another year of continued growth

income statement

Year ended           26 weeks ended    
30 June 2006         December    
          2006   2005   %
Rm       notes   Rm   Rm     change
15 143.0     Revenue     8 970.4   7 415.3     21.0%
14 208.0   Turnover     8 406.5   6 995.0   20.2%
  9 340.4     Cost of sales     5 522.8   4 604.6     19.9%
4 867.6   Gross profit     2 883.7   2 390.4   20.6%
  935.0     Other revenue     563.9   420.3     34.2%
4 312.3   Expenses     2 490.0   2 080.4   19.7%
  269.9     Deprecia tion     155.5   132.9     17.0%
  679.1     Occupancy cost     398.9   337.2     18.3%
  1 699.6     Employment cost     954.0   805.1     18.5%
  1 663.7     Other operating cost     981.6   805.2     21.9%
                   
1 490.3   Operating profit     957.6   730.3   31.1%
  243.9     Finance costs     171.9   113.8     51.1%
1 246.4   Profit before exceptional item     785.7   616.5   27.4%
  –     Exceptional item 5   54.6   –      
1 246.4   Profit before tax     840.3   616.5   36.3%
409.0   Tax 6   273.1   194.2   40.6%
   837.4     Profit after tax     567.2   422.3     34.3%
    Attributable to:              
835.6   Ordinary shareholders     563.6   421.3   33.8%
  1.8     Minority shareholders     3.6   1.0     >100%
    Reconciliation of headline earnings              
835.6   Attributable earnings     563.6   421.3   33.8%
    Profit on disposal of property, plant and equipment –            
(0.6)   net of minority shareholders’ interest     (47.9)   (2.2)    
    Foreign exchange loss realised on repayment of loan            
  –     by subsidiary     1.9   –      
  835.0     Headline earnings     517.6   419.1     23.5%
105.0   Headline earnings per share (cents)     64.8   53.1   22.0%
105.1   Earnings per share (cents) 7   70.5   53.3   32.3%
103.0   Diluted headline earnings per share (cents)     63.8   51.9   22.9%
103.1   Diluted earnings per share (cents) 7   69.3   52.2   32.8%
63.0   Distribution per share (cents)     29.5   24.0   22.9%
1.7   Distribution cover (based on headline earnings per share)   2.2   2.2      
797.2   Number of shares in issue (millions)     800.4   796.2     0.5%
  795.3     Weighted average number of shares in issue (millions)      799.2   789.8     1.2%
    Revenue              
14 208.0   Turnover     8 406.5   6 995.0     20.2%
  13 227.3     Woolworths       7 810.1   6 488.9     20.4%
  6 012.2     – Clothing and home       3 460.2   3 024.4     14.4%
  6 941.5     – Food       4 191.3   3 329.1     25.9%
  273.6     – Logistics services and other       158.6   135.4     17.1%
  980.7     Country Road       596.4   506.1     17.8%
763.6   Interest     448.7   348.6   28.7%
171.4     Other revenue     115.2   71.7     60.7%
15 143.0           8 970.4   7 415.3     21.0%
    Operating profit              
1 471.3   Woolworths     926.4   720.1   28.6%
19.0     Country Road     31.2   10.2     >100%
1 490.3           957.6   730.3     31.1%