Consolidated Income Statement
    6 months to
28 February
2002
(unaudited)
R’000
6 months to
28 February
2001
(unaudited)
R’000
%
change
Year to
31 August
2001
(audited)
R’000
  Turnover

Operating profit
Net interest paid

Net profit before goodwill amortised
Goodwill amortised

Profit before tax
Tax

Net profit
Adjustment for goodwill amortised

Headline earnings

Headline earnings per share (cents)
  Undiluted
  Diluted
Earnings per share (cents)
  Undiluted
  Diluted

Distribution per share (cents)
  Interim
  Final

  Total

2 792 414

177 034
10 368

166 666
3 786

162 880
47 300

115 580
3 786

119 366


39.8
37.6

38.5
36.4


9.9
2 268 336

146 455
9 017

137 438
851

136 587
38 904

97 683
851

98 534


34.1
31.9

33.8
31.6


8.6
23.1

20.9
15.0

21.3


19.3
21.6

18.3


21.1


16.7
17.9

13.9
15.2


15.1
4 365 203

262 614
19 997

242 617
23 552

219 065
70 951

148 114
23 552

171 666


58.6
54.9

50.5
47.3


8.6
11.2

19.8
  Changes to accounting policies
In accordance with new accounting standards the following accounting policies have been changed during the period under review:
  1. 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.
     
  2. Depreciation of investment properties – in accordance with accounting standard AC123, following the introduction of AC134, depreciation is now provided on owner-occupied property.
     
  3. Distributions – in accordance with AC107, distributions and the related STC are now accounted for in the period the distribution is declared.
The comparative figures have been restated to reflect these changes and the effect on the operating profit is reflected below.
    6 months to
28 February
2002
R’000
6 months to
28 February
2001
R’000
%
change
Year to
31 August
2001
R’000
  Operating profit before the
new accounting standards
AC 116 adjustment
AC 123 adjustment

Operating profit as per income statement

180 101
1 479
1 588


177 034


149 384
1 345
1 584


146 455


20.6




20.9

268 472
2 690
3 168


262 614

 
Registration Number 1996/000645/06
Share Code: NCL
ISIN: ZAE000014585