Audited Results
for the year ended 31 March 2008

Key ratios

    12 months   12 months  
    ended   ended  
    31 March 2008   31 March 2007  
Operating efficiency ratios          
Merchandise gross profit %   32.7%   34.0%  
Operating margin %   25.9%   25.9%  
Number of stores   525   508  
Number of employees (average)   6 696   6 310  
Trading space (sqm)   220 236   215 076  
Inventory turn   5.5   5.2  
Current ratios   3.1   3.4  
Credit ratios          
Cash and short term credit sales % of total sales   33.1%   30.7%  
Debtors costs as a % of the net debtors book   6.5%   5.8%  
Doubtful debt provision as a % of net debtors book   13.5%   14.9%  
Arrear instalments on slow-paying and non-performing accounts as a percentage of net debtors book   19.3%   19.0%  
Doubtful debt provision coverage on non-performing accounts (note 3)   69.6%   81.2%  
Credit applications decline rate   22.5%   20.1%  
Shareholder ratios          
Net asset value per share (cents)   3 058   2 774  
Gearing ratio   23.3%   15.6%  
Dividend cover   2.0   2.25  
Return on average equity   24.4%   24.8%  
Return on average capital employed   21.4%   22.5%  
Return on average assets managed (after-tax)   18.9%   19.0%  
Notes:
1. All ratios are based on figures at the end of the year unless otherwise disclosed.
2. The net asset value has been calculated using 89 286 000 shares in issue (2007: 91 092 000).
3. The lower doubtful debt provision percentage (calculated on the same basis as last year) is due to the write-off of older fully provided for accounts.
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