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Serv in G Su G Gest Io N G G E S SU T IO N 1998 G SPECIALLY GROWN & PRODUCED BY THE PICK ’n PAY GROUP N I V R E S CONTENTS 1 Financial Highlights 2 Our Mission and Core Values 3 Group Profile, Group Structure & Store Locations 4 Chairman's Review 6 Corporate Governance 8 Directors Retail Division 10 Ten Year Review 12 Retail Division 19 Group Enterprises Division Corporate 23 Employee Benefits 26 Shareholder Analysis 27 Value Added Statement Group Financial Statements 28 Pick ’n Pay Stores Limited 41 Pick ’n Pay Holdings Limited 45 Information for Shareholders 46 Notice of Annual General Meetings Group Enterprises FINANCIAL HIGHLIGHTS YEAR ENDED 28 FEBRUARY 1998 Limited TURNOVER- OPERATINGINCOME CONTINUINGOPERATIONS UP12.1% UP25.6% Stores R10 971m R9 786m R283m R225m Pay n Group Financial Statements Pick 98 97 98 97 HEADLINEEARNINGS DIVIDENDSPERSHARE PERSHARE UP23.9% UP25.0% 36.35c 29.33c 22.25c 17.80c Financial Statements Pick n Pay Holdings Limited 98 97 98 97 1 ALUES C ORE V O UR M ISSION AND O UR M ISSION WE SERVE WITH OUR HEARTS WE CREATE A GREAT PLACE TO BE. WITH OUR MINDS WE CREATE AN EXCELLENT PLACE TO SHOP. CORE VALUES WE ARE PASSIONATE ABOUT OUR CUSTOMERS AND WILL FIGHT FOR THEIR RIGHTS. WE CARE FOR AND RESPECT EACH OTHER. WE FOSTER PERSONAL GROWTH AND OPPORTUNITY. WE NURTURE LEADERSHIP AND VISION AND REWARD INNOVATION. WE LIVE BY HONESTY AND INTEGRITY. WE SUPPORT AND PARTICIPATE IN OUR COMMUNITIES. WE TAKE INDIVIDUAL RESPONSIBILITY. WE ARE ALL ACCOUNTABLE. 2 S TORE L OCATIONS GROUP PROFILE Province Stores Corporate Franchise he primary business of the Pick ’n Pay P’nP Hypermarkets W Cape 2 Group centres on the large-scale retailing E Cape 1 of food, clothing and general merchandise. KwaZulu-Natal 1 T Free State 1 Operational responsibility lies with the respective Gauteng 8 management boards of the Retail Division and NW Province 1 Total 14 the Group Enterprises Division. P’nP Supermarkets W Cape 26 E Cape 11 The Retail Division concentrates on the heart KwaZulu-Natal 17 of Pick ’n Pay’s business. This comprises Free State 9 Gauteng 36 Hypermarkets, Supermarkets, PriceRite, Mpumalanga 4 Family Franchise stores, Blue Ribbon Meat and NW Province 2 N Province 3 Auto Centres. Total 108 The Group Enterprises Division manages all PriceRite KwaZulu-Natal 3 other Group business activities, including property, Family Stores W Cape 7 Boardman’s, the investments in Score E Cape 2 KwaZulu-Natal 11 Supermarkets, RiteValu, PNA stationery Free State 2 franchises*, the 7-Eleven joint venture, Gauteng 18 Mpumalanga 2 TranSwitch Services, TM Supermarkets and NW Province 3 our new Financial Services division. N Province 2 Namibia 2 Total 49 Since inception, Pick ‘n Pay has found consistent Auto Centres Gauteng 3 success through commitment to a fundamental belief that the consumer deserves respect. This Boardman’s W Cape 5 commitment is evident in the geographical E Cape 1 KwaZulu-Natal 2 location and design of our stores, our ranging Free State 1 and our pricing. All are chosen to meet consumer Gauteng 7 Total 16 needs. The Group applies this philosophy to corporate stores, franchised stores, Boardman’s, Score Supermarkets E Cape 2 N Cape 5 Auto Centres and all other Group operations. KwaZulu-Natal 3 1 Free State 5 2 Gauteng 11 3 The holding company of the Group’s activities, Swaziland 5 Pick ’n Pay Stores Limited, has been listed on Mpumalanga 11 NW Province 7 the JSE for the past thirty years. N Province 17 Botswana 9 Total 75 6 RiteValu E Cape 1 N Cape 1 Free State 8 G ROUP S TRUCTURE Gauteng 33 Mpumalanga 3 NW Province 3 Total 49 Retail Group Enterprises PNA* W Cape 37 Hypermarkets Property E Cape 7 Boardman's KwaZulu-Natal 10 Supermarkets Free State 8 Score Supermarkets (92% holding) Gauteng 31 PriceRite S U Mpumalanga 11 G RiteValu Franchises (92% holding) G G N E I S V T R NW Province 2 I O E S N PNA Stationers* (75% holding) Total 106 Family Stores 7-Eleven Africa (60% holding) 7-Eleven E Cape 5 Blue Ribbon Meat TranSwitch Services (50% holding) KwaZulu-Natal 1 (50% holding) Gauteng 21 TM Supermarkets (Zimbabwe) (25% holding) Total 27 Auto Centres Financial Services TM Supermarkets Zimbabwe 46 Grand Total 265 237 3 *Operation sold effective April 1998 ' S R EVIEW C HAIRMAN Financial Highlights Overview In the year ended February 1998, your Group had a great As Chairman and CEO, I am proud to review a year that year - in fact a record year. has again proved to be dynamic and challenging but a • Group turnover exceeded R10 billion for the first time very rewarding one with many of the plans and strategies and ended the year just under R11 billion - an increase formulated in the previous year coming to fruition. of 12.1%. This comfortably exceeded inflation despite tough trading conditions, a very competitive retail Although we run Pick ’n Pay Retail and Group Enterprises environment and a substantial number of stores as two distinct focused divisions, they are bound by the being refurbished. common goal of excellence in customer service and an • Group market share is at its highest ever with 36% of entrenched set of abiding values. Synergies are increasingly the overall South African food market. exploited and the Group infrastructure, used by individual • Headline earnings increased by Group companies in terms of systems, 25.7% and headline earnings per technology and buying power, result share by 23.9% to a record in significant savings and revenue 36.35 cents. IN YOUR GROUP, THERE IS enhancement. The two Managing • Operating income rose by 25.6%, Directors provide details of these and A SENSE OF URGENCY and at 2.6% of Group turnover other aspects in their separate reports. shows a healthy increase in margin AMONGST THE MANAGEMENT on last year (2.3%) and moves us Our Retail Division has shown strong significantly closer to our goal of a TO FORGE AHEAD. growth in all areas, achieving 3.0% pre-tax margin. significant efficiencies in shrinkage, • Net cash generated from operations expenditure and stock control, and increased to a record R408 million new corporate stores have been resulting in a cash balance of R917 million - the highest added with a substantial increase in our chain of year-end level achieved by the Group. franchised “Family” stores. • The final income distribution by way of a capitalisation award of 17.50 cents per share is a 25% increase on All the companies in the Group Enterprises stable have last year and brings the total distribution for the year performed well, with a rapid expansion of both corporate to 22.25 cents per share. Shareholders may elect instead and franchise stores. The array of retail formats (and to receive their final distribution in cash. the management skilled at operating these) available • Your Group has been substantially rerated by the within the Group allows us to exploit every significant market and the Pick ’n Pay share price is up almost market opportunity. 50% on February last year. • We have continued our policy of writing off amounts Partnerships, both with equity shareholding or franchising, paid for goodwill and trade marks in the year of remain a cornerstone of our business philosophy, both acquiring the enterprise. In the year ended February when buying into existing businesses or in starting new 1998, R63.6 million has been written off on the ventures such as Financial Services and our 7-Eleven acquisition of a further 16.9% interest in Score convenience chain. Supermarkets, a 60% interest in a joint venture with 7-Eleven Corporation and the purchase of the A key feature this year has been the implementation of a Superliner business. new Share Incentive Scheme for our senior management, 4 announced last year. Over 80 key executives life assurers with a purchased debentures, convertible into Pick ’n Pay concomitant increase in real shares in 2007. This is a long-term commitment of disposable incomes. The GROUP TURNOVER - Rm personal financial resources by the leadership core outlook for the economy of your Group as part of our ongoing succession certainly looks more 1989 3 869 1990 4 381 planning, and has provided the Group with an positive this year, and we 1991 5 189 additional R80 million in capital funds. This is could well see a real 1992 5 911 1993 6 423 complementary to our Employee Share Scheme meaningful rise in retail 1994 6 686 which allows every employee the opportunity to sales volume. Your Group is 1995 7 919 1996 9 169 participate in the success of the Group through share well poised to capture its 1997 9 793 ownership. share of any growth in the 1998 10 971 market, and I am optimistic Future of another very good year with a strong increase in MARKET CAPITILISATION - Rm Retail is a fast changing industry and to remain turnover and profit. 1989 939 ahead requires constant innovation, implementation 1990 1 193 of new ideas and heavy financial commitments. In Together with my two 1991 1 995 your Group there is a sense of urgency amongst the Managing Directors I would 1992 1 625 1993 2 034 management to forge ahead and substantial capital like to thank all our 1994 2 074 investment will be made this year in the development stakeholders, in particular 1995 1 254 1996 2 075 of new corporate and franchise stores, refurbishment my colleagues and all our 1997 2 414 of existing stores, the further development of employees, for their support 1998 3 725 Financial Services and the introduction of new and contribution in making technology in all the companies within the Group.
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