30 Sep 2011

- continuing operations 4 484 3 988 4 450- discontinued operations - 64 -Earnings before interest, 138 320 138 664 331 118taxation, depreciation andamortisation ("EBITDA") -continuing operationsEarnings before interest, 138 320 139 180 331 783taxation, depreciation andamortisation ("EBITDA") -total groupEarnings before interest, - (516) 665taxation, depreciation andamortisation ("EBITDA") -discontinued operationsAbbreviated notes for the six months ended 31 August 20111. Basis of preparation and accounting policiesThese condensed consolidated results for the six months ended 31 August 2011are prepared in accordance with recognition and measurement requirements ofInternational Financial Reporting Standards ("IFRS"), the AC 500 standards asissued by the Accounting Practices Board and the information as required byIAS 34: Interim Financial Reporting and the Companies Act, Act No.71 of 2008of South Africa. These results have been prepared under the supervision ofthe Chief Financial Officer, M Diedloff.The principal accounting policies and methods of computation adopted areconsistent with those applied for the year ended 28 February 2011.Unaudited Unaudited Unauditedsix six financialmonths months yearended ended ended31 August 31 August 28 February(R`000) 2011 2010 20112. Property, plant andequipmentOpening net carrying amount 1 053 330 974 331 974 331Additions 110 496 129 724 223 144Disposals (7 067) (2 481) (3 461)Depreciation (66 855) (68 415) (140 684)Closing net carrying amount 1 089 905 1 033 159 1 053 330Capital expenditure for the 125 254 129 724 223 144periodCapital commitments- contracted not spent 46 525 40 129 92 060- authorised not contracted 6 132 8 790 22 921The Group`s propertyportfolio has a carryingvalue of R141 million and acurrent market value of R270million. These properties areof strategic value to theGroup due to their locations.3. Loans and investmentsInvestment in Really Useful - 2 934 -Investments (Pty) LtdVendor loan to Afripack 45 003 40 175 42 480Consumer Flexibles (Pty) Ltdin terms of Flexiblesdisposal transactionUnlisted investments 12 12 12Loans and investments at end 45 015 43 121 42 492of the period4. InventoriesInventories amounting toR1404 011 (Feb 2011: R1 604652) are carried at netrealisable value.5. Cash and cash equivalentsCash and cash equivalents 120 279 126 146 102 898Bank overdrafts (69 840) (62 417) (18 254)