|
NOTES |
||
| (1) | Basis of preparation and accounting
policies The condensed consolidated financial results have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. Accounting policies have been applied consistently by all entities in the Group and are consistent with those applied in the previous financial year. The condensed consolidated financial results comply with the Listings Requirements of the JSE Limited, International Financial Reporting Standards, the disclosure requirements of IAS 34 - Interim Financial Reporting and the South African Companies Act, 1973 as amended. |
|
| (2) | Includes foreign sales of R1 533 million (2006 - R1 271 million). | |
| (3) | Calculated in accordance with IAS 33. The Company has purchased call options over AECI Shares which will obviate the need for the Company to issue new shares in terms of the AECI share option scheme. In practice, therefore, there will be no future dilution. | |
| (4) | Net of 10 311 120 (2006 - 10 311 120) treasury shares held by a subsidiary company. | |
| (5) | Disposal
groups and discontinued operations With effect from 1 October 2007 the entire interest in Dulux was sold for a consideration of R745 million and realised a profit of R394 million after tax. During the year the businesses of SANS Fibres were either discontinued or earmarked for future sale. Closure costs and impairments in respect of these businesses amounting to R358 million after tax have been charged against income in the year to 31 December 2007. Dulux and SANS have been classified as discontinued operations and the comparative figures adjusted accordingly. |
|
| (6) | The auditors, KPMG Inc., have reviewed the Group condensed financial results. The auditors' unqualified review report is available for inspection at the Company's registered office. | |
| (7) | The condensed consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated annual financial statements for the year ended 31 December 2006. | |
| (8) | The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | |