FIVE-YEAR REVIEW
2023
GROUP
INCOME STATEMENTS
2023 | 2022 | 2021 | 2020 | 2019 | |
Rm | Rm | Rm | Rm | Rm | |
Revenue | 7 483.0 | 7 256.1 | 6 725.9 | 6 453.3 | 6 137.2 |
Merchandise sales | 4 443.1 | 4 382.5 | 3 931.2 | 3 685.5 | 3 519.9 |
Other revenue | 3 039.9 | 2 873.6 | 2 794.7 | 2 767.8 | 2 617.3 |
Cost of merchandise sales | (2 637.0) | (2 607.6) | (2 288.8) | (2 173.5) | (2 069.3) |
Operating costs | (4 143.2) | (3 881.7) | (3 702.0) | (3 996.3) | (3 626.4) |
Operating profit before impairments and capital items | 702.8 | 766.8 | 735.1 | 283.5 | 441.5 |
Impairments and capital items | (102.2) | (98.9) | (39.6) | (29.8) | 1.5 |
Operating profit | 600.6 | 667.9 | 695.5 | 253.7 | 443.0 |
Investment income | 33.5 | 34.6 | 39.1 | 53.6 | 50.3 |
Interest paid | (110.9) | (48.9) | (105.3) | (98.0) | (69.8) |
Interest received | 16.4 | 25.4 | 17.2 | 34.2 | 23.0 |
Foreign exchange gains and (losses) | 21.9 | (5.1) | (42.1) | 29.3 | 17.3 |
Profit before taxation | 561.5 | 673.9 | 604.4 | 272.8 | 463.8 |
Taxation | (154.4) | (190.8) | (171.5) | (90.4) | (154.3) |
Net profit attributable to ordinary shareholders | 407.1 | 483.1 | 432.9 | 182.4 | 309.5 |
Headline earnings | 506.3 | 561.1 | 463.0 | 204.5 | 308.4 |
GROUP
BALANCE SHEETS
2023 | 2022 | 2021 | 2020 | 2019 | |
Rm | Rm | Rm | Rm | Rm | |
Assets | |||||
Non-current | 1 778.1 | 1 860.4 | 1 788.8 | 1 827.2 | 1 159.3 |
Property, plant and equipment | 426.3 | 396.4 | 386.0 | 324.4 | 298.9 |
Right-of-use assets | 760.0 | 747.1 | 635.0 | 693.7 | - |
Intangible assets | 114.9 | 107.3 | 114.2 | 120.6 | 122.3 |
Goodwill | 59.9 | 151.0 | 182.4 | 187.6 | 187.6 |
Deferred tax asset | 53.0 | 82.7 | 112.2 | 166.1 | 195.4 |
Retirement benefit asset | 106.7 | 109.8 | 105.4 | 106.8 | 79.0 |
Financial assets - insurance investments | 257.3 | 266.1 | 253.6 | 228.0 | 276.1 |
Current | 5 269.2 | 5 046.7 | 5 034.6 | 5 561.0 | 4 629.7 |
Inventories | 869.3 | 1 018.8 | 947.8 | 740.7 | 665.8 |
Trade, insurance and other receivables | 4 071.5 | 3 535.0 | 3 367.3 | 3 326.1 | 3 315.6 |
Financial assets - insurance investments | 138.9 | 156.7 | 223.7 | 245.9 | 340.7 |
Taxation | 6.5 | 28.1 | 48.8 | 54.9 | 102.9 |
Cash-on-hand and deposit | 183.0 | 308.1 | 447.0 | 1 193.4 | 204.7 |
Total assets | 7 047.3 | 6 907.1 | 6 823.4 | 7 388.2 | 5 789.0 |
GROUP
BALANCE SHEETS CONTINUED
2023 | 2022 | 2021 | 2020 | 2019 | |
Rm | Rm | Rm | Rm | Rm | |
Equity and liabilities | |||||
Capital and reserves | 4 609.9 | 4 717.0 | 4 872.7 | 4 709.5 | 4 876.1 |
Non-current liabilities | 793.3 | 804.8 | 655.7 | 705.1 | 130.4 |
Lease liabilities | 680.3 | 700.1 | 556.0 | 611.1 | - |
Deferred taxation | 39.7 | 27.4 | 20.6 | 23.3 | 43.2 |
Retirement benefit liability | 73.3 | 77.3 | 79.1 | 70.7 | 87.2 |
Current liabilities | 1 644.1 | 1 385.3 | 1 295.0 | 1 973.6 | 782.5 |
Trade and other payables | 684.2 | 685.0 | 674.5 | 547.9 | 521.8 |
Payments in advance | 189.6 | 181.1 | 162.8 | 150.1 | 158.0 |
Insurance liabilities | 112.8 | 102.2 | 123.1 | 104.8 | 102.7 |
Short-terminterest-bearing borrowings | 367.5 | 80.8 | - | 922.1 | - |
Lease liabilities | 264.7 | 250.2 | 249.8 | 226.8 | - |
Taxation | 25.3 | 86.0 | 84.8 | 21.9 | - |
Total equity and liabilities | |||||
7 047.3 | 6 907.1 | 6 823.4 | 7 388.2 | 5 789.0 | |
GROUP
CASH FLOW STATEMENTS
2023 | 2022 | 2021 | 2020 | 2019 | |
Rm | Restated | ||||
Rm | Rm | Rm | Rm | ||
Cash generated from operations | 741.9 | 863.3 | 914.6 | 623.2 | 652.5 |
Interest received other than from trade receivables | 16.4 | 25.4 | 55.8 | 86.5 | 73.0 |
Interest paid | (105.7) | (74.7) | (90.4) | (98.0) | (69.8) |
Foreign exchange gains and (losses) | 14.2 | (4.8) | (16.6) | 13.1 | - |
Taxation (paid)/refunded | (149.3) | (104.2) | (55.3) | 25.2 | (128.1) |
Cash flow from operating activities | |||||
517.5 | 705.0 | 808.1 | 650.0 | 527.6 | |
Cash utilised in investing activities | (73.6) | 34.4 | (95.6) | (8.1) | (126.6) |
Cash flow from financing activities | (855.7) | (959.1) | (1 458.9) | 346.8 | (775.9) |
Net (decrease)/increase in cash and cash equivalents | |||||
(411.8) | (219.7) | (746.4) | 988.7 | (374.9) | |
2 | LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023 | LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023 | 3 |
RATIOS AND
STATISTICS
Ratios and statistics | 2023 | 2022 | 2021 | 2020 | 2019 | |
Returns | ||||||
Return on average shareholders' funds (after-tax) | (%) | 8.7 | 10.1 | 9.0 | 3.8 | 6.4 |
Return on average capital employed (after-tax) | (%) | 7.9 | 8.8 | 8.7 | 3.7 | 6.8 |
Return on average assets managed (pre-tax) | (%) | 9.2 | 10.4 | 10.5 | 4.8 | 8.5 |
Margins | ||||||
Gross profit margin | (%) | 40.6 | 40.5 | 41.8 | 41.0 | 41.2 |
Operating profit margin before impairments and | ||||||
capital items | (%) | 15.8 | 17.5 | 18.7 | 7.7 | 12.5 |
Operating profit margin | (%) | 13.5 | 15.2 | 17.7 | 6.9 | 12.6 |
Productivity | ||||||
Number of stores | 840 | 819 | 807 | 794 | 784 | |
Revenue per store | (R'000) | 8 908 | 8 860 | 8 334 | 8 128 | 7 828 |
Operating profit per store | (R'000) | 715 | 816 | 862 | 320 | 565 |
Average number of permanent employees | 9 524 | 8 952 | 8 847 | 8 248 | 8 101 | |
Revenue per employee | (R'000) | 786 | 811 | 760 | 782 | 758 |
Operating profit per employee | (R'000) | 63 | 75 | 79 | 31 | 55 |
Trading space | (sqm) | 253 135 | 250 643 | 249 758 | 249 538 | 254 590 |
Revenue per square metre | (R) | 29 561 | 28 950 | 26 930 | 25 861 | 24 106 |
Operating profit per square metre | (R) | 2 373 | 2 665 | 2 785 | 1 017 | 1 740 |
Inventory turn | (times) | 3.0 | 2.6 | 2.4 | 2.9 | 3.1 |
Credit ratios | ||||||
Credit sales | (%) | 59.9 | 51.4 | 49.1 | 56.9 | 57.9 |
Bad debts as a percentage of debtors at gross | ||||||
carrying value | (%) | 13.7 | 14.5 | 16.2 | 13.9 | 15.1 |
Debtor costs as a percentage of debtors at gross | ||||||
carrying value | (%) | 12.3 | 12.3 | 14.3 | 17.6 | 13.3 |
Debtors' impairment provision as a percentage of | ||||||
debtors at gross carrying value | (%) | 36.2 | 40.4 | 42.6 | 44.1 | 42.0 |
Satisfactory paid accounts as a percentage of total | ||||||
customers | (%) | 80.4 | 79.0 | 74.4 | 70.5 | 71.4 |
Arrear instalments on satisfactory paid accounts | ||||||
as a percentage of debtors at gross carrying value | (%) | 10.2 | 10.4 | 10.4 | 10.7 | 8.8 |
Arrear instalments on slow paying and | ||||||
non-performing accounts as a percentage of | ||||||
debtors at gross carrying value | (%) | 17.6 | 22.7 | 25.7 | 26.0 | 26.2 |
Credit applications decline rate | (%) | 34.7 | 36.1 | 38.1 | 37.5 | 37.4 |
Collection rates | (%) | 80.8 | 79.0 | 71.8 | 74.5 | 76.3 |
Ratios and statistics | 2023 | 2022 | 2021 | 2020 | 2019 | |
Solvency and liquidity | ||||||
Financing cover | (times) | 8.7 | 24.6 | 5.6 | 8.9 | 16.7 |
Gearing ratio - pre-IFRS 16 | (%) | - | - | - | (24.2) | (4.2) |
Gearing ratio - post-IFRS 16 | (%) | 24.5 | 15.3 | 7.4 | 12.0 | - |
Current ratio | (times) | 3.2 | 3.6 | 3.9 | 2.8 | 5.9 |
Share performance | ||||||
Earnings per share | (cents) | 689.0 | 730.7 | 576.4 | 232.1 | 377.5 |
Headline earnings per share | (cents) | 856.9 | 848.7 | 616.5 | 260.2 | 376.2 |
Cash flow per share | (cents) | 1 255.7 | 1 305.8 | 1 217.7 | 792.7 | 795.8 |
Net asset value per share | (cents) | 8 075.5 | 7 526.5 | 6 814.1 | 6 126.4 | 6 080.4 |
Share price: | ||||||
Closing price | (R) | 41.00 | 47.00 | 30.71 | 17.82 | 31.10 |
High | (R) | 54.87 | 54.00 | 31.00 | 37.50 | 48.00 |
Low | (R) | 37.51 | 28.35 | 12.22 | 16.00 | 26.20 |
Price earnings ratio | (times) | 6.0 | 6.4 | 5.3 | 7.7 | 8.2 |
Dividend per share | (cents) | 413.0 | 413.0 | 328.0 | 185.0 | 234.0 |
Dividend payout ratio | (%) | 59.1 | 55.0 | 55.0 | 78.9 | 61.1 |
Dividend yield | (%) | 8.8 | 10.7 | 10.4 | 7.5 | |
10.1 | ||||||
Volume of shares traded | (million) | 20.5 | 24.4 | 38.0 | 26.4 | 34.6 |
Value of shares traded | (million) | 994.8 | 370.7 | 631.1 | 625.0 | 1 137.4 |
Market capitalisation | (million) | 2 349.3 | 2 951.6 | 2 195.8 | 1 370.4 | 2 494.2 |
Number of shareholders | 3 542 | 3 788 | 2 225 | 1 722 | 1 773 | |
Number of shares in issue | ('000) | 57 259 | 62 780 | 71 536 | 76 899 | 80 210 |
Explanatory notes:
- All ratios are based on figures at the end of the period unless otherwise disclosed.
- Total assets for ratio purposes exclude the deferred tax asset.
4 | LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023 | LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023 | 5 |
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Lewis Group Limited published this content on 30 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2023 08:54:21 UTC.