Annual report for the year ended 30 September 2007
Helping care for the health of humankind

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Five year review

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Five year review

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Balance sheet	2007 Rm	2006 Rm	2005 Rm	2004 Rm	2003 Rm
ASSETS
Non-current assets
Property, plant and equipment	26 683	27 246	3 109	2 880	2 704
Goodwill and intangible assets	16 380	17 016	350	227	170
Associated companies, investments and loans	298	255	791	597	491
Financial asset – Derivative financial instruments	1 453	834			^427
Deferred taxation	514	396	19	43	41
Total non-current assets	45 328	45 747	4 269	3 747	3 833
Total current assets	5 211	4 791	2 013	1 759	1 949
Total assets	50 539	50 538	6 282	5 506	5 782
EQUITY AND LIABILITIES
Ordinary shareholders’ equity	4 132	2 237	3 342	2 722	2 867
Preference share capital and premium	644	644
Minority interest	3 806	3 355	76	74	72
Total shareholders’ equity	8 582	6 236	3 418	2 796	2 939
Non-current liabilities
Long-term debt	28 944	29 224	493	793	922
Financial liability – Derivative financial instruments	1 156	2 152
Post-retirement benefit obligations	115	294	65	55	44
Deferred lease liability	63	64	159	153	141
Deferred taxation	6 073	6 399	62	203	227
Total non-current liabilities	36 351	38 133	779	1 204	1 334
Total current liabilities	5 606	6 169	2 085	1 506	1 509
Total equity and liabilities	50 539	50 538	6 282	5 506	5 782
The financial results of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) from the beginning of the 2005 financial year. Comparative figures are restated where practicable for changes to accounting policies subsequent to the adoption of IFRS. ^Other financial asset

Income statement	Compound growth %*	2007 Rm	2006 Rm	2005 Rm	2004 Rm	2003 Rm
CONTINUING OPERATIONS
Revenue	32,6	18 607	11 152	7 534	6 853	6 013
Cost of sales		(10 856)	(6 376)	(3 651)	(3 490)	(2 753)
Gross profit		7 751	4 776	3 883	3 363	3 260
Other income, administrative and other expenses		(4 761)	(3 198)	(2 693)	(2 416)	(2 337)
Operating profit	34,2	2 990	1 578	1 190	947	923
Financial income and expenses	87,4	(2 135)	(927)	(138)	(102)	(173)
Attributable earnings of associates		32	28	63	25
Profit before taxation	4,3	887	679	1 115	870	750
Taxation		99	(229)	(300)	(216)	(169)
Profit for the year from continuing operations	14,1	986	450	815	654	581
DISCONTINUED OPERATION
Profit for the year from discontinued operation		109	87
Profit for the year		1 095	537	815	654	581
Attributable to:
Ordinary shareholders		927	729	813	652	580
Preference shareholders		30	12
Minority interest		138	(204)	2	2	1
		1 095	537	815	654	581

Cash flow statement	Compound growth %*	2007 Rm	2006 Rm	2005 Rm	2004 Rm	2003 Rm
Cash generated from operations before working capital changes		4 252	2 179	1 452	1 191	1 129
Working capital changes		(278)	(50)	156	(88)	(250)
Cash generated from operations	45,8	3 974	2 129	1 608	1 103	879
Interest paid		(2 355)	(838)	(176)	(199)	(270)
Taxation paid		(286)	(234)	(466)	(358)	(154)
Preference dividends paid		(30)	(12)
Reductions of capital paid		(347)	(391)	(308)	(246)	(183)
Net cash from operating activities	36,9	956	654	658	300	272
Net cash from investing activities	21,6	(1 664)	(17 818)	(601)	(705)	(760)
Net cash from financing activities	(3,9)	614	19 273	90	109	719
Translation effects on cash and cash equivalents of foreign entities		39	(1 393)
(Decrease)/ increase in cash and cash equivalents		(55)	716	147	(296)	231
Cash and cash equivalents at beginning of year		1 009	293	146	442	211
Cash in disposal group held for sale		(54)
Cash and cash equivalents at end of year	19,5	900	1 009	293	146	442
*Four year compound growth percentage per annum The financial results of the Group have been prepared in accordance with IFRS from the beginning of the 2005 financial year. Comparative figures are restated where practicable for changes to accounting policies subsequent to the adoption of IFRS.

Ratios		Compound growth %*	2007	2006	2005	2004	2003
Ordinary share performance
Number of shares in issue (net of treasury shares)	million		1 245	1 183	1 446	1 426	1 531
Weighted average number of shares	million		1 230	1 448	1 431	1 480	1 429
Diluted weighted average number of shares	million		1 293	1 469	1 474	1 540	1 497
Attributable earnings per share	cents
– Basic		16,7	75,4	50,3	56,8	44,0	40,6
– Diluted		16,7	71,7	49,6	55,2	42,3	38,7
Headline earnings per share	cents
– Basic		17,7	77,6	44,3	60,0	45,4	40,4
– Diluted		17,6	73,8	43,7	58,3	43,6	38,6
Reductions of capital per share	cents	19,9	31,0	27,0	25,0	19,0	15,0
Reductions of capital cover	times		2,5	1,6	2,4	2,4	2,7
Ordinary shareholders’ equity per share	cents	15,4	331,9	189,1	231,1	190,9	187,3
Market capitalisation	R million		21 963	22 056	11 203	7 059	6 277
Earnings yield	%		6,5	3,6	9,2	9,2	9,9
Distribution yield	%		2,6	2,2	3,8	3,8	3,7
Price : earnings ratio	times		15,4	28,0	10,9	10,9	10,1
Profitability and asset management
Operating profit margin	%		16,1	14,1	15,8	13,8	15,4
Operating profit return on net assets	%		8,0	7,7	30,0	25,0	28,0
Return on ordinary shareholders’ equity	%	5,7	30,0	23,0	28,0	24,0	24,0
Liquidity and leverage
Current ratio	:1		0,9	0,8	1,0	1,2	1,3
Quick ratio	:1		0,8	0,7	0,8	1,0	0,5
Interest cover	times		1,4	1,9	9,3	8,1	4,9
Debt : equity ratio	%		351,1	499,9	32,6	43,2	30,6
Total liabilities to ordinary shareholders’ equity	%		10,2	19,8	0,9	1,0	1,0
Debt coverage	times		0,1	0,1	1,4	0,9	1,0
Stock exchange performance
Market prices per share
– at 30 September	cents		1 193	1 240	655	495	410
– highest	cents		1 677	1 318	670	535	440
– lowest	cents		1 150	611	470	400	265
– weighted average	cents		1 368	950	560	463	337
Number of share transactions			114 167	77 800	39 596	33 321	16 614
Value of share transactions	R million		15 964,3	10 042,2	4 452,9	3 143,1	1 769,7
Volume of shares traded	million		1 166,9	1 057,0	795,7	680,0	525,0
Volume traded to issued	%		93,7	89,3	55,0	47,7	34,3
*Four year compound growth percentage per annum The financial results of the Group have been prepared in accordance with IFRS from the beginning of the 2005 financial year. Comparative figures are restated where practicable for changes to accounting policies subsequent to the adoption of IFRS.