Commentary: Results

Headline earnings for the financial year to 30 June 2013 have decreased marginally by 4,7% on the previous year to R3,5 billion (2012: R3,7 billion). This reduction is mainly due to the decline in the headline earnings of Assmang Limited (Assmang), which decreased by 7,1% to R6,5 billion (2012: R7,0 billion), compared to the previous financial year. Increased turnover in Assmang resulted in higher commissions earned by the Group, partly limiting the extent of the decline in headline earnings and whilst these earnings for the six months ended 31 December 2012 amounted to R1,1 billion, second half headline earnings amounted to R2,4 billion for the reasons set out in the narrative below.


Registered office
Assore House, 15 Fricker Road, IIlovo
Boulevard, Johannesburg, 2196

Company secretaries
African Mining and Trust Company Limited

Transfer office
Computershare Investor Services
(Proprietary) Limited, 70 Marshall Street,

The Standard Bank of South Africa Limited

Desmond Sacco (Chairman),
CJ Cory (Chief Executive Officer),
AD Stalker (Marketing),
BH van Aswegen (Technical and Operations)

PE Sacco

EM Southey* (Deputy Chairman and
Lead Independent Director), RJ Carpenter,
S Mhlarhi*, WF Urmson*     *Independent