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New Clicks Holdings Limited [logo] Interim group results for the six months ended 28 February 2005

Condensed Consolidated Income Statement

6 months to6 months toYear to
28 February29 February31 August
20052004%2004
R'000(unaudited)   (unaudited)   change     (audited)
Continuing operations
Revenue4 644 2143 754 892 23.77 856 534
Turnover4 378 1013 506 154 24.97 394 151
Cost of merchandise3 470 5012 761 037 25.75 856 542
Gross profit907 600 745 117 21.81 537 609
Other revenue266 113 248 738 7.0 462 383
Expenditure964 716 771 792 25.01 883 808
Operating expenditure962 556 766 348 25.61 599 225
Profit on sale of Intercare-(587) -
Impairment of property, plant and equipment-- 13 496
Loss on disposal of property, plant and equipment2 160 546 1 920
Goodwill amortised- 5 485 10 971
Goodwill impaired--   258 196
     
Profit before interest and taxation 208 997 222 063(5.9) 116 184
Net interest paid(26 512)(30 978) (14.4)(54 470)
Interest paid - normal operations(26 512)(30 978)   (54 470)
Interest accrued - Purchase Milton & Associates (PM&A)- 24 986 24 986
Provision against interest accrued - PM&A-(24 986)   (24 986)
     
Net profit before taxation182 485 191 085 (4.5) 61 714
Taxation53 547 58 561 (8.6) 93 604
Net profit/(loss) from continuing operations128 938 132 524 (2.7)(31 890)
Discontinued operations
Revenue- 725 929 725 929
Profit before interest and taxation- 40 421 38 932
Net interest paid-(5 317) (5 308)
Net profit before taxation- 35 104 33 624
Taxation- 11 012  14 287
Net profit from discontinued operations- 24 092  19 337
Headline earnings
Total profit/(loss) attributable to ordinary shareholders128 938 156 616 (17.7)(12 553)
Adjustments for
Loss on the sale of stores-- 9 447
Profit on sale of Australian operations-(4 477)(1 738)
Profit on sale of Intercare-(587)(587)
Loss on disposal of property, plant and equipment1 512635 1 597
Goodwill amortised- 10 786 16 272
Goodwill impairment--   258 196
Headline earnings130 450 162 973 (20.0) 270 634
Comprises:
Headline earnings from continuing operations130 450 137 804 (5.3) 248 068
Headline earnings from discontinued operations- 25 169  22 566
Undiluted headline earnings per share (cents)
All operations38.3 45.9 (16.6) 76.5
Continuing operations38.3 38.8 (1.3) 70.2
Diluted headline earnings per share (cents)
All operations37.6 45.2 (16.8) 74.5
Continuing operations37.6 38.2 (1.6) 68.3
Undiluted earnings per share (cents)
All operations37.9 44.1 (14.1) (3.6)
Continuing operations37.9 37.3 1.6 (9.0)
Diluted earnings per share (cents)
All operations37.2 43.5 (14.5) (3.5)
Continuing operations37.2 36.8 1.1 (8.8)
Distributions per share (cents)
Proposed/paid - June/July11.2 12.5 12.5
Paid - December 22.5