Results Announcements AUDITED GROUP RESULTS           for the year ended 30 November 2009   Normalised headline earnings per share down 19% to R8,01 Dividends reduced 12,5% to R3,50 per share Cash increased to R335 million Income statement R million 30 Nov 2009 % change 30 Nov 2008 Turnover 2 420 -12 2 766 Cost of sales 1 469   1 684 Gross profit  951   1 082 Operating expenses 644   655 Operating profit 307 -28 427 Capital items (7)   (2) Profit before dividends received, interest received and finance costs 300   425 Dividends received on preference shares 202   200 Interest received 5   12 Finance costs (235)   (252) Profit before taxation 272   385 Taxation 24   55 Profit after taxation 248 -25 330 Attributable to shareholders of the group 243   307 Attributable to minorities 5   23   248   330 Normalised headline earnings per share (cents) 801 -19 995 Headline earnings per share (cents) 801   964 Basic earnings per share (cents) 784   995 Diluted normalised headline earnings per share (cents) 785   970 Diluted headline earnings per share (cents) 785   940 Diluted basic earnings per share (cents) 769   970 Reconciliation to normalised headline earnings       Profit attributable to shareholders of the group adjusted to eliminate the effect of the following items in attributable earnings: 243   307   -Surplus on disposal of property, plant and equipment     (1)   - Foreign currency translation reserve realised     (9)   - Impairment of goodwill and intangible assets 9       - Surplus on sale of business (1)       -Tax effect (1)       - Minority interest  (1)     Headline earnings 249   297 Adjusted to eliminate the effect of the following items in headline earnings:         - Impairment of assets in operation discontinued in 2008     10 Normalised headline earnings 249 -19 307 Dividends         - Per share (cents) 350 -13 400   - Amount (Rm) 109   124         Shares in issue 31 240   30 923   - Total (000) 33 748   33 431 (2 508)   (2 508)   - Held by subsidiary company (000) Weighted average shares in issue         - Basic (000) 31 023   30 836   - Diluted (000) 31 644   31 632   Cash flow statement R million 30 Nov 2009 30 Nov 2008 Cash generated from trading 333 450 Decrease (increase) in working capital 166 (235) Cash generated from operations 499 215 Finance costs (235) (249) Taxation paid (63) (56) Net cash from operating activities 201 (90) Investment in new operations – net (7) (140) Investment in property, plant and equipment – net (17) (20) Discontinuation of businesses 7 Dividends and interest received 203 212 Net cash from investing activities 186 52 Proceeds from issue of share capital 8 4 Dividends paid (129) (214) Net cash from financing activities (121) (210) Net increase (decrease) in cash and cash equivalents 266 (248)   Balance sheet R million 30 Nov 2009 30 Nov 2008 ASSETS     Non-current assets 2 418 2 429 Property, plant and equipment  91 92 2 181 2 181 117 131 18 25 11   Investments Goodwill Intangible assets Deferred taxation Current assets 1 288 1 422 Inventories 597 780 356 507 335 135 Accounts receivable Bank deposits and balances TOTAL ASSETS 3 706 3 851 EQUITY AND LIABILITIES     Equity 1 184 1 055 Shareholders’ equity 1 150 1 015 34 40 Minority interest Non-current liabilities 2 186 2 204 Subordinated debenture 2 181 2 181   5 5 18 Deferred taxation Due to vendors – interest bearing Current liabilities 336 592 Accounts payable 326 488   66   5 10 33 Amounts due to bankers Due to vendors – interest bearing Taxation TOTAL EQUITY AND LIABILITIES 3 706 3 851 CLICK HERE TO DOWNLOAD THE COMPLETE REPORT IN PDF FORMAT