reviewed preliminary group results for the year ended 31 August 2007

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Income statement

Balance sheet

Cash flow statement

Changes in equity

Segmental analysis

Supplementary information

Notes

Commentary

Distribution

		Year to		Year to
		31 August 2007		31 August 2006	%
R’000	Note	(reviewed)		(audited)	change
Continuing operations
Revenue		10 529 632		9 338 713	12.8
Turnover		10 051 373		8 922 939	12.6
Cost of merchandise sold		8 153 049		7 267 010	12.2
Gross profit		1 898 324		1 655 929	14.6
Other income		462 393		404 404	14.3
Expenses		1 866 889		1 701 269	9.7
Depreciation and    amortisation		81 587		83 612	(2.4)
Occupancy costs		284 605		261 924	8.7
Employment costs		891 262		805 603	10.6
Other operating costs		609 435		550 130	10.8
Impairment of property,  plant and equipment		–		(3 159)
Goodwill impairment		(250)		(1 254)
Profit on disposal of property, plant  and equipment		29 402		483
Operating profit before financing costs		522 980		355 134	47.3
Net financing costs		(38 827)		(57 219)	(32.1)
Financial income		15 866		11 370
Financial expense		(54 693)		(68 589)
Profit before tax		484 153		297 915	62.5
Income tax expense		129 965		74 796	73.8
Profit for the year from  continuing operations		354 188		223 119	58.7
Discontinued operations
Profit for the year from  discontinued operations	2	26 320		22 871	15.1
Total profit for the year		380 508		245 990	54.7
Undiluted earnings  per share (cents)		113.2		71.4	58.5
Diluted earnings  per share (cents)		109.9		69.4	58.4
Distributions per share (cents)
– interim paid		15.0		11.2	33.9
– final declared/paid		33.2		22.0	50.9
		48.2		33.2	45.2
Headline Earnings Reconciliation
		Year to		Year to
		31 August 2007		31 August 2006	%
R’000		(reviewed)		(audited)	change
Profit for the year		380 508		245 990
Adjustments for
Impairment of property,     plant and equipment		–		3 159
Goodwill impairment		250		1 254
Profit/(loss) on disposal    of property, plant and     equipment		(23 836)		1 209
Headline earnings		356 922		251 612	41.9
Undiluted headline earnings  per share (cents)		106.1		73.1	45.1
Diluted headline earnings  per share (cents)		103.0		71.0	45.1