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›	Download Annual Report [PDF - 1MB]
›	Section downloads of booklet
›	Excel downloads

Financials

›	Statement of financial position
›	Statement of comprehensive income
›	Statement of changes in equity
›	Statement of cash flows
›	Segment report
›	Notes to the annual financial statements
›	Annexure A: Details of subsidiaries and associates

Adcorp, a thought leader
IN ITS FIELD AND CONSIDERED AN
eminent authority
WITH REGARD TO THE SOUTH AFRICAN LABOUR MARKET

SALIENT FEATURES

	Normalised EBITDA down by 14%
	Normalised earnings per share down by 19%
	Cash conversion ratio 92%
	Balance sheet strengthened by R112,5 million capital raised
	4 500 learnerships facilitated
	Scrip distribution with a cash dividend election of 115 cents per share

SA’ S MOS T EMPOWERED COMPANY*

	2008 SA’s most empowered company/Winner Support Services Sector
	2009 SA’s most empowered company/Winner Support Services Sector
	2010 Placed 2nd Overall/Winner Support Services Sector

WHAT SHAREHOLDERS CAN EXPECT

	Total transparency in the conduct of the affairs of the business
	Sound corporate governance
	A primary focus on cash generation (as priority over reported profit)
	A focus on organic growth centred around margin management as well as growth achieved through strategic acquisition
	A return of excess cash resources to shareholders within the confines of maintaining an acceptable level of gearing
	A commitment to broad-based black economic empowerment (BBBEE) and transformation

* Consistently rated one of SA’s most empowered companies on the Johannesburg Securities Exchange in terms of the Financial Mail’s Top Empowered Companies Survey rated by empowerdex.

Incoming Chairman’s report

“The challenge for the ensuing year will be for the Adcorp Group to return to positive profit growth, which should be bolstered by the return to positive economic growth of the South African economy”.

Chief Executive’s report

Richard Pike “Despite tougher overall trading conditions, the Adcorp Group once again produced a solid financial performance for the year ended 28 February 2010”.

Tribute to past Chairman

Dr Van Zyl worked in the service of Adcorp for 15 years, having joined the Group as Chairman of the board of directors in 1994.