Audited Results
for the year ended 31 March 2008

ABRIDGED NOTES TO THE FINANCIAL STATEMENTS


1. Basis of accounting
These consolidated financial statements are prepared in accordance with International Financial Reporting Standards, specifically IAS 34 on interim financial reporting, and the accounting policies applied are consistent with the prior year.
    31 March 2008 31 March 2007  
    Rm Rm  
    Audited Audited  
2. Debtor costs      
  Bad debts, bad debt recoveries and repossession losses 172.1 138.4  
  Movement in doubtful debts provision 18.3 9.5  
    190.4 147.9  
3. Net finance costs      
  Interest paid: 68.2 29.6  
  – Bank and loans 68.1 26.9  
  – Other 0.1 2.7  
  Interest earned: (6.5) (4.0)  
  – Bank (5.7) (2.7)  
  – Other (0.8) (1.3)  
  Forward exchange contracts (4.9) (13.2)  
    56.8 12.4  
4. Trade and other receivables      
  Instalment sale and loan receivables 3 539.8 3 317.0  
  Provision for unearned finance charges (72.1) (389.3)  
  Provision for unearned initiation fees (46.9) -  
  Provision for unearned maintenance income (191.6) (183.4)  
  Provision for unearned insurance premiums (290.5) (214.3)  
  Net instalment sale and loan receivables 2 938.7 2 530.0  
  Provision for doubtful debts (395.8) (377.5)  
    2 542.9 2 152.5  
  Other receivables 72.7 35.2  
    2 615.6 2 187.7  
  The credit terms of instalment sale and loan receivables range from 6 to 36 months (2007: 6 to 24 months). Amounts due from instalment sale and loan receivables after one year are reflected as current, as they form part of the normal operating cycle.
5. Cash generated from operations      
  Operating profit 930.4 859.9  
  Adjusted for:      
     Share-based payment 6.7 4.0  
     Depreciation 40.9 38.9  
     Surplus on disposal of property, plant and equipment (4.5) (3.8)  
     Movement in provision for doubtful debts 18.3 9.5  
     Movement in retirement benefits provision (9.9) (8.2)  
     Movement in other provisions 14.0 11.1  
  Changes in working capital:      
  Increase in inventories (1.9) (20.1)  
  Increase in trade and other receivables (440.3) (295.3)  
  Increase/(Decrease) in trade and other payables 2.5 (4.5)  
    556.2 591.5  
6. Net cash outflow from financing activities      
  Purchase of own shares (162.4) (213.5)  
  Dividends paid (262.7) (231.8)  
  Proceeds on sale of own shares 21.8 6.8  
  Repayment of finance lease liability (1.0) (0.8)  
    (404.3) (439.3)  
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