SEVEN YEAR REVIEW

            YEAR ENDED 30 JUNE          
    2004   2005   2006   2007   2008   2009   2010  
    R’000   R’000   R’000   R’000   R’000   R’000   R’000  
  CONSOLIDATED STATEMENTS OF                            
  FINANCIAL PERFORMANCE                            
  REVENUE 2 510 717   4 765 342   5 795 118   8 127 793   10 783 651   14 768 807   15 201 095  
  Operating profit before non-trading items 109 092   186 747   261 839   415 877   904 828   1 048 716   1 274 174  
  Impairment/amortisation of goodwill (12 114)   (9 341)   (4 928)   (10 731)   (18 994)   2 101   (219)  
  Share-based payment expense       (34 610)   (23 860)   (22 974)   (8 922)  
  Profit/(loss) on disposal of investments         93 408     (5 682)  
  Fair value adjustments     18 130   5 689   3 657   4 653   2 583  
  Results from operating activities 96 978   177 406   275 041   376 225   959 039   1 032 496   1 261 934  
  Net finance income 11 558   18 717   22 385   55 399   142 406   296 857   262 487  
  Share of associates' profits and losses 20 271   1 749   7 188   14 679   (20 710)   31 480   (30 386)  
  Profit before tax 128 807   197 872   304 614   446 303   1 080 735   1 360 833   1 494 035  
  Taxation (30 393)   (40 126)   (75 343)   (127 999)   (318 211)   (398 033)   (466 524)  
  Profit for the year 98 414   157 746   229 271   318 304   762 524   962 800   1 027 511  
  Non-controlling interests   (20 684)   (31 603)   (42 124)   (46 355)   (72 873)   (66 026)  
  Profit attributable to equity shareholders of                            
  Wilson Bayly Holmes-Ovcon Limited 98 414   137 062   197 668   276 180   716 169   889 927   961 485  
  Headline earnings 115 774   139 256   195 159   282 612   694 156   882 497   964 719  
  CONSOLIDATED STATEMENTS OF                            
  FINANCIAL POSITION                            
  ASSETS                            
  Property, plant and equipment 266 553   387 332   513 177   752 137   1 041 071   1 113 672   1 203 768  
  Goodwill 73 555   38 874   76 220   86 421   160 579   206 261   293 057  
  Investments 90 519   23 852   45 160   133 293   318 877   464 345   415 773  
  Other non-current assets 937   63 046   37 410   92 822   285 143   377 829   286 050  
  Other current assets 699 355   1 223 381   1 698 000   1 914 640   3 370 770   3 412 412   3 268 406  
  Cash and cash equivalents 337 428   554 694   638 322   1 269 015   2 781 521   4 033 309   3 891 039  
  Total assets 1 468 347   2 291 179   3 008 289   4 248 328   7 957 961   9 607 828   9 358 093  
  EQUITY AND LIABILITIES                            
  Shareholders' equity 396 641   522 155   702 467   1 002 702   1 731 904   2 384 550   3 031 918  
  Non-controlling interests   40 619   60 311   78 702   145 408   195 443   196 326  
  Long-term financial liabilities 2 813   50 503   157 736   117 232   141 942   21 768   24 946  
  Other non-current liabilities 72 511   60 533   33 596     122 856   355 119   57 102  
  Other current liabilities 982 375   1 602 008   2 041 860   3 049 128   5 811 254   6 649 902   6 047 802  
  Bank overdrafts 14 007   15 361   12 319   564   4 597   1 046    
  Total equity and liabilities 1 468 347   2 291 179   3 008 289   4 248 328   7 957 961   9 607 828   9 358 093  
  CONSOLIDATED CASH FLOW STATEMENTS                            
  Cash generated from operations 225 811   285 211   239 965   1 239 405   2 239 493   2 287 500   1 064 789  
  Net finance income 11 558   18 717   22 385   55 399   142 406   296 857   262 487  
  Taxation paid (21 610)   (38 572)   (55 218)   (80 275)   (224 994)   (527 739)   (608 154)  
  Dividend paid (24 971)   (30 520)   (38 288)   (59 400)   (88 110)   (172 589)   (193 974)  
  Cash retained from operations 190 788   234 836   168 844   1 155 129   2 068 795   1 884 029   525 148  
  Net cash flow from investing activities (133 216)   (46 747)   (194 009)   (442 567)   (530 556)   (505 434)   (611 738)  
  Net cash flow from financing activities (20 492)   27 823   111 835   (70 112)   (29 766)   (123 256)   (54 634)  
  Net (decrease)/increase in cash                            
  and cash equivalents 37 080   215 912   86 670   642 450   1 508 473   1 255 339   (141 224)  
  STATISTICS                            
  SHARES IN ISSUE                            
  Number of shares in issue (’000) 54 595   54 595   54 595   66 000   66 000   66 000   66 000  
  Weighted average number of shares (’000) 54 595   54 595   54 595   55 190   54 956   54 787   54 791  
  Diluted weighted average number of shares                            
  (’000) 54 595   54 595   54 595   55 190   55 118   54 973   54 987  
  SHARE PERFORMANCE                            
  Basic earnings per share (cents) 251,1   251,1   362,1   500,4   1303,2   1624,3   1 754,8  
  Headline earnings per share (cents) 212,1   255,1   357,5   563,5   1263,1   1610,8   1 760,7  
  Diluted headline earnings per share (cents)         1259,4   1605,3   1 754,4  
  Dividend per share (cents) 51,0   63,0   81,0   121,0   242,0   300,0   330  
  Dividend cover (times) 3,5   4,0   4,5   4,1   5,4   5,4   5,3  
  Closing share price (cents) 1 900   2 980   5 200   10 335   11 050   10 620   11 600  
  RATIOS AND STATISTICS                            
  Return on total assets (%) 9,4   8,7   10,4   10,7   13,9   14,9   13,5  
  Return on ordinary shareholders’ interest (%) 30,6   26,7   27,8   31,0   41,4   37,2   31,7  
  Current ratio (times) 1,0   1,1   1,1   1,0   1,1   1,1   1,2  
  Debt/equity ratio (%) 3,9   12,8   30,3   19,9   15,7   4,8   1,7  
  Operating profit margin (%) 4,7   3,9   4,5   5,1   8,3   7,1   8,3  
  Net profit margin (%) 3,9   3,3   4,0   3,9   7,1   6,5   6,8  
  Effective tax rate 23,6   20,3   24,7   28,7   29,4   29,2   31,2  
  Market capitalisation (R’000) 1 037 000   1 627 000   2 839 000   6 821 000   7 293 000   7 009 200   7 656 000  
  EXCHANGE RATES                            
  US Dollar (closing) 6,28   6,68   7,25   7,09   7,83   7,88   7,68  
  Australian Dollar (closing) 4,33   5,09   5,30   6,03   7,49   6,34   6,53  

DEFINITIONS
   
Headline earnings per share: Headline earnings divided by the weighted average number of shares in issue.
Basic earnings per share: Attributable earnings divided by the weighted average number of shares in issue.
Diluted earnings per share: Attributable earnings divided by the diluted weighted average number of shares in issue.
Dividend per share: Ordinary dividends divided by the weighted average number of shares in issue.
Dividend cover: Earnings divided by ordinary dividends.
Net tangible asset value per ordinary share: Ordinary shareholders’ interest less goodwill divided by the weighted average number of
  shares in issue.
Current ratio: Current assets divided by current liabilities.
Debt/equity ratio: Total interest-bearing financial liabilities as a percentage of total shareholders’ interest.
Return on total assets: Profit before interest paid and taxation as a percentage of total assets.
Return on ordinary shareholders’ interest: Headline earnings as a percentage of average ordinary shareholders’ interest.
Operating profit margin: Operating profit as a percentage of revenue.
Net profit margin: Net profit as a percentage of revenue.
Market capitalisation: Number of shares in issue multiplied by the closing share price.