COMPANY Financial statements

for the year ended 30 June 2009

 

STATEMENT OF FINANCIAL POSITION

     2009     2008  
Note   R'000     R'000  
Assets              
Cash and cash balances 41.1   5 029     –  
Other receivables 41.2   6 881     25  
Investment securities 41.3   –     33 666  
Investments in associated companies 41.4   31 773     29 491  
Subsidiary companies 41.5   451 693     303 352*  
Deferred tax asset 41.6   3 314     2 286  
Total assets     498 690     368 820  
Liabilities              
Other payables 41.7   1 121     795  
Loans from subsidiary companies     244 334     114 620*  
Taxation     –     1 548  
Total liabilities     245 455     116 963  
Equity              
Ordinary share capital 41.8   208     273  
Ordinary share premium 41.9   43 789     27 843  
Reserves     9 888     24 463  
Preference share capital 41.10   19     19  
Preference share premium 41.11   199 259     199 259  
Total equity     253 235     251 857  
Total liabilities and equity     498 690     368 820  
*Reclassified

INCOME STATEMENT

     2009     2008  
Note   R'000     R'000  
Interest income 41.12   36 001     20 498*  
Interest expense 41.13   27 883     6 948  
Net interest income     8 118     13 550  
Other income 41.14   62 025     80 966*  
Total income     70 143     94 516  
Operating costs     2 123     2 569  
Staff costs 41.15   286     712  
Other operating expenses 41.16   1 837     1 857  
               
Profit before income tax     68 020     91 947  
Income tax expense 41.17   1 317     2 308  
Profit for the year     66 703     89 639  
*Reclassified

STATEMENT OF COMPREHENSIVE INCOME

     2009     2008  
Note   R’000     R’000  
Profit for the year     66 703     89 639  
Other comprehensive income for the year, net of income tax     –     –  
Total comprehensive income for the year     66 703     89 639  

STATEMENT OF
CHANGES IN EQUITY

   Ordinary

share
capital and
premium
R’000

     Distri-

butable
reserves
R’000

     Share

based
payment
reserve
R’000

     Total ordi-

nary share-
holders’
equity
R’000

     Preference

share
capital and
premium
R’000

     Total

share-
holders’
equity
R’000

  
30 June 2007   26 085     10 978     1 742     38 805     199 278     238 083  
Total comprehensive income for the year   –     89 639     –     89 639     –     89 639  
Total profit for the year   –     89 639     –     89 639     –     89 639  
Issue of shares   2 031     –     –     2 031     –     2 031  
Preference share dividends   –     (18 723)     –     (18 723)     –     (18 723)  
Ordinary share dividends   –     (59 173)     –     (59 173)     –     (59 173)  
30 June 2008   28 116     22 721     1 742     52 579     199 278     251 857  
Total comprehensive income for the year   –     66 703     –     66 703     –     66 703  
Total profit for the year   –     66 703     –     66 703     –     66 703  
Issue of shares   15 953     –     –     15 953     –     15 953  
Share-based payments reserve movements   –     –     (747)     (747)     –     (747)  
Preference share dividends   –     (21 646)     –     (21 646)     –     (21 646)  
Ordinary share dividends   –     (58 885)     –     (58 885)     –     (58 885)  
30 June 2009   44 069     8 893     995     53 957     199 278     253 235  

CASH FLOW STATEMENT

     2009     2008  
Note   R’000     R’000  
Cash flows from operating activities              
Cash receipts from customers 41.18.1   100 766     109 627  
Cash paid to customers, employees and suppliers 41.18.2   (30 753)     (9 517)  
Cash inflow from operating activities     70 013     100 110  
Taxation paid 41.18.3   (3 893)     (3 750)  
Dividend paid 41.18.4   (65 758)     (77 896)  
Cash flows from operating activities before changes in operating assets and liabilities     362     18 464  
Changes in operating assets and liabilities     (6 530)     922  
Change in other receivables     (6 856)     742  
Change in other payables and provisions     326     180  
               
Net cash from operating activities     (6 168)     19 386  
Cash flows from investing activities     (118 517)     (21 417)  
Proceeds from sale of investment securities     30 926     7 449  
Change in investments in associates     (2 282)     32 953  
Loans to subsidiary companies     (147 161)     (61 819)  
Net cash flows from financing activities     129 714     2 031  
Loans from subsidiary companies     129 714     –  
Issue of shares     –     2 031  
               
Net (decrease)/increase in cash and cash equivalents     5 029     –  
Cash and cash equivalents at beginning of the year     –     –  
Cash and cash equivalents acquired     –     –  
Cash and cash equivalents at end of the year     5 029     –  

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