| for the 18-months ended 31 December 2004 | |||||||||
| Non-distributable reserves | |||||||||
| Attributable | |||||||||
| reserves of | |||||||||
| Shares | equity | Foreign | Financial | ||||||
| Share | Share | held by | accounted | currency | instruments | Insurance | Retained | ||
| capital | premium | Share | investments | translation | revaluation | reserve | earnings | Total | |
| Rm | Rm | Trust | Rm | Rm | Rm | Rm | Rm | Rm | |
| OPENING BALANCE | |||||||||
| AS AT 1 JULY 2002 | 3 | 2 677 | 67 | 567 | 67 | 2 | 1 433 | 4 816 | |
| Prior year adjustments: | |||||||||
| (refer note 2) | |||||||||
| – consolidation of | |||||||||
| Management Share Trust | (35) | (35) | |||||||
| – revaluation of | |||||||||
| biological assets | 4 | 4 | |||||||
| Restated | 3 | 2 677 | (35) | 67 | 567 | 67 | 2 | 1 437 | 4 785 |
| Net (losses)/gains not | |||||||||
| recognised in income statement1 | (18) | (414) | (6) | (77) | (361) | ||||
| Currency translation differences |
(19) |
(414) | 1 | (432) | |||||
| Financial instruments fair value movements recognised in equity |
|||||||||
| – recognised in current year income |
(42) | (42) | |||||||
| – recognised in equity | 57 | 57 | |||||||
| – fair value adjustment | 77 | (21) |
56 | ||||||
| Realised in associate and joint venture |
(76) | 76 | |||||||
| Net profit1 | 718 | 718 | |||||||
| Dividend paid | (252) | (252) | |||||||
| Reduction in dividends | |||||||||
| paid to Management | |||||||||
| Share Trust | 3 | 3 | |||||||
| Movement in shares | |||||||||
| issued to Management | |||||||||
| Share Trust | 2 | 2 | |||||||
| Transfer of equity | |||||||||
| accounted earnings | (38) | 38 | |||||||
| Transfer to | |||||||||
| insurance reserve | 3 | (3) | |||||||
| Balance at 30 June 2003 | 3 | 2 677 | (33) | 11 | 153 | 61 | 5 | 2 018 | 4 895 |
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| Non-distributable reserves | |||||||||
| Attributable | |||||||||
| reserves of | |||||||||
| Shares | equity | Foreign | Financial | ||||||
| Share | Share | held by | accounted | currency | instruments | Insurance | Retained | ||
| capital | premium | Share | investments | translation | revaluation | reserve | earnings | Total | |
| Rm | Rm | Trust | Rm | Rm | Rm | Rm | Rm | Rm | |
| BALANCE AT | |||||||||
| 30 JUNE 2003 | 3 | 2 677 | (33) | 11 | 153 | 61 | 5 | 2 018 | 4 895 |
| Prior year adjustment | |||||||||
| Net (losses)/gains not | |||||||||
| recognised in income | |||||||||
| statement1 | (22) | (294) | (13) | 27 | (302) | ||||
| Currency translation | |||||||||
| differences | (6) | (257) | (23) | (286) | |||||
| Transfer from/to currency | |||||||||
| translation reserve | (9) | 9 | |||||||
| Financial instruments | |||||||||
| fair value movements | |||||||||
| recognised in equity | 51 | 51 | |||||||
| – recognised in current | |||||||||
| year income | |||||||||
| – recognised in equity | |||||||||
| – fair value adjustment | |||||||||
| Deferred taxation | (15) | (41) | (56) | ||||||
| Realised in associate | |||||||||
| and joint venture | (16) | (13) | 18 | (11) | |||||
| Net profit1 | 942 | 942 | |||||||
| Dividend paid2 | (344) | (344) | |||||||
| Reduction in dividends | |||||||||
| paid to Management | |||||||||
| Share Trust | 2 | 2 | |||||||
| Issue of share capital | 132 | 132 | |||||||
| Movement in shares | |||||||||
| issued to Management | |||||||||
| Share Trust | 33 | 33 | |||||||
| Transfer of equity | |||||||||
| accounted earnings | 31 | (31) | |||||||
| Transfer from | |||||||||
| insurance reserve | (5) | (5) | |||||||
| BALANCE AT | |||||||||
| 31 DECEMBER 2004 | 3 | 2 809 | 20 | (141) | 48 | 2 614 | 5 353 | ||
| 1. | Total recognised gains and losses R640 million (2003: R357 million). |
| 2. |
The company paid a dividend relating to the 2003
financial year of R177 million during September 2003, the STC applicable
was R22 million. During March 2004 and September 2004 the company
paid dividends of R60 million and R105 million respectively, the STC
applicable was R8 million and R13 million. |
Note: Dividend declared after balance sheet date amounts to 90 cents per share. STC at 12,5% is payable on all distributions to shareholders (refer note 11).
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign exchange
differences arising from the translation of the financial statements of
foreign entities that are not integral to the operations of the group.
Financial instruments revaluation reserve
The financial instruments revaluation reserve comprises the effective
portion of the cumulative net change in the fair value of cash flow hedging
instruments where the hedged transaction has not yet occurred.
Insurance reserve
The insurance reserve represents the unrealised portion of commission
receivable from re-insurers.