Financial results

Interim Results
For the six months ended 31 December 2003

Commentary | Income statements | Segmental reporting | Balance sheets 
Statement of changes in equity | Cash flow statement | Notes

Abridged group income statements

(Rand 000's unless otherwise stated)
  %
increase
Unaudited
six months to
31 December
2003
Unaudited
six months to
31 December
2002
Audited
year to
30 June
2003

Turnover
  - By group owned stores   391 006 407 324 749 150
  - By franchise owned stores   383 747 317 389 608 779

Total 6,9 774 753 724 713 1 357 929

Trading profit before depreciation   99 538 84 568 189 393
Depreciation   (5 654) (6 396) (17 017)
Impairment of fixed assets   - - (6 189)

Trading profit 20,1 93 884 78 172 106 187
Net investment income   4 325 2 117 5 606
Profit/(Loss) on sale of property, plant and equipment   45 - (612)
Share incentive trust reversal   - - 2 700

Profit before taxation 22,4 98 254 80 289 173 881
Taxation   (29 848) (25 475) (53 935)

Profit after taxation 24,8 68 406 54 814 119 946
Outside shareholders' interest   (2 136) (1 293) (2 336)

Earnings attributable to ordinary shareholders 23,8 66 270 53 521 117 610
Weighted average number of shares in issue (000's)   18 677 18 396 18 536
Earnings per share (cents) 22,0 354,8 290,9 634,5
Headline earnings per share (cents) 21,9 354,6 290,9 656,5
Dividends declared per share (cents) 40,0 70,0 50,0 130,0

Reconciliation of headline earnings
Earnings attributable to ordinary shareholders   66 270 53 521 117 610
Impairment of property, plant and equipment   - - 6 189
Share incentive trust reversal   - - (2 700)
(Profit)/Loss on sale of property, plant and equipment   (45) - 612

Headline earnings 23,7 66 225 53 521 121 711