2005	2004	2003	2002	2001
			Rm	Rm	Rm	Rm	Rm
Group income statements
Revenue			2 511.5	2 274.7	2 037.9	1 995.8	1 936.4
Cost of sales			(1 050.9)	(919.6)	(813.5)	(779.1)	(789.6)
Gross profit			1 460.6	1 355.1	1 224.4	1 216.7	1 146.8
Operating costs			(870.9)	(849.5)	(795.1)	(855.6)	(848.8)
Operating profit before exceptional item			589.7	505.6	429.3	361.1	298.0
Exceptional item			-	-	47.9	-	-
Operating profit			589.7	505.6	477.2	361.1	298.0
Investment income			45.9	34.9	39.7	49.6	33.7
Profit before interest and taxes (EBITA)			635.6	540.5	516.9	410.7	331.7
Net finance costs			(42.7)	(141.7)	(156.6)	(147.2)	(158.4)
Net profit before taxation			592.9	398.8	360.3	263.5	173.3
Taxation			(184.0)	(111.5)	(108.2)	(71.2)	(53.4)
Net profit attributable to ordinary shareholders			408.9	287.3	252.1	192.3	119.9
Headline earnings			404.3	287.6	248.1	196.7	117.2
Group Balance Sheets
Assets
	Non-current assets		330.6	257.4	289.9	279.4	178.0
		Property, plant and equipment	112.2	115.4	117.5	105.7	92.9
		Investments - insurance business	171.6	146.2	172.4	173.7	85.1
		Other	46.8	(4.2)	-	-	-
	Current assets		2 300.2	2 562.5	2 256.9	2 286.9	2 115.8
		Investments - insurance business	334.2	296.7	263.6	256.3	323.4
		Inventories	160.1	155.3	120.2	132.8	122.9
		Trade and other receivables	1 750.6	1 751.7	1 852.6	1 846.2	1 651.4
		Cash and cash equivalents	55.3	358.8	20.5	45.6	18.1
		Taxation	-	-	-	6.0	-
Total assets			2 630.8	2 819.9	2 546.8	2 566.3	2 293.8
Equity and liabilities
	Capital and reserves		2 059.4	1 310.0	1 153.5	921.4	698.1
	Non-current liabilities		50.3	747.9	1 162.2	1 255.6	1 107.0
		Interest-bearing borrowings	1.7	683.8	1 016.4	1 112.4	978.5
		Other	48.6	64.1	145.8	143.2	128.5
	Current liabilities		521.1	762.0	231.1	389.3	488.7
		Trade and other payables	216.3	207.4	161.7	240.1	197.1
		Current portion of interest-bearing borrowings	7.2	472.2	9.7	6.9	12.7
		Short-term borrowings	172.0	-	36.7	142.3	276.0
		Taxation	125.6	82.4	23.0	-	2.9
Total equity and liabilities			2 630.8	2 819.9	2 546.8	2 566.3	2 293.8
			2005	2004	2003	2002	2001
			Rm	Rm	Rm	Rm	Rm
Group Cash Flow Statements
Cash flow from trading			610.7	535.9	460.3	416.2	352.9
Working capital requirements			14.5	(27.0)	(79.5)	(158.8)	(112.1)
Operational cash flow			625.2	508.9	380.8	257.4	240.8
Exceptional item			-	-	47.9	-	-
Cash generated from operations			625.2	508.9	428.7	257.4	240.8
Dividends and interest received			34.8	49.5	48.1	52.8	30.7
Interest paid			(307.8)	(18.9)	(267.3)	(26.5)	(114.4)
Taxation paid			(207.7)	(99.2)	(90.5)	(68.9)	(39.4)
Dividends paid			(61.0)	-	-	-	-
Net cash retained from operations			83.5	440.3	119.0	214.8	117.7
Cash utilised in investing activities			(53.0)	(59.0)	(44.8)	(48.6)	(185.9)
Net effect of financing activities			(506.0)	(6.3)	6.3	(5.0)	(0.4)
Net cash (decrease)/increase in cash and cash equivalents			(475.5)	375.0	80.5	161.2	(68.6)
			2005	2004	2003	2002	2001
Ratios and statistics
Returns
Return on average shareholders' funds (%)			24.3%	24.8%	24.3%	23.7%	18.9%
After-tax return on average capital employed (%)			18.6%	17.0%	16.4%	14.2%	12.5%
After-tax return on average assets managed (%)			16.2%	14.4%	14.1%	12.2%	10.7%
Margins
Gross margin (%)			58.2%	59.6%	60.1%	61.0%	59.2%
Operating margin (%)			23.5%	22.2%	21.1%	18.1%	15.4%
Productivity
Number of stores			475	465	444	450	464
Revenue per store (R'000)			5 287	4 892	4 590	4 435	4 173
Operating profit per store (R'000)			1 241	1 087	967	802	642
Number of employees			5 870	5 776	5 525	5 584	5 714
Revenue per employee (R)			427 853	393 819	368 851	357 414	338 887
Operating profit per employee (R)			100 460	87 535	77 701	64 667	52 153
Trading space (sqm)			207 595	205 793	197 580	200 250	206 480
Revenue per sqm (R)			12 098	11 053	10 314	9 967	9 378
Operating profit per sqm (R)			2 841	2 457	2 173	1 803	1 443
Inventory turn (times)			5.7	5.1	5.8	5.0	5.3
Credit ratios
Cash sales % of total sales			25.1%	18.2%	16.8%	14.7%	13.3%
Bad and impairment charge as a % of gross trade receivables			3.8%	4.4%	6.4%	7.9%	10.8%
Debtors' impairment provision as a % of gross trade receivables (refer note 3)			14.4%	15.6%	10.2%	10.4%	10.5%
Total debtors' provisions as a % of gross trade receivables (refer note 3)			35.6%	35.0%	28.2%	28.3%	30.3%
Credit application decline rate %			20.5%	22.3%	23.7%	21.3%	19.1%
Average age of debtors book (months)			14.8	15.4	16.3	16.4	15.4
Arrear % (full contractual)			27.3%	28.9%	29.5%	28.5%	28.4%
Solvency and liquidity
Financing cover (times)			14.9	3.8	3.3	2.8	2.1
Dividend cover (times)			3.0	n/a	n/a	n/a	n/a
Gearing ratio (%)			6.1%	60.9%	90.4%	132.0%	178.9%
Current ratio			4.4	3.4	9.8	5.9	4.3
Share performance
Earnings per share (cents)			408.9	287.3	252.1	192.3	119.9
Headline earnings per share (cents)			404.3	287.6	248.1	196.7	117.2
Cash flow per share (cents)			625.2	508.9	428.7	257.4	240.8
Net book value per share (cents)			2 059.4	1 310.0	1 153.5	921.4	698.1
Share price:
	Closing price (R)		33.51	n/a	n/a	n/a	n/a
	High (R)		41.50	n/a	n/a	n/a	n/a
	Low (R)		28.20	n/a	n/a	n/a	n/a
Price-earnings ratio			8.2	n/a	n/a	n/a	n/a
Dividends per share for the financial year (R)			1.35	n/a	n/a	n/a	n/a
Number of shares in issue (million)			100	n/a	n/a	n/a	n/a
Volume of shares traded (million)			61.8	n/a	n/a	n/a	n/a
Value of shares traded (Rm)			2 139.5	n/a	n/a	n/a	n/a
Market capitalisation (Rm)			3 351	n/a	n/a	n/a	n/a
Number of shareholders			2 862	n/a	n/a	n/a	n/a

Explanatory notes:

1. All ratios are based on figures at the end of the period unless otherwise disclosed.
2. All amounts have been restated for the changes in accounting policies effected in the 2002 financial year relating to the depreciation of owner-occupied buildings, leave pay and post-retirement medical aid.
3. No restatement of the prior year figures was made for the impact of AC133 which was applied for the first time in the 2004 financial year. The application of AC133 resulted in adjustments to the debtors' impairment provision, carrying value of investments and opening shareholders' equity. All ratios using these items have, consequently, not been restated for the prior years.
4. The return and solvency/liquidity ratios for 2004 have been affected by changes in the Group structure prior to its listing.