Five-year consolidated summary of profits
for the year ended 31 August 2011

R'm 5-year
compound
annual
growth
%		 2011 2010 2009
(restated)		 2008 2007
Turnover 7.1% 14 103 13 277 12 175 11 244 11 205
Cost of merchandise sold 6.2% (10 879) (10 373) (9 657) (9 021) (8 982)
Gross profit 10.5% 3 224 2 904 2 518 2 223 2 223
Other income 8.9% 689 626 564 501 501
Expenses 8.2% (2 975) (2 706) (2 373) (2 126) (2 190)
   Depreciation and amortisation 7.8% (150) (128) (114) (95) (98)
   Occupancy costs 5.9% (423) (390) (339) (303) (336)
   Employment costs 9.7% (1 496) (1 399) (1 157) (993) (1 040)
   Other costs 6.9% (906) (789) (763) (735) (716)
             
Operating profit 18.9% 938 824 709 598 534
Adjustment for capital items   (6) (14) (7) 39 27
Profit before financing costs 19.1% 932 810 702 637 561
Net financing costs (10.1%) (34) (39) (55) (51) (39)
   Financial income   8 10 14 19 16
   Financial expense   (42) (49) (69) (70) (55)
             
Profit before tax 22.1% 898 771 647 586 522
Income tax expense 24.1% (247) (207) (175) (145) (141)
Profit for the year 21.4% 651 564 472 441 381
Attributable to:            
Equity holders of the parent   651 565 472 441 381
Adjustment for impairment and loss/(profit) on disposal   4 11 6 (41) (24)
Headline earnings 21.1% 655 576 478 400 357
Headline earnings per share (cents)            
   – basic 27.9% 250.1 212.3 167.7 134.0 106.1
   – diluted 28.6% 249.7 211.4 165.9 131.5 103.0
   Earnings per share (cents)            
   – basic 28.3% 248.3 208.6 165.6 148.0 113.2
   – diluted 29.0% 248.0 207.7 163.8 145.2 109.9
Number of shares in issue (m) (5.3%) 271 284 303 324 336
Weighted average number of shares (net of treasury shares) (m) (5.3%) 262 271 285 298 336
Weighted average diluted number of shares (net of treasury shares) (m) (5.8%) 263 272 288 304 346
   
1.

 The consolidated summary of profits include the results of the Discom business unit disposed of during September 2007 as if part of continuing operations and not as discontinued operations.
2.

 The 2009 figures were restated for the reclassification of certain expenses between occupancy and other costs within the UPD business.
3. For an explanation of terms used, please refer to the Definitions section on this report.

 

US Dollars 'm 5-year
compound
annual
growth
%		 2011 2010 2009 2008 2007
Turnover 5.8% 2 041 1 826 1 345 1 517 1 556
Cost of merchandise sold 4.9% (1 574) (1 427) (1 067) (1 217) (1 248)
Gross profit 9.2% 467 399 278 300 308
Other income 7.7% 100 86 62 68 70
Expenses 6.8% (431) (373) (262) (287) (304)
   Depreciation and amortisation 6.6% (22) (18) (13) (13) (14)
   Occupancy costs 4.5% (61) (54) (37) (41) (47)
   Employment costs 8.4% (217) (192) (128) (134) (144)
   Other costs 5.5% (131) (109) (84) (99) (99)
             
Operating profit 17.8% 136 112 78 81 74
Adjustment for capital items   (1) (2) (1) 5 4
Profit before financing costs 18.0% 135 110 77 86 78
Net financing costs (11.1%) (5) (6) (6) (6) (6)
   Financial income   1 1 2 3 2
   Financial expense   (6) (7) (8) (9) (8)
             
Profit before tax 21.1% 130 104 71 80 72
Income tax expense 22.6% (36) (28) (19) (20) (20)
Profit for the year 20.5% 94 76 52 60 52
Attributable to:            
Equity holders of the parent   94 78 52 60 53
Adjustment for impairment and loss/(profit) on disposal   1 2 1 (6) (3)
Headline earnings 20.1% 95 80 53 54 50
Exchange rate: average rate   6.91 7.27 9.05 7.41 7.20


1. The ZAR five-year consolidated summary of profits was translated to USD using the average rate.