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The group’s 2006 results were presented on a normalised basis to reflect the actual operational performance of the business and excluded a R58.4 million charge for share-based payments. This charge arose from share allocations to staff by the former holding company at the time of the listing of the Lewis Group. The charge resulted in no economic cost or dilutionary effect to shareholders.
| Normalised income statement | |||||||
| 12 months ended 31 March 2007 |
% | 12 months ended 31 March 2006 |
|||||
| Rm | change | Rm | |||||
| Revenue | 3 323.5 | 15.6% | 2 874.5 | ||||
| Merchandise sales | 1 808.8 | 15.4% | 1 567.8 | ||||
| Finance charges earned | 776.7 | 674.4 | |||||
| Insurance premiums earned | 464.7 | 400.4 | |||||
| Services rendered | 273.3 | 231.9 | |||||
| Cost of merchandise sales | (1 194.0) | (1 020.6) | |||||
| Operating costs | (1 269.6) | (1 125.3) | |||||
| Employment costs | (485.6) | (440.2) | |||||
| Administration and IT | (162.3) | (152.3) | |||||
| Bad debts written off | (138.4) | (132.9) | |||||
| Doubtful debt charge | (9.5) | 17.4 | |||||
| Marketing | (106.9) | (89.1) | |||||
| Occupancy costs | (116.7) | (98.3) | |||||
| Transport and travel | (109.2) | (98.4) | |||||
| Depreciation | (38.9) | (35.0) | |||||
| Other operating costs | (102.1) | (96.5) | |||||
| Operating profit | 859.9 | 18.0% | 728.6 | ||||
| Investment income | 42.7 | 28.9 | |||||
| Profit before finance costs | 902.6 | 757.5 | |||||
| Net finance costs | (12.4) | (12.8) | |||||
| Interest paid | (29.6) | (13.4) | |||||
| Interest received |
4.0 | 5.9 | |||||
| Foreign exchange contracts |
13.2 | (5.3) | |||||
| Profit before taxation | 890.2 | 744.7 | |||||
| Taxation | (291.9) | (237.6) | |||||
| Normalised attributable net profit | 598.3 | 18.0% | 507.1 | ||||
| Normalised headline earnings | 594.2 | 16.4% | 510.4 | ||||
| Weighted average shares in issue | 92 062 | 97 300 | |||||
| Fully diluted weighted average shares in issue | 92 458 | 97 501 | |||||
| Normalised earnings per share (cents) | 649.9 | 24.7% | 521.2 | ||||
| Normalised headline earnings per share (cents) | 645.4 | 23.0% | 524.6 | ||||
| Fully diluted normalised earnings per share (cents) | 647.1 | 24.4% | 520.1 | ||||
| Fully diluted normalised headline earnings per share (cents) | 642.7 | 22.8% | 523.5 |