 |
| R’000 |
Notes |
 |
2003 |
2002 |
|
|
| Turnover |
|
|
7 367 739 |
5 487 791 |
|
| Cost of merchandise |
|
|
5 576 857 |
3 932 390 |
|
|
| Gross profit |
|
|
1 790 882 |
1 555 401 |
|
| Other revenue |
|
|
528 261 |
424 861 |
|
| Other expenditure |
|
|
1 937 140 |
1 661 702 |
|
|
|
| Depreciation and amortisation |
1, 2 |
|
103 726 |
97 075 |
|
| Occupancy costs |
14 |
|
398 875 |
358 865 |
|
| Employment costs |
15 |
|
869 402 |
756 006 |
|
| Other operating costs |
16 |
|
565 137 |
449 756 |
|
|
|
|
|
|
|
| Operating profit |
|
|
382 003 |
318 560 |
|
| Net interest paid |
|
|
(84 117) |
(67 220) |
|
|
|
| Interest paid – normal operations |
17 |
|
(84 117) |
(67 220) |
|
| Interest accrued – Purchase Milton & Associates (PM&A) |
6 |
|
59 265 |
45 525 |
|
| Provision against interest accrued – PM&A |
6 |
|
(59 265) |
(45 525) |
|
|
|
|
|
|
|
| Net profit after interest |
|
|
297 886 |
251 340 |
|
| Provision – impairment of loan to PM&A |
6 |
|
– |
(32 475) |
|
|
| Net profit before exceptional items |
|
|
297 886 |
218 865 |
|
| Exceptional items |
|
|
|
|
|
| Profit on sale of stores |
|
|
26 454 |
– |
|
| Loss on disposal of property, plant and equipment |
|
|
(2 610) |
– |
|
| Goodwill amortised |
3 |
|
(23 719) |
(11 346) |
|
|
| Profit before taxation |
|
|
298 011 |
207 519 |
|
| Taxation |
18 |
|
83 743 |
61 319 |
|
| Profit attributable to ordinary shareholders |
|
|
214 268 |
146 200 |
|
| Reconciliation of headline earnings |
|
|
|
|
|
| Profit attributable to ordinary shareholders |
|
|
214 268 |
146 200 |
|
| Adjustment for |
|
|
|
|
|
| Profit on sale of stores |
|
|
(18 518) |
– |
|
| Loss on disposal of property, plant and equipment |
|
|
1 827 |
– |
|
| Goodwill amortised |
|
|
23 719 |
11 346 |
|
| Headline earnings |
|
|
221 296 |
157 546 |
|
| Headline earnings per share (cents) |
|
|
|
|
|
| Undiluted |
19 |
|
65.6 |
52.2 |
|
| Diluted |
19 |
|
64.5 |
49.7 |
|
| Attributable earnings per share (cents) |
|
|
|
|
|
| Undiluted |
19 |
|
63.5 |
48.4 |
|
| Diluted |
19 |
|
62.5 |
46.1 |
|
| Distributions per share (cents) |
|
|
|
|
|
| Paid – December |
20 |
|
14.1 |
11.2 |
|
| Paid – July |
20 |
|
10.9 |
9.9 |
|
| Payable – December |
|
|
15.1 |
|
|
