interim results 2004 outline of presentation introduction financial group operations in our 2003 annual report we said business strategy was to strengthen & rejuvenate retail brands introduce pharmacy into clicks drive efficiency productivity shared services focus on improving stock turns boost profitability improved turnover margin create further value for shareholders also would shift from delivery aim roe target 4 5 above cost capital medium term address the composition board increase number independent non executives adopt a charter establish nominations committee review period disposal australian turnaround lifestyle category proposition paying off performance discom continued benefits upd acquisition growth ahead expense turn improvements challenging environment transfer licences albeit delayed single exit pricing legislation proposed andr vermeulen continuing headline earnings per share by brand south africa gross profit expenditure after allocation operating interest taxation pm&a deficit including
