(All amounts in Rm’s)	Seven-year   compound   growth %		2011		2010	2009	2008	2007	2006	2005
OPERATIONS
Turnover	7		1 521		1 354	1 303	1 635	1 477	1 285	1 032
Trading profit	9		448		389	361	424#	393	338	274
Profit before taxation	8		461		404	369	405	408	352	285
Profit attributable to equity holders of the parent	9		321		273	257	275	270	233	191
Headline earnings	9		319		274	258	275	270	237	190
Ordinary dividends paid	9		101		88	107	84	95	114	60
FINIANCIAL POSITION
Non-current assets			1 070		991	939	890	772	550	446
Current assets			1 226		1 075	994	680	573	567	520
Equity attributable to equity holders of the parent			1 637		1 422	1 306	1 158	944	764	634
Non-current liabilities			327		344	343	101	12	11	12
Current liabilities			262		239	244	286	357	312	291
CASH FLOW
Cash flows from operating activities			254		(283)	228	107	168	167	205
Cash flows utilised in investing activities			(107)		(72)	(71)	(138)	(249)	(121)	(137)
Cash flows/(utilised by) from financing activities			(19)		399	229	54	(4)	(4)	10
Cash and cash equivalents at end of year			839		711	667	281	258	343	301
FINANCIAL RATIOS
Returns
Trading profit to turnover (%)	2		29,5		28,7	27,7	25,9	26,6	26,3	26,5
Return on shareholders’ interest (%)(1)			21,0		20,0	20,9	26,2	31,6	33,3	33,7
Average consumer price index (%)†			5,0		4,2	6,9	12,2	7,0	4,9	2,6
Earnings per share (cents)	6		34,9		33,0	32,3	34,6	33,9	29,3	24,4
Headline earnings per share (cents)	6		34,7		33,1	32,4	34,4	33,9	29,8	24,3
Ordinary dividends declared per share (cents)	12		12,0		11,0	11,0	12,0	11,4	9,8	6,1
Special dividend per share (cents)			—		60,0	—	—	—	—	7,5
Productivity
Turnover per employee (R000’s)			2 498		2 375	2 310	2 809	2 499	2 596	2 572
Total assets per employee (R000’s)	8		3 770		3 625	3 427	2 698	2 276	2 257	2 394
Normalised trading profit per employee (R000’s)	1		736		682	640	729	665	683	681
Turnover growth (%)			12,3		3,9	(20,3)	10,7	14,9	24,5	29,6
Number of employees			609		570	564	582	591	495	403
Number of stores			106		104	101	98	93	98	101
– Owned and joint ventures			47		47	43	44	44	42	42
– Franchised			59		57	58	54	49	56	59
Solvency and liquidity
Interest cover (times)(2)			18,7		14,4	9,0	28,5	196,5	112,7	219,8
Dividend cover (times)(3)			3,0		3,0	3,1	2,9	3,0	3,1	4,0
Gearing ratio (%)(4)			20,2		24,1	26,1	8,5	1,2	1,3	1,5
Current ratio (times)(5)			4,7		4,5	4,1	2,4	1,6	1,8	1,8
Acid test ratio (times)(6)			3,8		3,6	3,3	1,5	1,0	1,3	1,3
Stock exchange performance
Market capitalisation+ (Rm’s)	10		4 094		3 316	2 109	2 516	5 147	3 391	2 364
Closing share price at year-end (cents)	7		445		360	265	317	645	427	302
Market value per share
– High (cents)			465		465	330	727	727	475	318
– Low (cents)			340		260	220	250	414	302	173
Closing share price to net asset value per share			2,39		2,88	1,57	2,13	5,27	4,28	3,57
Price-earnings ratio (times)			12,75		10,90	8,20	9,16	19,06	14,57	12,40
Dividend yield (%)			2,7		3,0	4,2	3,8	1,8	2,3	2,6
Earnings yield (%)			7,8		9,2	12,2	10,9	5,2	6,9	8,1
Number of shares in issue (millions) (excluding treasury shares)			920		921	796	794	797	796	782
Volume of shares traded (millions)			34		32	38	58	37	23	31
Value of shares traded (R000’s)			128 853		111 034	103 082	227 713	190 352	94 921	77 466
Volume of shares traded as a % of total issued shares			3,2		3,4	4,8	7,3	4,6	2,9	3,9

Definitions

(1)	Return on shareholders’ interest: Profit attributable to equity holders of the parent as a percentage of average equity attributable to equity holders of the parent.
(2)	Interest cover: Trading profit divided by finance cost.
(3)	Dividend cover: Headline earnings divided by dividends declared (excluding special dividends).
(4)	Gearing ratio: Interest-bearing loans and borrowings 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, divided by current liabilities.
#	Trading profit excluding BEE share option expense of R25 million in 2008.
†	As per Statistics South Africa.
+	Excluding treasury shares.