F19
F18 (3)
CHANGE
NZ$ MILLION
53 WEEKS
52 WEEKS
CHANGE
NORMALISED
Sales
6,712
6,433
4.3%
2.4%
EBITDA
425
411
3.0%
1.0%
Depreciation and amortisation
(129)
(127)
1.0%
1.0%
EBIT
296
284
3.9%
1.0%
Gross margin (%)
24.4
24.2
18 bps
18 bps
Cost of doing business (%)
20.0
19.8
20 bps
25 bps
EBIT to sales (%)
4.4
4.4
(2) bps
(6) bps
Sales per square metre ($)$)
16,626
15,621
6.4%
4.5%
Funds employed
3,210
2,998
7.1%
ROFE (%)
9.6
9.5
15 bps
5 bps

text: New Zealand Food’s sales for the year were NZ$6.7 billion, an increase of 4.3% on the prior year (6.0% increase in AUD) or 2.4% on a normalised basis.
text: Comparable sales increased 3.4% for the year, driven by positive core offer momentum with Countdown’s customer satisfaction and brand advocacy measures continuing to steadily improve. Highlights include increased Fruit & Vegetables VOC (H2: +6 pts) driven by a focus on direct‐to‐grower fresh quality, and improved community perceptions aided by the removal of single‐use plastic bags in the first half.
text: Digital momentum remained strong throughout the year, with F19 sales growth of 40% (normalised) driven by Pick up, Same day delivery, and capacity expansion. Customer advocacy for Online also remains strong with VOC NPS of 66 in Q4.
text: Sales growth improved in the second half (H1: 1.9%, normalised H2: 3.0%) driven by positive comparable transaction growth and aided by a recovery in market growth post Christmas. Sales per square metre increased by 6.4%(normalised 4.5%) due to strong sales growth and a 2.0% reduction in trading space following store closures. During the year, three stores were closed and two stores were opened with 180 Countdown supermarkets at the end of the year.
text: Stockloss improvements were maintained in the second half, contributing to an 18 bps increase in gross margin while remaining price competitive. Average prices declined 0.8% for the year, but with a lower rate of deflation for the second half.
text: CODB as a percentage of sales increased 25 bps (normalised) driven primarily by strategic investment into digital, IT and data capabilities.
text: EBIT increased 3.9% for the year (1.0% normalised), with H2 EBIT growth of 4.4% (normalised) aided by sales momentum and improved cost management.
text: On a normalised basis, ROFE increased by 5 bps.
text: (3) During the period, the management of the New Zealand Wine Cellars business transferred from Endeavour Drinks to New Zealand Food. The prior period has been re‑presented toconform with the current period presentation.

Questions:
question: How much is the ROFE in F19?
answer: 9.6
scale: percent
question: On a normalised basis, how much did ROFE increase between F18 and F19?
answer: 5 bps
question: What drove the sales growth to improve in the second half?
answer: Driven by positive comparable transaction growth and aided by a recovery in market growth post Christmas
question: What is the nominal difference for Sales between F19 and F18?
answer: 279
derivation: 6,712 - 6,433 
scale: million
question: What is the percentage of depreciation and amortisation in EBITDA during F19?
answer: 30.35
derivation: 129/425 
scale: percent
question: What is the average sales per square metre for both F18 and F19?
answer: 16123.5
derivation: (16,626 + 15,621)/2 
scale: million