annual report
2007

Notes to the company annual financial statements
for the year ended 31 March 2007


         
      company  
      2007   2006  
      Rm   Rm  
1. Accounting policies          
  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 in the Notes to the annual financial statements.          
2. Interest in subsidiaries          
  Shares at cost   2 800.0   2 800.0  
  Indebtedness   4.9   1.4  
      2 804.9   2 801.4  
3. Share capital and premium          
  Authorised          
  150 000 000 ordinary shares of 1c each   1.5   1.5  
  Issued          
  100 000 000 ordinary shares of 1c each   1.0   1.0  
  Share premium   2 799.0   2 799.0  
  Total share capital and premium   2 800.0   2 800.0  
4. Revenue          
  Dividends received   260.6   165.2  
      260.6   165.2  
      R   R  
5. Operating profit          
  Stated after:          
  Audit fees – current year   40 000   40 000  
  Other services   44 100   –  
      84 100   40 000  
      Rm   Rm  
6. Taxation          
  Taxation   –   –  
      –   –  
  The rate of taxation on profit is reconciled as follows:          
  Profit before taxation   256.3   161.9  
  Taxation calculated at a tax rate of 29%   74.3   47.0  
  Disallowed expenditure/(exempt income)   (74.3)   (47.0)  
  Taxation per income statement   –   –  
7. Cash generated from operations          
  Profit before taxation   256.3   161.9  
  Dividends received   (260.6)   (165.2)  
  Increase/(Decrease) in trade and other payables   0.2   (0.6)  
      (4.1)   (3.9)