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					                        AT BKB…
WE AIM TO BE THE LEADING AGRI-BUSINESS BY ADDING VALUE FOR
                    ALL STAKEHOLDERS



                     CORE VALUES


-    SERVICE EXCELLENCE IS NOT NEGOTIABLE.


-   PEOPLE ARE OUR GREATEST ASSET AND ARE TREATED WITH
    DIGNITY, ENCOURAGED TO GROW AND REWARDED FOR
    EXCEPTIONAL PERFORMANCE.


-   ENCOURAGEMENT OF AN ENTREPRENEURIAL SPIRIT AND
    SUPPORT OF A CULTURE OF CONSTANT RENEWAL.


-    PROFIT DRIVEN IN THE INTERESTS OF ALL STAKEHOLDERS.
                         CONTENTS

CHAIRMAN’S REPORT


OPERATING REVIEW


STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS


STATEMENT BY COMPANY SECRETARY


STATEMENT ON CORPORATE GOVERNANCE


AUDITORS’ REPORT


DIRECTORS’ REPORT


INCOME STATEMENTS


BALANCE SHEETS


STATEMENTS OF CHANGES IN EQUITY


CASH FLOW STATEMENTS
                                  BKB LIMITED
                               BKB LIMITED AND ITS SUBSIDIARIES
                                     (Reg. no. 1998/012435/06)



Registered address                                        Postal address
61 Grahamstown Road, North End                            P O Box 2002, North End
PORT ELIZABETH                                            PORT ELIZABETH
6001                                                      6056


Bankers                                                  Auditors
ABSA Bank                                                 PricewaterhouseCoopers Incorporated
First National Bank
Landbank SA
Standard Bank


                                        Contact details
                               Web address: www.bkb.co.za
                  Telephone: 041 503 3111   E-mail: bkb@bkb.co.za
                                 Fax: 041 503 3113


                             THE BOARD OF DIRECTORS

                      Chris Louw                          (Chairman)
                      Niel Lubbe                          (Vice-Chairman)
                      Wolf Edmayr                         Managing Director
                      Ben Brynard
                      D Lockey
                      Eddie Prinsloo
                      Ronnie Smith                        Operations Director
                      Johan van As
                      Cobus van der Merwe                 Executive
                      Hendrik van Zyl
                      Jannie Venter


                               GENERAL MANAGEMENT

           Jacobus le Roux                     General   Manager/Fibres
           Dolph Botha                         General   Manager/Livestock & Properties
           Koos Engelbrecht                    General   Manager/Human Resources
           Mike Latsky                         General   Manager/Trading
           Kamlesh Riga                        General   Manager/Finance
           Martin Schwellnus                   General   Manager/Fibre Trading


                                COMPANY SECRETARY

                                   Johannette Oosthuizen
                                              BKB LIMITED AND ITS SUBSIDIARIES
                                                    (Reg. no. 1998/012435/06)




                                                       CHAIRMAN'S REPORT
                                                 For the year ended 30 June 2007

INTRODUCTION AND GENERAL OVERVIEW

The fundamentals of the South African economy continue to be extremely sound. Gross forex reserves show steady increases every
month and are now at US$28bn which represents an increase of 17% over the past year. Fiscal and Monetary policies are prudently
sound and the consistent application of these policies augurs well for the future. The only concerns on the economic front at this point
are inflation and the increasing negative balance on the current account which has reached 7% of GDP. Based on the sound
performance of the authorities to date I am confident that these issues will be satisfactorily managed.

On the political front, the succession issue continues to dominate. This needs to be handled in a responsible manner so that South
Africa’s hard earned reputation as a bastion of responsible, market related government is maintained and enhanced.

BKB DIVISIONS

Wool and Mohair

The Fibretrack Wool market Indicator increased to an average for the season of R46,74 (last season R31,11) which represents an
increase of 50%. The high for the season was a level of R57,41. Whilst there is cautious optimism in the wool market that these levels
can be maintained we need to balance this against the fact that the wool price in US$ is the highest ever.

The average mohair price for the Summer 2007 season was R79,57 (Summer 2006: R87,02) compared to R68,29 for the Winter 2006
season (Winter 2005: R64,65). The prices of quality kid mohair continue to disappoint. Wool sheep and Angora goats continue to be the
most profitable of livestock enterprises and farmers need to take cognisance of this in their planning.

BKB through its BKB Plus initiative continues to build relationships in the wool and mohair marketing chain. We see this as a long term
endeavour which will bear fruit in the future.

Livestock Trading

Livestock prices have ended the year at about the same levels as a year ago. This after experiencing an upward spike in prices in
November/December 2006. Effective 1 March 2007 BKB acquired van Wyk Lewendehawe. This very successful owner managed business
increases our footprint in Standerton/Ermelo and surrounding areas. This division has again delivered outstanding results and based on
value of business is the largest division within BKB.

The Trading Division

This division has 39 stores spread over the country. Dedication and focus are now bearing fruit and this division shows a steady
improvement in financial performance. We look forward to considerable synergies with the newly acquired grain business.

Financing Division

We have grown our book selectively. Whilst we regard this as an integral part of BKB we are well aware that this Division needs to be
managed vigilantly and prudently.


The Property Leasing Division

As wool production in the Western Cape declined it became increasingly clear that the days of receiving wool in Cape Town were
numbered. As of 1 July 2007 no more wool will be received at our warehouse in Epping. We now await proposals from property
developers for the development of this prime site. A decision will be made shortly with a view to maximizing the long term value of this
site.

The industrial rental market continues to be buoyant and we have enjoyed an improvement in rentals achieved.

The Grain Division

Effective 1 October 2006 GrainCo became a fully owned subsidiary of BKB. This is BKB’s first venture outside it’s traditional areas of
business and further diversifies the income stream. GrainCo has sound, innovative management and it will be incumbent on the
management of GrainCo and BKB to fully exploit the synergies available from this association.

DIRECTORS

Cobus van der Merwe of GrainCo joined our Board in May 2007 and Desmond Lockey after a brief absence was welcomed back also in
May 2007. Both Cobus and Desmond will add great value and bring additional skills to our Board.
                                                   BKB LIMITED AND ITS SUBSIDIARIES
                                                         (Reg. no. 1998/012435/06)

                                                           CHAIRMAN'S REPORT
                                                     For the year ended 30 June 2007
                                                                (continued)

FINANCIAL PERFORMANCE

BKB has once again achieved a record profit.

                                                          2007          2006
                                                          R’000         R’000
 Operating Profit                                            69,722        31,887
 Profit on sale and/or revaluation of properties                249           344
 BEE Share issue                                                  -       (2,439)
 Net Finance cost                                           (7,312)       (2,096)
 Profit before taxation                                      62,659        27,696
 Taxation                                                  (18,489)       (8,448)
 Profit for the year                                         44,170        19,248

The level of profit achieved has enabled your Board to recommend a dividend of R3,60 per share (2006 : capital reduction of R1,72 per
share) thereby retaining a dividend cover of three.

BKB continues to have a sound Balance Sheet. The consolidation of GrainCo has resulted in significant increases in inventories, trade
receivables as well as trade and short-term borrowings. Within GrainCo, inventories and trade receivables are funded by short-term
borrowings and trade payables.

OUTLOOK

After the rapid expansion of the last three years we will be entering a period of consolidation. Most of BKB’s divisions are high
turnover/low margin. It is thus imperative that management and controls be of the highest standard. We need to ensure that our
expanded activities apply these principles correctly.

APPRECIATION

I wish to thank all our staff for their commitment and hard work. BKB endeavours to provide opportunities for everyone to grow so that
together we can build a Company of which we will all be proud. I wish to thank our Board for their unfailing enthusiasm and contribution
to BKB. Our Managing Director, Wolf Edmayr deserves special thanks for his work ethic and vision in taking BKB forward.




CHRIS LOUW
Chairman
                                                                            BKB LIMITED AND ITS SUBSIDIARIES
                                                                                  (Reg. no. 1998/012435/06)

                                                                                    OPERATING REVIEW
                                                                                       30 June 2007

1.   INTRODUCTION

     BKB increased its market share and results for the year improved substantially. Wool prices in US dollar terms were the
     highest they have ever been. Mohair prices increased marginally during the season. Good livestock trading and prices
     resulted in an exceptional performance for the year. All other divisions performed better than budget and the previous year.
     During the year under review BKB acquired the business of Grainco (Pty) Ltd and BKB also acquired the operations of Van
     Wyk Lewendehawe in Ermelo and Standerton. The synergies from these acquisitions will be exploited in the best interests of
     the group.


2.   VALUE OF BUSINESS CONDUCTED

     Value of business conducted increased by 69,7% to R2,958 billion (2006: R1,743 billion). Growth in all divisions contributed
     to the successful year.

                                              VALUE OF BUSINESS CONDUCTED



                   3500



                   3000



                   2500
      R MILLIONS




                   2000



                   1500



                   1000



                    500



                      0
                              2003          2004             2005            2006      2007




     The value of business conducted for the Group, per division, is as follows:



                                                   14.6%


                                     0.4%
                                                                                                       30.2%
                             0.6%
                             0.2%

                                  2.8%
                                                                                                               Wool and Mohair

                                                                                                               Livestock

                                                                                                               Trading

                          13.1%                                                                                Property Leasing

                                                                                                               Shearing Services

                                                                                                               Interest Income

                                                                                                               Properties - value sold

                                                                                                               Grain



                                            38.0%
                                                                                              BKB LIMITED AND ITS SUBSIDIARIES
                                                                                                    (Reg. no. 1998/012435/06)

                                                                                                             OPERATING REVIEW
                                                                                                                30 June 2007

3.               PRE-TAX PROFIT

                 The pre tax profit improved to R62,7 million from R27,7 million during the previous year. The pre-tax profit for current year
                 is 126,4% higher than the year before.

                                                                    PROFIT BEFORE TAX



                               70



                               60



                               50
                  R MILLIONS




                               40




                               30



                               20



                               10



                                0
                                      2003                 2004                 2005           2006                  2007




4.               BROKERAGE SERVICES

4.1              Wool

                 BKB handled 30,271 million kilograms (2006: 30,062 million kilograms) of wool. The wool price was the highest its ever
                 been in US dollar terms.

                 The value and mass of wool sold amounted to R828,716 million or 31,990 million kilograms (2006: R473,244 million or
                 28,998 million kilograms).

                                                    WOOL - KILOGRAMS RECEIVED                                                                    WOOL SALES - VALUE


                                                                                                                            1000
            40

                                                                                                                             900

            35
                                                                                                                             800


            30
                                                                                                                             700
                                                                                                                R MILLION




                                                                                                                             600
 MILLIONS




            25


                                                                                                                             500
            20

                                                                                                                             400
            15
                                                                                                                             300

            10
                                                                                                                             200


             5                                                                                                               100



             0                                                                                                                 0
                               2003          2004                 2005                 2006           2007                         2003   2004               2005     2006   2007




4.2              Mohair

                 BKB handled 1,033 million kilograms (2006: 1,041 million kilograms) of mohair.

                 The value of mohair sold increased to R65,649 million (2006: R60,211 million). Mohair prices increased marginally resulting
                 in another good season for growers.
                                                                                                                 BKB LIMITED AND ITS SUBSIDIARIES
                                                                                                                       (Reg. no. 1998/012435/06)

                                                                                                                           OPERATING REVIEW
                                                                                                                              30 June 2007




                                                                       MOHAIR - KILOGRAMS RECEIVED                                                                                 MOHAIR SALES - VALUE



                      1200                                                                                                                                  70



                                                                                                                                                            60
                      1000



                                                                                                                                                            50
                       800
          THOUSANDS




                                                                                                                                                R MILLION
                                                                                                                                                            40

                       600

                                                                                                                                                            30


                       400
                                                                                                                                                            20



                       200
                                                                                                                                                            10



                           0                                                                                                                                 0
                                                  2003           2004                 2005                2006            2007                                     2003     2004                 2005            2006    2007




4.3                            Shearing Services

                               During the year 5,125 million (2006: 4,693 million) sheep were shorn resulting in an income of R6,197 million (2006 :
                               R5,376 million).


                                                                   SHEARING SERVICES - NUMBERS                                                                                   SHEARING SERVICES - TURNOVER



               6000                                                                                                                                 7



                                                                                                                                                    6
               5000



                                                                                                                                                    5
               4000
                                                                                                                                        R MILLION
UNITS ('000)




                                                                                                                                                    4

               3000

                                                                                                                                                    3


               2000
                                                                                                                                                    2



               1000
                                                                                                                                                    1



                       0                                                                                                                            0
                                             2003               2004                 2005                2006            2007                                    2003     2004                 2005             2006    2007




5.                             TRADING

                               Trading turnover increased by 17,58% to R388,320 million (2006 : R332,867 million). The sustained increase is laudable
                               given the very competitive environment in which we trade.

                                                                                    TRADING - TURNOVER



                                            450


                                            400


                                            350


                                            300
                                R MILLION




                                            250


                                            200


                                            150


                                            100


                                            50


                                              0
                                                         2003               2004              2005                2006           2007
                                                                                        BKB LIMITED AND ITS SUBSIDIARIES
                                                                                              (Reg. no. 1998/012435/06)

                                                                                                   OPERATING REVIEW
                                                                                                      30 June 2007

6.                  LIVESTOCK, AUCTIONEERING AND PROPERTY TRANSACTIONS

                    The value of business conducted by the livestock and auctioneering division amounted to R1,125 billion (2006: R799,432
                    million), an increase of 41,16% over the previous year. BKBLouwid (Pty) Ltd has contributed significantly to this growth.
                    Effective 1 March 2007 the division also acquired the business of Van Wyk Lewendehawe in Standerton and Ermelo. Another
                    strong performance in the livestock, auctioneering and property division is expected in 2008.

                    BKB Properties (Pty) Limited sold farm properties to the value of R83,124 million (2006: R54,473 million), an increase of
                    52,6%.


                                                    LIVESTOCK - VALUE OF BUSINESS                                                                PROPERTIES - VALUE OF SALES



             1200
                                                                                                                              90


                                                                                                                              80
             1000


                                                                                                                              70

              800
 R MILLION




                                                                                                                              60




                                                                                                                  R MILLION
                                                                                                                              50
              600

                                                                                                                              40


              400
                                                                                                                              30


                                                                                                                              20
              200

                                                                                                                              10


                0                                                                                                              0
                                      2003          2004               2005          2006           2007                           2003   2004                  2005           2006   2007




7.                  LEASING OF PROPERTIES

                    Excess space is rented out. Rental income compared to the previous year has increased by 23,70%.

                    Opportunities will be further exploited to improve the financial performance of the Leasing Division.

                                                                  LEASING - INCOME



                                 16



                                 14



                                 12
                     R MILLION




                                 10



                                  8



                                  6



                                  4



                                  2



                                  0
                                             2003          2004               2005          2006           2007
                                                             BKB LIMITED AND ITS SUBSIDIARIES
                                                                   (Reg. no. 1998/012435/06)

                                                                           OPERATING REVIEW
                                                                              30 June 2007




8.    INTEREST INCOME – FINANCING

      BKB provides financing on a selective and responsible basis. This income has grown and efforts will be directed at further
      growth in the future.

                                      INTEREST INCOME - FINANCING



                   20


                   18


                   16


                   14
       R MILLION




                   12


                   10


                    8


                    6


                    4


                    2


                    0
                        2003   2004                  2005           2006          2007




9.    GRAIN

      During the year under review BKB Ltd acquired the business of Grainco (Pty) Ltd, effective 1 October 2006.

      Low stock levels, both locally and internationally, caused commodity prices to rise dramatically over the past year. Prices of
      some commodities even doubled. Regardless of the high prices the market was again characterised by participants who are
      testing the supply chain for value. Rising transport costs shifted the focus towards the search for the shortest and most
      effective way for getting the grain from the farm to the customer. GrainCo benefited from this through their wholly owned
      subsidiary company, BKB GrainCo, that stored about 100 000 tons of grain in 6 strategically positioned silobag depots. The
      growing need for differentiation and separate storage of grain has placed GrainCo in an advantageous position to develop
      niche markets.

      Regardless of new role players entering the competitive grit market, Gritco, another wholly owned subsidiary of Grainco, has
      shown positive growth and profits. The quality of the grit mill’s final product has been improved through the storing of the
      correct cultivar, yellow maize, in silobags at the Gritco premises.


10.   CONCLUSION

      Farming and agriculture profit levels remain under pressure and accordingly the BKB group will investigate all opportunities
      and possibilities to increase profitability.

      Our core values, which include exceptional levels of service, will assist BKB and all stakeholders to improve the performance
      of business for all.

      We will continue investigating opportunities to improve shareholder value.
                                               BKB LIMITED AND ITS SUBSIDIARIES
                                                     (Reg. no. 1998/012435/06)

                                                  STATEMENT OF RESPONSIBILITY
                                                   BY THE BOARD OF DIRECTORS

The directors' are responsible for the maintenance of adequate accounting records and the preparation and integrity of the financial
statements and the related information. The auditors are responsible to report on the fair presentation of the financial statements. The
financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and in the manner
required by the Companies Act in South Africa.

The directors are also responsible for BKB Limited and its subsidiaries’ systems of internal financial control. These controls are designed
to provide reasonable, but not absolute, assurance as to the reliability of the financial statements, and to adequately safeguard, verify
and maintain accountability of the assets, and to prevent and detect misstatement and loss. Nothing has come to the attention of the
directors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the
year under review.

The independent auditors, PricewaterhouseCoopers Inc, were given unrestricted access to all financial records and related data, including
minutes of shareholder, the board of directors and committees of the board.

The financial statements have been prepared on the going concern basis. The directors have no reason to believe that BKB Limited and
its subsidiaries will not continue to operate as going concerns in the foreseeable future based on current forecasts and available cash
resources. These financial statements support the viability of BKB Limited and its subsidiaries.

APPROVAL OF FINANCIAL STATEMENTS

The financial statements and the group financial statements for the year ended 30 June 2007, as set out on pages 11 to 45, as well as
annexures A to C, were approved by the Board of Directors on 28 August 2007 and, as authorised, are signed on their behalf by the
following directors:




CHRIS LOUW                                                                     NIEL LUBBE
Chairman                                                                       Vice-Chairman




                                               STATEMENT BY COMPANY SECRETARY

In my capacity as Company Secretary, I hereby confirm that in terms of section 268G(d) of the Companies Act, 1973, the Company has
lodged with the Registrar of Companies all returns as required for public companies for the year ended 30 June 2007 and that all such
returns are true, correct and up to date.




JOHANNETTE OOSTHUIZEN (MRS)                                                                                               Port Elizabeth
Company Secretary                                                                                                         28 August 2007
                                                BKB LIMITED AND ITS SUBSIDIARIES
                                                      (Reg. no. 1998/012435/06)

                                              STATEMENT ON CORPORATE GOVERNANCE

The Group is committed to the principles of transparency, integrity and accountability as recommended in the King Report on Corporate
Governance.

The directors subscribe to the Code of Corporate Practices and Conduct as set out in the King Report and applied it as far as possible
during the year under review. The need to conduct the business of the enterprise with integrity is acknowledged.

BOARD OF DIRECTORS

The Board of Directors currently comprises 11 members of which 8 members serve in a non-executive and three members serve in an
executive capacity. The Board of Directors meets quarterly and is responsible for strategic and policy decisions.

The Chairman is a non-executive director and all non-executive directors are appointed for a specific period.

The Board of Directors shall comprise of no fewer than 6 and no more than 14 directors as follows:

-     a maximum of 10 directors elected by the holders of the ordinary shares;

-     3 executive directors appointed by the abovementioned elected directors; and

-     a maximum of two non-executive directors appointed by the elected non-executive directors based on their expertise and
      experience.

The role and function of the board include:

-     provide strategic direction;

-     exercise effective control over the company and group;

-     put appropriate risk management, internal controls and regulatory compliance procedures in place;

-     designate and assign responsibility to sub-committees and provide terms of reference;

-     define levels of authority for management; and

-     provide governance and oversight over subsidiary activities.

REMUNERATION COMMITTEE

BKB has a remuneration committee that consists of four non-executive and two executive directors. This committee determines the
remuneration of all personnel, while the full Board of Directors takes decisions regarding its own remuneration.

AUDIT COMMITTEE

The audit committee consists of four non-executive directors. The external as well as the internal auditors have unlimited access to the
Audit Committee, which ensures that their independence is not compromised in any way. Internal audit matters are considered during
each quarterly Audit Committee meeting. The external auditors attend the meetings and are granted the opportunity to discuss any
relevant matter. The appropriate members of senior management also attend the meetings.

INTERNAL CONTROL SYSTEMS

Proper internal control measures are maintained. They provide reasonable assurance to the Board of Directors and Management
concerning the preparation of reliable published financial statements and the safeguarding of the Group's assets. The maintenance of
internal control measures is monitored internally and the findings and recommendations are reported to Management and the Board of
Directors. The Board of Directors, inter alia through the audit committee, supervises the financial reporting process.

EMPLOYEE PARTICIPATION

The Group employs a range of participative structures for issues that significantly and directly affect employees. These have been
designed to maintain sound relationships between employer and employees through the effective communication of relevant information,
consultation and the identification and resolution of conflict. The Group employs a policy of equal opportunities for all and promotes
staff on merit.

CODE OF ETHICS

Through its code of ethics, the Group is committed to the highest standards of integrity, conduct and ethics in its dealings with all its
stakeholders, including its directors, managers, employees, customers, suppliers, competitors, investors, shareholders and the public in
general. It is expected of directors and staff to fulfil their ethical obligations in such a manner that only fair, commercially competitive
practices are employed in operating the business.
                                       BKB LIMITED AND ITS SUBSIDIARIES
                                             (Reg. no. 1998/012435/06)

                                                DIRECTORS' REPORT
                                          For the year ended 30 June 2007


The directors herewith present the Company's tenth (the enterprise's thirty-first) annual report for the year ended 30 June 2007,
which forms part of the audited financial statements of the Company and the Group.

1.    FINANCIAL STATEMENTS

      Abridged financial statements are circulated to shareholders under cover of the notice of the Annual General Meeting. The
      official financial statements will be open for inspection at the registered office and all the branches of the Company for 21
      days prior to the Annual General Meeting. In the following paragraphs some comment is made to enable shareholders to
      gain a better insight into the nature, direction and state of affairs of the Company and its subsidiaries.

2.    NATURE OF BUSINESS

      The Group’s business broadly entails the handling and marketing of agricultural products (wool, mohair, grain and
      livestock), the provision of farming requisites, financing and other related activities. Excess warehouse space is leased or
      otherwise utilised to render warehousing services.

3.    OPERATING AND FINANCIAL REVIEW

3.1   Financial position and results

      The financial position and the result of operations are fully dealt with in the financial statements on pages 13 to 45, as well
      as annexures A to C.

3.2   Share capital

      During the year the company issued 443 505 shares as part settlement for the acquisition of the business of Grainco
      (Proprietary) Limited at an issue price of R55,13 per share.

      Mandisa Holdings acquired a total of 184 793 shares in furtherance of the company’s strategic BEE initiatives.            This
      transaction brings the BEE ownership to a total of 18,8% in the issued share capital of BKB Limited.

3.3   Investments in subsidiary companies

      During the year the Group acquired the businesses of Jan du Toit Afslaers, Van Wyk Lewendehawe and GrainCo. More
      details pertaining to these transactions are disclosed in note 30.

      Details of the holding company’s interest in subsidiaries are set out in Annexure A to the annual financial statements. All
      subsidiaries are incorporated in the Republic of South Africa.

3.4   Distribution to shareholders

      At the board meeting on 27/28 August 2007, the Directors proposed a distribution to shareholders of R3,60 per share.

3.5   Retirement benefits

      For more details on retirement benefits refer to note 23.

4.    DIRECTORS AND COMPANY SECRETARY

      The directors for the year under review were as follows:

      Messrs:   D C Louw              (Chairman)
                W D J Lubbe           (Vice chairman)
                B Brynard
                W Edmayr
                D Lockey
                E C H Prinsloo
                R J Smith             (appointed 1 July 2006)
                J van As
                J A van der Merwe     (appointed 29 May 2007)
                H H J van Zyl
                J C Venter

      Mrs J Oosthuizen is the Company Secretary.
                                                BKB LIMITED AND ITS SUBSIDIARIES
                                                      (Reg. no. 1998/012435/06)

                                                             DIRECTORS’ REPORT
                                                                 (continued)




5.   DIRECTORS’ INTERESTS

     At 30 June, the directors’ interests in the issued number shares of the Company were as follows:

                                               2007                                     2006
                                        Number of shares                         Number of shares
      Messrs:                          Direct     Indirect 1                    Direct       Indirect
      D C Louw                          64 276              -                      42 594             -
      W D J Lubbe                       11 951              -                       6 530             -
      B Brynard                         10 400              -                       5 000             -
      W Edmayr                          50 806         26 872                      39 124       26 872
      D Lockey 2                        10 842        184 793                       5 421             -
      E C H Prinsloo                    11 071              -                       5 650             -
      R J Smith                         11 600              -                       6 179             -
      J van As                          10 842          2 209                       5 421         2 209
      H H J van Zyl                     11 712              -                       6 291             -
      J C Venter                          9 123             -                       3 702             -
      J A van der Merwe                       -       155 005                           -             -

     Notes:
     1.   The directors have an indirect interest in the issued shares of the Company through interests in other entities, such as a company or a trust.

     2.       Mr D Lockey owns a 87% shareholding in Mandisa Holdings (Pty) Ltd, one of BKB’s black economic empowerment partners. Mandisa Holdings owns 184 793
              shares in BKB.


6.   EVENTS SUBSEQUENT TO BALANCE SHEET DATE

     No events which were material or which may require adjustment or disclosure in the financial statements, have occurred
     between the balance sheet date and the date the financial statements were approved.

7.   AUDITORS

     The Company's auditors are PricewaterhouseCoopers Inc who will continue in office in terms of section 270(2) of the
     Companies Act.

8.   REGISTERED OFFICE

     The Company is incorporated in the Republic of South Africa and its registered office is at 61 Grahamstown Road, Port
     Elizabeth.
                                               BKB LIMITED AND ITS SUBSIDIARIES
                                                     (Reg. no. 1998/012435/06)

                                                       INCOME STATEMENTS
                                                 for the year ended 30 June 2007



                                                                          Consolidated              Company
                                                                       2007         2006        2007       2006
                                                                       R'000        R'000       R'000     R'000

Value of business conducted                                           2,958,757    1,742,928   1,790,556    1,244,785

Revenue                                                               1,152,957     553,721     684,995      530,401
Cost of sales                                                          (906,437)   (394,590)   (498,398)    (394,590)
Gross profit                                                            246,520     159,131     186,597      135,811

Other operating income                                                    5,303       7,102       4,249        8,157
Administrative and other expenses                                      (182,101)   (134,346)   (136,168)    (116,369)
Trading profit                                                           69,722      31,887      54,678       27,599

BEE expense                                                                 -        (2,439)        -         (2,439)
Operating profit                                                         69,722      29,448      54,678       25,160
Profit on sale and revaluation of properties                                249         344          249         344
Net financing expense                                                    (7,312)     (2,096)      (3,287)     (1,941)
Interest income                                                           1,092         289          912         376
Interest expense                                                         (8,404)     (2,385)      (4,199)     (2,317)
Profit before taxation                                                   62,659      27,696       51,640      23,563
Income tax expense                                                      (18,489)     (8,448)     (15,170)     (7,249)
Profit for the year                                                      44,170      19,248       36,470      16,314

Earnings per share (cents)                                              1,247.7       678.5

Diluted earnings per share (cents)                                      1,196.4       621.1

Headline earnings per share (cents)                                     1,242.9       666.2

Diluted headline earnings per share (cents)                             1,191.7       609.8

Dividends per share (cents)                                                 -         116.0
                                          BKB LIMITED AND ITS SUBSIDIARIES
                                                (Reg. no. 1998/012435/06)

                                                  BALANCE SHEETS
                                                   30 June 2007



                                                                   Consolidated             Company
                                                                2007         2006       2007       2006
                                                                R'000        R'000      R'000     R'000

ASSETS
Non-current assets
Property, plant and equipment                                   201,924      178,232    183,688   173,681
Intangible assets                                                55,211        6,895     28,834        19
Investment in subsidiaries                                          -            -       55,768    12,817
Investments and non-current receivables                           7,401        9,324      7,304     9,324
                                                                264,536      194,451    275,594   195,841

Current assets
Inventories                                                     195,980       52,935     60,151    52,935
Trade and other receivables                                     252,489      133,737    157,430   122,874
Derivative financial instruments                                  4,678          -          -         -
Cash in bank and on hand                                         19,201        4,771      7,508     4,804
                                                                472,348      191,443    225,089   180,613
Total assets                                                    736,884      385,894    500,683   376,454



EQUITY
Capital and reserves
Share capital                                                     3,696        3,252      3,696     3,252
Share premium account                                            86,649       65,609     82,389    63,976
Treasury shares                                                  (1,790)        (578)       -         -
Non-distributable reserves                                       92,860       92,646     92,860    92,646
Distributable reserves                                          125,316       81,146    113,511    77,041
Total equity                                                    306,731      242,075    292,456   236,915



LIABILITIES
Non-current liabilities
Long-term liabilities                                               2,934         36         33        36
Long-term provisions                                               16,453     12,358     16,453    12,358
Deferred income taxes                                              30,200     32,654     32,837    33,021
                                                                   49,587     45,048     49,323    45,415

Current liabilities
Trade and other payables                                        198,486       89,563    149,486    86,936
Short term-borrowings                                           173,522        2,068      5,502     2,068
Current income tax liability                                      8,558        7,140      3,916     5,120
                                                                380,566       98,771    158,904    94,124

Total liabilities                                               430,153      143,819    208,227   139,539
Total equity and liabilities                                    736,884      385,894    500,683   376,454
                                               BKB LIMITED AND ITS SUBSIDIARIES
                                                     (Reg. no. 1998/012435/06)

                                               STATEMENTS OF CHANGES IN EQUITY
                                                 for the year ended 30 June 2007



                                                                      Gekonsolideerd/           Maatskappy/
                                                                        Consolidated             Company
                                                                     2007         2006       2007        2006
                                                                     R'000        R'000      R'000       R'000

Share capital
Balance at the beginning of the year                                    3,252       2,765      3,252       2,765
Movements during the year:
  Ordinary shares issued                                                  444         487        444         487
Balance at the end of the year                                          3,696       3,252      3,696       3,252

Share premium account
Balance at the beginning of the year                                   65,609      63,939     63,976      63,000
Movements during the year:
  Capital reduction                                                    (5,188)        -       (5,594)        -
  Premium on issue of shares                                           26,228       1,670     24,007         976
Balance at the end of the year                                         86,649      65,609     82,389      63,976

Treasury shares
Balance at the beginning of the year                                     (578)       (813)       -           -
Movements during the year:
  Bought by trust                                                      (1,212)        (33)       -           -
  Sale of shares by the trust                                             -           268        -           -
Balance at the end of the year                                         (1,790)       (578)       -           -

Non-distributable reserves
Reserve on revaluation of properties
Balance at the beginning of the year                                   88,726      51,996     88,726      51,996
Movements during the year:
  Revaluation surplus                                                     -        36,730        -        36,730
Balance at the end of the year                                         88,726      88,726     88,726      88,726

Reserve on revaluation of available for sale investments
Balance at the beginning of the year                                    1,060        400       1,060        400
Movements during the year:
  Revaluation surplus                                                     -           660        -           660
Balance at the end of the year                                          1,060       1,060      1,060       1,060

Share based payments reserve
Balance at the beginning of the year                                     421          -          421         -
Movements during the year:
Cost of shares issued during the year                                    214         421         214        421
Balance at the end of the year                                           635         421         635        421

Black economic empowerment reserve
Balance at the beginning of the year                                    2,439         -        2,439         -
Movements during the year:
Cost of shares issued during the year at less than fair value             -         2,439        -         2,439
Balance at the end of the year                                          2,439       2,439      2,439       2,439

                                                                       92,860      92,646     92,860      92,646
                                            BKB LIMITED AND ITS SUBSIDIARIES
                                                  (Reg. no. 1998/012435/06)

                                       STATEMENTS OF CHANGES IN EQUITY (continued)
                                              for the year ended 30 June 2007



                                                                   Gekonsolideerd/           Maatskappy/
                                                                     Consolidated             Company
                                                                  2007         2006       2007        2006
                                                                  R'000        R'000      R'000       R'000

Distributable reserves
Retained earnings
Balance at the beginning of the year                                81,146      65,245     77,041      64,500
Movements during the year:
  Net profit for the year                                           44,170      19,248     36,470      16,314
  Dividends declared                                                   -        (3,347)       -        (3,773)
Balance at the end of the year                                     125,316      81,146    113,511      77,041

Equity
Balance at the beginning of the year                               242,075     183,532    236,915     182,661
Movements during the year                                           64,656      58,543     55,541      54,254
Balance at the end of the year                                     306,731     242,075    292,456     236,915
                                               BKB LIMITED AND ITS SUBSIDIARIES
                                                     (Reg. no. 1998/012435/06)

                                                     CASH FLOW STATEMENTS
                                                 for the year ended 30 June 2007



                                                                        Gekonsolideerd/             Maatskappy/
                                                                          Consolidated               Company
                                                                       2007         2006         2007        2006
                                                                       R'000        R'000        R'000       R'000

Cash flow from operating activities
Cash receipts from customers                                           1,045,393     520,553      652,829     503,767
Cash paid to suppliers and employees                                  (1,055,469)   (503,478)    (582,009)   (486,062)
Cash flow (utilised by)/generated from operating activities              (10,076)     17,075       70,820      17,705
   Cash generated by operations                                           62,732      21,782       45,176      16,829
   Changes in working capital                                            (72,808)     (4,707)      25,644         876
Dividends received                                                             4         143            4         143
Dividends paid                                                               -        (3,347)         -        (3,773)
Taxation paid                                                            (21,349)     (6,225)     (16,558)     (6,222)
Finance income                                                            18,746      12,399       18,555      12,486
Finance expense                                                           (8,404)     (2,385)      (4,199)     (2,317)
                                                                         (21,079)     17,660       68,622      18,022

Cash flow from investing activities
Purchase of tangible and intangible assets                              (22,354)     (9,383)      (11,604)    (7,329)
Proceeds on disposal of property, plant and equipment                     3,336      11,216         1,323     10,867
Acquisition of assets of Grainco                                         (3,806)        -             -          -
Acquisition of assets of Van Wyk Lewende Hawe                           (32,731)        -         (32,731)       -
Acquisition of assets of Jan du Toit Afslaers                            (3,018)        -          (2,738)       -
Proceeds on disposal of investments                                         -         7,690           -        7,690
Decrease/(Increase) in non-current receivables                            1,923      (3,638)        2,020     (3,638)
Net cost of investments in and loans granted to subsidiaries                -           -         (18,500)    (2,123)
                                                                        (56,650)      5,885       (62,230)     5,467

Cash flow from financing activities
Share capital issued                                                      1,009        2,392          -         1,463
Capital reduction                                                        (5,188)         -         (5,594)        -
Increase in short-term borrowings                                        95,831          -            -           -
Increase/(Decrease) in long-term liabilities                             (2,927)           (3)     (1,528)          (3)
                                                                         88,725        2,389       (7,122)      1,460



Net (decrease)/increase in cash and cash equivalents                     10,996       25,934         (730)     24,949
Cash and cash equivalents beginning of the year                           2,703      (23,231)       2,736     (22,213)
Cash and cash equivalents end of the year                                13,699        2,703        2,006       2,736
                                                            BKB GROUP

                                                                             BKB Ltd




                                                  Livestock,
                                                 auctioneering
                                                                                              Brokerage   Property
             Grain                                     &           Trading                                           Financing
                                                                                               services    leasing
                                                   properties




                                                100%


                                                             BKB
            Grainco           BKBLouwid    BKB Van Wyk                                                    Shearing
                                                          Properties          BKB      Wool    Mohair
            (Pty) Ltd          (Pty) Ltd     (Pty) Ltd                                                    services
                                                           (Pty) Ltd




                100%


                     BKBGrainco
 Gritco               (Pty) Ltd
(Pty) Ltd            (Storage and
                       Handling)




                                    100%


                        Silobags
                         Africa
                        (Pty) Ltd

				
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