Financial results

Reviewed Group results
For the six months ended 31 December 2012

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


1.   Commitments and contingencies
  As previosuly disclosed, legal proceedings have been instituted against Majuba Aviation Proprietary Limited, a subsidiary company of the Group providing aircraft charter services. There is no further update on these proceedings. Majuba Aviation has in place adequate passenger liability insurance; accordingly no material effect on the financial position of the Group is anticipated.
  Capital commitments at 31 December 2012:     Rm          
  - Contracted     23          
  - Authorised, not contracted     111          
  Total     134          
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.   Investment in Ceramic Industries Limited
  As announced on 26 November 2012, the Group acquired a 20% stake in Ceramic Industries Limited (“Ceramic”) for R529 million following the acceptance of a joint offer by Rallen Proprietary Limited and the Group to independent Ceramic shareholders. The investment is accounted for in accordance with the equity accounting requirements of IAS 28, Investments in associates. Included in the Group’s results is a one month’s earnings related to Ceramic, resulting in a nominal contribution to earnings.
4. Purchase of non-controlling interests in Cedar Point Trading 326 Proprietary Limited
  The Group acquired an additional 15% stake in Cedar Point Trading 326 Proprietary Limited from a non-controlling shareholder on 30 October 2012 for R11,1 million. As a result, the Group’s effective shareholding of this entity is 70% as at 31 December 2012 (30 June 2012: 55%).
Subsequent to the reporting period end, a further 15% stake was acquired from another non-controlling shareholder for R13,6 million, increasing the Group’s shareholding to 85%.
5. Nedbank loan settlement
  Subsequent to the reporting period end, R100 million of the R300 million loan facility was repaid to Nedbank (on 9 January 2013). It is management’s intention to clear local gearing from the statement of financial position as and when the available cash balance and working capital requirements allow for such.
      Reviewed       Audited   Audited  
      year to       year to   year to  
      30 June       30 June   30 June  
6. Earnings per share   2012       2011   2011  
  Reconciliation of shares in issue: (all figures in millions)             
  - Total number of shares issued     1 033       1 033   1 033  
  - Shares held by Share Incentive Trust     26       26   26
  - BEE treasury shares     88       88   88
  Shares in issue to external parties       919       919   919
  Reconciliation of headline earnings: (Rand millions)             
  - Profit attributable to equity shareholders     378       321   919
  - Profit on sale of property, plant and equipment     (1)      (2)  (1)
  Headline earnings     377       319   377
  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