Financial results

Preliminary profit announcement and reviewed Group results
For the year ended 30 June 2012

Download the entire paid announcement 

Commentary | Abridged Group statements of comprehensive income | Abridged Group statements of financial position | Abridged Group statement of cash flows | Group statement of changes in equity | Segmental report | System-wide turnover analysis | Store network | Notes


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