Interim results for the six months to August 2010

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1 Interim results for the six months to August 2010 October 20th 2010

2 Group summary The last 12 months have been the most challenging we ve experienced Customers cautious, shopping more often, buying fewer items Competitors rolling out new space aggressively Pressure on margins: food inflation below CPI We continue to make good progress across the business Franklins decision Former Score stores delivering increased returns SAP installation complete Supply chain great progress in building network Goods Not For Resale R90M annual cost reduction Inland consolidation complete Advanced plans to combat increased competition anchored around improving efficiency of core PnP business Short term outlook remains tough

3 Financial highlights Continuing operations Turnover R25.2B +6.0% Trading profit R720M -0.4% EBITDA R1,074M +4.9% Headline Earnings Per Share 90.2c -7.2% Total Dividend Per Share 37.0c -6.9% Score and Franklins have been treated as discontinued operations

4 Dennis Cope Chief Finance Officer

5 Turnover Continuing operations 6 months to August 2010 R bn +6.0%

6 Margins under pressure despite good cost control PnP food inflation Monthly y-o-y 20% 15% 10% 5% PnP Food inflation CPI Average PnP food inflation <1% for period vs 4.4% for CPI Significant price decreases in major categories 0% Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Reduced net mark-ups due to low food inflation Source: StatsSA 6

7 Trading profit Continuing operations 6 months to August 2010 R bn 3.3% 3.5% 3.4% 3.0% 2.9% Trading Margin

8 EBITDA * Continuing operations 6 months to August 2010 R m EBITDA Tax Interest paid * Excludes profit on sale of property

9 Cash flow 6 months to August 2010 R m Cash generated before changes in working capital 6 months to August ,119 R2,4Bn for 12 months Changes in working capital (76) Net interest (38) Dividends and tax (864) Net cash from operating activities (Continuing) 141 Net cash used in investing activities (Continuing) (559) Net cash utilised in financing activities (Continuing) (45) R1.2Bn for 12 months Net cash change (Continuing) (463)

10 Net profit after tax Continuing operations 6 months to August 2010 R m 184 Profit on sale of property

11 Headline earnings per share Continuing operations 6 months to August 2010 Cents -7.2%

12 Interim Dividend per Share Cents -6.9%

13 Nick Badminton Chief Executive Officer

14 Efficiency Growth Portfolio Significant progress since Business in need of rejuvenation Portfolio of underperforming assets Australia Score Limited exposure to Africa and other growth areas Solid foundation for growth Clear focus on core SA retail through PnP and Boxer Exiting Franklins, Score converted Careful expansion into Africa Brand loved but dated Format biased to large stores serving LSM 8-10 Poor fresh participation Confusing private label Refreshed brand Inroads into LSM 4-7, smaller stores, liquor and clothing Rejuvenated fresh offer Clarified & expanded Private Label Legacy IT systems Fragmented purchasing Highly decentralised organisation Direct to store delivery SAP implementation complete Single GNFR team Inland consolidation complete 40% of inland grocery centralised, rest of country to follow

15 Strategy update To be South Africa s favourite and most admired grocery retailer Customers Operations People Sustainability Defend and grow leadership in LSM 8-10 heartland Bring the best of Pick n Pay to LSM 4-7 Invest to improve operating model Continue to deliver operating efficiencies Build world class retail capabilities Create a sustainable future Private label Fresh Formats New stores Boxer Score conversions Supply chain SAP Inland GNFR Expense control Investment in people Zero Waste Energy Carbon emissions Refurbs

16 Our customers remain under pressure Change: 6 months to August 2010 vs PY, PnP Group 5.6% 11.5% Customers shopping more frequently, buying less Small stores outgrowing large Unit Customer visits growth = x -5.3% Units per visit Customers continuing to cherry-pick Growth stronger in lower income areas

17 LSM 8-10 LSM 4-7 Operations People Sustainability LSM 8-10 highlights Private Label: 11% growth Accounts for 14% of packaged food sales Further innovation to come Strong growth in clothing and liquor in full line and standalone stores New flagship store PnP on Nicol

18 LSM 8-10 LSM 4-7 Operations People Sustainability LSM 4-7 highlights Significant increase in penetration in LSM 4-7 * 10% increase in customer advocacy in LSM 4-7 * Boxer picture Good growth in sales and profit in group emerging market stores * TNS basketcheck 2010

19 LSM 8-10 LSM 4-7 Operations People Sustainability Promising pipeline for Africa growth 17 stores in Namibia, 12 in Botswana, 7 Swaziland,1 Lesotho, 1 in Zambia Store openings confirmed for next 12 months in Mauritius, Malawi, Mozambique and Zambia

20 LSM 8-10 LSM 4-7 Operations People Sustainability Exciting expansion into Zambia First store opened in July 55% of stock locally drawn, rest from Longmeadow/ Africa distribution centre Government and local support fantastic Performance to date encouraging 4 additional stores confirmed

21 LSM 8-10 LSM 4-7 Operations People Sustainability Cost reduction efforts encouraging R410M Savings R90M R90M annual savings and R50M impact this year Ongoing annual spend R320M Examples include packing materials, wrapping and services GNFR* team responsible for cost base of R2Bn+ Annual GNFR* spend in scope for phase 1 *GNFR = Goods Not For Resale

22 Bronwen Rohland Marketing Director

23 LSM 8-10 LSM 4-7 Operations People Sustainability SAP rollout complete A mammoth task... Investment of more than R500 million 5,500 training sessions 6,500 active users 55,000 orders placed daily...already delivering benefits Integrated system across all functions Improved in store disciplines Improved visibility and performance management capability across the supply chain More efficient business processes Increased speed to market

24 LSM 8-10 LSM 4-7 Operations People Sustainability Distribution: Rapid network expansion Extension of Longmeadow Groceries is now complete Plans progressing well to roll out rapidly Western Cape and KZN 2011 Eastern Cape 2012 National DC for slow moving goods in 2013 Continue to build our Supply Chain team Working closely with selected suppliers

25 LSM 8-10 LSM 4-7 Operations People Sustainability 40% of inland grocery centralised Longmeadow grocery H H Number of suppliers 6 32 Number of cases/week % of inland grocery (Value) 20% 40% Number of SKUs Change in cost per case -9% Improvement in strike rate for centralised grocery (DC deliveries vs direct to store deliveries) 30%

26 LSM 8-10 LSM 4-7 Operations People Sustainability 2015 Sustainability targets Zero waste to landfill 20% Carbon reduction

27 LSM 8-10 LSM 4-7 Operations People Sustainability Good for the environment, good for business In store waste recycling Reducing electricity use in store Department level monitoring already driving savings Investment in new refrigeration will give 25-35% savings in 55% of stores Savings of 7% vs last year (R22m better than if were using electricity at FY 2008 levels) New green stores and DCs (e.g. PnP on Nicol, Longmeadow) Harvesting technology reduced daylight lighting electricity requirements by 50% Kwh p.a. provided by solar panels at Longmeadow extension Sustainable Fisheries Partnership with WWF New products (e.g. PET wine bottles, Fair Trade)

28 LSM 8-10 LSM 4-7 Operations People Sustainability Sustainability Awards Grand Prix award SA s top Green Brand 2 nd place Grand Prix award Community upliftment Only retailer recognised to have an ICON brand Number 1 South African Grocery retail brand Winner Greening the future awards - Companies and organisations with innovative environmental strategies that improve business performance Enviro Award Green Supply Chain Awards 2010 (CILTSA): Best Project over R10M

29 E-tailing: New products and services Most extensive range of services in the market New web and mobi sites and social media channels PnP Travel online Quickpick Lotto and Powerball at all tills, and online Courier dropbox in-store Money Transfer Gift Card Mall Pension payouts in Boxer and now piloted in PnP 5 new Insurance products piloted and rolling out More to come in April 2011 Relaunch Homeshopping Automated kiosks in every store 20 new in-store E-services Zones Slide 29

30 Efficiency Growth Portfolio 2014 vision Solid foundation for growth Clear focus on core SA retail through PnP and Boxer Exiting Franklins, Score converted Careful expansion into Africa Admired, innovative, efficient African retailer Primary focus remains on core SA businesses Substantial profitable footprint in rest of Africa Refreshed brand Inroads into LSM 4-7, smaller stores, liquor and clothing Rejuvenated fresh offer Clarified & expanded Private Label Leading customer advocacy Fully penetrated into LSM 4-7, expanded convenience network Industry leading product & service offer SAP implementation complete Single GNFR team Inland consolidation complete 40% of inland grocery centralised, rest of country to follow Optimised IT and business processes Lean cost structure, continuous improvement Empowered, specialised organisation fully capturing benefits of scale National central distribution

31 Potential of Pick n Pay is exciting and achievable PnP Stores share price (Assuming constant Sales and P/E ratio) FY 2010 (2.8%) Target margin (5.0%) Industry best practice (6.7%) Slide 31 19/10/ :14 Note: Industry best practice is calculated using WW Australia FY 2009 as a benchmark

32 Closing remarks Challenging first six no material change expected for rest of year Labour situation remains difficult Continued investment in core business essential in the face of intense competition 3 year plan to be communicated in April

33 Interim results for the six months to August 2010 October 20th 2010

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