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Analyst Presentation August 2010

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Analyst Presentation August 2010 Results Presentation For the year ending June 2010 Financial Highlights Carel Goosen Deputy Managing Director 2 Size of Operation June 2010 Turnover R67bn Owned Outlets 1,166 Franchise Outlets 283 Countries 16 Employees 88,000 Market Capitalisation > R40bn 3 Financial Highlights Turnover R 67,4bn Trading Profit R 3,5bn Trading Margin 5.18% Diluted Headline EPS 451,6c NAV per share 1,167c Dividend per share 227,0c 4 Key Information • Turnover – Total + 13.6% – Supermarkets RSA + 14.6% – Supermarkets Non-RSA - 2.1% – Furniture + 16.7% – Other Operating Segments + 34.3% • Trading Profit – Total + 18.7% – Supermarkets RSA + 19.6% – Supermarkets Non-RSA + 17.2% – Furniture - 25.8% – Other Operating Segments + 155.0% 5 Value Added Statement Employees Re-invested Tax R 5,549m R 2,100m R 964m Providers of Capital R 1,157m 6 Sales Growth Analysis Existing Net new Total stores stores Supermarkets RSA 9.2% 5.4% 14.6% Supermarkets Non-RSA (6.3%) 4.2% (2.1%) Furniture 10.9% 5.8% 16.7% Other Divisions 10.3% 24.0% 34.3% Total 7.5% 6.1% 13.6% 7 Store Portfolios June June 2009 Opened Closed 2010 Supermarkets RSA 696 74 (8) 762 Supermarkets Non-RSA 119 9 (4) 124 Furniture 264 18 (2) 280 Owned Stores 1,079 101 (14) 1,166 Franchise 270 37 (24) 283 Total Stores 1,349 138 (38) 1,449 Pharmacies 81 23 - 104 Liquor Stores 48 35 - 83 Countries 17 - (1) 16 8 Highlights of Results 2009 2010 Gross profit margin 19.3 % 19.7 % • Cut margins on basic foods • Higher contribution by non-food items • Efficiencies in systems and logistics infrastructure 9 Highlights of Results Other operating income June 2009 June 2010 Growth increased by 26.7% R’m R’m % Finance income earned 198 212 7.0 Net premiums earned 215 228 6.2 Operating lease income 201 209 3.8 Commissions received 278 340 22.3 Sundry income 352 587 66.8 Total 1,244 1,576 26.7 10 Highlights of Results Depreciation and amortisation increased 11.31% • Increase spend on revamps and new branches Operating lease increased 18.3% • Due to a net 87 corporate stores opened in financial year • Turnover rentals on sales growth Employee benefits increased 18.4% • Resulting staff requirements due to increased turnover • Productivity improvement slowed • New stores Other operating expenses increased 14.0% • In line with turnover growth of 13.6% 11 Highlights of Results Trading profit increased 18.7% with turnover increasing by 13.6% • Efficiencies in systems and logistics infrastructure • Reduction in stock losses • Growth in in-store services • Effective cost control • Contribution of Non-RSA • Trading margin highest ever: 5.18% 12 Highlights of Results Exchange rate differences • June 2009: R 3 million gain • June 2010: R 78 million loss Rand to US Dollar exchange rates (R:$) • June 2008: R 7,96 • June 2009: R 8,02 • June 2010: R 7,75 13 Highlights of Results 2009 2010 R’m R’m Net interest received 105 12 – Reduction in interest rates – Increased capital expenditure Income tax expense – Normal 912 1,048 – STC 97 104 – Deferred (10) (40) Total 999 1,112 14 Highlights of Results Capital Expenditure 2009 2010 R’m R’m Land and Buildings 347 870 Store Refurbishment 606 417 New Stores 334 355 Information Technology 242 279 Other Replacements* 290 596 Total 1,819 2,517 *Distribution Centres, Motor Vehicles, Generators & Office Furniture 15 Highlights of Results 2009 2010 R’m R’m Capital Commitments 337 1,674 Stores 1,078 – RSA 394 – Non-RSA 684 Distribution Centers 462 IT Systems 134 Total 1,674 16 Stockholding 2009 2010 Increase R’m R’m % Inventory 6,042 6,115 1.2 Effective inventory management: R 6,700 Incl. Net 87 new inflation stores R 6,600 R 6,500 R 6,400 Closing stock: Transfarm R 6,300 Reduction due acquisition R 6,200 to effective R 6,100 stock R 6,000 management R 5,900 Opening R 5,800 stock R 5,700 17 Highlights of Results Debtors 2009 2010 Growth R’m R’m % Furniture installment sales 722 752 4.2 Franchise 447 337 (24.6) Buy aid organisations 100 125 25.0 Rental and property debtors 150 199 32.7 MediRite and Transfarm 5 168 >100 Money Market and Computicket 55 36 (34.5) Other receivables 260 382 46.9 Total 1,739 1,999 15.0 18 Highlights of Results 2009 2010 Growth R’m R’m % Cash balances 2,811 1,345 (52.2) High capital expenditure on fixed assets of R2,5bn Acquisition of the Transfarm Group Decrease in post-retirement Medical provision Share option settlement Payment of trade creditors shortly before year end 19 Highlights of Results Cash earnings (R’m) 3,100 3,187 2,900 2,700 2,756 2,500 2,300 2,426 2,100 1,900 1,700 1,500 2008 2009 2010 20 Highlights of Results HEPS vs. Cash EPS* vs. EBITDA per share (cents) 900 846 800 732 700 633 600 580 547 Heps 500 478 Cash Heps 455 EBITDA 400 401 300 310 200 100 0 2008 2009 2010 21 *Cash flow from operating activities excluding dividends paid and changes in working capital Operational Overview Whitey Basson Chief Executive Officer Introduction Let’s revisit what we said a year ago… 23 2009 Outlook * * Copied from June 2009 presentation outlook • Confirmed 85 store openings (64 Supermarkets) • Job losses • Recession will last longer/Housing loans • Food inflation below 10% • Increased electricity costs and property revaluations • Will not pursue unprofitable market share growth • Don’t change your investment amount, change your portfolio 24 450 Owned Store Growth Over 10 Years 400 395 2010: +101 (83 supermarkets) 350 300 250 200 195 170 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 25 Job losses • 776,432 jobs were lost • At the minimum wage, equates to R15bn economic impact • Assuming Shoprite’s market share equates to R2,85bn (although some of the effect may be offset by grant earners) • In contrast, Shoprite created 6,802 permanent jobs and accelerated staff training to 144,863 (2009:93,233) training interventions 26 Employment During Recession 14,000 13,800 776,432 job losses since Jan 2009 13,600 13,400 13,200 13,000 12,800 12,600 Q1: 2008 Q2: 2008 Q3: 2008 Q4: 2008 Q1: 2009 Q2: 2009 Q3: 2009 Q4: 2009 Q1: 2010 # of people (m) 27 Source: Stats SA Recession Will Last Longer • No growth in the home loan market • No real household expenditure growth – 2009 Quarter 3: -3.6% – 2009 Quarter 4: -2.7% – 2010 Quarter 1: -0.1% 28 Source: SARB Quarterly Bulletin) Group’s Selling Price Internal Inflation 20% Important Categories that were in deflation for the year: Rice: -25% 15% Soap powders: -20% 15.4% Frozen Chicken: -17% 10% Official CPI: 5.7% 5% -2.3% 0% -5% July 08 July 10 Average inflation for the period: 2.3% (LY:15.6%) 29 Electricity and Rates • Shoprite’s customers are worst impacted by electricity tariff increases which reduced consumer wallet R7,9bn (Source: Investec Securities Nov 2009) • 25% rates increase on Group’s own properties resulting from revaluations – an indication of the impact on consumer disposable income 30 Profitable Market Share • 1.2% market share gain for the year whilst • Net margin increased to record 5.18% level Market Share Net Margin 32.6 5.18 2009 2009 31.4 2010 4.96 2010 2009 2010 2009 2010 31 Shoprite Share Price – 12 Months 8,500 SHP Closing Price 8,000 7,500 82,00 7,000 50% growth 6,500 6,000 5,500 5,000 55,00 4,500 4,000 1 July 09 30 Oct 09 30 Apr 10 29 Jan 10 26 Feb 10 31 Dec 09 30 Nov 09 31 Aug 09 31 May 10 31 July 09 31 Mch 10 30 Sept 09 30 June 10 32 Operational Overview • The year that’s past 33 Operational Overview • Virtually no positive macro-economic influences – No real GDP growth – Low food inflation (internal 2.2% vs last year 15.8%) – 45% increase in electricity costs • Despite this Shoprite increased trading profit 18.7% (2009: 28.1% ; 2008: 43.7%) and achieved its highest net margin 34 Supermarkets RSA • Customer growth 8.1% (2009: 8.9%) • Non-food participation increased whilst stockholding was reduced by R250m • Assortment and range selection relevant to current market trends with a clean in-stock position • 1,2million World Cup items sold - over 90% sell through • Shrinkage improved even further 35 Where does SA shop? *Number of adult shoppers: Total SA adult population 32.5m 19,9m 13,2m 10,5m 1m Shoprite Group Pick n Pay Group Spar Group Woolworths Group 36 Source: AMPS (Released March 2010) Shoprite Group Indexed Sales Growth Sales outgrew the rest of the market Shoprite Group 100% Rest of Market 12mm June 10 12mm June 10 Source: Nielsen, Market Share results, June 2010 37 Rest of market : PnP Group incl. Score & Boxer, Spar Group & WW Group Strong Sales Growth vs Rest of Market Shoprite Group Rest of Market Source: Nielsen, Market Share results, June 2010 38 Rest of market : PnP Group incl. Score & Boxer, Spar Group & WW Group RSA overview • No compromise on the Shoprite brand’s low price promise • Consistently cheaper on the top 250 items nationally (Source: RIS) • Largest customer base of all retailers: 16m individual shoppers (AMPS: Released March 2010) • Thus, one in two SA shoppers shop at Shoprite • 6.4% customer growth • 6.6% basket growth (internal inflation 1.1%) • The Shoprite brand achieved its highest ever market share • Trading profit growth exceeding turnover growth 39 Relentless Focus on Price 40 Brand Building Corporate TV Ads 41 RSA Overview • 33.5% sales growth despite price deflation • Fastest growing store format in Africa, opened 45 stores • An average Usave store has shown a 24.7% compounded sales growth over the last 4 years • Customer count grew by 36.2% • Private Label products are gaining more than 60% share against the best selling branded items • Total RSA stockholding decreased by 7% and sales increased by 27% • ROI >50% 42 Usave 18-month Market Share Continued Market
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