annual report 2008

annual financial statements: notes to the company annual financial statements
for the year ended 31 March 2008



    Company
      2008 2007
      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 out here.      
2. Interest in subsidiaries      
  Shares at cost   2 800.0 2 800.0
  Indebtedness   0.6 4.9
      2 800.6 2 804.9
         
3. Share capital and premium      
  Authorised      
  150 000 000 ordinary shares of 1c each   1.5 1.5
  Issued      
  99 157 959 (2007: 100 000 000) ordinary shares of 1c each   1.0 1.0
  Share premium   2 749.0 2 799.0
  Total share capital and premium   2 750.0 2 800.0
         
4. Revenue      
  Dividends received   344.1 260.6
      344.1 260.6
         
         
5. Operating profit   R R
  Stated after:      
  Audit fees – current year   50 000 40 000
  Other services   15 000 44 100
      65 000 84 100
         
         
6. Taxation   Rm Rm
  Taxation   – –
      – –
  The rate of taxation on profit is reconciled as follows:      
  Profit before taxation   339.7 256.3
  Taxation calculated at a tax rate of 29% (2007: 29%)   98.5 74.3
  Disallowed expenditure/(exempt income)   (98.5) (74.3)
  Taxation per income statement   – –
         
7. Cash generated from operations      
  Profit before taxation   339.7 256.3
  Dividends received   (344.1) (260.6)
  Increase in trade and other payables   0.1 0.2
      (4.3) (4.1)