(All amounts in Rm’s) Seven-year
compound
growth %
p.a.
  2006  2005  2004  2003* 2002* 2001* 2000* 1999*
OPERATIONS                    
Turnover 21%   1 285  1 032  800  749  620  455  423  343 
Trading profit 34%   338  274  214  166  129  82  65  43 
Profit before taxation 33%   352  285  222  174  133  85  70  48 
                     
Profit attributable to equity holders of the parent 32%   233  191  151  118  95  59  49  33 
Headline earnings 33%   237  190  151  122  95  58  47  33 
Dividends paid 52%   114  60  26  21  18  11  10 
                     
FINANCIAL POSITION                    
Non-current assets     550  446  330  265  257  209  170  118 
Current assets     567  520  425  327  301  177  116  93 
                     
Equity attributable to equity holders of the parent     764  634  500  389  326  234  179  139 
Non-current liabilities     11  12  10  12 
Current liabilities     312  291  232  182  212  139  100  67 
                     
CASH FLOW                    
Cash flows from operating activities     167  205  155  126  98  49  66  22 
Cash flows utilised in investing activities     (121) (137) (88) (67) (59) (45) (55) (51)
Cash flows from financing activities     (4) 10  (2) 10 
Cash and cash equivalents at end of year     343  301  223  158  92  46  32  20 
 
 
  Seven-year
compound
growth %
p.a.
  2006  2005  2004  2003* 2002* 2001* 2000* 1999*
FINANCIAL RATIOS                    
Returns                    
Trading profit to turnover (%) 11%   26,3  26,5 26,7 22,1 20,9 18,1 15,3 12,6
Return on shareholders’ interest (%) (1)     34,5  34,8 34,8 31,1 33,5 27,7 31,3 25,8
Average consumer price index (%)     4,9  2,6 4,8 9,6 10,6 6,9 7,0 7,1
Earnings per share (cents) 32%   1 290,1  1 072,8 854,6 668,1 518,3 320,1 269,5 180,4
Headline earnings per share (cents) 33%   1 312,3  1 069,2 856,3 691,4 518,3 317,0 254,8 180,4
Dividends declared per share (cents) 43%   430  270 160 130 100 60 54 35
Special dividend per share       330 140          
                     
Productivity                    
Turnover per employee (R000’s) 14%   2 596  2 572 2 122 2 171 1 797 1 441 1 346 1 039
Total assets per employee (R000’s) 20%   2 257  2 394 2 003 1 718 1 617 1 222 912 639
Trading profit per employee (R000’s) 27%   683  681 566 479 375 261 206 131
Turnover growth (%)     24,5  29,6 6,8 20,9 36,1 7,8 23,2 14,9
Number of employees     495  403 377 345 345 316 314 330
Number of stores     98  101 97 94 91 78 67 61
– Owned and joint
   ventures
    42  42 36 33 35 34 34 33
– Franchised     56  59 61 61 56 44 33 28
                     
Solvency and liquidity                    
Interest cover (times) (2)     112,7  219,8 144,2 96,1 71,8 1 176,5
Dividend cover (times) (3)     3,1  4,0 5,4 5,3 5,1 5,3 4,9 5,2
Gearing ratio (%) (4)     1,3  1,5 1,6 2,4 3,2 1,8
Current ratio (times) (5)     1,8  1,8 1,8 1,8 1,4 1,2 1,2 1,4
Acid test ratio (times) (6)     1,3  1,3 1,3 1,3 0,8 0,6 0,5 0,5
                     
Stock exchange performance                    
Market capitalisation# (Rm’s) 36%   3 391  2 364 1 368 1 179 842 678 659 403
Closing share price at year end (cents) 30%   18 790  13 300 7 750 6 700 4 600 3 700 3 600 2 200
Market value per share                    
– High (cents)     20 900  14 000 7 870 6 700 4 700 4 000 3 700 2 350
– Low (cents)     13 300  7 627 5 120 4 600 3 500 3 300 2 150 1 590
                     
Closing share price to net asset value per share     4,28  3,57 2,66 2,86 2,51 2,81 3,64 2,81
Price earnings ratio (times)     14,57  12,40 9,07 10,0 8,9 11,6 13,6 12,2
Dividend yield (%)     2,3  2,6 2,1 1,9 2,2 1,6 1,5 1,5
Earnings yield (%)     6,9  8,1 11,0 10,0 11,3 8,7 7,5 8,0
Number of shares in issue (000)     18 048  17 771 17 646 17 604 18 311 18 311 18 311 18 311
Volume of shares traded (000)     520  707 398 242 590 464 501 574
Value of shares traded (R000’s)     94 921  77 466 27 570 13 671 23 462 16 772 13 262 11 374
Volume of shares traded as
a % of total issued shares
    2,9  3,9 2,3 1,3 3,2 2,5 2,7 3,1
 
Definitions
  (1) Return on shareholders’ interest: Profit for the year as a percentage of average equity attributable to equity holders of the parent.
  (2) Interest cover: Trading profit divided by interest paid.
  (3) Dividend cover: Headline earnings divided by dividends declared (excluding special dividends).
  (4) Gearing ratio: Interest bearing debt as a percentage of equity attributable to equity holders of the parent.
  (5) Current ratio: Current assets divided by current liabilities.
  (6) Acid test ratio: Current assets, less inventory, dividend by current liabilities.
* Historical ratios relating to 1998 to 2003 were not restated to reflect subsequent changes in accounting policies.
# Excluding treasury shares