CONDENSED CONSOLIDATED OPERATING

SEGMENT REPORT

  R’000 Reviewed
year ended
30 June 2013
  Audited
year ended
30 June 2012
  %
change
 
  External revenues            
  Manufacturing and distribution (refer footnote a) 213 712   142 821   49.6  
  Franchise - Spur 179 464   155 433   15.5  
  Franchise - Panarottis 16 692   12 952   28.9  
  Franchise - John Dory’s 11 712   11 092   5.6  
  Franchise - Captain DoRegos 9 174   2 498   267.3  
  Other South Africa 30 399   34 395   (11.6 )  
  Total South Africa segments 461 153   359 191   28.4  
  Unallocated - South Africa 515   205   151.2  
  Total South Africa 461 668   359 396   28.5  
               
  United Kingdom 118 353   81 631   45.0  
  Australia 60 632   53 140   14.1  
  Other International 12 374   9 277   33.4  
  Total International segments 191 359   144 048   32.8  
               
  TOTAL EXTERNAL REVENUES 653 027   503 444   29.7  
  Profit/(loss) before income tax            
  Manufacturing and distribution (refer footnote a) 59 525   55 662   6.9  
  Franchise - Spur 158 818   136 447   16.4  
  Franchise - Panarottis 9 874   7 866   25.5  
  Franchise - John Dory’s 6 629   5 818   13.9  
  Franchise - Captain DoRegos 3 838   928   313.6  
  Other South Africa 92   1 427   (93.6 )  
  Total South Africa segments 238 776   208 148   14.7  
  Unallocated - South Africa (refer footnote b) (35 690 )   (36 445 )   2.1  
  Total South Africa 203 086   171 703   18.3  
  United Kingdom (refer footnote c) (1 006 )   694   (245.0 )  
  Australia (refer footnote d) (2 194 )   (682 )   (221.7 )  
  Other International 7 487   5 305   41.1  
  Total International segments 4 287   5 317   (19.4 )  
  Unallocated - International (refer footnote e) (12 316 )   (1 920 )   (541.5 )  
  Total International (8 029 )   3 397   (336.4 )  
               
  TOTAL PROFIT BEFORE INCOME TAX 195 057   175 100   11.4  
 
FOOTNOTES:
  a) Includes revenue of R72.625 million (2012: R23.485 million) and profit before tax of R1.949 million (2012: R0.948 million) in respect of the Captain DoRegos distribution centre (refer note 4).
  b) Includes a charge in respect of cash-settled share-based payments of R23.645 million (2012: R3.965 million) and a fair value gain in respect of a related hedge of R34.357 million (2012: R7.479 million) relating to the group’s long-term share-linked retention scheme; legal costs and professional fees of R1.424 million (2012: R3.171 million) relating to the dispute with the former minority shareholder of John Dory’s Franchise (Pty) Ltd and the related Financial Services Board investigation (which investigation was concluded during the year and the company vindicated of any wrong doing). The prior year also includes a bargain purchase gain on the acquisition of Captain DoRegos in the amount of R3.694 million (refer note 4) and due diligence costs in respect of the Captain DoRegos acquisition and other potential acquisitions which were not progressed, in the amount of R0.745 million.
  c) Includes initial start-up and trading losses in the current year in respect of Two Rivers Spur (Staines, England), Rapid River Spur (Dublin, Ireland) and Trinity Leasing in the amount of R2.773 million in aggregate (refer notes 2 and 3). The prior year includes a fair value gain on the realisation of collateral of R0.843 million (refer note 6).
  d) Includes an impairment of property, plant and equipment relating to Panarottis Tuggerah of R2.188 million. The prior year includes an impairment of goodwill in the amount of
R1.564 million relating to the same cash-generating unit.
  e) The current year includes losses amounting to R1.052 million in winding up certain of the group’s Australian equity-accounted associates which ceased trading in previous years. Also includes a foreign exchange loss of R6.518 million (2012: gain of R2.288 million). The foreign exchange loss for the current year includes the reclassification of net foreign currency losses from other comprehensive income to profit on the deregistration of Larkspur Four Limited, a UK foreign operation which previously traded the Yellowstone Spur in Derby, England (which ceased trading in December 2010), amounting to R0.842 million.