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currency-adjusted income statement

for the year ended 31 August 2006
  2006   2005   2006   2005 2006   2005   2006   2005  
    R’000   R’000   US$’000   US$’000 000   000   000   000  
Turnover 10 000 621   8 714 338   1 543 306   1 398 770 1 261 112   1 103 081   862 123   757 769  
Cost of merchandise sold 8 047 045   6 935 760   1 241 828   1 113 284 1 014 760   877 944   693 711   603 110  
Gross profit 1 953 576   1 778 578   301 478   285 486 246 352   225 137   168 412   154 659  
Other income 449 721   385 925   69 401   61 946 56 711   48 851   38 769   33 559  
Expenses 2 015 950   1 859 156   311 105   298 419 254 217   235 336   173 788   161 665  
Depreciation and amortisation 103 382   99 321   15 954   15 942 13 037   12 572   8 912   8 637  
Occupancy costs 316 924   295 426   48 908   47 420 39 965   37 396   27 321   25 689  
Employment costs 942 364   814 824   145 427   130 790 118 835   103 142   81 238   70 854  
Other operating costs 647 658   626 358   99 947   100 539 81 672   79 286   55 833   54 466  
Impairment of property, plant and equipment 3 159   6 143   488   986 398   778   272   534  
Loss on disposal of property, plant and equipment 1 209   270   187   43 152   34   104   23  
Goodwill impairment 1 254   16 814   194   2 699 158   2 128   108   1 462  
                                 
Operating profit before financing costs 387 347   305 347   59 774   49 013 48 846   38 652   33 393   26 553  
Net financing costs (57 219)   (49 086)   (8 830)   (7 878) (7 215)   (6 214)   (4 933)   (4 268)  
Financial income 11 370   7 878   1 755   1 265 1 434   997   980   685  
Financial expenses (68 589)   (56 964)   (10 585)   (9 143) (8 649)   (7 211)   (5 913)   (4 953)  
                                 
Profit before tax 330 128   256 261   50 944   41 135 41 631   32 438   28 460   22 285  
Income tax expense 84 138   77 098   12 984   12 375 10 610   9 759   7 253   6 704  
Profit for the year 245 990   179 163   37 960   28 760 31 021   22 679   21 207   15 581  
Reconciliation of headline earnings                              
Profit for the year 245 990   179 163   37 960   28 760 31 021   22 679   21 207   15 581  
Adjustment for                              
   Impairment of property, plant and equipment 3 159   4 362   488   700 398   552   272   379  
Loss on disposal of property, plant and equipment 1 209   191   187   31 152   24   104   17  
Goodwill impairment 1 254   16 814   194   2 699 158   2 128   108   1 462  
Headline earnings 251 612   200 530   38 829   32 190 31 729   25 383   21 691   17 439  
Rates used for currency conversion         R   R R   R   R   R  
Average rate         6.48   6.23 7.93   7.90   11.60   11.50  
In order to give users of these financial statements an indication of the relative values in foreign currencies, the consolidated income statement in South African Rands has been converted to US dollars, Euros and UK pounds, using the daily average spot rates of those currencies for the year.