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• Financial review
  • Operating results Financial position and resources Outlook

    Five-year historic review Five-year historic review per segment
• Consolidated financials
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    Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated annual financial statements
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  • Non-GAAP information Corporate information Disclaimer

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Non-GAAP information

Non-GAAP information

In the discussion of our reported financial position, operating results and cash flow, information is presented to provide readers with additional financial information that is regularly reviewed by management. However, this additional information presented is not uniformly defined by all companies including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Additionally, certain information presented is derived from amounts calculated in accordance with International Financial Reporting Standards ('IFRS') but is not itself an expressly permitted Generally Accepted Accounting Practice ('GAAP') measure. Such non-GAAP measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

EBITDA

EBITDA is earnings before interest, taxation, depreciation, amortisation, impairment losses, BBBEE charge, profit/loss on the disposal of property, plant and equipment, intangible assets and investment properties. We use EBITDA in conjunction with other GAAP and non-GAAP financial measures such as, operating profit, net profit and net debt, to assess our operating performance. We believe that EBITDA is an operating performance measure, not a liquidity measure, as it includes non-cash changes in working capital and is reviewed by the Chief Executive Officer to assess internal performance in conjunction with EBITDA margin, which is an alternative sales margin figure. We believe it is both useful and necessary to report EBITDA as a performance measure as it enhances the comparability of profit across segments, and is used by management for incentive purposes. As EBITDA does not take into account certain items that affect operations and performance, EBITDA has inherent limitations as a performance measure. To compensate for these limitations, we analyse EBITDA in conjunction with other GAAP and non-GAAP operating performance measures.

for the reconciliation of EBITDA to the closest equivalent GAAP measure, operating profit.

Headline earnings per share and adjusted headline earnings per share

Headline earnings per share is a disclosure requirement of the JSE Limited and is not a recognised measure under IFRS. It is calculated in accordance with "Circular 3/2009:" Headline Earnings as issued by the South African Institute of Chartered Accountants. Adjusted headline earnings per share excludes gains/losses on the remeasurement of financial instruments and once-off material items that will be defined as and when they occur, together with related tax effects. We believe that it is both useful and necessary to report these measures for the following reasons:

• these measures are used for internal performance analysis; • these measures are used to determine the dividend declaration; and • they are useful in connection with discussion with the investment analyst community and debt rating agencies.

for the reconciliations of headline earnings per share and adjusted headline earnings per share to the respective closest equivalent GAAP measure, basic earnings per share.

Cash flow measures

In presenting and discussing our reported results, free cash flow and operating free cash flow are calculated and presented even though these measures are not recognised within IFRS. We believe that it is both useful and necessary to communicate free cash flow and operating free cash flow to investors and other interested parties, for the following reasons:

• free cash flow allows us and external parties to evaluate our liquidity and the cash generated by our operations. Free cash flow does not include items determined independently of the ongoing business, such as the level of dividends, and items which are deemed discretionary, such as cash flows relating to acquisitions and disposals or financing activities. In addition it does not necessarily reflect the amounts which we have an obligation to incur. However, it does reflect the cash available for such discretionary activities, to strengthen the consolidated statement of financial position or to provide returns to shareholders in the form of dividends or share purchases;  • free cash flow facilitates comparability of results with other companies although our measure of free cash flow may not be directly comparable to similarly titled measures used by other companies;  • these measures are used by management for planning and reporting; • operating free cash flow is used by management for incentive purposes; and • these measures are useful in connection with discussion with the investment analyst community and debt rating agencies.

for the reconciliation of cash generated by operations, the closest equivalent GAAP measure, to operating free cash flow and free cash flow.

Other

Certain of the statements within the integrated report contain forward-looking, non-GAAP financial information for which at this time there is no comparable GAAP measure and which at this time cannot be quantitatively reconciled to comparable GAAP financial information.

Normalised growth

All amounts in this report marked with an '(*)' represent normalised growth excluding trading foreign exchange and at a constant currency. We believe that normalised growth, which is not intended to be a substitute for or superior to reported growth, provides useful and necessary information to investors and other interested parties for the following reasons:

• it provides additional information on underlying growth of the business without the effect of certain factors unrelated to the operating performance of the business;  • it is used for internal performance analysis; and • it facilitates comparability of underlying growth with other companies, although the term normalised is not a defined term under IFRS and may not, therefore, be comparable with similarly titled measures reported by other companies.

for the reconciliation of normalised growth table from the operating results section.

Other pronouncements adopted

Practice Statement: Management Commentary (‘Practice Statement’)

The Group has adopted the Practice Statement issued by the IASB, with an effective date of 8 December 2010. The Practice Statement is not an IFRS and therefore its adoption had no impact on the Group's financial results. Its purpose is to provide a framework for the presentation of management commentary to accompany annual financial statements prepared in accordance with IFRS. Management has fully applied the guidance outlined in the Practice Statement in its commentary.