Revenue (Refer segmental information)
Revenue from continuing operations increased by R4,2 billion (65,9%). Most AFGRI segments except for the Logistics segment achieved improved turnover of between 32% and 99%.

The low maize crops for the 2006 and 2007 year caused low utilisation for the Handling and Storage business, but this is expected to improve with the large 2008 crop. Silo utilisation already improved from 58% during the year ended February 2008 to 86% during August 2008. The turnover in most other AFGRI-based businesses improved resulting from increased agricultural commodity prices and the large 2008 maize crop. The Protein business sales increased by 97% driven by increase in feed cost as well as additional volumes in the Animal Feeds business.

Headline profit before tax from continuing operations (Refer segmental information)
Traditionally, due to the timing of the planting and harvesting of the summer maize crop, the four months ending June has been a quiet period for AFGRI and the change in the year-end means that the 16 months ended June 2008 include two such quiet periods. Despite this and the impact of two years of low maize crop, the headline profit before tax and after finance cost from continuing operations increased by R11 million (3,2%) in 2008.

Increase in the debtors finance book, rationalisation in the Retail business, margin improvements in the Foods business and an efficient performance by the Animal Feeds business resulted in improvements in headline operating profits before tax. This improvement is enhanced when taking into account the once-off R31 million foreign exchange profit included in 2007.

The Seed business has been impacted by losses resulting from a write-off of excess stock resulting from two years of low planting and the cost of developing seed varieties whilst the Logistics business was impacted by low silo utilisation resulting from the two consecutive years of low crop. The Seed business having taken the pain of clearing out excess stock and with a good selection of seed varieties developed are planning to break even in the next year, whilst the Logistics business is looking forward to a good year, benefitting from the large 2008 maize crop.

Headline profit before tax from discontinued operations (Refer segmental information)

Management discontinued the farming and Citrifruit businesses. The Snacks and a portion of the New Ventures businesses are held-for-sale. The 2008 loss from these businesses is R38 million.

Headline earnings (Refer to notes 36)
The increase in headline earnings per share of 18,7% is largely driven by the 3% increase in profit before tax from continuing operations supported by an effective tax rate of 4,1%.

The earnings per share is 69,5 cents per share. The headline earnings per share is 73,7 cents after adjusting for loss from discontinued operations (+3,2 cents), impairment (+2,2 cents), profit on disposal of assets (-1,1 cents) and goodwill on acquisition (-0,1 cents).

2007 headline earnings per share has been adjusted in line with SAICA Circular 8/2007.