Results Announcements UNAUDITED INTERIM GROUP RESULTS           for the six months ended 31 May 2010     CLICK HERE TO DOWNLOAD THE COMPLETE REPORT IN PDF FORMAT Headline earnings flat at R107m Interim dividend maintained at R1,15 per share Acquisition of Filter and Hose Solutions announced Group statement of financial position R million 31 May 2010 31 May 2009 30 Nov 2009* ASSETS       Non-current assets 2 428 2 430 2 418 Property, plant and equipment 89 93 91 2 181 2 181 2 181 117 131 117 16 25 18 25   11 Investment in preference shares Goodwill Intangible assets Deferred taxation Current assets 1 286 1 207 1 288 Inventories 601 758 597 321 340 356 1 5   363 104 335 Trade and other receivables Taxation Cash and cash equivalents TOTAL ASSETS 3 714 3 637 3 706 EQUITY AND LIABILITIES        Equity 1 223 1 078 1 184 Interest of the shareholders of the group 1 194 1 042 1 150 29 36 34 Non-controlling interest Non-current liabilities 2 181 2 186 2 186 Subordinated debenture 2 181 2 181 2 181   5       5 Deferred taxation Due to vendors – interest bearing Current liabilities 310 373 336 Trade and other payables 297 310 326   44   5 19   8   10 Due to bankers Due to vendors – interest bearing Taxation TOTAL EQUITY AND LIABILITIES 3 714 3 637 3 706 * Audited         Group statement of comprehensive income         R million Six months ended 31 May 2010 % change Six months ended 31 May 2009 Year ended 30 Nov 2009* Turnover 1 116 (5) 1 176 2 420 Cost of sales 669   726 1 469 Gross profit 447   450 951 Operating expenses 327   318 644 Operating profit 120 (9) 132 307 Capital items     1 (7) Profit before dividends received, interest received and finance costs 120 (10) 133 300 Dividends received on preference shares 99   100 202 Interest received 9   1 5 Finance costs (115)   (120) (235) Profit before taxation 113   114 272 Taxation 7   6 24 PROFIT FOR THE PERIOD 106   108 248 Other comprehensive income 4   3 2 Increase in equity compensation reserve 3   4 3 1   (1) (1) Movement on fair value of cash flow hedges TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 110 (1) 111 250 Profit attributable to:         Shareholders of the group 107   107 243 Non-controlling shareholders (1)   1 5 106   108 248 Total comprehensive income attributable to:         Shareholders of the group 111   110 245 Non-controlling shareholders (1)   1 5 110   111 250 Headline earnings per share (cents) 341   346 801 Basic earnings per share (cents) 341   346 784 Diluted headline earnings per share (cents) 336   338 785 Diluted basic earnings per share (cents) 336   338 769 Reconciliation to headline earnings         Profit attributable to shareholders of the group 107   107 243 Adjusted for:         – Impairment of goodwill and intangible assets       9 – Surplus on disposal of assets       (1) – Tax effect         (1) – Non-controlling interest        (1) Headline earnings 107   107 249 Dividends         – per share (cents) 115   115 350 – amount (Rm) 36   36 109 Shares in issue 31 532   30 966 31 240 – total (000) 34 040   33 474 33 748 (2 508)   (2 508) (2 508) – held by subsidiary company (000) Weighted average shares in issue         – basic (000) 31 395   30 928 31 023 – diluted (000) 31 909   31 734 31 644 * Audited           Group statement of cash flows R million Six months ended 31 May 2010 Six months ended 31 May 2009 Year ended 30 Nov 2009* Cash generated from trading 134 143 333 Decrease in working capital 2 19 166 Cash generated from operations 136 162 499 Finance costs (115) (119) (235) Taxation paid (24) (44) (63) Net cash from operating activities (3) (1) 201 Net investment in new operations (4) (7) Net investment in property, plant and equipment (6) (8) (17) Discontinuation of businesses 7 Dividends and interest received 108 100 203 Net cash from investing activities 102 88 186 Proceeds from issue of shares 8 1 8 Dividends paid (79) (97) (129) Net cash from financing activities (71) (96) (121) Net increase (decrease) in cash and cash equivalents 28 (9) 266 * Audited   Group statement of changes in equity R million Six months ended 31 May 2010 Six months ended 31 May 2009 Year ended 30 Nov 2009* Equity at the beginning of the period 1 184 1 055 1 055 Comprehensive income for the period 110 111 250 Issue of shares 8 1 8 Dividends (79) (89) (129) Equity at the end of the period 1 223 1 078 1 184 * Audited