New Clicks Holdings Limited Reviewed Group Results
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Financial highlights
New Clicks Holdings
 
Consolidated income statement   2002  2001  Percentage 
Note R’000  R’000  change 
Turnover   5 487 791  4 365 203  25.7 
     
Operating profit   318 560  262 614  21.3 
Net interest paid   21 695  19 997  8.5 
     
Net profit before exceptional items   296 865  242 617  22.4 
Exceptional items        
    Goodwill amortised   11 346  23 552   
    Provision for impairment of loan 1 78 000   
     
Profit before tax   207 519  219 065  -5.3 
Tax   61 319  70 951  -13.6 
     
Net Profit   146 200  148 114  -1.3 
Exceptional items        
    Goodwill amortised   11 346  23 552   
    Provision for impairment of loan (net of tax)   54 600   
     
Headline earnings   212 146  171 666  23.6 
     
         
Headline earnings per share (cents)        
    Undiluted   70.3  58.6  20.0 
    Diluted   66.9  54.9  21.9 
Earnings per share (cents)        
    Undiluted   48.4  50.5  -4.1 
    Diluted   46.1  47.3  -2.6 
Distribution per share (cents)        
    Interim   9.9  8.6  15.1 
    Final   14.1  11.2  25.9 
     
    Total   24.0  19.8  21.2 
     

Notes:
1. Provision for impairment of loan - refer to Healthcare update.
2 In accordance with new accounting standards the following accounting policies have been changed during the period under review:
  a.  Post-retirement medical aid benefits – in accordance with accounting standard AC116, actuarial gains and losses are reflected in the income statement during the period in which they arise.
  b.  Depreciation of investment properties – in accordance with accounting standard AC123, following the introduction of AC135, depreciation is now provided on owner-occupied property.
 
  The comparative figures have been restated to reflect these changes and the effect on the operating profit is reflected below.

  2002  2001  Percentage 
  R’000  R’000  change 
Operating profit before the new accounting standards 323 064  268 472  20.3 
AC116 adjustment 1 336  2 690   
AC123 adjustment 3 168  3 168   
   
Operating profit as per income statement 318 560  262 614  21.3 
   

The impact of these changes on headline earnings is reflected below by restating the headline earnings per share to what they would have been had the new accounting standards not been applied.

  2002  2001  Percentage 
  R’000  R’000  change 
Headline earnings per share (cents)      
    Undiluted 71.7  60.3  18.9 
    Diluted 68.2  56.5  20.7 

3. Distributions and the related STC charges are now accounted for in the period when the distribution is declared.  The statement of changes in equity and relevant comparitive figures have been restated accordingly.
4. This profit statement has been prepared in accordance with the South African Statements of Generally Accepeted Accounting Practice and the accounting policies are consistent with the prior year other than the changes reflected in notes 2 and 3 above.
   

 
  31 August 2002