Audited Final Results

• home
• income statement
• balance sheet
• statement of changes in equity
• cash flow statement
• segmental report
• notes
• key ratios
• commentary
• dividend declaration

Highlights

• Merchandise sales up 15.4% to R1 808.8 million
• Normalised operating profit up 18% to R859.9 million
• Normalised operating margin improves to 25.9%
• Normalised headline earnings per share up by 23% (38.9% on IFRS basis)
• Dividend per share up 18.2%
• Further improvement in the quality of debtors

Merchandise sales

Operating profit

Headline earnings per share

Net asset value per share

Based on normalised earnings. 2002 to 2004 calculated in terms of SA GAAP.