|1||Basis of preparation|
|The abridged group financial statements comply with IAS 34 Interim Financial Reporting.
Accounting policies used in the abridged group financial statements are the same as those used to prepare the group annual financial statements, which have been prepared in compliance with International Financial Reporting Standards (IFRS) and the South African Companies Act (No. 71 of 2008, as amended).
|2||Earnings per share|
|The difference between earnings per share and diluted earnings per share is due to the impact of unexercised options under the groupís share incentive schemes.|
|3||Property, plant and equipment and intangible assets|
|During the 26 weeks to 25 December 2011, the group acquired property, plant and equipment at a cost of R331m (2010: R221m) and acquired intangible assets (including goodwill and reacquired rights) at a cost of R358m (2010: R144m).|
|4||Acquisition of franchise operations|
|The group continues to wind down its South African franchise operations, acquiring 25 stores in the current period.|
|The goodwill of R113m is supported by the growth and synergies expected to accrue from the acquisitions.
From the dates of acquisition, these 25 franchise stores have contributed an additional R79m of revenue and R41m of profit before tax to the group.
The directors consider that, on a pro-forma basis, had the acquisition of the acquired franchisees been effective from the beginning of the period, the revenue of the group for the period would have been R118m higher, and profit before tax would have been R62m higher.
|5||Issue and repurchase of shares|
|9 298 259 (2010: 851 827) shares totalling R285m (2010: R21m) were
repurchased from the market.
8 836 665 (2010: Nil) shares totalling R329m (2010: Nil) were purchased from the market in the current period and allocated to employees on settlement of share-based payments.
In the prior period, 3 500 331 ordinary shares totalling R28m were issued in terms of the groupís executive incentive schemes.
|Group companies are party to legal disputes and investigations that have arisen in the ordinary course of business. Whilst the outcome of these matters cannot readily be foreseen, the directors do not expect them to have any material financial effects.|
|Unutilised banking facilities amount to R2 607m (2010: R2 463m). There is no limit in the Memorandum of Incorporation on the groupís authority to raise interest-bearing debt.|
|8||Related party transactions|
|The group entered into related party transactions during the period, the substance of which are similar to those explained in the groupís 2011 Integrated Report.|
|9||Events subsequent to the reporting date|
|Agreements to purchase a further 9 franchise stores totalling R122m are effective from dates subsequent to this report.|
|10||Approval of interim financial statements|
|The interim financial statements were approved by the board of directors on 15 February 2012.|
|These results have not been reviewed or audited. These summary financial statements have been prepared under the supervision of the group finance director, Norman Thomson CA(SA).|