Audited results and dividend announcement
for the year ended 31 December 2008

Condensed Balance Sheet
as at 31 December 2008

  Audited Audited
  31 December 31 December
  2008 2007*
  R000 R000
Ships, property, terminals, vehicles and equipment 4 540 514 3 046 945
Intangible assets 713 046 521 063
Investments in associates 316 746 236 420
Deferred taxation 159 352 138 069
Derivative financial assets and other investments 191 238 162 250
Loans and advances to bank customers 1 049 761 965 964
Liquid assets and short-term negotiable securities 138 553 228 938
Bank balances and cash 2 403 087 1 254 611
Non-current assets held for sale 2 245 141 608
Other current assets 4 469 033 3 232 192
Total assets 13 983 575 9 928 060
Shareholders’ equity 6 712 696 3 378 332
Minority interest 62 316 60 643
Total equity 6 775 012 3 438 975
Deferred taxation 18 527 33 224
Provision for post retirement medical aid 77 900 72 819
Income received in advance 151 200
Deposits from bank customers 1 507 046 1 397 073
Interest-bearing debt 1 963 564 2 306 187
  10 493 249 7 248 278
Non-current liabilities associated with assets held for sale 90 573
Other liabilities 3 490 326 2 589 209
Total funding 13 983 575 9 928 060
Net worth per ordinary share – at book value (cents) 1 336 590
Net debt:equity ratio (0,05):1 0,29:1
Capital expenditure 2 158 501 1 822 793
Capital commitments    
   Authorised by directors and contracted for 3 245 998 2 283 959
      Due within one year 1 647 309 1 081 564
      Due thereafter 1 598 689 1 202 395
   Authorised by directors not yet contracted for 277 000

715 178

DIVISIONAL ANALYSIS    
Revenue    
   Shipping 7 069 205 4 373 572
   Trading 24 022 393 11 334 072
   Freight Services 2 551 792 2 164 255
   Financial Services 93 520 74 828
  33 736 910 17 946 727
Trading profit (earnings before interest, taxation,    
   depreciation and amortisation)    
   Shipping 2 366 873 1 135 143
   Trading 230 177 119 223
   Freight Services 382 557 290 544
   Financial Services 46 410 38 797
  3 026 017 1 583 707
Operating profit before interest and taxation    
   Shipping 2 272 002 1 034 429
   Trading 221 920 112 332
   Freight Services 246 547 181 471
   Financial Services 44 606 37 555
  2 785 075 1 365 787
Attributable income    
   Shipping 1 794 758 982 488
   Trading 128 672 63 277
   Freight Services 198 133 113 306
   Financial Services 36 327 36 222
  2 157 890 1 195 293
* Restated due to the application of the revised International Accounting Standards 7 and 16.