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:

  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.

4

LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023

LEWIS GROUP LIMITED FIVE-YEAR REVIEW 2023

5

www.lewisgroup.co.za

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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.