Definitions

CAGR	Compound Annual Growth Rate, the year over year growth rate of a line item over a specified period of time.
Cash flow
Financing activities	Activities which result in changes to the capital structure of the group.
Investing activities	Activities relating to the acquisition, holding and disposal of property, plant and equipment, and long-term investments.
Operating activities	Activities that are not financing or investing activities that arise from the operations conducted by the group.
Comparable stores sales growth	Sales growth expressed as a percentage of growth for stores that have been operating for the full period during the current and previous financial years.
Continuing operations	The operations of the group excluding New Clicks Australia and excluding the results of Intercare Managed Healthcare (Proprietary) Limited, and including the acquisition of PM&A with effect from 1 March 2004.
Current ratio	Current assets at year-end divided by current liabilities at year-end.
Discontinued operations	New Clicks Australia, which was sold with effect from 28 December 2003, and Intercare Managed Healthcare (Proprietary) Limited, which was sold with effect from 1 March 2004.
Distribution cover	Headline earnings for the year divided by the distributions for the year.
Distribution per share	Distribution per share is the actual interim cash dividend paid and the final cash dividend declared expressed as cents per share.
Earnings per share
Basic earnings per share	Net profit divided by the weighted average number of ordinary shares in issue for the year.
Headline earnings per share	Headline earnings divided by the weighted average number of shares in issue for the year.
Diluted headline earnings per share	Headline earnings divided by the diluted weighted average number of shares in issue for the year.
Effective taxation rate	The taxation charge in the income statement as a percentage of net profit before taxation.
Gross profit margin	Gross profit expressed as a percentage of turnover.
Headline earnings	Net profit for the year adjusted for the after tax effect of goodwill amortisation, impairment of assets and other items of a capital nature.
Headline earnings per employee	Headline earnings divided by the number of permanent employees in service at the year-end.
Inventory turn	Turnover for the year divided by the closing inventory at year-end.
JIBAR	Johannesburg Inter-Bank Agreement Rate, which is the rate that South African banks charge each other for wholesale money.
Market capitalisation	The market price per share at year-end multiplied by the number of shares in issue at year-end.
Net asset value per share	Net assets at year-end divided by the number of shares in issue at year-end (net of treasury shares).
Net tangible asset value per share	Net assets at year-end, less intangible assets such as goodwill and trademarks, divided by the number of shares in issue at year-end (net of treasury shares).
Net interest-bearing debt to shareholders' interest at the end of the year	Interest-bearing debt at the end of the year divided by shareholders' funds at the end of the year.
Percentage of shares traded	The number of shares traded as a percentage of the weighted average number of shares in issue.
PM&A	The pharmacy business acquired by the group on 1 March 2004, comprising four legal entities, namely Purchase Milton & Associates (Proprietary) Limited, Milton & Associates (Proprietary) Limited, J&G Purchase & Associates (Proprietary) Limited and Leon Katz (Proprietary) Limited.
Price earnings ratio	The market price per share at year-end divided by headline earnings per share for the year.
Product price inflation	The change in the average cost price for the year of a basket of product purchased by the brand in both the current and prior years.
Return on shareholders' interest (or Return on equity)	Headline earnings expressed as a percentage of the average ordinary shareholders' interest for the year.
Return on total assets	Headline earnings expressed as a percentage of the average total assets for the year.
Segmental reporting
Operational Segment	A distinguishable type of operation within the group.
Trading Segment	A distinguishable trading brand or component of the group.
Shareholders' interest	Ordinary share capital, share premium and reserves.
Treasury shares	Ordinary shares in New Clicks Holdings Limited acquired by a group company in terms of an approved share repurchase programme or held by the Share Incentive Trust.
Weighted average number of shares	The number of shares in issue, increased by shares issued during the year and decreased by treasury shares acquired during the year, weighted on a time basis for the period during which they have participated in the income of the group.
Weighted average diluted number of shares	The weighted average number of shares, adjusted for the effects of all dilutive potential ordinary shares.