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Notes
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| 1. |
The unaudited results for the half-year ended 30 September 2007 have been prepared in accordance with IAS 34 Interim Financial Reporting, using the group’s accounting policies, that are in line with International Financial Reporting Standards (IFRS) and have been consistently applied to prior periods. Certain comparative figures have been reclassified in order to improve disclosure. |
| 2. |
These financial statements incorporate the financial statements of the company, all its subsidiaries and all entities over which it has operational and financial control. |
| 3. |
Included in share capital are 24,0 (2006: 16,9) million shares which are owned by a subsidiary of the company, and 13,4 (2006: 14,4) million shares which are owned by the share incentive trust. These have been eliminated on consolidation. |
| 4. |
The results of our RCS home loans venture are currently treated as an associate. The accounting treatment is currently being reviewed and the impact on these results is not material. |
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Sept. 2007 |
Sept. 2006 |
March 2007 |
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Unaudited |
Unaudited |
Audited |
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Rm |
Rm |
Rm |
| 5. |
Revenue |
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Retail turnover |
3 666,3 |
3 370,2 |
7 230,0 |
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Interest received (note 6) |
510,2 |
424,3 |
873,8 |
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Dividends received – retail |
8,2 |
5,0 |
22,8 |
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Merchant’s commission – RCS financial services |
19,2 |
15,5 |
36,2 |
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Club income – retail |
74,5 |
45,6 |
96,1 |
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Club income – RCS financial services |
2,7 |
1,9 |
4,2 |
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Customer charges income – retail |
44,9 |
15,6 |
39,7 |
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Customer charges income – RCS financial services |
8,5 |
8,2 |
16,0 |
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Insurance income – retail |
18,8 |
16,5 |
35,5 |
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Insurance income – RCS financial services |
36,8 |
32,4 |
66,9 |
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Sundry income |
38,5 |
6,4 |
10,5 |
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4 428,6 |
3 941,6 |
8 431,7 |
| 6. |
Interest received |
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Trade receivables – retail |
176,7 |
162,1 |
299,3 |
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Loan receivables |
167,6 |
164,7 |
336,5 |
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Private label card receivables |
165,9 |
97,5 |
237,0 |
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Sundry – RCS financial services |
– |
– |
1,0 |
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510,2 |
424,3 |
873,8 |
| 7. |
Net trading expenses |
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Depreciation and amortisation |
(98,0) |
(84,0) |
(174,1) |
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Employee costs: normal |
(500,7) |
(422,5) |
(920,9) |
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Employee costs: bonuses and restraint payments |
(32,9) |
– |
(24,4) |
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Employee costs: share-based payments |
(15,8) |
(9,0) |
(19,2) |
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Store occupancy costs: normal |
(270,6) |
(245,8) |
(512,7) |
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Store occupancy costs: operating lease liability adjustment |
(12,1) |
(5,6) |
(7,7) |
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Other income |
243,8 |
142,1 |
305,0 |
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Other operating costs |
(481,6) |
(445,9) |
(690,5) |
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(1 167,9) |
(1 070,7) |
(2 044,5) |
| 8. |
Inventory |
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Merchandise |
1 271,6 |
1 075,9 |
1 194,8 |
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Raw materials |
45,6 |
30,4 |
44,4 |
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Goods in transit |
1,2 |
44,8 |
34,3 |
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Shopfitting stock |
16,7 |
23,1 |
18,1 |
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Consumables |
3,2 |
3,4 |
1,3 |
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1 338,3 |
1 177,6 |
1 292,9 |
| 9. |
Operating lease adjustment
During the course of last year, the straight-line model used to calculate the operating
lease liability was reassessed. This resulted in an adjustment of R145 million to
opening retained earnings. The effect of the reassessment on the prior year income
statement is not material and accordingly, comparatives have not been restated. |
| 10. |
Operating profit before working capital changes |
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Operating profit before finance |
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charges |
863,3 |
745,9 |
1 887,0 |
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Interest received |
(510,2) |
(424,3) |
(873,8) |
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Dividends received |
(8,2) |
(5,0) |
(22,8) |
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Non-cash items |
125,6 |
119,2 |
201,1 |
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Operating profit before working |
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capital changes |
470,5 |
435,8 |
1 191,5 |
| 11. |
Taxation paid
Due to a timing difference, the taxation cashflow during the current period includes
a payment which relates to the prior period. |
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