Torre results look great on the surface, wit h HEPS up 118 %. Delv i n g deeper we see operating prof its up at R72m compared to t he previous half ’s R20m, so an impressive R52m i ncrease. However, R16m of t hat increase was “as a result of a once-off adjustment to the Tractor and Grader Supplies ( TGS) deferred purchase consideration l i abi l i t y ”. I n ot her words, it has nothing to do with the business and is not repeatable, so it should be removed from the numbers. If t his i s done, operating prof it i s R56m and HEPS drop by more than a third (HEPS were R46m). So rather than a 118% increase in HEPS, we get HEPS at some 9. 2c compared to t he previous si x months’ HEPS of 6.6c, a 40% increase. This is still good and with a maiden dividend, but as always, make sure to take a closer look at the numbers.