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 CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2009

                    Foreign      
            Total   Property   currency      
    Ordinary   Share   ordinary   revaluation   translation   Other  
  R millions share capital   premium   capital   reserve   reserve   reserves  
  Group                        
  Balance at 1 January 2008 110   343   453   243   15   13  
  Total comprehensive income for the year:             (9)   138   6  
  Profit for the year                        
  Foreign currency loan translation differences                 125      
  Deferred tax on foreign currency loan translation differences                 (33)      
  Transfers to retained earnings             (9)          
  Foreign operation translation differences                 46      
  Cash flow hedge fair value adjustments                     8  
  Deferred tax on fair value adjustments                     (2)  
  Recognition of share-based payments                     *  
  Transactions with owners: (3)   (235)   (238)   6   15      
  Business combinations             6   15      
  Dividends paid (see note 25)                        
  Shares repurchased during the year (3)   (235)   (238)              
                           
  Balance at 31 December 2008 107   108   215   240   168   19  
  Total comprehensive income for the year:             (3)   (165)   (8)  
  Profit for the year                        
  Foreign currency loan translation differences                 (82)      
  Deferred tax on foreign currency loan translation differences                 27      
  Transfers to retained earnings             (3)       (2)  
  Foreign operation translation differences                 (110)      
  Cash flow hedge fair value adjustments                     (9)  
  Deferred tax on fair value adjustments                     3  
  Transactions with owners: *       *              
  Dividends paid (see note 25) *       *              
  Business combinations                        
                           
  Balance at 31 December 2009 107   108   215   237   3   11  

                           
                Non-   Preference      
    Total   Retained       controlling   share   Total  
  R millions reserves   earnings   Total   interest   capital   equity  
  Group                        
  Balance at 1 January 2008 271   3 064   3 788   135   6   3 929  
  Total comprehensive income for the year: 135   394   529       2   531  
  Profit for the year     385   385   (8)   2   379  
  Foreign currency loan translation differences 125       125           125  
  Deferred tax on foreign currency loan translation differences (33)       (33)           (33)  
  Transfers to retained earnings (9)   9                  
  Foreign operation translation differences 46       46   8       54  
  Cash flow hedge fair value adjustments 8       8           8  
  Deferred tax on fair value adjustments (2)       (2)           (2)  
  Recognition of share-based payments *       *           *  
  Transactions with owners: 21   (248)   (465)   (24)   (2)   (491)  
  Business combinations 21       21   (24)       (3)  
  Dividends paid (see note 25)     (248)   (248)       (2)   (250)  
  Shares repurchased during the year         (238)           (238)  
                           
  Balance at 31 December 2008 427   3 210   3 852   111   6   3 969  
  Total comprehensive income for the year: (176)   426   250   13   2   265  
  Profit for the year     421   421   17   2   440  
  Foreign currency loan translation differences (82)       (82)           (82)  
  Deferred tax on foreign currency loan translation differences 27       27           27  
  Transfers to retained earnings (5)   5                  
  Foreign operation translation differences (110)       (110)   (4)       (114)  
  Cash flow hedge fair value adjustments (9)       (9)           (9)  
  Deferred tax on fair value adjustments 3       3           3  
  Transactions with owners:     (165)   (165)   (9)   (2)   (176)  
  Dividends paid (see note 25)     (165)   (165)       (2)   (167)  
  Business combinations             (9)       (9)  
                           
  Balance at 31 December 2009 251   3 471   3 937   115   6   4 058  

* Nominal amount.

                    Foreign      
            Total   Property   currency      
    Ordinary   Share   ordinary   revaluation   translation   Other  
  R millions share capital   premium   capital   reserve   reserve   reserves  
  Company                        
  Balance at 1 January 2008 121   342   463   242   (31)   3  
  Total comprehensive income for the year:             (1)   60   (6)  
  Profit for the year                        
  Foreign currency loan translation differences                 84      
  Deferred tax on foreign currency loan translation differences                 (24)      
  Transfers to retained earnings             (1)       (1)  
  Cash flow hedge fair value adjustments                     (7)  
  Deferred tax on fair value adjustments                     2  
  Recognition of share-based payments                     *  
  Transactions with owners: (2)   (128)   (130)              
  Dividends paid (see note 25)                        
  Shares repurchased during the year (2)   (128)   (130)              
                           
  Balance at 31 December 2008 119   214   333   241   29   (3)  
  Total comprehensive income for the year                 (49)   6  
  Profit for the year                        
  Foreign currency loan translation differences                 (67)      
  Deferred tax on foreign currency loan translation differences                 18      
  Cash flow hedge fair value adjustments                     6  
  Deferred tax on fair value adjustments                     *  
  Transactions with owners: *       *              
  Dividends paid (see note 25) *       *              
                           
  Balance at 31 December 2009 119   214   333   241   (20)   3  

                       
                Preference      
    Total   Retained       share   Total  
    reserves   earnings   Total   capital   equity  
  Company                    
  Balance at 1 January 2008 214   2 551   3 228   6   3 234  
  Total comprehensive income for the year: 53   273   326   2   328  
  Profit for the year     271   271   2   273  
  Foreign currency loan translation differences 84       84       84  
  Deferred tax on foreign currency loan translation differences (24)       (24)       (24)  
  Transfers to retained earnings (2)   2              
  Cash flow hedge fair value adjustments (7)       (7)       (7)  
  Deferred tax on fair value adjustments 2       2       2  
  Recognition of share-based payments *       *       *  
  Transactions with owners:     (275)   (405)   (2)   (407)  
  Dividends paid (see note 25)     (275)   (275)   (2)   (277)  
  Shares repurchased during the year         (130)       (130)  
                       
  Balance at 31 December 2008 267   2 549   3 149   6   3 155  
  Total comprehensive income for the (43)   247   204   2   206  
  Profit for the year     247   247   2   249  
  Foreign currency loan translation differences (67)       (67)       (67)  
  Deferred tax on foreign currency loan translation differences 18       18       18  
  Cash flow hedge fair value adjustments 6       6       6  
  Deferred tax on fair value adjustments *       *       *  
  Transactions with owners:     (185)   (185)   (2)   (187)  
  Dividends paid (see note 25)     (185)   (185)   (2)   (187)  
                       
  Balance at 31 December 2009 224   2 611   3 168   6   3 174  

* Nominal amount.

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences from the translation of the financial statements of foreign operations, as well as from the translation of monetary items receivable from or payable to a foreign operation.

Property revaluation surplus reserve

The surplus on the revaluation of property arose on the revaluation of all Group property on a date prior to the transition to IFRS and is used as deemed cost in accordance with IFRS1. The surplus is released to retained earnings as and when the related investment property is disposed of.

Other reserves

Included in reserves is a revaluation reserve for cash flow hedges, an equity-settled share-based payment reserve and the statutory reserve required for the Group's captive insurance subsidiary company.

 
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