1. |
Commitments and contingencies |
|
Legal proceedings have been instituted against Majuba Aviation (Proprietary) Limited, a subsidiary company of the Group providing aircraft charter services, by the family of one of the passengers who passed away on board when the aircraft chartered by the Group from Majuba Aviation crashed on 08 February 2011. |
|
Majuba Aviation has in place adequate passenger liability insurance; accordingly no material effect on the financial position of the Group is anticipated. |
|
There are no material contingent assets or liabilities at 30 June 2012 in addition to the above. |
|
Capital commitments at 30 June 2012: |
|
Rm |
|
|
|
|
- Contracted |
|
62 |
|
|
|
|
- Authorised, not contracted |
|
64 |
|
|
|
|
Total |
|
126 |
|
|
|
2. |
Changes in accounting policy |
|
The accounting policies adopted and methods of computation are consistent with those of the previous financial year except for the adoption of new and amended IFRS and IFRIC interpretations which became effective during the current financial year. The application of these standards and interpretations did not have a significant impact on the Group’s reported results and cash flows for the year ended 30 June 2012 and the financial position at 30 June 2012. |
3. |
Business combination |
|
In March 2012 the Group elected to convert interest bearing amounts advanced to the Australian property holding company to equity. The decision to capitalise the loans is consistent with the Group’s policy on property investment. |
|
The fair value of net assets acquired and accounted for from the effective date comprise the following: |
|
Land and buildings |
|
|
|
|
50 |
|
Sundry receivables |
|
|
|
|
1 |
|
Sundry payables |
|
|
|
|
(1) |
|
Commercial bills |
|
|
|
|
(6) |
|
Cash and bank |
|
|
|
|
3 |
|
Cost of business acquired |
|
|
|
|
47 |
|
Less amounts previously advanced and cash acquired |
|
|
|
|
(11) |
|
Net cash outflow in 2012 |
|
|
|
|
36 |
|
From the effective date of the business combination, the company has made a negligible contribution to Group earnings. |
|
|
|
Reviewed |
|
|
Audited |
|
|
|
year to |
|
|
year to |
|
|
|
30 June |
|
|
30 June |
|
|
|
2012 |
|
|
2011 |
4. |
Earnings per share |
|
|
|
|
|
|
Reconciliation of shares in issue: (all figures in millions) |
|
|
|
|
|
|
- Total number of shares issued |
|
1 033 |
|
|
1 033 |
|
- Shares held by Share Incentive Trust |
|
26 |
|
|
26 |
|
- BEE treasury shares |
|
88 |
|
|
88 |
|
Shares in issue to external parties |
|
919 |
|
|
919 |
|
Reconciliation of headline earnings: (Rand millions) |
|
|
|
|
|
|
- Profit attributable to equity shareholders |
|
378 |
|
|
321 |
|
- Profit on sale of property, plant and equipment |
|
(1) |
|
|
(2) |
|
Headline earnings |
|
377 |
|
|
319 |
|
Share numbers used for earnings per share calculations: (all figures in millions) |
|
|
|
|
|
|
- Weighted average number of shares |
|
919 |
|
|
920 |
|
- Diluted weighted average number of shares |
|
923 |
|
|
922 |