Audited Final Results

for the year ended 31 March 2007

Key ratios

    12 months 12 months  
    ended ended  
    31 March 2007 31 March 2006  
Operating efficiency ratios        
Merchandise gross profit %   34.0% 34.9%  
Normalised operating margin %   25.9% 25.3%  
Number of stores   508 490  
Revenue per store (R000’s)   6 542 5 866  
Normalised operating profit per store (R000’s)   1 693 1 487  
Number of employees (average)   6 310 5 879  
Revenue per employee (R000’s)   527 489  
Normalised operating profit per employee (R000’s)   136 124  
Trading space (sqm)   215 076 210 201  
Revenue per sqm (R)   15 453 13 675  
Normalised operating profit per sqm (R)   3 998 3 466  
Inventory turn   5.2 4.8  
Current ratios   3.3 3.9  
Credit ratios        
Cash and short-term credit sales % of total sales   30.7% 29.9%  
Debtors costs as a % of the gross debtors book   4.5% 4.0%  
Doubtful debt provision as a % of gross instalment receivables   11.4% 12.6%  
Total debtors provisions as a % of gross instalment receivables   35.1% 36.3%  
Credit applications decline rate   20.1% 22.4%  
Average age of book (months)   14.1 14.3  
Arrear % (full contractual)   21.0% 22.0%  
Shareholder ratios        
Net asset value per share (cents)   2 774 2 425  
Gearing ratio   15.6% 4.6%  
Normalised return on average equity   24.8% 23.2%  
Normalised return on average capital employed   22.5% 22.1%  
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 in 2006.
3. The net asset value has been calculated using 91 092 000 shares in issue (2006: 95 069 000).
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