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Earnings

Adjusted earnings (which removes the effect of goodwill amortisation, exceptional items and other items of a one-off nature) increased by 35% to US$1,251 million and the weighted average number of shares in issue for the year was 1,212.1 million, up from last year’s 1,192.2 million, reflecting mainly the conversion of the group’s US$600 million 4.25% convertible bond in December 2004. The group’s adjusted earnings per share increased 33% to 103.2 US cents from the prior year’s 77.6 US cents. The calculation of adjusted earnings is given in note 11. Adjusted earnings per share also showed double-digit increases when measured in South African rand, sterling and euro.

Given that the group’s convertible bond converted during the year, attention is drawn to adjusted diluted EPS which is shown as though the group’s 4.25% guaranteed convertible bond had converted on 1 April 2004, as a base comparison for future years.

Adjusted diluted earnings per share in 2005 grew by 33% to 99.8 US cents, based on a weighted average number of shares in issue of 1,272.7 million, after adjusting for 60.7 million weighted potentially dilutive ordinary shares arising from the effect of share options and the full-year effect of the guaranteed convertible bond, and the profit for the financial year as adjusted for an interest saving of US$19 million on the bond up until its conversion. Basic earnings per share increased 74% to 94.1 US cents from the prior year’s 54.1 US cents.

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