Earnings releases

Audited Results & Final Dividend Declaration for the year ended 31 December 2004


Rmillion 2004 2003

1.Valuation adjustments on
   financial instruments and other items
Maize procurement contracts18 (211)
Translation of foreign currency:
   - foreign cash(47) (80)
   - other(22) (57)
Export receivables3 (33)
Other financial instruments(3) (17)

(51) (398)

2.Exceptional items
Surplus on sale of property18 15
Estate closure costs (10)(3)
Goodwill amortised(2) (3)
Impairment of assets (2)

Exceptional items before tax6 7
Tax3 2

Exceptional items after tax9 9

3.Net financing costs
Interest paid(275) (438)
Financial instrument income112 174
Interest received70 69
Realised gain on cash equivalent investment43

(93) (152)

4. Tax
Normal(51) (24)
Deferred22 130
Secondary tax on companies(12)(29)

(41) 77

5.Capital expenditure commitments
Contracted52 46
Approved but not contracted86 85


6.Operating lease commitments 57 59

7.Guarantees and contingent liabilities34 43

8. Trade and other payables
Included in trade and other payables is a constructive maize obligation (interest bearing) in respect of maize of R218 million (2003: R553 million).
9. Operating profit
Operating profit includes underlying operating profit, Triangle dividend, restructure costs, valuation adjustments and exceptional items. It replaces the line in the Income Statement previously referred to as earnings before before interest and tax. This presentation is as required by AC101: Presentation of Financial Statements.
10. Basis of preparation of the results
The Group's accounting policies conform with South African Statements of Generally Accepted Accounting Practice. The results for the year ended 31 December 2004 have been prepared on a basis that is consistent with that of the previous year.
11. Audited results
The results for the year ended 31 December 2004 have been audited by Deloitte & Touche. Their unqualified audit opinion is available for inspection at the registered office of the company.