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five-year review


          Post-IFRS   Post-IFRS Pre-IFRS   Pre-IFRS   Pre-IFRS   Pre-IFRS  
          2006   2005 2005   2004   2003   2002  
Income Statement Turnover   R’000   10 000 621   8 714 338 8 714 338   8 024 123   7 367 739   5 487 791  
  Gross profit   R’000   1 953 576   1 778 578 1 709 476   1 747 350   1 756 190   1 555 401  
  Headline earnings   R’000   251 612   200 530 221 638   264 660   221 296   157 546  
   
Balance Sheet Ordinary shareholders’ interest   R’000   1 593 949   1 416 939 1 340 223   1 319 155   1 608 510   1 221 757  
  Interest-bearing loans and borrowings   R’000   213 706   260 707 260 707   340 549   442 013   230 546  
  Property, plant and equipment   R’000   703 636   675 826 708 895   659 347   747 263   612 537  
  Inventories   R’000   1 443 161   1 440 090 1 621 880   1 411 339   1 401 061   1 055 137  
  Total assets   R’000   3 684 407   3 331 679 3 190 175   3 157 433   3 453 830   2 468 580  
   
Cash Flow Net cash effects of operating activities   R’000   117 637   (13 144) (13 144)   218 962   337 208   213 665  
  Net interest paid   R’000   60 003   49 086 49 086   59 778   84 117   67 220  
  Capital expenditure   R’000   162 315   170 106 170 106   160 349   203 005   158 005  
  Depreciation and amortisation   R’000   108 602   104 734 104 734   109 021   103 726   97 075  
   
Performance Turnover growth   %   14.8   8.6 8.6   8.9   34.3   25.7  
  Comparable stores turnover growth   %   9.9   8.9 8.9   8.1   8.0   9.2  
  Gross profit growth   %   9.8   * (2.2)   (0.5)   12.9   27.6  
  Gross profit margin   %   19.5   20.4 19.6   21.8   23.8   28.3  
  Inventory turn   times   6.9   6.1 5.4   5.6   5.3   5.2  
  Current ratio   times   1.4   1.3 1.4   1.5   1.3   1.3  
  Return on total assets   %   7.2   6.0 7.0   8.0   7.5   7.1  
  Return on shareholders’ interest   %   16.7   14.2 16.7   18.4   15.6   14.1  
  Interest-bearing debt to shareholders’ interest at year-end   %   16.4   19.4 20.5   26.5   27.7   27.8  
  Effective tax rate   %   25.5   30.1 30.0   121.3   28.1   29.6  
   
Exchange Rates Rand/US Dollar – average rate   R/US$    6.48   6.23 6.23   6.65   8.55   10.49  
  Rand/US Dollar – closing rate   R/US$    7.19   6.48 6.48   6.68   7.36   10.64  
   
Statistics Number of permanent employees       9 058   8 947 8 947   9 011   7 973   6 364  
  Number of stores – company owned       664   663 663   681   729   699  
  Number of stores – franchised       15   15 15   15   213   192  
  Weighted retail trading area – company owned   m2   237 575   249 417 249 417   231 037   273 636   261 539  
   
Share Statistics Number of shares in issue (gross)   ’000   355 488   370 260 370 260   361 205   354 118   305 172  
  Number of shares in issue (net of treasury shares)   ’000   347 613   340 519 340 519   345 391   354 118   305 172  
  Weighted average number of shares (net of treasury shares)   ’000   344 337   339 914 339 914   353 571   337 587   301 772  
  Weighted average diluted number of shares (net of treasury shares)   ’000   354 365   349 358 350 433   363 046   342 906   317 272  
  Headline earnings per share – undiluted   cents   73.1   59.0 65.2   74.9   65.6   52.2  
  Headline earnings per share – diluted   cents   71.0   57.4 63.2   72.9   64.5   49.7  
  Distribution per share   cents   33.2   29.7 29.7   35.0   26.0   24.0  
  Distribution cover   times   2.2   2.0 2.2   2.1   2.5   2.1  
  Share price – closing   cents   1 035   810 810   770   665   650  
  Share price – high   cents   1 121   990 990   799   715   930  
  Share price – low   cents   780   690 690   660   501   555  
  Net asset value per share at 31 August   cents   459   416 394   382   454   400  
  Net tangible asset value per share at 31 August   cents   320   275 368   352   388   341  
  Market capitalisation (gross) at 31 August   R’000   3 679 301   2 999 106 2 999 106   2 781 279   2 354 885   1 983 618  
  Market capitalisation (net of treasury shares) at 31 August   R’000   3 597 795   2 758 204 2 758 204   2 659 511   2 354 885   1 983 618  
  Price earnings ratio at 31 August   times   14.2   13.7 12.4   10.3   10.1   12.5  
  Volume of shares traded   ’000   226 921   131 882 131 882   163 031   156 283   180 585  
  Percentage of shares traded   %   65.9   38.8 38.8   46.1   46.3   59.8  
  Shareholders’ return   cents   258   70 70   140   41   (235)  
  Increase/(decrease) in share price   cents   225   40 40   105   15   (259)  
  Distribution per share   cents   33   30 30   35   26   24  
   
Other Information Inflation rate (CPI)   %   5.4   3.9 3.9   1.0   5.1   10.3  
  Interest rates                            
  Prime overdraft rate – closing   %   11.5   10.5 10.5   11.0   14.5   16.0  
  Prime overdraft rate – average   %   10.7   10.8 10.8   11.9   16.6   14.3  
  R153 – closing   %   8.7   7.7 7.7   8.9   9.5   11.6  
  R153 – average   %   7.7   8.0 8.0   9.4   10.4   11.5  
  FTSE/JSE Africa share indices                            
  All Share Index       21 954   15 414 15 414   11 160   9 226   9 677  
  General Retailers Index       23 521   22 163 22 163   13 344   9 584   6 439  
* Not available as 2004 income statement has not been restated in accordance with IFRS

Notes:

1.
  		 These are group results which include the results of the Australian operations from prior to 2002 to 28 December 2003 and Intercare Managed Healthcare (Proprietary) Limited from 2002 to 1 March 2004.
 
2.
  		 The results of the Purchase Milton & Associates group of pharmacies have been consolidated since 1 March 2004.
 
3.
  		 New United Pharmaceutical Distributors was acquired with effect from 1 January 2003.
 
4.
  		 The operating lease accrual detailed in note 22 was applicable from the 2004 financial year. The results from (and including) the 2004 financial year have been adjusted in accordance with this interpretation.
 
5.
  		 As the group has applied IFRS for the first time in the current year, the five-year review information incorporates IFRS-adjusted financial information for the 2005 and 2006 financial years only. Information in respect of earlier financial periods remains that reported in accordance with SA GAAP.
 
6.
  		 Property, plant and equipment includes investment properties.
 
7.
  		 For an explanation of terms used, please refer to the Definitions section.