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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INCOME STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2009

                      Group                 Company  
  R millions Note   2009   2008   2009   2008  
  CONTINUING OPERATIONS                    
  Revenue 17   10 709   12 876   3 685   5 601  
  Net operating costs 18   (9 942)   (11 841)   (3 566)   (5 350)  
  Profit from operations     767   1 035   119   251  
  Net income/(loss) from Pension Fund employer surplus accounts 4   23   (13)   23   (13)  
  Net income/(loss) from plan assets for post-retirement medical                    
  aid liabilities 14   11   (57)   7   (46)  
        801   965   149   192  
  Fair value adjustments – interest     4   (16)   2   (16)  
  Interest expense 19   (243)   (233)   (349)   (246)  
  Interest received 20   21   28   369   328  
  Investment income 21   9   12   145   238  
  Share of (loss)/profit of associate companies 6   (2)   1          
        590   757   316   496  
  Impairment of goodwill 3   (18)   (42)   (18)   (27)  
  Impairment of property, plant and equipment 1   (16)   (4)   (4)   –  
  Reversal of impairment of property, plant and equipment 1   7   –   –   –  
  Reversal of impairment of investments 5   –   –   29   –  
  Profit before tax     563   711   323   469  
  Income tax expense 22   (176)   (238)   (69)   (80)  
  Profit from continuing operations     387   473   254   389  
  DISCONTINUED OPERATIONS                    
  Profit/(loss) from discontinued operations, net of tax 23   53   (94)   (5)   (116)  
  Profit for the year     440   379   249   273  
  Attributable to:                    
  Ordinary shareholders     421   385   247   271  
  Preference shareholders     2   2   2   2  
  Non-controlling interest     17   (8)          
        440   379   249   273  
  Per ordinary share (cents)                    
  – Basic earnings 24   393   358          
  – Diluted basic earnings 24   392   356          
  – Headline earnings 24   346   412          
  – Diluted headline earnings 24   344   410          
  Continuing operations                    
  – Basic earnings 24   344   445          
  – Diluted basic earnings 24   343   443          
  – Ordinary dividends paid 25   169   231          
  – Ordinary dividends declared after the reporting date 25   62   141          

 
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