Print page Print page Email page Email page Login | Register Login | Register

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.
back to top ^

Register

Please enter login details


Login

Please enter login details

Page saved successfully

We've successfully saved this page to your bookmarks. You can see your bookmarks, manage them clicking on the link below.

Add a new note

Use the form below to add a new note to the page: