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COMPANY |
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|
2010 |
2009 |
| |
|
Rm |
Rm |
| 1 |
ACCOUNTING POLICIES |
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| |
The financial statements have been prepared on the historical cost basis and in accordance with International Financial Reporting Standards (“IFRS”) and the requirements of the Companies Act. The accounting policies used in the preparation of these financial statements are set out
here. |
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|
| |
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|
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| 2 |
INTEREST IN SUBSIDIARIES |
|
|
| |
Shares at cost |
2 800.0 |
2 800.0 |
| |
Indebtedness |
(3.7) |
(3.6) |
| |
|
2 796.3 |
2 796.4 |
| |
|
|
|
| 3 |
SHARE CAPITAL AND PREMIUM |
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| |
AUTHORISED |
|
|
| |
150 000 000 ordinary shares of 1 cent each |
1.5 |
1.5 |
| |
ISSUED |
|
|
| |
98 057 959 (2009: 99 157 959) ordinary shares of 1 cent each |
1.0 |
1.0 |
| |
Share premium |
2 710.6 |
2 710.6 |
| |
Total share capital and premium |
2 711.6 |
2 711.6 |
| |
|
|
|
| 4 |
REVENUE |
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|
| |
Dividends received from subsidiary |
322.3 |
354.4 |
| |
Interest received |
– |
0.1 |
| |
|
322.3 |
354.5 |
| |
|
|
|
| 5 |
OPERATING PROFIT |
R |
R |
| |
Stated after: |
|
|
| |
Audit fees – current year |
50 000 |
50 000 |
| |
Other services |
– |
15 000 |
| |
|
50 000 |
65 000 |
| |
|
|
|
| 6 |
TAXATION |
Rm |
Rm |
| |
Taxation |
– |
– |
| |
|
– |
– |
| |
THE RATE OF TAXATION ON PROFIT IS RECONCILED AS FOLLOWS: |
|
|
| |
Profit before taxation |
316.2 |
350.5 |
| |
Taxation calculated at a tax rate of 28% (2009: 28%) |
88.5 |
98.1 |
| |
(Exempt income)/Disallowed expenditure |
(88.5) |
(98.1) |
| |
Taxation per income statement |
– |
– |
| |
|
|
|
| 7 |
CASH GENERATED FROM OPERATIONS |
|
|
| |
Profit before taxation |
316.1 |
350.5 |
| |
Dividends and interest received |
(322.3) |
(354.5) |
| |
Increase/(Decrease) in trade and other payables |
0.2 |
(0.1) |
| |
|
(6.0) |
(4.1) |
