Notes to the consolidated annual financial statements

for the year ended 30 September

					Continuing operations
		Consolidated*			Eliminations			Equipment			Automotive
											Trading
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments**
	Revenue
	Southern Africa	29 166	22 332	17 993				11 930	8 568	5 581	11 622	9 948	9 307
	Europe	12 965	10 643	7 947				8 459	7 422	5 415
	North America	1 850	4 334	4 793
	Australia and Asia	2 849	2 448	1 719							2 849	2 448	1 719
		46 830	39 757	32 452				20 389	15 990	10 996	14 471	12 396	11 026
	Inter-segment revenue ***				(1 259)	(1 608)	(1 600)	407	389	199	74	51	(44)
		46 830	39 757	32 452	(1 259)	(1 608)	(1 600)	20 796	16 379	11 195	14 545	12 447	10 982
	Segment result
	Operating profit
	Southern Africa	1 967	1 522	1 007				1 523	918	478	143	184	210
	Europe	586	643	687				534	612	474
	North America	36	64	90
	Australia and Asia	62	48	23							62	48	23
	Operating profit/(loss)	2 651	2 277	1 807				2 057	1 530	952	205	232	233
	Fair value adjustments on financial instruments	(80)	295	224				49	(5)	121	10	(13)	13
	Total segment result	2 571	2 572	2 031				2 106	1 525	1 073	215	219	246
	By geographical region
	Southern Africa	1 879	1 819	1 230				1 570	913	599	153	171	223
	Europe	594	641	688				536	612	474
	North America	36	64	90
	Australia and Asia	62	48	23							62	48	23
	Total segment result	2 571	2 572	2 031				2 106	1 525	1 073	215	219	246
	Income from associates and joint ventures	72	53	54				62	36	27	8	20	27
	Segment result including associate income	2 643	2 625	2 085				2 168	1 561	1 100	223	239	273
	Finance costs	(889)	(631)	(435)
	Income from investments	195	164	139
	Exceptional items	(17)	(74)	116
		1 932	2 084	1 905
	Taxation	(675)	(697)	(556)
	Net profit	1 257	1 387	1 349
	Non cash expenses per segment
	Depreciation	1 833	1 487	1 451				488	406	352	64	46	37
	Amortisation of intangibles	52	54	49				21	23	21	4	3	2
	Impairment losses	47	262	23				19	158	22	3

		Continuing operations
		Automotive						Handling
		Car rental Southern Africa			Leasing			Trading			Leasing
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments**
	Revenue	1 586	1 209	1 108	948	701	631	1 027	765	631
	Southern Africa							3 193	2 690	1 995	75	160	257
	Europe							1 849	4 330	4 697	1	4	96
	North America
	Australia and Asia
		1 586	1 209	1 108	948	701	631	6 069	7 785	7 323	76	164	353
	Inter-segment revenue ***	9	3	2				91
		1 595	1 212	1 110	948	701	631	6 160	7 785	7 323	76	164	353
	Segment result
	Operating profit
	Southern Africa	250	325	250	85	76	63	124	54	26
	Europe							8	55	23	4	14	33
	North America							40	72	115	(4)	(8)	(25)
	Australia and Asia
	Operating profit/(loss)	250	325	250	85	76	63	172	181	164		6	8
	Fair value adjustments on financial instruments	(7)	7	6	1	(1)	2	(25)	(4)	20
	Total segment result	243	332	256	86	75	65	147	177	184		6	8
	By geographical region
	Southern Africa	243	332	256	86	75	65	99	50	46
	Europe							8	55	23	4	14	33
	North America							40	72	115	(4)	(8)	(25)
	Australia and Asia
	Total segment result	243	332	256	86	75	65	147	177	184		6	8
	Income from associates and joint ventures				(2)	(3)		3
	Segment result including associate income	243	332	256	84	72	65	150	177	184		6	8
	Finance costs
	Income from investments
	Exceptional items

	Taxation
	Net profit
	Noncash expenses per segment
	Depreciation	454	271	289	413	344	297	312	299	262	31	43	132
	Amortisation of intangibles	1			1	1	1	8	10	13
	Impairment losses							6	68

		Continuing operations
		Logistics^			Corporate and other

R million		2008	2007	2006	2008	2007	2006
1.	Business and geographical segments**
	Revenue
	Southern Africa	1 970	1 088	683	83	53	52
	Europe	1 238	371	280
	North America
	Australia and Asia
		3 208	1 459	963	83	53	52
	Inter-segment revenue ***	400	747	980	278	410	458
		3 608	2 206	1 943	361	463	510
	Segment result
	Operating profit
	Southern Africa	105	76	37	(263)	(111)	(57)
	Europe	30	19	28	10	(57)	129
	North America
	Australia and Asia
	Operating profit/(loss)	135	95	65	(253)	(168)	72
	Fair value adjustments on financial instruments	1			(109)	311	62
	Total segment result	136	95	65	(362)	143	134
	By geographical region
	Southern Africa	105	76	37	(377)	202	4
	Europe	31	19	28	15	(59)	130
	North America
	Australia and Asia
	Total segment result	136	95	65	(362)	143	134
	Income from associates and joint ventures				1
	Segment result including associate income	136	95	65	(361)	143	134
	Finance costs
	Income from investments
	Exceptional items

	Taxation
	Net profit
	Non cash expenses per segment
	Depreciation	53	47	48	18	31	34
	Amortisation of intangibles	15	14	4	2	3	8
	Impairment losses	2			17	36	1

	#	All relevant comparatives in the notes to the group financial statements have been reclassified as per note 35.
	*	The consolidated total excludes discontinued operations for income statement items but includes it for balance sheet and cash flow items.
	**	The geographical segments are determined by the location of assets.
	***	Inter segment revenue is priced on an arm’s length basis.
	^	The Logistics acquisitions made during 2008 in the Middle East and Asia have been included under Europe.

		Discontinued operations
		Automotive			Cement			Coatings			Scientific
		Car-rental Scandinavia
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Revenue
	Southern Africa					4 016	4 863	517	2 347	2 024
	Europe	1 174	1 134	805							193	1 191	1 027
	North America										16	388	429
	Australia and Asia								957	947		121	146
		1 174	1 134	805		4 016	4 863	517	3 304	2 971	209	1 700	1 602
	Inter-segment revenue								8	5
		1 174	1 134	805		4 016	4 863	517	3 312	2 976	209	1 700	1 602
	Segment result
	Operating profit
	Southern Africa					1 527	1 903	78	383	331
	Europe	(10)	81	69							14	104	62
	North America										(1)	(4)	10
	Australia and Asia								(33)	(57)		4	8
	Operating profit/(loss)	(10)	81	69		1 527	1 903	78	350	274	13	104	80
	Fair value adjustments on financial instruments	(2)				13	2	(1)	(8)	9
	Total segment result	(12)	81	69		1 540	1 905	77	342	283	13	104	80
	By geographical region
	Southern Africa					1 540	1 905	77	375	340
	Europe	(12)	81	69							14	104	62
	North America										(1)	(4)	10
	Australia and Asia								(33)	(57)		4	8
	Total segment result	(12)	81	69		1 540	1 905	77	342	283	13	104	80
	Income from associates and joint ventures					5		5	15	18
	Segment result including associate income	(12)	81	69		1 545	1 905	82	357	301	13	104	80
	Non-cash expenses per segment
	Depreciation	274	231	193		138	165	8	53	56	6	47	46
	Amortisation of intangibles		3	2		3	4	3	7	7		3	3
	Impairment losses	335	101

		Discontinued operations
			Steel Tube

R million		2008	2007	2006
1.	Business and geographical segments
	Revenue
	Southern Africa		348	1 775
	Europe
	North America
	Australia and Asia
			348	1 775
	Inter-segment revenue
			348	1 775
	Segment result
	Operating profit
	Southern Africa		32	95
	Europe
	North America
	Australia and Asia
	Operating profit/(loss)		32	95
	Fair value adjustments on financial instruments			(6)
	Total segment result		32	89
	By geographical region
	Southern Africa		32	89
	Europe
	North America
	Australia and Asia
	Total segment result		32	89
	Income from associates and joint ventures		1	4
	Segment result including associate income		33	93
	Non-cash expenses per segment
	Depreciation		5	18
	Amortisation
	of intangibles
	Impairment losses

		Continuing operations
		Consolidated*			Equipment			Automotive
								Trading
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Assets
	Property, plant and equipment	8 056	6 847	8 299	2 590	2 005	1 766	1 534	918	695
	Goodwill	2 421	2 046	3 005	239	220	232	244	120	59
	Intangible assets	205	274	323	68	3	46	14	15	7
	Investment in associates and joint ventures	1 095	928	749	822	523	553	7	114	74
	Long-term finance lease receivables	436	619	566			1
	Long-term financial assets	568	686	597	17	14	8	1	5	5
	Vehicle rental fleet	1 934	3 902	3 441
	Inventories	7 495	5 869	5 907	4 955	3 184	2 111	1 746	1 717	1 458
	Trade and other receivables	6 854	6 185	7 026	3 817	2 932	2 504	490	343	342
	Assets classified as held for sale	3 156	1 447	2 840	55	30	21	185
	Segment assets	32 220	28 803	32 753	12 563	8 911	7 242	4 221	3 232	2 640
	By geographical region
	Southern Africa	18 267	15 817	16 424	6 444	3 847	2 701	3 127	2 370	1 868
	Europe	11 888	11 124	12 425	6 119	5 064	4 541
	North America	971	990	2 445
	Australia and Asia	1 094	872	1 459				1 094	862	772
	Total segment assets	32 220	28 803	32 753	12 563	8 911	7 242	4 221	3 232	2 640
	Taxation	11	32	17
	Deferred taxation assets	488	619	750
	Cash and cash equivalents	1 238	1 201	2 134
	Consolidated total assets	33 957	30 655	35 654
	Liabilities
	Interest-bearing liabilities (Leasing)	2 016	2 068	2 671
	Long-term non-interest bearing including provisions	964	1 649	1 575	162	157	125	57	104	66
	Trade and other payables incl provisions	8 066	7 454	7 199	3 251	2 747	1 911	1 215	1 022	888
	Liabilities directly associated with assets classified as held for sale^#	1 996	210	1 061				116
	Segment liabilities	13 042	11 381	12 506	3 413	2 904	2 036	1 388	1 126	954
	By geographical region
	Southern Africa	7 822	6 698	5 815	2 266	1 577	863	1 277	1 007	848
	Europe	4 756	4 191	5 327	1 147	1 327	1 173
	North America	353	371	966
	Australia and Asia	111	121	398				111	119	106
	Total segment liabilities	13 042	11 381	12 506	3 413	2 904	2 036	1 388	1 126	954
	Interest-bearing liabilities (excluding Leasing and Held for sale amounts)	7 272	6 998	7 213
	Deferred taxation liabilities	266	610	870
	Taxation	344	445	705
	Consolidated total liabilities	20 924	19 434	21 294
	Capital additions
	Southern Africa	5 269	4 436	3 691	923	503	411	275	179	121
	Europe	2 820	2 852	2 046	523	630	298
	North America	118	169	222
	Australia and Asia	138	96	134				138	74	123
		8 345	7 553	6 093	1 446	1 133	709	413	253	244

		Continuing operations
		Automotive						Handling
		Car rental South Africa			Leasing			Trading
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Assets
	Property, plant and equipment	283	173	98	1 895	1 605	1 461	1 018	1 124	1 222
	Goodwill	784	784	907	282	282	80	187	179	328
	Intangible assets	3			2	2	1	17	89	83
	Investment in associates and joint ventures	2			225	190	10	26
	Long-term finance lease receivables				85	66	62
	Long-term financial assets	42	2	1			42	53	12	34
	Vehicle rental fleet	1 934	1 968	1 494
	Inventories	6	(6)	(10)	1		1	786	602	1 140
	Trade and other receivables	513	359	327	176	134	142	773	796	950
	Assets classified as held for sale	138	167	86	54	54	51	26	66	41
	Segment assets	3 705	3 447	2 903	2 720	2 333	1 850	2 886	2 868	3 798
	By geographical region
	Southern Africa	3 705	3 447	2 903	2 720	2 333	1 850	662	768	720
	Europe							1 272	1 215	1 154
	North America							952	885	1 924
	Australia and Asia
	Total segment assets	3 705	3 447	2 903	2 720	2 333	1 850	2 886	2 868	3 798
	Taxation
	Deferred taxation assets
	Cash and cash equivalents
	Consolidated total assets
	Liabilities
	Interest-bearing liabilities (Leasing)				1 672	1 456	1 129
	Long-term non-interest bearing including provisions	12	31	11	334	267	223	106	58	80
	Trade and other payables incl provisions	844	596	492	348	264	222	1 247	1 074	1 402
	Liabilities directly associated with assets classified as held for sale^#
	Segment liabilities	856	627	503	2 354	1 987	1 574	1 353	1 132	1 482
	By geographical region
	Southern Africa	856	627	503	2 354	1 987	1 574	403	298	254
	Europe							636	528	484
	North America							314	306	744
	Australia and Asia
	Total segment liabilities	856	627	503	2 354	1 987	1 574	1 353	1 132	1 482
	Interest-bearing liabilities (excluding Leasing and Held for sale amounts)
	Deferred taxation liabilities
	Taxation
	Consolidated total liabilities
	Capital additions
	Southern Africa	2 403	1 912	1 734	1 220	977	831	269
	Europe							216	129	38
	North America							118	164	163
	Australia and Asia
		2 403	1 912	1 734	1 220	977	831	603	293	201

		Continuing operations
		Handling			Logistics			Corporate and other
		Leasing
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Assets
	Property, plant and equipment	68	108	143	366	207	238	302	336	480
	Goodwill				685	127	115			133
	Intangible assets				76	52	52	25	24	27
	Investment in associates and joint ventures				2			11	13	29
	Long-term finance lease receivables	339	544	494				12	8	8
	Long-term financial assets	109	104	7	16	3	3	330	529	93
	Vehicle rental fleet
	Inventories	(17)			7	5	4	11	5	6
	Trade and other receivables	114	120	203	1 065	617	531	(94)	(33)	(96)
	Assets classified as held for sale	16	51	1 716		5			50
	Segment assets	629	927	2 563	2 217	1 016	943	597	932	680
	By geographical region
	Southern Africa				1 030	822	793	579	893	447
	Europe	610	905	2 433	1 187	194	150	18	39	233
	North America	19	22	130
	Australia and Asia
	Total segment assets	629	927	2 563	2 217	1 016	943	597	932	680
	Taxation
	Deferred taxation assets
	Cash and cash equivalents
	Consolidated total assets
	Liabilities
	Interest-bearing liabilities (Leasing)	344	612	1 542
	Long-term non-interest bearing including provisions	185	172	88	15	4	2	93	810	843
	Trade and other payables incl provisions	24	36	44	917	545	458	220	296	15
	Liabilities directly associated with assets classified as held for sale^#			597
	Segment liabilities	553	820	2 271	932	549	460	313	1 106	858
	By geographical region
	Southern Africa				600	422	360	66	260	(44)
	Europe	514	767	2 124	332	127	100	247	846	902
	North America	39	53	147
	Australia and Asia
	Total segment liabilities	553	820	2 271	932	549	460	313	1 106	858
	Interest-bearing liabilities (excluding Leasing and Held for sale amounts)
	Deferred taxation liabilities
	Taxation
	Consolidated total liabilities
	Capital additions
	Southern Africa				84	31	56	72	41	17
	Europe	11	106	87	21	11	4
	North America			52
	Australia and Asia
		11	106	139	105	42	60	72	41	17

	*	The consolidated total excludes discontinued operations for income statement items but includes it for balance sheet and cash flow items.
	#	Includes interest bearing in Car rental Scandinavia of R1 280 million.

		Discontinued operations
		Automotive			Cement			Coatings
		Car rental Scandinavia
R million		2008	2007	2006	2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Assets
	Property, plant and equipment		54	78			1 414		317	362
	Goodwill		301	400			382		33	43
	Intangible assets		8	9			14		81	74
	Investment in associates and joint ventures		2						85	83
	Long-term finance lease receivables								1	1
	Long-term financial assets						388		17	13
	Vehicle rental fleet		1 934	1 947
	Inventories			3			224		362	498
	Trade and other receivables		476	426			702		441	566
	Assets classified as held for sale	2 682	52	50			130			30
	Segment assets	2 682	2 827	2 913			3 254		1 337	1 670
	By geographical region
	Southern Africa						3 254		1 337	1 173
	Europe	2 682	2 827	2 913
	North America
	Australia and Asia									497
	Total segment assets	2 682	2 827	2 913			3 254		1 337	1 670
	Long-term non-interest bearing		2				107		44	14
	Trade and other payables including provisions		398	377			473		476	610
	Liabilities directly associated with assets classified as held for sale^#	1 880					109			8
	Segment liabilities	1 880	400	377			689		520	632
	By geographical region
	Southern Africa						689		520	421
	Europe	1 880	400	377
	North America
	Australia and Asia									211
	Total segment liabilities	1 880	400	377			689		520	632
	Capital additions
	Southern Africa					671	389	23	116	101
	Europe	2 045	1 961	1 602
	North America
	Australia and Asia								12	9
		2 045	1 961	1 602		671	389	23	128	110

		Discontinued operations
		Scientific			Steel Tube

R million		2008	2007	2006	2008	2007	2006
1.	Business and geographical segments
	Assets
	Property, plant and equipment			342
	Goodwill			326
	Intangible assets			10
	Investment in associates and joint ventures
	Long-term finance lease receivables
	Long-term financial assets			3
	Vehicle rental fleet
	Inventories			472
	Trade and other receivables			429
	Assets classified as held for sale		972				715
	Segment assets		972	1 582			715
	By geographical region
	Southern Africa						715
	Europe		879	1 001
	North America		83	391
	Australia and Asia		10	190
	Total segment assets		972	1 582			715
	Long-term non-interest bearing			16
	Trade and other payables including provisions			307
	Liabilities directly associated with assets classified as held for sale^#		210				347
	Segment liabilities		210	323			347
	By geographical region
	Southern Africa						347
	Europe		196	167
	North America		12	75
	Australia and Asia		2	81
	Total segment liabilities		210	323			347
	Capital additions
	Southern Africa					6	31
	Europe	4	15	17
	North America		5	7
	Australia and Asia		10	2
		4	30	26		6	31

Includes interest bearing in Car rental Scandinavia of R1 280 million.

1.	Business and geographical segments
1.1	Segmentation for purpose of gearing and interest cover targets^
	These schedules are provided to assist users to gain a better understanding of how the group segments its balance sheet and income statement in order to set appropriate gearing and interest cover targets. For this purpose three broad segments have been defined namely: Trading (manufacturing and dealership businesses) Leasing (long-term leasing solutions including fleet services) Car rental (short-term car hire)
	In view of the nature of the Leasing and Car rental businesses, these operations are more highly geared and in this respect are different from the rest of the group. Short-term equipment rental businesses with a net book value of rental assets amounting to R2 337 million (2007: R2 166 million; 2006: R2 252 million) are included as part of the Trading operations.

	Total Group			Trading			Leasing^#			Car rental
	2008	2007	2006	2008	2007	2006	2008	2007	2006	2008	2007	2006
	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm
Consolidated balance sheet
Assets
Property, plant and equipment
Cost	17 478	16 822	19 665	9 174	9 247	12 566	3 027	2 725	2 883	5 277	4 850	4 216
Accumulated depreciation	5 044	5 417	7 413	3 279	3 982	5 961	1 007	920	977	758	515	475
Net book value	12 434	11 405	12 252	5 895	5 265	6 605	2 020	1 805	1 906	4 519	4 335	3 741
Less: Items reflected under current assets as vehicle rental fleet and assets classified as held for sale	4 378	4 558	3 953	85	358	86	57	92	302	4 236	4 108	3 565
Property, plant and equipment – net book value	8 056	6 847	8 299	5 810	4 907	6 519	1 963	1 713	1 604	283	227	176
Goodwill	2 421	2 046	3 005	1 355	679	1 618	282	282	80	784	1 085	1 307
Intangible assets	205	274	323	200	264	313	2	2	1	3	8	9
Finance lease receivables	436	619	566	13	9	10	423	610	556
Long-term financial assets, investment in associates and joint ventures	1 663	1 614	1 346	1 285	1 315	1 286	334	295	59	44	4	1
Deferred taxation assets	488	619	750	435	583	690	48	32	39	5	4	21
Non-current assets	13 269	12 019	14 289	9 098	7 757	10 436	3 052	2 934	2 339	1 119	1 328	1 514
Current assets	20 688	18 636	21 365	14 929	13 206	14 792	371	371	2 157	5 388	5 059	4 416
Finance lease receivables	161	150	222	8	21	22	153	129	200
Cash and cash equivalents	1 238	1 201	2 134	1 097	1 086	2 012	26	9	41	115	106	81
Assets classified as held for sale	3 156	1 447	2 840	267	1 124	936	70	105	1 768	2 819	218	136
Other current assets	16 133	15 838	16 169	13 557	10 975	11 822	122	128	148	2 454	4 735	4 199

Total assets	33 957	30 655	35 654	24 027	20 963	25 228	3 423	3 305	4 496	6 507	6 387	5 930
Equity and liabilities
Interest of all shareholders	13 033	11 221	14 360	10 811	9 308	12 468	365	320	474	1 857	1 593	1 418
Non-current liabilities	6 252	6 638	7 920	3 604	2 861	2 062	2 528	2 464	2 598	120	1 313	3 260
Deferred taxation liabilities	266	610	870	8	171	417	150	158	169	108	281	284
Interest-bearing	5 022	4 379	5 475	3 163	1 513	392	1 859	1 867	2 118		999	2 965
Non-interest-bearing	964	1 649	1 575	433	1 177	1 253	519	439	311	12	33	11
Current liabilities	14 672	12 796	13 374	9 612	8 794	10 698	530	521	1 424	4 530	3 481	1 252
Amounts due to bankers and short-term loans	4 266	4 687	4 409	2 319	2 040	3 510	157	201	553	1 790	2 446	346
Liabilities directly associated with assets classified as held for sale
– Interest-bearing	1 356		642	76		45			597	1 280
– Non-interest-bearing	640	210	419	40	210	419				600
Other current liabilities	8 410	7 899	7 904	7 177	6 544	6 724	373	320	274	860	1 035	906

Total equity and liabilities	33 957	30 655	35 654	24 027	20 963	25 228	3 423	3 305	4 496	6 507	6 387	5 930

Consolidated income statement
Continuing operations
Revenue	46 830	39 757	32 452	44 220	37 683	30 360	1 024	865	984	1 586	1 209	1 108
Operating profit before depreciation and leasing interest paid	4 776	3 995	3 497	2 978	2 515	2 237	820	701	739	978	779	521
Leasing interest paid included in cost of sales	(292)	(231)	(239)				(292)	(231)	(239)
Depreciation	(1 833)	(1 487)	(1 451)	(660)	(645)	(751)	(445)	(388)	(429)	(728)	(454)	(271)
Operating profit	2 651	2 277	1 807	2 318	1 870	1 486	83	82	71	250	325	250
Fair value adjustments on financial instruments	(80)	295	224	(74)	289	217	1	(1)	1	(7)	7	6
Finance costs	(889)	(631)	(435)	(618)	(437)	(264)				(271)	(194)	(171)
Income from investments	195	164	139	166	153	107	1	1	3	28	10	29
Profit before exceptional items	1 877	2 105	1 735	1 792	1 875	1 546	85	82	75		148	114
Exceptional items	(17)	(74)	116	(15)	(73)	116	(2)	(1)
Profit before taxation	1 860	2 031	1 851	1 777	1 802	1 662	83	81	75		148	114
Taxation	(675)	(697)	(556)	(657)	(638)	(544)	(9)	(15)	5	(9)	(44)	(17)
Profit/(loss) after taxation	1 185	1 334	1 295	1 120	1 164	1 118	74	66	80	(9)	104	97
Income from associates and joint ventures	72	53	54	74	56	54	(2)	(3)
Net profit/(loss) from continuing operations	1 257	1 387	1 349	1 194	1 220	1 172	72	63	80	(9)	104	97
Discontinued operations
(Loss)/profit from discontinued operations	(11)	1 172	1 397	306	1 144	1 375				(317)	28	22
Net profit/(loss)	1 246	2 559	2 746	1 500	2 364	2 547	72	63	80	(326)	132	119
Attributable to:
Minority shareholders	14	289	389	5	282	373	9	7	16
Barloworld Limited shareholders	1 232	2 270	2 357	1 495	2 082	2 174	63	56	64	(326)	132	119
	1 246	2 559	2 746	1 500	2 364	2 547	72	63	80	(326)	132	119
Key financial ratios by segment
Total borrowings to total shareholders’ funds (%)**
Actual	82	81	69	51	38	31	552	646	564	165	216	233
Target*				30 – 50			600 – 800				200 – 300
Interest cover (times)**
Actual	2.9	3.4	3.6	4.4	5.3	6.9	1.3	1.4	1.3	1.0	1.8	1.7
Target		> 3			> 4			> 1			> 1.25

	^	All years have been reclassified for the treatment of the Car rental Scandinavia, Cement, Scientific, Coatings and Steel Tube segments as discontinued operations.
	#	The income received on the leasing net assets (finance and rental income) and the interest paid on the borrowings are regarded as operational items and are included in operating profits. Leasing results are stated excluding consolidation adjustments and inter-group eliminations.
	*	The group gearing target is dependent on the relative mix of assets between the three segments.
	**	Refer definitions.

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