| Tue 2 Sep 2008, 8:00 | | SHP - Shoprite Holdings - Reviewed Results For The Year Ended 30 June 2008 and |
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SHP
SHP
SHP - Shoprite Holdings - Reviewed Results For The Year Ended 30 June 2008 and
dividend declaration
SHOPRITE HOLDINGS LIMITED
(Reg. No. 1936/007721/06)
(ISIN: ZAE000012084)
(JSE Share code: SHP)
(NSX Share code: SRH)
(LuSE Share code: SHOPRITE)
("the Group")
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2008
- Key information
- Trading profit was up 43,7% to R2,297 billion.
- Total turnover increased 22,3% - from R38,950 billion to R47,652 billion.
- Non-RSA supermarkets achieved 38,1% sales growth.
- Diluted headline earnings per share rose 54,1% to 298,6 cents.
- Final dividend per share declared increased 60,6% to 106,0 cents.
Whitey Basson, chief executive, commented:
The past year was an excellent one for the Group both in terms of growth in
turnover and profit despite major concerns experienced in the market such as
global food shortages and a further drop in supplier service levels. Our strong
performance was the result of the very substantial investments we have made over
several years in the growth and infrastructure of the business and which are
increasingly bearing fruit. The growth was further driven by management`s
strategic decision taken in October 2007 to cut margins on basic foodstuffs to
alleviate the impact of price increases on especially lower-income consumers.
This lead to a sacrifice of R286 million in gross profit in the remainder of the
year. As the Group has achieved economies of scale in many areas in which it
operates, costs were kept well under control. As a result, the strong turnover
growth translated into significant growth in trading profit.
1 September 2008
Enquiries:
Shoprite Holdings Limited Tel: 021 980 4000
Whitey Basson, chief executive
Carel Goosen, deputy managing director
De Kock Communications Tel: 021 422 2690
Ben de Kock Cell: 076 390 7725
OPERATING ENVIRONMENT
Locally the period under review was dominated by the strong growth in food
inflation which averaged 13,8% (as against the Group`s internal inflation of
10,6%). This was caused mainly by the massive jump in the oil price and
international food shortages due to poor harvests and major producer countries
reducing exports of staple foods in particular. The high fuel price affected
costs all along the food supply chain, greatly increasing input costs in the
agricultural, manufacturing and transport sectors. By contrast, the retail
sector selling durable and semi-durable goods operated in a near deflationary
environment. These trading conditions developed against the background of a
cooling economy which saw a reduction in business confidence. Consumers were
hard hit by a succession of interest rate increases which pushed financing and
debt servicing costs significantly higher, and especially in the final months of
the reporting period there was a noticeable contraction in discretionary
spending.
On the other hand, the economies of most of the other countries in Africa in
which the Group trades were buoyed by high commodity prices although consumers
experienced the same increases in basic food prices due to international
shortages.
COMMENTS ON THE RESULTS
Income statement
Total turnover
Total turnover increased by 22,3% from R38,950 billion to R47,652 billion. With
the exception of furniture, all the other divisions reported excellent sales
growth in excess of rising food inflation levels. The strongest growth was
delivered by the Shoprite brand, the Group`s core business, while the biggest
percentage growth was reported by the non-RSA operation.
Gross profit
To alleviate the impact of worldwide food price increases on consumers already
buffeted by high cost-of-living increases, management took the strategic
decision in October 2007 to cut margins on basic foods, thereby generating
higher sales volumes. By reducing margins on basic foodstuffs the Group
sacrificed R286 million in gross profit in the remainder of the year.
Expenses
An extensive, well-functioning infrastructure and advanced information
technology systems enabled management to keep increases in the cost base below
the growth in turnover thereby achieving an increase in trading profit.
Trading profit
Given the strong growth in turnover and the strictly contained overhead costs
within an inflationary environment, trading profit advanced 43,7% to R2,297
billion.
Trading margin
The trading margin advanced to 4,8% from 4,1% in 2007. The higher margins
achieved in the Group`s operation outside South Africa also contributed to the
increase.
Interest received and finance costs
The 68,2% increase in interest received was brought about by the succession of
interest rate increases during the reporting period as well as improved cash
flow resulting from the strong growth in trading profit. Finance costs decreased
29,2% to R59,1 million due to the Group`s reduced use of external short-term
financing.
Exchange rate gains
The exchange rate gain of R33,2 million, 39,9% up on the previous year, is a
factor of fluctuations not only in the exchange rate between the rand and the
US$ but also between the rand and the currencies of the 16 countries where the
Group trades outside the RSA.
Dividend declared
The Board declared a final dividend of 106,0 cents a share to bring the final
distribution for the year to 155,0 cents a share, an increase of 53,5% compared
to 2007. The proposed dividend is in line with the Board`s policy of a dividend
cover of two times based on headline earnings per share.
Balance sheet
Inventories
Inventory increased above the growth in turnover to R4,707 billion. It was the
result of the Group buying aggressively forward in the light of global food
shortages as well as rising food inflation. In the light of the continued drop
in suppliers` service levels, the Group also used its network of distribution
centres for stockpiling merchandise, thereby ensuring a more consistent flow of
merchandise to stores and a reduction in out-of-stock situations. In addition a
net 32 new supermarkets and 20 furniture stores had to be provisioned.
Cash and cash equivalents
A favourable balance sheet closing date produced an increase in net cash and
cash equivalents from R1,988 billion to R3,136 billion and should be read with
the increase in trade creditors.
OPERATIONAL REVIEW
Despite difficult trading conditions, affected by inflationary pressures at home
and food shortages in global markets that substantially increased the prices of
basic foodstuffs in particular, the Group increased sales and profit more than
satisfactorily. Its operations outside South Africa continued the trend
established in the first half of the year by increasing turnover by 36,9% and
contributing R5,895 billion to total turnover.
This strong performance reflects the benefits of the very substantial
investments made over the years in the growth and infrastructure of the
business. Its reputation for offering the lowest prices stood it in good stead
when the economy worsened, for consumers in growing numbers flocked to Shoprite
in particular. The major reason for the growth in turnover was not the growth in
the value per transaction - which was below the official food inflation rate -
but the 10,3 % increase in the number of customer transactions. As the Group has
achieved economies of scale in many areas in which it operates, it was possible
to keep costs well under control so that the strong turnover growth translated
into significant growth in trading profit.
Stores nevertheless lost sales due to a further drop in inbound supplier service
levels. Despite increasing their production capacity, many suppliers could still
not keep up with the demand. The Group countered the situation by using its
network of distribution centres to stockpile product enabling it to control the
flow of merchandise to individual stores and so reduce the number of out-of-
stock situations. Stockpiling also enabled it to hold prices for longer in a
high-inflation environment.
Number of outlets
JUNE 09
(Confirmed
JUNE 07 OPENED CLOSED JUNE 08 new stores)
SUPERMARKETS 604 42 10 636 60
- SHOPRITE 364 13 4 373 32
- CHECKERS 117 7 1 123 12
- CHECKERS HYPER 24 24
- USAVE 99 22 5 116 16
HUNGRY LION 97 18 3 112 17
FURNITURE 216 22 2 236 23
- OK FURNITURE 185 14 2 197 16
- HOUSE & HOME 31 8 39 7
TOTAL OWNED STORES 917 82 15 984 100
- OK FRANCHISE 260 29 37 252 8
- H/L FRANCHISE 4 4
TOTAL FRANCHISE 264 29 37 256 8
TOTAL STORES 1181 111 52 1240 108
COUNTRIES OUTSIDE RSA 16 16 16
RSA supermarkets
The Group`s supermarket operation in South Africa, encompassing the three chains
Shoprite, Checkers and Usave, represents the core of the business and produces
80% of total turnover. The division grew total sales by 21,8% against a
background of internal food inflation that escalated to 10,6% from 6,0% in the
corresponding period. Its sales continue to be driven mainly by the continued
growth of the emerging middle market population of whom 33,4% moved into the LSM
5-10 spectrum during the past three years. The number of customer transactions
increased by 10,3%. During the year, the number of supermarkets increased by 27,
mainly in new growth points, to bring the total operated by the three main
brands to 536. The infrastructure developed over time to service the Group`s
supermarkets proved more than sufficient to accommodate the strong growth in
turnover. Automatic re-ordering and frequent replenishment from the centralised
distribution centres limited out-of-stock situations while a start was made with
night deliveries to reduce daytime pressure on store receiving staff.
Shoprite
Shoprite, the Group`s flagship brand whose 302 local stores contributed 60% to
the sales generated by its supermarket operations in South Africa, increased
turnover by 25,0%. These results are still somewhat distorted by the industrial
action in the first half of the 2007 financial year that severely disrupted
trading in some of its stores. With its reputation for offering the lowest
prices, Shoprite was perfectly positioned to benefit from the economic
downswing. It not only managed to retain its existing clients but also to
attract a great many new ones. The number of customer transactions increased by
11,2%. The strong growth in turnover saw Shoprite`s market share increase by
just over 1%, the biggest in the food retailing sector during this period.
Recent AMPS figures show 42,7% of all consumers - up from 39,6% the previous
year - do their main shopping at Shoprite and that it is the most popular second
choice of its competitors` customers.
Checkers
Checkers grew turnover by 15,6% in its 143 stores - 119 supermarkets and 24
Hypers. The lower turnover growth than in Shoprite reflected the effect of
higher bond and interest rates on the credit-leveraged sector of the community.
It should also be seen against the fact that, unlike Shoprite, Checkers hardly
lost any sales during the industrial action in the first half of the 2007
financial year. Its separation from Shoprite in terms of positioning is now
complete and Checkers occupies a secure niche in the market. Its main focus is
on customer service, product innovation and ambience. Considerable progress was
made in all these areas, while its product offering increasingly reflects the
need of present-day shoppers for table-ready and value-added dishes.
Usave
Like the other trading divisions of the Group, Usave also had a successful year
with both turnover and trading profit showing substantial growth albeit off a
relatively low base. Turnover grew 30,5% on a like-for-like basis while the
number of customer transactions increased by 21,9%. These results flowed from a
management decision to sacrifice gross margin in return for turnover growth.
Stock-turn increased from 9,4 times to 12,6 times. During the reporting period,
a net total of 17 outlets were opened. Usave`s total number of stores now stands
at 91.
Supermarkets outside South Africa
The move into Africa beyond the country`s immediate neighbours has made the
Group less dependent on a single economy and will in future lessen that
dependence further as its business outside South Africa grows. Management is
confident that the present strong rate of turnover growth - 38,1% in the
reporting period - will be maintained should the Group`s current expansion plans
be brought to fruition. The 100 supermarkets outside South Africa contributed
12,1% to the total turnover generated by the Group`s supermarket division. In
the past year Zambia became the first country outside South Africa where the
Group, through its support for local farmers, could acquire locally all the
vegetables sold in its stores.
OK Franchise
The Group`s franchise operation increased turnover by 17,7% having added 29
members during the reporting period. Both operating costs and the debtors` book
were well controlled resulting in a healthy growth in trading profit. At the end
of the reporting period OK Franchise had 252 members spread throughout South
Africa, Namibia, Botswana, Swaziland and Lesotho, most of them based in rural
areas but with a growing number located in larger towns and metropolitan
neighbourhoods. During the past year the division extended to its members a
number of services similar to those available through the Money Markets in
Shoprite and Checkers supermarkets such as electronic account payments as well
as air-time and pre-paid electricity purchases. Much work was also done during
the year to expand and refine OK Franchise`s range of house brand products which
now number more than 160. In addition to the extensive product range on offer,
the division also provisions 38 liquor stores belonging to franchisees.
Furniture
For the furniture division the reporting period was a challenging one. In
contrast to the food divisions where operations were characterised by high
inflation, the furniture division continued to operate in a near deflationary
environment. At the same time the impact of the National Credit Act and the
increase in interest rates saw the demand in certain areas of the market for
durable goods declining markedly while competition continued to be especially
severe as discounters in particular continued to aggressively discount prices.
The division nevertheless increased turnover by 5,6% but despite this trading
profit was down 24,2% on 2007. Despite the deteriorating credit environment, the
division did not experience a marked increase in bad debt as the strong focus on
collections kept debts in arrears within acceptable parameters. The division now
operates 236 stores under three brands - House & Home, OK Furniture, OK Power
Express - having opened 22 additional outlets and closed 2 during the year.
GROUP PROSPECTS AND OUTLOOK
Trading conditions are not expected to change materially in the first half of
the new financial year. While food inflation continued to rise throughout the
review period, we expect it to reach its peak towards the end of the year. By 24
August we already had a deflation of 4,9% in our fruit & vegetable business for
the month. Global food shortages will, however, remain a reality as competition
for available stocks increases. Anticipated higher operating costs are expected
to impact on profitability. Turnover growth is projected to slow in anticipation
of intensified competition as well as the high growth rate in the number of
customer transactions that is not sustainable at present levels. At the same
time the Board believes that, because of the strong fundamentals of the
business, it will continue to perform well in the new financial year albeit not
at the same level.
CORPORATE GOVERNANCE
The Group is committed to the principles embodied in the Code of Corporate
Practice and Conduct in the King Report 2002 ("the Code"). The Group complies
with the significant requirements incorporated in the Code and in the Listings
Requirements of the JSE Ltd.
DECLARATION DIVIDEND NUMBER 119
The Board has declared a final dividend of 106,0 cents (2007: 66,0 cents) per
share, payable to shareholders on Monday, 29 September 2008. This brings the
total dividend for the year to 155,0 cents per ordinary share (2007: 101,0
cents). The last day to trade cum dividend will be Thursday, 18 September 2008.
As from Friday, 19 September 2008 all trading of Shoprite Holdings Ltd shares
will take place ex dividend. The record date is Friday, 26 September 2008.
Share certificates may not be dematerialised or rematerialised between Friday,
19 September 2008, and Friday, 26 September 2008, both days inclusive.
ACCOUNTABILITY
These condensed consolidated preliminary results have been prepared in
accordance with International Financial Reporting Standards ("IFRS") and
Schedule 4 of the South African Companies Act (Act no 61 of 1973), as amended.
The accounting policies are consistent with those used in the annual financial
statements for the financial period ended June 2007 with the following
exceptions:
- With the introduction of new accounting statement IFRS 7: Financial
Instruments: Disclosures and the amendment to IAS 1: Presentation of Financial
Statements: Capital Disclosures, all related items in the Group are now
presented in accordance with these statements. These statements require
retrospective application and had no significant effect on the Group`s results.
- The calculation for headline earnings were adjusted retrospectively in terms
of SAICA Circular 8/2007: Headline Earnings. This recalculation had the
following effect on the comparative information previously presented:
Audited year
ended Jun 07
Decrease in headline earnings per share 0,6 cent
Decrease in diluted headline earnings per share 0,5 cent
By order of the Board
CH Wiese JW Basson
Chairman Chief Executive
1 September 2008
AUDITORS` REVIEW OPINION
The condensed consolidated preliminary results for the year ended June 2008 have
been reviewed by PricewaterhouseCoopers Inc. The auditors` unqualified review
opinion is available for inspection at the Company`s registered office.
DIRECTORATE AND ADMINISTRATION
Executive directors:
JW Basson (chief executive), CG Goosen (deputy managing director), B Harisunker,
AE Karp, EL Nel, AN van Zyl, BR Weyers
Non-executive directors:
CH Wiese (chairman), JJ Fouche, TRP Hlongwane, JA Louw, JF Malherbe, JG
Rademeyer
Alternate directors:
JAL Basson, M Bosman, PC Engelbrecht, JD Wiese
Company secretary:
AN van Zyl
Registered office:
Cnr William Dabs and Old Paarl Roads, Brackenfell, 7560, South Africa. PO Box
215, Brackenfell, 7561, South Africa ? Telephone: +27 (0)21 980 4000
? Facsimile: +27 (0)21 980 4050. Website: www.shopriteholdings.co.za
Transfer secretaries
South Africa: Computershare Investor Services (Pty) Ltd, PO Box 61051,
Marshalltown, 2107, South Africa ? Telephone: +27 (0)11 370 5000 ? Facsimile:
+27 (0)11 688 5238
? Website: www.computershare.com
Namibia: Transfer Secretaries (Pty) Ltd, PO Box 2401, Windhoek, Namibia
? Telephone: +264 (0)61 227 647 ? Facsimile: +264 (0)61 248 531
Zambia: Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
? Telephone: +260 (0)1 223 174 ? Facsimile: +260 (0)1 229 868
Sponsors:
South Africa: Nedbank Capital, PO Box 1144, Johannesburg, 2000, South Africa
? Telephone: +27 (0)11 295 8602 ? Facsimile: +27 (0)11 294 8602
? Website: www.nedbank.co.za
Namibia: Old Mutual Investment Group (Namibia) (Pty) Ltd, PO Box 25549,
Windhoek, Namibia
? Telephone: +264 (0)61 299 3527 ? Facsimile: +264 (0)61 299 3528
Zambia: Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
? Telephone: +260 (0)1 223 174 ? Facsimile: +260 (0)1 229 868
Auditors:
PricewaterhouseCoopers Incorporated, PO Box 2799, Cape Town, 8000, South Africa
? Telephone: +27 (0)21 529 2000 ? Facsimile: +27 (0)21 529 3300
CONDENSED GROUP INCOME STATEMENT
Reviewed Audited
% year ended year ended
R`000 change June 08 June 07
Sale of merchandise 22.3% 47 651 548 38 949 845
Cost of sales 23.3% (38 161 987) (30 952 417)
Gross profit 18.7% 9 489 561 7 997 428
Other operating income 23.1% 982 770 798 454
Depreciation and amortisat 15.4% (596 841) (517 397)
Operating leases 12.5% (1 122 522) (997 735)
Employee benefits 17.9% (3 655 978) (3 100 627)
Other expenses 8.4% (2 800 440) (2 582 431)
Trading profit 43.7% 2 296 550 1 597 692
Exchange rate gains 39.9% 33 187 23 725
Income of a capital nature (88.9%) 6 756 60 935
Operating profit 38.9% 2 336 493 1 682 352
Interest received 68.2% 183 915 109 332
Finance costs (29.2%) (59 149) (83 570)
Profit before tax 44.1% 2 461 259 1 708 114
Tax 40.6% (875 570) (622 586)
Profit for the year 46.1% 1 585 689 1 085 528
ATTRIBUTABLE TO:
Equity holders of the Company 45.9% 1 570 252 1 076 071
Minority interest 63.2% 15 437 9 457
1 585 689 1 085 528
Earnings per share (cents) 45.9% 309.5 212.1
Diluted earnings per share (cents) 46.3% 298.3 203.9
Ordinary dividend per share paid (cents)
Interim dividend paid 40.0% 49.0 35.0
Final dividend declared 60.6% 106.0 66.0
Total 53.5% 155.0 101.0
Number of ordinary shares (`000) used for calculation of:
earnings per share (weighted average) 507 320
507 320
diluted earnings per share (weighted average) 526 455
527 709
CONDENSED GROUP BALANCE SHEET
Reviewed Audited
R`000 June 08 June 07
ASSETS
Non-current assets 5 120 964 4 403 668
Property, plant and equipment 4 502 928 3 804 159
Available-for-sale investments 37 548 23 738
Loans and receivables 4 056 43 990
Deferred tax assets 248 614 252 749
Intangible assets 319 825 277 901
Fixed escalation operating lease accrual 7 993 1 131
Current assets 9 733 319 7 476 005
Inventories 4 707 394 3 699 199
Other current assets 1 718 427 1 538 016
Assets held for sale 107 389 220 139
Loans and receivables 43 468 6 425
Cash and cash equivalents 3 156 641 2 012 226
Total assets 14 854 283 11 879 673
EQUITY AND LIABILITIES
Total equity 4 818 838 3 688 771
Capital and reserves attributable to equity holders 4 758 656 3 639 181
Minority interest 60 182 49 590
Non-current liabilities 841 031 724 188
Borrowings 12 762 2 498
Deferred tax liabilities 16 241 8 803
Provisions 316 600 264 185
Fixed escalation operating lease accrual 439 762 448 702
Other non-current liabilities 55 666 -
Current liabilities 9 194 414 7 466 714
Other current liabilities 9 060 941 7 371 458
Provisions 112 682 70 732
Bank overdraft 20 791 24 524
Total liabilities 10 035 445 8 190 902
Total equity and liabilities 14 854 283 11 879 673
RECONCILIATION OF HEADLINE EARNINGS
Reviewed Audited
% year ended year ended
R`000 change June 08 June 07
Net profit attributable to shareholders 1 570 252 1 076 071
Income of a capital nature (6 756) (63 561)
Profit on disposal of property (2 234) (23 876)
Loss on disposal and scrapping of plant,
equipment and intangible assets 9 250 6 259
(Profit)/loss on other investing activities ( 510) 848
Profit on disposal of listed investment - (33 459)
Insurance claims received (21 689) (14 053)
Impairment of goodwill 2 336 -
Impairment of property, plant and
equipment and assets held for sale 6 091 720
Tax effect on items of a capital nature 8 735 10 429
Headline earnings 1 572 231 1 022 939
Earnings per share (cents) 45.9% 309.5 212.1
Diluted earnings per share (cents) 46.3% 298.3 203.9
Headline earnings per share (cents) 53.7% 309.9 201.6
Diluted headline earnings per share (cents) 54.1% 298.6 193.8
Ordinary dividend per share (cents)
Interim dividend paid 40.0% 49.0 35.0
Final dividend declared 60.6% 106.0 66.0
Total 53.5% 155.0 101.0
CONDENSED GROUP CASH FLOW STATEMENT
Reviewed Audited
year ended year ended
R`000 Notes June 08 June 07
Cash generated by operations 3 286 747 3 465 407
Operating profit 2 336 493 1 682 352
Less: investment income (27 760) (7 712)
Non-cash items 1 709 744 548 150
Cash settled share options (128 615) (62 021)
Changes in working capital 2 396 885 1 304 638
Net interest received 146 182 29 652
Dividends received 6 344 3 822
Dividends paid (587 789) (417 461)
Tax paid (616 141) (524 352)
Cash flows from operating activities 2 235 343 2 557 068
Cash flows utilised by investing activities (1 167 589) (1 109 298)
Purchase of property, plant and equipment
and intangible assets (1 436 195) (1 258 609)
Proceeds on disposal of property, plant and
equipment and intangible assets 68 021 38 270
Proceeds on disposal of assets held for sale 194 544 67 791
Proceeds on disposal of listed investments - 54 528
Acquisition of operations (5 909) (14 192)
Other investment activities 11 950 2 914
Cash flows from financing activities 20 497 99
Acquisition of treasury shares - (220)
Increase in borrowings 20 274 -
Net proceeds on issue of preference
shares to joint venture 223 319
Movement in cash and cash equivalents 1 088 251 1 447 869
Effect of exchange rate movements on
cash and cash equivalents 59 897 3 129
Net movement in cash and cash equivalents 1 148 148 1 450 998
CASH FLOW INFORMATION
1. Non-cash items
Depreciation on property, plant and equipment 597 786 527 674
Amortisation of intangible assets 29 002 15 493
Net fair value (gains)/losses on
financial instruments (5 612) 20 620
Exchange rate gains (33 187) (23 725)
Profit on disposal of property (200) -
Profit on disposal of assets held for sale (2 034) (23 876)
Loss on disposal and scrapping of
plant and equipment and intangible assets 9 250 6 259
Realisation of profits in fair value
reserve on disposal of listed investment - (33 459)
Loss on other investing activities - 848
Impairment of property, plant and
equipment and intangible assets 6 091 720
Impairment of goodwill 2 336 -
Movement in provisions 86 030 32 334
Movement in cash-settled share-based
payment accrual 59 835 17 892
Insurance claims received (21 689) -
Movement in fixed escalation operating
lease accrual (17 864) 7 370
709 744 548 150
2. Changes in working capital
Inventories (913 824) (419 734)
Trade and other receivables (133 276) (76 463)
Trade and other payables 1 443 985 1 800 835
396 885 1 304 638
CONDENSED SEGMENT INFORMATION
Reviewed Audited
% year ended year ended
R`000 change June 08 June 07
SEGMENT REVENUE - by business segment
- Supermarkets 23.3% 45 393 380 36 810 824
- Furniture 5.6% 2 258 168 2 139 021
Total segment revenue 22.3% 47 651 548 38 949 845
SEGMENT RESULT* - by business segment
- Supermarkets (including unallocated) 52.6% 2 150 178 1 408 866
- Furniture (25.9%) 151 799 204 839
Total segment result 42.7% 2 301 977 1 613 705
*Segment result comprises trading profit plus exchange rate losses/gains less
investment income.
SUPPLEMENTARY INFORMATION
Reviewed Audited
R`000 June 08 June 07
1. Capital commitments 327 425 311 180
2. Contingent liabilities 34 406 57 593
3. Net asset value per share (cents) 938 717
4. Total number of shares in issue
(adjusted for treasury shares) 507 320 507 320
CONDENSED STATEMENT OF CHANGES IN EQUITY
Reviewed Audited
year ended year ended
R`000 June 08 June 07
Balance at beginning of July 3 688 771 3 082 868
Net movement in treasury shares - (220)
Net fair value profits on
available-for-sale investments, net of tax 11 995 31 210
Profit for the year 1 585 689 1 085 528
Realisation of profits on disposal of
listed investment - (33 459)
Cash settlement of share options (62 341) (79 927)
Foreign currency translation differences 182 987 20 566
Dividends distributed to shareholders (588 263) (417 795)
Balance at end of June 4 818 838 3 688 771
Date: 02/09/2008 08:00:02 Produced by the JSE SENS Department.
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