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Company |
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2009 |
2008 |
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Rm |
Rm |
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| 1. |
Accounting policies |
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The financial statements have been prepared on the historical cost basis |
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and in accordance with International Financial Reporting Standards |
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("IFRS") and the requirements of the Companies Act. The accounting |
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policies used in the preparation of these financial statements are set out here. |
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| 2. |
Interest in subsidiaries |
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Shares at cost |
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2 800.0 |
2 800.0 |
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Indebtness |
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(3.6) |
0.6 |
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2 796.4 |
2 800.6 |
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| 3. |
Share capital and premium |
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Authorised |
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150,000,000 ordinary shares of 1c each |
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1.5 |
1.5 |
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Issued |
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98 057 959 (2008: 99 157 959) ordinary shares of 1c each |
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1.0 |
1.0 |
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Share premium |
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2 710.6 |
2 749.0 |
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Total share capital and premium |
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2 711.6 |
2 750.0 |
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| 4. |
Revenue |
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Dividends received from subsidiary |
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354.4 |
344.1 |
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Interest received |
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0.1 |
– |
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354.5 |
344.1 |
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| 5. |
Operating profit |
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R |
R |
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Stated after: |
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Audit fees current year |
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50 000 |
50 000 |
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Other services |
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15 000 |
15 000 |
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65 000 |
65 000 |
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| 6. |
Taxation |
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Rm |
Rm |
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Taxation |
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– |
– |
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– |
– |
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The rate of taxation on profit is reconciled as follows: |
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Profit before taxation |
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350.5 |
339.7 |
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Taxation calculated at a tax rate of 28% (2008: 29%) |
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98.1 |
98.5 |
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(Exempt income)/Disallowed expenditure |
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(98.1) |
(98.5) |
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Taxation per income statement |
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– |
– |
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| 7. |
Cash generated from operations |
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Profit before taxation |
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350.5 |
339.7 |
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Dividends and interest received |
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(354.5) |
(344.1) |
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(Decrease)/Increase in trade and other payables |
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(0.1) |
0.1 |
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(4.1) |
(4.3) |
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financial statements