PROVISIONAL
REVIEWED RESULTS

COMMENTARY

Group financial performance

Headline earnings for FY18 are at a similar level compared to those recorded in FY17, decreasing by 2% to R5,1 billion, from R5,2 billion for FY17. Assmang’s headline earnings which were 5% lower than in FY17, at R7,1 billion contributed R3,5 billion (50%) towards Assore’s earnings. In accordance with International Financial Reporting Standards (IFRS), Assmang, in which Assore has a 50% interest, is classified as a joint venture and accordingly, its financial results are equity-accounted. The rest of the group’s operations reported headline earnings that were 4% higher than FY17, at R1,6 billion, Dwarsrivier contributed R875 million (FY17: R843 million) of this, with commissions and interest earned making up most of the balance. Attributable earnings amounted to R5,1 billion, 2% higher than FY17, representing another annual record.