2CarelGoosenDeputyManagingDirector

Dec2013

Turnover R51bn

TotalStores 1902

Countries 16

Employees 116743

MarketCapitalisation >R77bn

3

SizeofOperation

4R51bn

R2.7bn

5.3%

341c

Turnover

NAVperShare

TradingMargin

HeadlineEPS

TradingProfit

2983c

FinancialHighlights

DividendperShare 132c

9.7%

7.6%

28.1%

10.5%

0.4%

5

KeyInformationperSegment

+

+

+

+

+

Turnover

Total SupermarketsRSA SupermarketsNonRSA Furniture OtherOperatingSegments

ExistingStores

NetnewStores Total

SupermarketsRSA 1.5% 6.1% 7.6%

SupermarketsNonRSA

18.7% 9.4% 28.1%

Furniture 6.5% 4.0% 10.5%

OtherDivisions 9.6% 9.2% 0.4%

Total 4.3% 5.4% 9.7%

6

SalesGrowthAnalysis

Dec2012 Opened(12months)Closed

(12months) Dec2013

SupermarketsRSA 785 68 (5) 848

SupermarketsNonRSA 144 20 (1) 163

HungryLion 165 11 (12) 164

Furniture 327 29 (6) 350

OKFranchise 400 31 (54) 377

TotalStores 1821 159 (78) 1902

Pharmacies 141 9 150

LiquorStores 184 38 (2) 220

StorePortfolios

7

8TradingProfit

Total SupermarketsRSA SupermarketsNonRSA Furniture OtherOperatingSegments

KeyInformationperSegment

7.5%

5.4%

26.5%

10.9%

10.5%

+

+

+

+

GrossProfitMargin 20.46% 20.39%

9

Lowernonfoodparticipation Slowervolumegrowthaffectedrebates

HighlightsofResults

Dec2012 Dec2013

FinanceIncomeEarned 110 125 13.2

NetPremiumsEarned 162 181 12.0

OperatingLeaseIncome 130 142 9.2

CommissionsReceived 290 308 6.4

FranchiseFeesReceived 24 25 3.0

InvestmentIncome 17 19 8.6

SundryIncome 286 376 31.5

Total 1019 1176 15.4

OtherOperatingIncomeIncreasedby15.4%

10

HighlightsofResults

Dec2012Rm

Dec2013Rm

Growth%

Depreciationandamortisationincreasedby8% Continuedhighspendonrevampsandnewbranches Spendoninformationtechnology

Operatingleasesincreasedby18.2% Duetonewstoresopenedinthepast12months Turnoverrentalsonsalesgrowth

Employeebenefitsincreasedby5.9% Resultingstaffrequirementsduetonewstoreopenings Productivityincreased Dec2012includedshareappreciationrights

Otheroperatingexpensesincreasedby14.6% Includeselectricityandwaterincreaseby>16% Includesincreasedcommissiononcards

11

HighlightsofResults

Exchangeratedifferences Dec2012: R41.38millionloss Dec2013: R4.25millionprofit

RandtoUSDollarexchangerates(R:$) Dec2011: R8.23 Dec2012: R8.50 Dec2013: R10.35

12

HighlightsofResults

NetInterestExpense 69 97

IncomeTaxExpense

Normal 708 731

Deferred (4) 40

Total 704 771

Effectivetaxrate 29.2% 29.7%

13

HighlightsofResults

Dec2012Rm

Dec2013Rm

14

TaxR771m

ReinvestedR1497m

ProvidersofCapitalR1367m

EmployeesR4093m

53%

18%

10%

19%

ValueAddedStatement

Dec2012Rm

Dec2013Rm

LandandBuildings 346 195

DistributionCentres 229 137

DCEquipment 111 36

DCVehicles 107 55

StoreRefurbishment 382 291

NewStores 436 774

InformationTechnology 201 228

OtherReplacements* 253 263

Total 2065 1979

*Motorvehiclesandofficefurniture

CapitalExpenditure

15

HighlightsofResults

Stores 742 1040

RSA 495 531

NonRSA 247 509

DistributionCentres 403 481

ITSystems 139 51

Total 1284 1572

ContractedCapitalCommitments

16

HighlightsofResults

Dec2012Rm

Dec2013Rm

NetCashBalances 7118 7567 6.3

Dec2012Rm

Dec2013Rm

Growth%

17

Monthendclosingdate Timingofprovisionaltaxpayments

HighlightsofResults

Dec2012Rm

Dec2013Rm

Growth%

Inventory 10597 13271 25.2

18

Stockholding

Provisionfor104netnewcorporatestores Takingonnewdistributioncapacity(+R137m) NonFoodbuyinforprofit(+R200m) WeakerChristmastradingthanexpected R1bnstockreductioninJanuary

Dec2012Rm

Dec2013Rm

Growth%

FurnitureInstalmentSales 1303 1408 8.1

Franchise 758 785 3.6

BuyaidOrganisations 179 175 2.2

RentalandPropertyDebtors 351 461 31.1

MediRiteandTranspharm 432 423 1.9

MoneyMarketandComputicket 113 74 34.8

OtherReceivables 922 1036 12.3

Total 4058 4362 7.5

DebtorsandOtherReceivables

19

HighlightsofResults

20

HEPS CashEPS* EDITDApershare

HighlightsofResults