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  12-months ended 31 December
    2007 
Audited 
Rm 		   2006 
Unaudited 
Rm 		 2005 
Unaudited 
Rm 
INCOME STATEMENTS          
Revenue   10 157     8 814  7 248 
Net operating profit   1 444     1 261  994 
Net financing costs1   (215)    (315) (173)
Investment and equity accounted income   730     638  417 
Taxation2   (512)    (595) (321)
Minority interest   (20)    (27) (61)
Reconciling items to headline earnings   21     (69) (76)
Headline earnings   1 448     893  780 
Headline earnings per share (cents)   425     285  256 
Average realised exchange rate on export sales (R/US$)   7,26     6,76  6,36 
CASH FLOW STATEMENTS          
Cash flows from operating activities   1 507     (1 003) 332 
Cash flows from investing activities   (1 119)    (729) (3 550)
Cash flows from financing activities   (453)    2 260  3 521 
Net (decrease)/increase in cash and cash equivalents   (65)    528  303 
           
1 Split of net financing cost for 2005 and 2006 based on the assumption that Exxaro incurred the majority of external borrowings as SIOC was cash positive.
2Split of taxation charge for 2005 and 2006 based on the assumption that STC incurred on dividend declarations was borne by Exxaro.
 
     
 
    At 31 December  
    2007 
Audited 
Rm 		   2006 
Unaudited 
Rm 		 2005
Unaudited
Rm
GROUP BALANCE SHEETS          
Assets          
Non-current assets          
Property, plant and equipment   8 235    8 367  7 714
Biological assets   30    26  28
Intangible assets   76    69  61
Investments in associates and joint ventures   757    384  513
Deferred taxation   732    521  339
Financial assets   1 031    693  307
Current assets          
Cash and cash equivalents   850    1 367  889
Inventories, trade and other receivables   3 462    3 054  2 441
Non-current assets classified as held-for-sale   2    2  11
Total assets   15 175    14 483  12 303
Equity and liabilities          
Capital and reserves          
Equity attributable to equity holders of the parent   9 804    9 160  4 178
Minority interest   19    27  9
Total equity   9 823    9 187  4 187
Non-current liabilities          
Interest-bearing borrowings   1 259    1 214  5 139
Other long-term payables          
Non-current provisions   1 329    931  643
Deferred taxation   1 077    1 116  502
Current liabilities          
Interest-bearing borrowings   74    613  549
Trade and other payables and provisions   1 613    1 422  1 283
Total equity and liabilities   15 175    14 483  12 303
Net debt   483    460  4 799
ANALYSIS PER SHARE          
Number of shares in issue (million)   353    351  306
Weighted average number of shares in issue (million)   341     313  304
Earnings per ordinary share          
– Attributable earnings (cents)    418    307  282
– Headline earnings (cents)    425    285  256
Dividend declared per ordinary share (cents)   160    525  470
Dividend cover (times) – based on headline earnings   2,66    0,54  0,55
Net asset value per ordinary share (cents)   2 778    2 610  1 365
Attributable cash flow per ordinary share (cents)   440    (328) 107
 
   

Supplementary information is compiled using the following assumptions to achieve comparability:
– The empowerment transaction resulting in the creation of Exxaro was effective from 1 January 2005.
– Eyesizwe Coal was fully consolidated from 1 January 2005.
– The 20% equity interest in Sishen Iron Ore Company was equity accounted from 1 January 2005.
– All non-recurring accounting entries associated with the transaction that led to the creation of Exxaro have been eliminated.
– The impairment in 2006 of the carrying value of the KZN Sands assets, has been excluded.

 
     
 
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