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Currency Adjusted Balance Sheet
at 31 August 2005
| 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | ||||||||||
| 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 equipment | 1 | 708 895 | 659 347 | 109 397 | 98 705 | 61 252 | 54 946 | ||||||||
| Trademark | 2 | 3 280 | 3 930 | 506 | 588 | 283 | 328 | ||||||||
| Goodwill | 3 | 83 950 | 98 280 | 12 955 | 14 713 | 7 254 | 8 190 | ||||||||
| Deferred taxation assets | 4 | 102 264 | 95 475 | 15 781 | 14 293 | 8 836 | 7 956 | ||||||||
| Loans | 6 | 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 | |||||||||
| Inventories | 7 | 1 621 880 | 1 411 339 | 250 290 | 211 278 | 140 138 | 117 612 | ||||||||
| Accounts receivable | 8 | 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 | |||||||||
| Derivative | 9 | 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 payable | 13 | 167 683 | 259 730 | 25 877 | 38 881 | 14 489 | 21 644 | ||||||||
| Deferred taxation liabilities | 4 | 24 750 | 19 623 | 3 819 | 2 937 | 2 139 | 1 635 | ||||||||
| Operating lease accrual | 14 | 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 borrowings | 15 | 13 903 | 8 710 | 2 146 | 1 304 | 1 201 | 726 | ||||||||
| Accounts payable and accruals | 17 | 1 451 713 | 1 390 084 | 224 029 | 208 098 | 125 435 | 115 842 | ||||||||
| Loans payable | 13 | 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 operations | 257 665 | 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 dividends | 99 321 | 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 amortisation | 1,2 | 104 734 | 100 425 | 16 811 | 15 102 | 9 107 | 8 518 | ||||||||
| Occupancy costs | 18 | 291 409 | 245 235 | 46 775 | 36 877 | 25 340 | 20 800 | ||||||||
| Employment costs | 19 | 846 782 | 719 870 | 135 920 | 108 251 | 73 633 | 61 058 | ||||||||
| Other operating costs | 20 | 650 772 | 542 229 | 104 458 | 81 538 | 56 589 | 45 991 | ||||||||
| Impairment of property, plant and equipment | 1 | – | 13 496 | – | 2 029 | – | 1 145 | ||||||||
| Loss on disposal of property, plant and equipment | 270 | 1 920 | 43 | 289 | 23 | 163 | |||||||||
| Goodwill amortisation | 3 | – | 10 971 | – | 1 650 | – | 931 | ||||||||
| Goodwill impairment | 3 | 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 | |||||||||
| Taxation | 21 | 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 | |||||||||
| Taxation | 21 | – | 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.