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FIVE-YEAR FINANCIAL REVIEW

at 31 March 2010

      31 March     31 March   31 March   31 March   31 March  
    2010   2009 2008 2007 2006
    Rm   Rm Rm Rm Rm
  Income statements            
  Revenue 8 827   11 111 7 340 5 537 4 331
  Operating profit 279   877 584 422 289
  Finance costs, net (173)   (164) (112) (58) (59)
  Income from associates* 3   5 – – –
  Profit before taxation 109   718 472 364 230
  Taxation (51)   (227) (159) (118) (76)
  Profit for the year 58   491 313 246 154
  Minority interest (2)   – 4 – –
  Net profit attributable to ordinary shareholders 56   491 317 246 154
  Impairment of property, plant and equipment# –   3 – – –
  Loss/(profit) on disposal of property, plant and equipment 1   – 2 (1) –
  Profit on businesses contributed to associate (20)   – – – –
  Headline earnings 37   494 319 245 154
  Ordinary dividends paid during the year            
  Prior year final (40)   (51) (40) (38) (35)
  Current year interim –   (45) (36) (30) (25)
    (40)   (96) (76) (68) (60)
  Balance sheets            
  Capital and reserves attributable to the equity holders            
  ofœthe company 1 973   2 139 1 583 1 248 1 018
  Minority interest (2)   (2) (2) 2 2
  Non-current liabilities 805   671 288 33 29
  Deferred income tax liabilities 80   118 104 83 88
  Current liabilities 2 331   2 831 2 466 1 757 1 362
  Equity and liabilities 5 187   5 757 4 439 3 123 2 499
  Non-current fixed assets and investments 1 398   1 155 995 760 642
  Non-current intangible assets 537   517 517 436 455
  Deferred income tax assets 9   14 8 3 4
  Current assets 3 243   4 071 2 919 1 924 1 398
  Assets 5 187   5 757 4 439 3 123 2 499
  Net interest-bearing debt 404   952 451 265 303
  Cash flows            
  Cash generated from operations 524   1 053 689 496 354
  Financial costs and taxation (284)   (452) (252) (162) (140)
  Movement in working capital 805   (744) (138) (60) 1
  Cash available from/(utilised by) operating activities 1 045   (143) 299 274 215
  Dividends paid (40)   (96) (76) (68) (60)
  Net cash inflow/(outflow) from operating activities 1 005   (239) 223 206 155
  Net cash outflow from investing activities (466)   (257) (413) (175) (87)
  Net cash inflow/(outflow) from financing activities 180   389 323 7 (147)
  Net increase/(decrease) in cash and cash equivalents 719   (107) 133 38 (79)
  Statistical information                        
  Earnings, dividends and ordinary shares            
  Earnings per share (cents) 122,0   1 107,4 718,2 560,3 353,2
  Dividends per share for the year (cents)* –   250,0 200,0 160,0 145,0
  Interim dividends per share (cents) –   100,0 83,0 70,0 60,0
  Dividend cover –   4,4 3,6 3,5 2,4
  Net asset value per share (cents) 4 240   4 816 3 572 2 844 2 339
  Number of shares in issue at year end (000’s) 46 491   44 370 44 263 43 943 43 607
  Number of shares held by Share Incentive Scheme            
  and not included above (000’s) 759   807 914 1 234 1 570
  Number of employees 2 668   2 498 2 388 1 926 1 905
  Profitability, liquidity and leverage            
  Operating profit as a percentage of sales 3,2%   7,9% 8,0% 7,6% 6,7%
  Effective tax rate (including secondary tax on companies) 46,8%   31,6% 33,6% 32,5% 33,1%
  Return on average equity 2,7%   31,1% 24,3% 21,6% 15,9%
  Net debt to equity percentage 20,5%   44,5% 28,5% 21,2% 29,7%
  Current ratio 1,4   1,4 1,2 1,1 1,0
  EBIT finance cost cover 1,6   5,3 5,2 7,3 4,9
  EBITDA finance cost cover 2,7   6,3 6,0 8,7 6,3
  Share performance            
  Market value per share (cents)            
  – at year end 6 289   5 200 7 100 6 600 4 410
  – highest 6 360   8 398 8 400 6 700 4 550
  – lowest 4 901   4 000 6 255 4 170 3 500
  Value of shares traded (R’000) 953 664   1 457 948 1 392 093 1 127 461 777 764
  Volume of shares traded (000’s) 16 493   22 324 19 178 20 896 19 426
  Share volumes traded as a percentage of total            
  issued shares 34,9%   49,4% 42,5% 46,3% 43,0%

* Interest in Zambian associate (ETC Bio-Energy Limited) and South African associate (Nalco Africa (Pty) Limited) equity accounted for.
# Property, plant and equipment in Zimbabwe.

Definitions

1. Earnings per share – profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year, excluding shares held by Share Incentive Scheme.
2. Dividend cover – earnings per share divided by the dividend per share for the year.
3. Net asset value per share – ordinary shareholders’ equity and minority interest divided by the number of shares in issue at year end, excluding the shares held by Share Incentive Scheme.
4. Number of shares in issue at year end – shares issued less shares held by Share Incentive Scheme.
5. Return on average equity – profit attributable to ordinary shareholders expressed as a percentage of the average opening and closing ordinary shareholders’ equity.
6. Net debt to equity percentage – debt expressed as a percentage of all ordinary shareholders’ equity plus minority interest.
7. Net debt – interest-bearing liabilities net of cash resources.
8. Current ratio – current assets divided by current liabilities.
9. EBIT finance cost cover – operating profit before finance cost and tax divided by finance cost .
10. EBITDA finance cost cover – operating profit before finance cost, tax, depreciation, amortisation and share-based payment expense divided by finance cost.
* Includes a capitalisation award of 150 cents as a final dividend for the 2009 year. Shareholders could elect to receive a cash dividend of 145 cents instead of the capitalisation award.