WELCOME TO OUR ONLINE ANNUAL REPORT 2011

TEN-YEAR REVIEW

Definitions and formulas

Employment costs

Includes the IFRS 2 Share-based Payment expense.

Other operating costs

Includes the foreign exchange gains and losses.

Net finance costs

Interest received less interest paid

EBITDA

Earnings before interest, taxation, depreciation, amortisation and asset impairments.

Trading profit before interest and taxation

Earnings before interest, taxation, asset impairments, the BEE IFRS 2 charge and foreign exchange movements.

Comparable sales

Sales figures quoted for stores that have traded, and will trade, for all 12 months of the current and prior year.

FTE (full-time equivalents)

Includes all permanent employees and the permanent equivalent of temporary employees and contracted workers.

Trading space (m2)

Trading space excludes parking, yard, warehouse space, office space and receiving areas.

Sales per store (R000)

Sales 
Number of stores

Sales for Shield, CellShack, Saverite, Kawena and Kangela are excluded as they do not have stores.

Sales per FTE (R000)

Sales 
FTEs

Sales per trading m2 (R000)

Sales 
Trading m2

Sales for Shield, CellShack, Saverite, Kawena and Kangela are excluded as they do not have stores.

Net asset turn

Sales 
Net assets

The Group defines net assets as capital reserves and interest-bearing long-term liabilities.

Gross margin (%)

Gross profit 
Sales

Operating margin (%)

Operating profit 
Sales

Trading profit before interest and taxation margin (%)

Trading profit before interest and taxation 
Sales

EBITDA margin (%)

EBITDA 
Sales

Effective tax rate (%)

Taxation
Profit before tax

Note 10 of the financial section holds further information.

Return on average shareholders' equity (%)

Headline earnings
Average of opening and closing equity attributable to equity holders of the parent

Return on capital employed (%)

Operating profit before asset impairments
Average of opening and closing capital employed balances

The Group defines capital employed as capital and reserves and interest-bearing long-term liabilities.

Debt: Equity (%)

Debt
Capital and reserves

Debt comprises non-current interest-bearing liabilities.

Cash earnings cover

Operating cash flow per share
Headline earnings per share 

Net cash to total equity (%)

Cash and cash equivalents, net of borrowings
Total equity at the end of the year 

Current ratio

Current assets
Current liabilities 

Quick ratio

Current assets excluding inventory
Current liabilities 

Inventory days

Inventory
Total cost of sales 

Inventory turn

 Total cost of sales
Inventory

Payable days

Trade payables
Total cost of sales 

Asset turn

Sales
Total assets 

Total liabilities to total equity

Current and non-current liabilities
Total equity 

Headline earnings per share

Headline earnings
Weighted average number of shares in issue 

Diluted headline earnings per share

Headline earnings 
Diluted weighted average number of shares in issue

Attributable earnings per share

Earnings attributable to the equity holders of the parent 
Weighted average number of shares in issue

Dividends/distribution

Distribution to shareholders.

Cash generated from operations before working capital movements per share

Cash generated from operations before working capital movements 
Weighted average number of shares in issue

Operating cash flow per share

Net cash flow from operations 
Weighted average number of shares in issue

Net cash flow from operations is after working capital movements, and excludes exceptional items and dividends paid.

Net asset value per share

Capital and reserves
Total number of shares in issue 

Dividend cover

Headline earnings per share 
Interim and final dividend per share