Commentary: Results

Headline earnings for the six months to 31 December 2015 declined by 25,4% to R738 million, compared to the same period in the previous financial year (the previous period). This was due to substantially lower headline earnings recorded for the period by Assmang Proprietary Limited (Assmang), which decreased by 28,2% to R1,2 billion. The group's principal investment is a 50% interest in Assmang, which it controls jointly with African Rainbow Minerals Limited (ARM), and in accordance with International Financial Reporting Standards (IFRS), is accounted for using the equity method.