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Key Ratios for the Group

Key Ratios
  12 months 12 months
  ended ended
  31 March 2006   31 March 2005
Operating efficiency ratios    
Merchandise gross profit % 34.9% 34.5%
Normalised operating margin % 25.3% 23.6%
Number of stores 490 475
Revenue per store (R000’s) 5 866 5 287
Normalised operating profit per store (R000’s) 1 487 1 249
Number of employees (average) 5 879 5 713
Revenue per employee (R000’s) 489 440
Normalised operating profit per employee (R000’s) 124 104
Trading space (sqm) 210 201 207 595
Revenue per sqm per annum (R) 13 675 12 097
Normalised operating profit per sqm (R) 3 466 2 859
Current ratio 3.9 3.9
Credit ratios    
Cash and short-term credit sales % of total sales 29.9% 30.1%
Bad debts and impairment charge as a % of gross debtors book 4.0% 3.8%
Debtors impairment provision as a % of gross instalment    
receivables 12.6% 14.4%
Total debtors provisions as a % of gross instalment receivables 36.3% 35.6%
Credit applications decline rate 22.4% 20.5%
Average age of book (months) 14.3 14.8
Arrear % (full contractual) 22.0% 25.7%
Shareholder ratios    
Net asset value per share (cents) 2 425 2 060
Gearing ratio 4.6% 6.1%
Normalised return on average equity 23.2% 22.1%
Normalised return on average capital employed 22.1% 18.5%

Notes:

  1. All ratios are based on figures at the end of the year unless otherwise disclosed.
  2. Where a ratio is referred to as normalised, the earnings used in that ratio will exclude the share-based payment of R58.4 million (2005: R10.8 million).
  3. Employees reflect only permanent employees.
  4. Normalised ROE for 31 March 2005 has been restated to exclude the effects of the restructuring prior to listing.
  5. The net asset value has been calculated using 95 069 000 shares in issue (2005: 100 000 000).