Chief Financial Officer’s report

We measure our creation of shareholder value through the increase in adjusted headline earnings per share and the generation of free cash, our efficiency through Ebitdar margin and our financial risk through our net debt:Ebitdar ratio and unutilised net facilities. The financial position should be read in conjunction with the inorganic growth section here as the transactions concluded post-year end will result in a step change in our gearing levels. The results for the year ended 31 March 2014 were satisfactory in a tough economic environment.

RB Huddy Chief Financial Officer

	Income R10.8 billion		9%
	Adjusted earnings R1.9 billion		18%
	Adjusted HEPS 176.5 cents		18%
	Free cash flow R1.8 billion		(6%)
	Net debt R4.4 billion
	Net debt:Ebitdar 1.1 times
	Ebitdar R4.2 billion		8%
	Ebitdar margin 39.1%		(0.1pp)
	Dividends in respect of the year 89.0 cents per share		19%
	Investment activities R1.6 billion
	Unutilised net facilities R3.4 billion

Overview

This summarised report should be read in conjunction with the summarised consolidated financial statements here and the consolidated financial statements available separately on our website which set out the financial position, results and cash flows for the group for the financial year ended 31 March 2014.

Commentary on the organic growth during the year is included in the segmental operational performance here.

Commentary on inorganic growth is included here.

Commentary on net interest-bearing debt and interest rate and currency risk management is included in the financial strength and durability section here.