Unaudited Interim Results

for the six months ended 30 September 2007

Key ratios

  6 months   6 months   12 months  
  ended   ended   ended  
  30 Sept 2007   30 Sept 2006   31 Mar 2007  
Returns            
Return on average equity 22.6%   23.0%   24.8%  
Return on average capital employed 19.6%   20.2%   22.5%  
Margins            
Merchandise gross profit % 34.1%   34.3%   34.0%  
Operating margin % 24.6%   23.9%   25.9%  
Productivity ratios            
Number of stores at period-end 517   493   508  
Revenue per store (average) (R’000s) 3 348   3 140   6 687  
Operating profit per store (average) (R’000s) 824   750   1 730  
Number of employees (average) 6 654   6 126   6 310  
Revenue per employee (average) (R’000s) 258   252   527  
Operating profit per employee (average) (R’000s) 64   60   136  
Trading space (sqm) 217 215   211 362   215 076  
Revenue per sqm (R) 7 908   7 310   15 453  
Operating profit per sqm (R) 1 946   1 745   3 998  
Stock turn (annualised) 4.0   4.5   5.2  
Credit ratios            
Cash and short-term credit sales % of total sales 32.0%   31.5%   30.7%  
Debtor costs as a % of the net instalment and loan receivables 3.0%   3.0%   5.8%  
Doubtful debts provision as a % of net instalment and loan receivables 15.4%   16.9%   14.9%  
Credit applications decline rate 21.6%   20.7%   20.1%  
Solvency and liquidity            
Dividend cover 2.00   2.25   2.25  
Gearing ratio 25.3%   17.1%   15.6%  
Current ratios 2.8   2.9   3.4  
Net asset value per share (cents) 2 834   2 470   2 774  
Notes:
1. All ratios are based on figures at the end of the period unless otherwise disclosed.
2. Debtors costs and doubtful debt provision are calculated on the net instalment and loan receivables as a consequence of the introduction of the National Credit Act. Comparatives have been restated on the new basis.
3. Revenue and operating profit per store are calculated on the average number of stores in the period. Accordingly, comparatives have been restated.
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