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Annexure 2 – COMPANY FINANCIAL STATEMENTS
at 30 June 2011
| COMPANY | |||||
| R'000 | 2011 | 2010 | |||
| Income statement (refer notes that follow) | |||||
| Dividends received from subsidiary | 133 000 | – | |||
| Taxation | – | – | |||
| Net profit for the year | 133 000 | – | |||
| Statement of comprehensive income (refer notes that follow) | |||||
| Net profit for the year | 133 000 | – | |||
| Other comprehensive income for the year net of tax | – | – | |||
| Total comprehensive income for the year | 133 000 | – | |||
| Statement of financial position (refer notes that follow) | |||||
| Assets | |||||
| Investment in subsidiaries | 959 790 | 900 962 | |||
| Other investments | – | – | |||
| 959 970 | 900 962 | ||||
| Equity and liabilities | |||||
| Stated capital | 1 307 971 | 1 261 135 | |||
| Accumulated losses | (348 181) | (360 173) | |||
| 959 790 | 900 962 | ||||
Statement of changes in equity
| Number of ordinary shares issued |
Number of shares held by share trust |
Net shares issued to public |
Stated capital R’000 |
Distributable reserves R’000 |
Attributable to equity shareholders R’000 |
||||
| Balance at 30 June 2009 | 120 093 047 | (25 479 005) | 94 614 042 | 1 218 133 | (231 563) | 986 570 | |||
| Issue of shares to share trust in terms of | |||||||||
| share scheme | 198 793 | (198 793) | – | – | – | – | |||
| Issue of shares from share trust | – | 721 128 | 721 128 | 7 408 | – | 7 408 | |||
| Issue of shares in terms of BEE ownership | |||||||||
| scheme in lieu of dividends | 619 977 | (619 977) | – | – | – | – | |||
| Share option costs | – | – | – | 35 594 | – | 35 594 | |||
| Comprehensive income: Net profit for the year | – | – | – | – | – | – | |||
| Dividends paid | – | – | – | – | (128 610) | (128 610) | |||
| Balance at 30 June 2010 | 120 911 817 | (25 576 647) | 95 335 170 | 1 261 135 | (360 173) | 900 962 | |||
| Issue of shares to share trust in terms of share scheme | 92 699 | (92 699) | – | – | – | – | |||
| Issue of shares from share trust | – | 669 609 | 669 609 | 5 704 | – | 5 704 | |||
| Issue of shares in terms of BEE ownership scheme | |||||||||
| in lieu of dividends | 473 342 | (473 342) | – | – | – | – | |||
| Share option costs | – | – | – | 41 132 | – | 41 132 | |||
| Comprehensive income: Net profit for the year | – | – | – | – | 133 000 | 133 000 | |||
| Dividends paid | – | – | – | – | (121 008) | (121 008) | |||
| Balance at 30 June 2011 | 121 477 858 | (25 473 079) | 96 004 779 | 1 307 971 | (348 181) | 959 790 |
| The group issues equity-settled share-based incentives to certain employees. Equity-settled payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period. |
| COMPANY | |||||
| 2011 | 2010 | ||||
| Notes to the financial statements | |||||
| 1. | Principal accounting policies | ||||
| These financial statements should be read together with the group financial statements set out on pages 184 to 247. The accounting policies adopted are set out on page 195. | |||||
| 2. | Investment in subsidiaries | ||||
| Shares at cost | 382 747 | 382 747 | |||
| Amounts owing by subsidiaries | 577 043 | 518 215 | |||
| 959 790 | 900 962 | ||||
| The amounts owing by subsidiaries are interest free, denominated in Rand and are not subject to any repayment terms. A fair value is thus not determinable. The investments in subsidiaries are carried at cost. | |
| 3. | Taxation |
| No taxation has been provided as income received is in the form of dividends. | |
| 4. | Statement of cash flow |
| No statement of cash flow has been prepared as there was no flow of funds during the year. The dividends and directors’ emoluments paid were funded by subsidiaries and the dividends received, interest received and the proceeds on issue of shares were received by subsidiaries. | |
| 5. | Contingencies |
| The company provides financial institution backed guarantees to third parties. Refer to page 231 for details on guarantees issued. |