Contents
NOTES TO THE
ANNUAL FINANCIAL STATEMENTS
for the year ended 30 September 2006
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Commentary
Directors’ responsibility
Secretaries’ certification
Report of the independent auditors
Directors’ report
Accounting policies
Income statements
Balance sheets
Cash flow statements
Notes to the cash flow statements
Statements of changes
in equity
Notes to the annual financial statements
Principal subsidiaries
Share ownership analysis
Shareholders’ diary
Corporate administration and information
Currency conversion table
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      GROUP   COMPANY
    Notes 2006 
Rm 
 
  2005 
Rm 
(Restated)
  2006 
Rm 
 
2005 
Rm 
(Restated)
10. HEADLINE EARNINGS, NORMALISED EARNINGS AND NORMALISED HEADLINE EARNINGS              
  Headline earnings per share (cents) 10.1 524,6    408,4      
  Diluted headline earnings per share (cents) 10.1 520,0    403,6      
  Normalised basic earnings per share (cents) 10.2 497,6    397,1      
  Normalised headline earnings per share (cents) 10.2 495,3    394,1      
  Normalised diluted basic earnings per share (cents) 10.2 493,3    392,5      
  Normalised diluted headline earnings per share (cents) 10.2 490,9    389,5      
  10.1 HEADLINE EARNINGS   Rm    Rm      
    Headline earnings are determined by eliminating the effect of the following items in attributable earnings:              
    Profit attributable to equity holders of Reunert Limited   922,8    713,3      
    Adjusted for:   (4,2)   (3,7)      
    (Surplus)/loss on disposal of property, plant and equipment   (2,6)   0,2      
    Surplus on sale of investments   (5,0)   (6,4)      
    Impairment of goodwill   3,4         
    Negative goodwill reflected in abnormal items   —    (2,4)      
    Impairment of plant and equipment   —    4,9      
    Taxation   —    (1,5)      
    Headline earnings attributable to equity holders of Reunert Limited   918,6    708,1      
  10.2 NORMALISED EARNINGS AND NORMALISED HEADLINE EARNINGS              
    Normalised earnings are determined by deducting from attributable earnings the interest in profit that is economically attributable to BEE partners:

Profit attributable to equity holders of Reunert Limited (basic and diluted)
  922,8    713,3      
    Interest in profit that is economically attributable to BEE partners   (51,4)   (24,7)      
    Normalised earnings attributable to equity holders of Reunert Limited (basic and diluted)   871,4    688,6      
    Normalised headline earnings are determined by deducting from headline earnings the interest in profit that is economically attributable to BEE partners:              
    Headline earnings attributable to equity holders of Reunert Limited (basic and diluted)   918,6    708,1      
    Interest in profit that is economically attributable to BEE partners   (51,4)   (24,7)      
    Normalised headline earnings attributable to equity holders of Reunert Limited (basic and diluted)   867,2    683,4      
  10.3 BLACK ECONOMIC EMPOWERMENT (BEE) TRANSACTIONS              
    As referred to in note 25 certain BEE transactions involving the disposal of equity interests have not been recognised because the significant risks and rewards of ownership of the equity have been deemed not to have passed to the BEE partners. Accordingly, the equity interests in subsidiaries have not been recognised in the group income statement and balance sheet.

The effect of this has been to not recognise the following:
             
    Interest in current year profit that is economically attributable to BEE partners   51,4    24,7      
    Balance sheet interest that is economically attributable to BEE partners   106,3    96,0      
   
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