• Highlights, Reviews, Propects, and Dividends.
• Group Income Statement
• Group Balance Sheet
• Segmental Analysis
• Group Cash Flow
• Supplementary Information

R million	Notes	2000	1999 (Pro forma)	% change	1999
Revenue		3 184,1	2 648,6	20	4 565,5
– continuing operations		3 184,1	2 648,6		2 648,6
– operations sold and discontinued		–	–		1 916,9
Operating profit	1	244,6	188,6	30	296,6
– continuing operations		244,6	188,6		188,6
­ operations sold and discontinued		–	–		108,0
Net interest and dividend income		58,8	12,4		95,7
– normal		58,8	12,4		12,4
– on cash held for special dividend	6	–	–		83,3
Profit before abnormal items		303,4	201,0	51	392,3
Abnormal items	2	77,4			88,6
Profit before taxation		380,8	201,0		480,9
Taxation		102,3	66,4		147,6
Profit after taxation		278,5	134,6		333,3
Share of associate companies' profits		93,0	79,5	17	79,5
Profit after tax including associate companies		371,5	214,1		412,8
Earnings attributable to outside shareholders
in subsidiaries		4,3	1,5		53,6
Earnings attributable to ordinary shareholders
in Reunert Limited		367,2	212,6		359,2
– continuing operations		286,2	212,6	35	224,9
– operations sold and discontinued		–	–		46,4
– abnormal items	2	81,0	–		87,9
Earnings per share (cents)	4	180,3			179,2
Headline earnings (Rm)	5	286,5	215,9		274,2
Headline earnings per share (cents)		140,7			136,8
Pro forma headline earnings per share (cents)	6	140,7	107,7	31	107,7
Dividend per ordinary share (cents) – Normal		76,0	58,0	31	58,0
– Special		–	–		250,0
Taxation rate excluding abnormal items (%)		33,7	33,0		37,6
Operating profit for continuing operations as
a % of turnover		7,7	7,1		7,1
Note 1
Operating profit
Operating profit is stated after charging:
– Cost of sales		2 336,1			3 578,5
– Other income		(25,0)			(60,8)
– Other expenses		591,9			681,1
– Depreciation		36,5			70,1
Note 2
Abnormal items
Capital profit on disposal of businesses		89,0			87,6
Other		(11,6)			1,0
Gross abnormal items		77,4			88,6
Taxation		–			(0,2)
Minorities		3,6			(0,5)
Net abnormal items		81,0			87,9
Note 3
Accounting policy changes
The accounting policies relating to deferred tax and foreign exchange differ compared to those used in the 1999 annual financial statements. The new generally accepted accounting practice statements relating to tax and foreign exchange have now been adopted and the comparative figures for 1999 have been restated to reflect the new bases of accounting.
Had the new policies been used in 1998 the cumulative effect to 30 September 1998 would have been to increase/(decrease):
Operating profit					(2,4)
Deferred tax charge					(87,3)
Earnings attributable to outside shareholders
in subsidiaries					23,7
Prior year adjustment – increase in opening retained income at 1 October 1998					61,2
The effect of the change in policies has been to increase/(decrease) the following foryear the ended 30 September 1999:
Income statement
Abnormal items
– Capital profit on disposal of businesses					(7,3)
Taxation
– Deferred taxation					16,8
Earnings attributable to outside shareholders'
interest in subsidiaries					(4,6)
Earnings attributable to ordinary shareholders in Reunert Limited for the year ended 30 September 1999					(19,5)
Earnings per share					(9,7)
Headline earnings per share					(6,1)
Balance sheet
Retained income					41,7
Interest of outside shareholders in subsidiaries					13,9
Deferred tax liabilities					(0,8)
Deferred tax assets					29,2
Current tax liabilities					(28,0)
Accounts payable and provisions					2,4
Note 4
Earnings per share and diluted earnings per share
Diluted earnings per share (cents)		178,6			179,2
The earnings used to determine both earnings per share and diluted earnings per share are the earnings attributable to ordinary shareholders in Reunert Limited (Rm)		367,2			359,2
The weighted average number of shares in issue used to determine earnings per share, headline earnings per share and pro forma headline earnings per share (millions of shares)		203,7			200,4
Adjusted by the dilutive effect of unexercised share options available to executives employed in the group (millions of shares)		1,9			–
Weighted average number of shares used to
determine diluted earnings per share
(millions of shares)		205,6			200,4
Note 5
Headline earnings
Headline earnings are determined by  eliminating the effect of capital items in  attributable earnings as follows:
Earnings attributable to ordinary shareholders		367,2	212,6		359,2
Capital profit on disposal of businesses (note 2)		(89,0)			(87,6)
Other (net)		8,3	3,3		2,6
Headline earnings		286,5	215,9		274,2
Note 6
Pro forma headline earnings
The ordinary shareholders of Reunert Limited received a special dividend of R2,50 per share on 29 October 1999.This payment has had a major distorting effect on the comparability of the results of the current and prior years. Had this dividend been paid on 29 October 1998, the effect, calculated using an average interest rate of 16%, would have been to reduce earnings as follows:
Interest received			(83,3)
Taxation			25,0
Earnings attributable to Reunert shareholders			(58,3)
Headline earnings before this adjustment (note 5)			274,2
Pro forma headline earnings			215,9