Unaudited Interim Group Results for the six months ended 28 February 2007
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Distribution
 
    6 months to   6 months to       Year to
    28 February   28 February       31 August
    2007   2006   %   2006
R’000 (unaudited)   (unaudited)   change   (audited)
Revenue 5 844 773   5 213 964   12.1   10 461 712
Turnover 5 601 363   4 997 631   12.1   10 000 621
Cost of merchandise sold 4 487 565   3 964 348   13.2   8 047 045
Gross profit 1 113 798   1 033 283   7.8   1 953 576
Other income 238 324   212 565   12.1   449 721
Expenses 1 073 128   1 020 267   5.2   2 015 950
  Depreciation and amortisation 47 138   51 074   (7.7)   103 382
  Occupancy costs 165 972   154 827   7.2   316 924
  Employment costs 475 256   464 653   2.3   942 364
  Other operating costs 383 379   348 556   10.0   647 658
  Impairment of property, plant and equipment   182       3 159
  Loss on disposal of property, plant and              
  equipment 1 383   975       1 209
  Goodwill impairment         1 254
                 
Operating profit before financing costs and              
taxation 278 994   225 581   23.7   387 347
Net financing costs (22 216)   (29 956)   (25.8)   (57 219)
  Financial income 5 086   3 768       11 370
  Financial expense (27 302)   (33 724)       (68 589)
                 
Profit before taxation 256 778   195 625   31.3   330 128
Income tax expense 70 614   56 916   24.1   84 138
Profit for the period 186 164   138 709   34.2   245 990
Undiluted headline earnings per share (cents) 54.7   40.8   34.1   73.1
Diluted headline earnings per share (cents) 53.9   40.2   34.1   71.0
Undiluted earnings per share (cents) 54.3   40.6   33.7   71.4
Diluted earnings per share (cents) 53.5   40.0   33.8   69.4
Distributions per share (cents)              
  Proposed/paid – June/July 15.0   11.2   33.9   11.2
  Paid – December             22.0

  6 months to   6 months to       Year to
  28 February   28 February       31 August
  2007   2006   %   2006
R'000 (unaudited)   (unaudited)   change   (audited)
Profit for the period 186 164   138 709   34.2   245 990
Adjustments for              
   Impairment of property, plant and equipment   129       3 159
   Loss on disposal of property, plant and equipment 1 383   692       1 209
   Goodwill impairment         1 254
   Headline earnings 187 547   139 530   34.4   251 612

Accounting policies

These interim financial results have been prepared in accordance with IAS 34: Interim Financial Reporting and the accounting policies used are consistent with those applicable for the 2006 annual financial statements.

Change in comparatives

R78.5 million was reclassified from trade and other payables to inventory. This represented goods in transit paid for in advance. In addition, an amount of R93.5 million was eliminated from both trade and other receivables and trade and other payables, representing intragroup balances not fully eliminated on consolidation.

In the 2006 annual financial statements, certain amounts relating to the 2005 balance sheet were reclassified. This has had a consequent impact on the presentation of the 2006 interim cash flow statement. An amount of R17.5 million was reclassified from trade and other payables to non-current employee benefits and R15.7 million was reclassified from trade and other receivables to non-current loans receivable (R15.4 million) and derivative financial assets (R0.3 million).