FINANCIAL STATEMENTS  
ANNUAL FINANCIAL STATEMENTS

THE BOARD ASKED THAT AECI'S BUSINESSES "MAINTAIN MARKET SHARE AND MARGINS THROUGH CONTINUED EXCELLENT SERVICE". OVERALL, MARKET SHARE WAS AT LEAST MAINTAINED AND WAS INCREASED IN SOME INSTANCES. ALTHOUGH CHEMSERVE'S MARGINS WERE DEPRESSED IN THE FIRST SIX MONTHS, PERFORMANCE IN THE SECOND HALF WAS MORE IN LINE WITH THAT OF PREVIOUS YEARS. AEL ALSO IMPROVED ITS MARGINS AND GREW MARKET SHARE THANKS TO ITS INTERNATIONAL EXPANSION.
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STATEMENTS OF FINANCIAL POSITION

AT 31 DECEMBER 2009

                      Group                   Company  
  R millions Note   2009   2008     2009   2008  
  ASSETS                      
  Non-current assets     5 360   4 510     6 648   6 004  
  Property, plant and equipment 1   3 260   2 431     368   329  
  Investment property 2   430   422     73   67  
  Goodwill 3   1 063   1 013     905   923  
  Pension Fund employer surplus accounts 4   236   213     236   213  
  Investment in subsidiaries 5             4 863   4 230  
  Other investments 6   13   98     59   41  
  Deferred tax 7   344   333     144   201  
  Non-current loan receivables 8   14   –     –   –  
  Current assets     4 668   6 441     1 282   2 866  
  Inventories 9   1 827   2 795     607   1 193  
  Accounts receivable 10   2 159   3 188     657   1 592  
  Assets classified as held for sale 11   14   14     14   14  
  Cash and cash equivalents     668   444     4   67  
                         
  Total assets     10 028   10 951     7 930   8 870  
  EQUITY AND LIABILITIES                      
  Ordinary capital and reserves     3 937   3 852     3 168   3 149  
  Share capital and share premium 12   215   215     333   333  
  Reserves     251   427     224   267  
  Retained earnings     3 471   3 210     2 611   2 549  
  Preference share capital 12   6   6     6   6  
  Shareholders’ equity     3 943   3 858     3 174   3 155  
  Non-controlling interest     115   111            
  Total equity     4 058   3 969     3 174   3 155  
  Non-current liabilities     2 564   2 385     2 582   2 763  
  Deferred tax 7   85   61     –   –  
  Loans from subsidiaries 5             514   826  
  Non-current borrowings 13   1 731   1 745     1 489   1 477  
  Non-current provisions 14   748   579     579   460  
  Current liabilities     3 406   4 597     2 174   2 952  
  Accounts payable 15   2 208   3 225     995   1 676  
  Current borrowings 16   1 080   1 058     1 148   1 142  
  Tax payable     118   314     31   134  
                         
  Total liabilities     5 970   6 982     4 756   5 715  
  Total equity and liabilities     10 028   10 951     7 930   8 870  

 
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