Four-year Financial Review

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Note	2010	2009	2008	2007
		R	R	R	R
Revenue		6 328 888	6 732 655	11 971 163	69 969 685
Operating costs	1	(26 958 232)	(13 189 009)	(14 131 211)	(7 160 914)
(Loss)/profit from operations		(20 629 344)	(6 456 354)	(2 160 048)	62 808 771
Profit from equity-accounted investments		117 628 202	130 492 356	60 176 071	12 001 640
Profit from jointly-controlled entities		82 200 422	97 599 843	49 932 835	11 634 682
Profit from associates		35 427 780	32 892 513	10 243 236	366 958
Re-measurement of investment	2	42 488 228	–	–	–
Negative goodwill		–	80 622 752	784 087 333	–
Impairment of investments		(3 860 000)	–	(92 131 891)	(750 380)
Profit before finance costs and taxation		135 627 086	204 658 754	749 971 465	74 060 031
Finance costs		(29 834 946)	(31 938 621)	(8 934 260)	(35 980)
Profit before taxation		105 792 140	172 720 133	741 037 205	74 024 051
Taxation		(1 084 429)	(1 000 223)	(2 454 063)	(945 925)
Profit for the year		104 707 711	171 719 910	738 583 142	73 078 126
Attributable to ordinary shareholders		104 707 711	171 719 910	738 583 142	73 078 126
Headline earnings	3	70 226 461	96 472 972	84 763 045	66 217 162
Adjusted headline earnings	4	87 595 827	96 515 692	84 763 045	66 217 162


General
1	2010 operating costs include transaction costs in respect of the LPM acquisition and the SunWest Lock-in transaction.
2	The 2010 re-measurement relates to the fair value of GPI’s existing interest of 25.1% in Grandslots as required by IFRS 3R: Business Combinations.
3	Headline earnings is the profit attributable to ordinary shareholders after reversing the adjustments detailed in note 8 of the annual financial statements.
4	Adjusted headline earnings takes into account transaction costs and the consolidation of the Employee Share Trust as the Group does not receive the economic benefits of the trust.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	2010	2009	2008	2007
	R	R	R	R
Non-current assets	2 156 127 342	1 876 393 916	1 700 265 551	227 964 581
Current assets	122 352 051	79 363 538	90 216 715	76 231 508
Total assets	2 278 479 393	1 955 757 454	1 790 482 266	304 196 089
Shareholders’ interest	1 767 402 562	1 639 715 475	1 572 534 408	294 528 533
Non-controlling interest	4 978 315	–	–	–
Non-current liabilities
– Provisions	93 859	–	–	–
– Deferred tax liabilities	17 111 604	2 384 086	2 851 195	2 922 603
– Interest-bearing borrowings	120 057 518	–	–	–
– Cumulative redeemable preference shares	281 123 865	285 123 865	201 398 108	–
Current liabilities	87 711 670	28 534 028	13 698 555	6 744 953
Total equity and liabilities	2 278 479 393	1 955 757 454	1 790 482 266	304 196 089

SHARE STATISTICS

	2010	2009	2008	2007
Shares in issue at year-end (before deducting treasury shares)	462 331 319	449 581 319	469 028 354	332 038 052
Adjusted shares in issue (after deducting treasury shares)**	456 511 319	443 761 319	469 028 354	332 038 052
Weighted average number of shares in issue	454 506 661	462 033 176	365 766 533	323 010 368
Adjusted weighted average number of shares in issue	448 686 661	462 033 176	365 766 533	323 010 368
Basic and diluted earnings per share (cents)	23,04	37,17	200,98	20,34
Headline earnings per share (cents)	15,45	20,88	23,17	20,50
Adjusted headline earnings per share (cents)**	19,52	20,89	23,17	20,50
Proposed dividends per share (cents)*	7,5	7,5	10,0	7,5
Tangible net asset value per share (cents)	351	365	335	90
Adjusted tangible net asset value per share (cents)	356	370	335	90
Net asset value per share (cents)	383	365	335	90
Adjusted net asset value per share (cents)	388	370	335	90

BUSINESS OVERVIEW

© Grand Parade Investments 2010