Chief financial officer’s review FINANCIAL PERFORMANCE The  group  achieved  excellent  results  for  the  year,  mainly  due to  continued  strong  growth  in  casino  revenues,  improved operating  margins  and  lower  borrowing  costs.  Fully  diluted adjusted  headline  earnings  of  411  cents  per  share  reflect compound  annual  growth  of  62%  since  the  2002  earnings  of 97 cents. Revenue at R5,1 billion was 15% up on last year. 450 400 350 300 250 200 150 100 50 0 Adjusted headline earnings (Rm) 99 00 01 02 03 04 05 Top: Rob Becker (Chief Financial Officer)