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Five year
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Group income statements

  2025

Rm  		2024

Rm  		2023
Restated
Rm 		 2022

Rm  		2021

Rm 
Revenue   		9 287.8  8 183.8  7 456.4  7 256.1  6 725.9 
   Merchandise sales   		5 080.6  4 652.7  4 443.1  4 382.5  3 931.2 
   Other revenue   		4 207.2  3 531.1  3 013.3  2 873.6  2 794.7 
Cost of merchandise sales   		(2 873.3) (2 646.5) (2 637.0) (2 607.6) (2 288.8)
Operating costs(1)   		(5 244.0) (4 782.4) (4 107.8) (3 881.7) (3 702.0)
Operating profit before impairments and capital items   		1 170.5  754.9  711.6  766.8  735.1 
Impairments and capital items   		(18.2) (65.4) (102.2) (98.9) (39.6)
Operating profit   		1 152.3  690.3  609.4  667.9  695.5 
Investment income   		36.0  37.3  33.5  34.6  39.1 
Interest expense   		(226.9) (161.2) (114.5) (48.9) (105.3)
Interest received   		22.3  23.7  16.4  25.4  17.2 
Foreign exchange gains and (losses)(2)   		–  –  21.9  (5.1) (42.1)
Profit before taxation   		983.7  590.1  566.7  673.9  604.4 
Taxation   		(228.8) (153.7) (155.7) (190.8) (171.5)
Net profit attributable to ordinary shareholders   		754.9  436.4  411.0  483.1  432.9 
Headline earnings   		768.2  500.4  510.2  561.1  463.0 
(1) Includes debtor costs and insurance service expenses.
(2) Foreign exchange gains and (losses) are included under operating costs from the 2025 financial year. Comparatives for 2024 have been restated accordingly.

Group balance sheets

2025

Rm 		2024

Rm 		2023
Restated
Rm 		2022

Rm 		2021

Rm
Assets
  Non-current 		1 805.7 1 762.3 1 775.2 1 860.4 1 788.8
    Property, plant and equipment 		467.1 442.3 426.3 396.4 386.0
    Right-of-use assets 		847.6 793.7 760.0 747.1 635.0
    Intangible assets and goodwill 		126.5 110.4 174.8 258.3 296.6
    Deferred tax asset 		86.2 64.4 50.1 82.7 112.2
    Retirement benefit asset 		118.5 109.0 106.7 109.8 105.4
    Financial assets – insurance investments 		159.8 242.5 257.3 266.1 253.6
  Current 		6 634.4 5 771.1 5 269.9 5 046.7 5 034.6
    Inventories 		765.9 723.6 869.3 1 018.8 947.8
    Trade and other receivables 		5 162.0 4 483.2 3 946.7 3 535.0 3 367.3
    Insurance contract asset 		239.6 196.5 125.5 – –
    Financial assets - insurance investments 		289.1 134.9 138.9 156.7 223.7
    Taxation 		2.4 8.6 6.5 28.1 48.8
    Cash-on-hand and deposits 		175.4 224.3 183.0 308.1 447.0
Total assets 		8 440.1 7 533.4 7 045.1 6 907.1 6 823.4
Equity and liabilities
  Capital and reserves 		5 078.4 4 702.8 4 692.6 4 717.0 4 872.7
  Non-current liabilities 		854.0 1 187.9 821.2 804.8 655.7
    Long-term interest-bearing borrowings 		– 350.0 – – –
    Lease liabilities 		711.1 699.4 680.3 700.1 556.0
    Deferred taxation 		62.6 59.9 67.6 27.4 20.6
    Retirement benefit liability 		80.3 78.6 73.3 77.3 79.1
  Current liabilities 		2 507.7 1 642.7 1 531.3 1 385.3 1 295.0
    Trade payables, other payables and provisions 		832.5 698.5 684.2 685.0 674.5
    Payments in advance 		194.7 184.4 189.6 181.1 162.8
    Insurance liabilities 		– – – 102.2 123.1
    Short-term interest-bearing borrowings 		1 055.4 425.6 367.5 80.8 –
    Lease liabilities 		265.7 240.9 264.7 250.2 249.8
    Taxation 		159.4 93.3 25.3 86.0 84.8
Total equity and liabilities 		8 440.1 7 533.4 7 045.1 6 907.1 6 823.4

Group cash flow statements

  2025

Rm  		2024

Rm  		2023
Restated
Rm 		 2022

Rm  		2021

Rm 
Cash generated from operations  		932.5  693.9  741.9  863.3  914.6 
Interest received other than from trade receivables   		22.3  23.7  16.4  25.4  55.8 
Interest paid   		(199.7) (157.4) (105.7) (74.7) (90.4)
Realised foreign exchange gains and (losses)(2)   		–  –  14.2  (4.8) (16.6)
Taxation paid   		(194.8) (101.5) (149.3) (104.2) (55.3)
Cash flow from operating activities   		560.3  458.7  517.5  705.0  808.1 
Cash utilised in investing activities   		(162.0) (77.0) (73.6) 34.4  (95.6)
Cash flow from financing activities   		(1 077.0) (398.5) (855.7) (959.1) (1 458.9)
Net decrease in cash and cash equivalents  		(678.7) (16.8) (411.8) (219.7) (746.4)
(2) Realised foreign exchange gains and losses are included in cash generated from operations from the 2025 financial year. Comparatives for 2024 have been restated accordingly.

Ratios and statistics

  2025 2024
 2023
Restated		 2022
 2021
Returns
Return on equity (after-tax) 		(%) 15.4 9.3 8.7 10.1 9.0
Return on average capital employed (after-tax) 		(%) 13.4 8.6 7.9 8.8 8.7
Return on average assets managed (pre-tax) 		(%) 15.0 10.0 9.2 10.4 10.5
Margins
Gross profit margin 		(%) 43.4 43.1 40.6 40.5 41.8
Operating profit margin before impairments and capital items 		(%) 23.0 16.2 16.0 17.5 18.7
Operating profit margin 		(%) 22.7 14.8 13.7 15.2 17.7
Productivity
Number of stores 		918 869 840 819 807
Revenue per store 		(R'000) 10 117 9 417 8 877 8 860 8 334
Operating profit per store 		(R'000) 1 255 794 725 816 862
Average number of permanent employees 		10 423 10 004 9 524 8 952 8 847
Revenue per employee 		(R'000) 891 818 783 811 760
Operating profit per employee 		(R'000) 111 69 64 75 79
Trading space 		(m2) 264 349 255 162 253 135 250 643 249 758
Revenue per square metre 		(R) 35 135 32 073 29 456 28 950 26 930
Operating profit per square metre 		(R) 4 359 2 702 2 407 2 665 2 785
Inventory turn 		(times) 3.8 3.7 3.0 2.6 2.4
Credit ratios
Credit sales 		(%) 68.0 66.2 59.9 51.4 49.1
Bad debts as a percentage of debtors at gross carrying value 		(%) 10.6 11.2 13.1 14.5 16.2
Debtor costs as a percentage of debtors at gross carrying value 		(%) 15.0 17.6 12.0 12.3 14.3
Debtors' impairment provision as a percentage of debtors at gross carrying value 		(%) 37.2 37.5 36.0 40.4 42.6
Satisfactory paid accounts as a percentage of total customers 		(%) 83.5 81.3 80.4 79.0 74.4
Arrear instalments on satisfactory paid accounts as a percentage of debtors at gross carrying value 		(%) 10.3 10.0 10.2 10.4 10.4
Arrear instalments on slow paying and non- performing accounts as a percentage of debtors at gross carrying value 		(%) 13.1 14.5 17.6 22.7 25.7
Credit applications decline rate 		(%) 38.5 35.1 34.7 36.1 38.1
Collection rate 		(%) 78.9 79.7 80.8 79.0 71.8
Solvency and liquidity
Financing cover 		(times) 5.8 5.3 8.4 24.6 5.6
Gearing ratio 		(%) 36.6 31.7 24.1 15.3 7.4
Borrowings ratio 		(%) 17.3 11.7 4.0 (4.8) (9.2)
Current ratio 		(times) 2.6 3.5 3.4 3.6 3.9
Cash conversion ratio 		(%) 60.2 61.8 69.2 78.9 88.1
Net debt to EITDA 		(times) 0.6 0.5 0.2 (0.2) (0.4)
Share performance
Earnings per share 		(cents) 1 456.9 806.3 695.6 730.7 576.4
Headline earnings per share 		(cents) 1 482.5 924.6 863.5 848.7 616.5
Cash flow per share 		(cents) 1 799.6 1 282.1 1 255.7 1 305.8 1 217.7
Net asset value per share 		(cents) 9 864.4 8 890.7 8 220.4 7 526.5 6 814.1
Share price:
   Closing price 		(R) 70.90 43.50 41.00 47.00 30.71
   High 		(R) 89.16 44.99 54.87 54.00 31.00
   Low 		(R) 42.60 35.00 37.51 28.35 12.22
Price earnings ratio 		(times) 4.9 5.4 5.9 6.4 5.3
Dividend per share 		(cents) 800.0 500.0 413.0 413.0 328.0
Dividend payout ratio 		(%) 55.3 61.3 58.5 55.0 55.0
Dividend yield 		(%) 11.3 11.5 10.1 8.8 10.7
Volume of shares traded 		(million) 14.2 13.6 20.5 24.4 38.0
Value of shares traded 		(million) 873.9 545.9 994.8 370.7 631.1
Market capitalisation 		(million) 3 651.4 2 301.2 2 341.1 2 946.9 2 195.8
Number of shareholders 		4 037 3 426 3 542 3 788 2 225
Number of shares in issue 		('000) 51 482 52 896 57 085 62 672 71 509

Explanatory notes

1 All ratios are based on figures at the end of the period unless otherwise disclosed.
2 Total assets for ratio purposes exclude the deferred tax asset.
3 The 2023 figures were restated for IFRS 17.
4 Foreign exchange gains and (losses) are included under operating costs from the 2025 financial year. Comparatives for 2024 have been restated accordingly.