Fixtures, fittings, plant and equipment
Other
Investment to expand operations
Land and buildings/leasehold improvements
Vehicles
Other
Investment to maintain operations
Final Results Presentation February 2015
39
Number of shares
‘000
At December 2013
217,109
Shares issued
9
At December 2014
217,118
Weighted-average at December 2014
216,908
Diluted weighted-average at December 2014
219,055
Final Results Presentation February 2015
40