HIGHLIGHTS

	All strategic capital projects mechanically complete
	Strong cash generation from operations
	Gearing down to 53%
	Final cash dividend of 62c declared

COMMENTARY

Performance

The AECI Group experienced a material year-on-year decline in sales volumes in 2009 as the global economic crisis took its toll, particularly on companies serving primarily the mining and manufacturing sectors. Revenue from continuing operations, at R10,7 billion, was 16,7% lower than the R12,9 billion achieved in the prior year owing to significant volume declines in key markets. However, the mining sector recovered to an extent in the second half-year, while the manufacturing sector remained depressed. The property market, too, remained severely depressed and no significant sales were recorded in the year.

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