The organisational structure within the finance department has been restructured with clear focus on the respective divisions of Traditional Retail, Cash Retail, Financial Services, New Business Development, Corporate and International.

The alignment of the Finance department with the new business strategy was completed during the year, with the new insurance companies being effectively incorporated into the reporting process.

Focus in the new financial year will be placed on the analysis and optimisation of financial processes and tidying up the corporate structure as far as possible. This should reduce costs and increase efficiencies.

A significant portion of term debt was refinanced during the course of the year. This debt has been replaced with a mix of traditional bank debt and a portion of commercial paper issued to the broader debt market.

This process will continue into the future, with the aim of reducing the Group's reliance on traditional bank debt. The intra group funding model will also change in the new financial year and will result in the divisions being funded more appropriately, giving a true reflection of the divisional performance.

The Finance department has embraced the 'Art of Service' initiative and is fully aligned with the broader Group strategic initiative.