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Financials

Currency Adjusted Balance Sheet

at 31 August 2005

200520042005200420052004
 Notes R'000 R'000 US$'000 US$'000 £'000 £'000 
Assets          
Non-current assets 951 117 883 486 146 776 132 259 82 181 73 625
Property, plant and equipment1 708 895 659 347 109 397 98 705 61 252 54 946 
Trademark2 3 280 3 930 506 588 283 328 
Goodwill3 83 950 98 280 12 955 14 713 7 254 8 190 
Deferred taxation assets4 102 264 95 475 15 781 14 293 8 836 7 956 
Loans6 52 728 26 454 8 137 3 960 4 556 2 205 
Current assets 2 239 058 2 273 947 345 533 340 411 193 465 189 496
Inventories7 1 621 880 1 411 339 250 290 211 278 140 138 117 612 
Accounts receivable8 494 515 443 762 76 314 66 431 42 728 36 980 
Taxation prepaid 37 903 8 442 5 849 1 264 3 275 704 
Cash on hand 70 315 410 404 10 851 61 438 6 076 34 200 
Derivative9 14 445  2 229  1 248  
                   
Total assets  3 190 175 3 157 433 492 309  472 670 275 646  263 121 
Equity and liabilities         
Capital and reserves 1 340 223 1 319 155 206 823 197 478 115 801 109 930
Non-current liabilities 277 939 355 841 42 891 53 268 24 016 29 653
Loans payable13 167 683  259 730 25 877  38 881 14 489  21 644 
Deferred taxation liabilities4 24 750 19 623 3 819 2 937 2 139 1 635 
Operating lease accrual14 85 506  76 488 13 195  11 450 7 388 6 374 
Current liabilities 1 572 013 1 482 437 242 595 221 924 135 829 123 538
Short-term borrowings15 13 903 8 710 2 146 1 304 1 201 726 
Accounts payable and accruals17 1 451 713 1 390 084 224 029 208 098 125 435 115 842 
Loans payable13 93 024 80 819 14 356 12 099 8 038 6 735 
Taxation payable 13 373 2 824 2 064 423 1 155 235 
                 
Total equity and liabilities   3 190 175 3 157 433 492 309  472 670 275 646  263 121 
Rates used for currency conversion       R R R R 
Closing rate 6.48 6.68 11.57 12.00

In order to give users of these financial statements an indication of the relative values in foreign currencies, the group balance sheet in South African rands has been translated to US dollars and UK pounds, using the closing spot rates of those currencies.

Currency Adjusted Cash Flow Statement

for the year ended 31 August 2005

2005 2004 2005 2004 2005 2004
 R'000 R'000 US$'000 US$'000 £'000 £'000 
Cash generated by operations257 665 478 296 41 359 71 924 22 406 40 568 
Net interest paid(49 086) (59 778) (7 879) (8 989) (4 268) (5 070) 
Taxation paid(109 258) (101 732) (17 537) (15 298) (9 501) (8 629) 
Cash inflow from operating activities before dividends99 321 316 786 15 943 47 637 8 637 26 869 
Distributions to ordinary shareholders(112 465) (97 824) (18 052) (14 710) (9 780) (8 297) 
Net cash effects of operating activities(13 144) 218 962 (2 109) 32 927 (1 143) 18 572 
Net cash effects of investing activities(182 660) 164 523 (29 319) 24 740 (15 883) 13 954 
Net cash effects of financing activities(149 478) (128 115) (23 993) (19 265) (12 998) (10 866) 
Net (decrease)/increase in cash and cash equivalents(345 282) 255 370 (55 421) 38 402 (30 024) 21 660 
Rates used for currency conversion    R R R R 
     Average rate  6.23 6.65 11.50 11.79 

In order to give users of these financial statements an indication of the relative values in foreign currencies, the group cash flow statement in South African rands has been translated to US dollars and UK pounds, using the average spot rates of those currencies for the year.

Currency Adjusted Income Statement

for the year ended 31 August 2005 

 2005 2004 2005 2004 2005 2004 
  Notes R'000 R'000 US$'000 US$'000 £'000 £'000 
Continuing operations        
Turnover 8 714 338 7 369 472 1 398 770 1 108 191 757 769 625 061 
Cost of merchandise  7 004 862 5 831 863 1 124 376 876 972 609 118 494 645 
Gross profit 1 709 476 1 537 609 274 394 231 219 148 651 130 416 
Other revenue 542 778 462 383 87 123 69 531 47 198 39 218 
Other expenditure 1 910 781 1 892 342 306 706 284 562 166 154 160 506 
Depreciation and amortisation1,2 104 734 100 425 16 811 15 102 9 107 8 518 
Occupancy costs18 291 409 245 235 46 775 36 877 25 340 20 800 
Employment costs19 846 782 719 870 135 920 108 251 73 633 61 058 
Other operating costs20 650 772 542 229 104 458 81 538 56 589 45 991 
Impairment of property, plant and equipment1  13 496  2 029  1 145 
Loss on disposal of property, plant and equipment 270 1 920 43 289 23 163 
Goodwill amortisation3  10 971  1 650  931 
  Goodwill impairment3 16 814 258 196 2 699 38 826 1 462 21 900 
                 
Profit before interest and taxation 341 473 107 650 54 811 16 188 29 695 9 128 
Net interest paid (49 086) (54 470) (7 879) (8 191) (4 268) (4 620) 
Net interest paid – normal operations (49 086) (54 470) (7 879) (8 191) (4 268) (4 620) 
Interest received – PM&A  24 986  3 757  2 119 
  Provision against interest received – PM&A   (24 986)  (3 757)  (2 119) 
                 
Profit before taxation 292 387 53 180 46 932 7 997 25 427 4 508 
Taxation21 87 754 91 044 14 086 13 691 7 631 7 722 
Profit/(loss) attributable to shareholders continuing operations  204 633 (37 864) 32 846 (5 694) 17 796 (3 214) 
Discontinued operations        
Turnover  654 651  98 444  55 526 
Profit before interest and taxation  38 932  5 854  3 302 
Net interest paid   (5 308)  (798)  (450) 
Profit before taxation  33 624  5 056  2 852 
Taxation21  14 287  2 148  1 212 
Profit attributable to shareholders discontinued operations   19 337  2 908  1 640 
Reconciliation of headline earnings        
Profit/(loss) attributable to shareholders 204 633 (18 527) 32 846 (2 786) 17 796 (1 574) 
Adjustment for:        
Impairment of property, plant and equipment  9 447  1 421  801 
Profit on sale of Australian operations  (1 738)  (261)  (147) 
Profit on sale of Intercare  (587)  (88)  (50) 
Loss on disposal of property, plant and equipment 191 1 597 31 240 17 135 
Goodwill amortisation  16 272  2 447  1 380 
  Goodwill impairment  16 814 258 196 2 699 38 826 1 462 21 900 
Headline earnings  221 638 264 660 35 576 39 799 19 275 22 445 
Rates used for currency conversion      R R R R 
     Average rate        6.23  6.65  11.50  11.79

In order to give users of these financial statements an indication of the relative values in foreign currencies, the group income statement in South African rands has been translated to US dollars and UK pounds, using the average spot rates of those currencies for the year.