normalised income statement
excluding the effect of the application of IFRS 2 share-based payments


    12 months   12 months  
    ended % ended  
    31 March 2006 Change 31 March 2005  
    Rm   Rm  
Revenue   2 874.5 14.5% 2 511.2  
Merchandise sales   1 567.8 16.0% 1 351.9  
Finance charges earned   674.4   605.0  
Insurance premiums earned   400.4   357.6  
Services rendered   231.9   196.7  
Cost of merchandise sales   (1 020.6)   (885.0)  
Operating costs   (1 125.3)   (1 032.7)  
Employment costs   (440.2)   (406.0)  
Administration and IT   (152.3)   (134.5)  
Bad debts and impairment provision   (115.5)   (101.6)  
Marketing   (89.1)   (79.6)  
Occupancy costs   (98.3)   (87.9)  
Transport and travel   (98.4)   (85.6)  
Depreciation   (35.0)   (36.9)  
Other operating costs   (96.5)   (100.6)  
           
Operating profit   728.6 22.8% 593.5  
Investment income   28.9   37.6  
           
Profit before finance costs   757.5   631.1  
Net finance costs   (12.8)   (42.7)  
           
Profit before taxation   744.7   588.4  
Taxation   (237.6)   (182.4)  
Normalised attributable net profit   507.1 24.9% 406.0  
Normalised headline earnings   510.4 27.3% 400.9  
Weighted average shares in issue (’000)   97 300   100 000  
Fully diluted weighted average shares in issue (’000)   97 501   100 000  
Normalised earnings per share (cents)   521.2 28.4% 406.0  
Normalised headline earnings per share (cents)   524.6 30.9% 400.9  
Fully diluted normalised earnings per share (cents)   520.1 28.1% 406.0  
Fully diluted normalised headline earnings per share (cents)   523.5 30.6% 400.9