The definitions below should be read in conjunction with the accounting policies set out in note 1 to the financial statements.

Return on average shareholders' equity

Net profit attributable to ordinary shareholders as a percentage of average shareholders' equity.

After-tax return on average capital employed

After-tax return for capital is the net profit attributable to ordinary shareholders plus net finance costs less the attributable tax thereon.

Capital employed is shareholders' interest and interest-bearing debt, reduced by cash and cash equivalents.

The after-tax return on average capital employed is the after-tax return for capital as a percentage of the average capital employed for the year.

After-tax return on average assets managed

After-tax return is the profit before interest and taxation less taxation per the income statement and the attributable tax on net finance costs.

The after-tax return on average assets managed is the after-tax return as a percentage of the average total assets.

Gross margin

Gross profit as a percentage of revenue.

Operating margin

Operating profit before exceptional items as a percentage of revenue.

Inventory turn

Cost of merchandise sales divided by the closing inventory.

Average age of the debtors book

Trade receivables divided by the current year's credit revenue.

Financing cover

Profit before net finance costs and taxation divided by the net finance costs.

Gearing ratio

Interest-bearing debt, reduced by cash and cash equivalents, divided by shareholders' equity.

Current ratio

Current assets divided by current liabilities.

Note that for the share performance ratios below, the prior year's ratios are calculated using the current year's weighted average number of shares in issue to provide a meaningful comparative.

Earnings per share

Earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue, in accordance with the South African Statement of Generally Accepted Accounting Practice, AC104.

Headline earnings per share

Headline earnings as calculated in accordance with Circular 7/2002 issued by the South African Institute of Chartered Accountants divided by the weighted average number of shares in issue.

Cash flow per share

Cash generated from operations divided by the weighted average shares in issue.

Net book value per share

The net book value divided by the weighted average number of shares in issue.

Price-earnings ratio

The closing price on the JSE divided by the earning per share.

Dividends per share for the financial year

The dividends declared in respect of the financial year expressed as cents per share. Dividends in the financial accounts are those paid in the financial year, as required by South African Statement of Generally Accepted Accounting Practice, AC107.