| (1) |
Basis of preparation and accounting policies
The reviewed condensed consolidated financial results have been prepared in accordance with the historic cost
convention except for certain financial instruments, which have been 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 reviewed condensed consolidated financial results and accounting policies 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. |
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| (2) |
Includes foreign sales of R3 379 million (2007: R1 722 million). |
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| (3) |
Calculated in accordance with IAS33. 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. |
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| (4) |
Net of 11 884 669 (2007: 10 311 120) treasury shares held by a subsidiary company. |
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| (5) |
Discontinued operations
Following unsuccessful attempts to dispose of the SANS Fibres businesses, the decision was taken that SANS
Technical Fibers, Stoneville, USA will run as a stand-alone and self-sustaining entity for the foreseeable future and
has, therefore, been reclassified as a continuing operation with the comparative figures adjusted accordingly. The
remaining South African businesses of SANS Fibres will discontinue manufacturing activities at the end of March
2009. As a result, closure costs and impairments in respect of these businesses amounting to R204 million before tax
have been charged against income in the year to 31 December 2008. |
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| (6) |
The auditors, KPMG Inc., have reviewed these condensed consolidated financial results. The auditors' unqualified review report is available for inspection at the Company's registered office. |
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| (7) |
The reviewed 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 2007. |
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| (8) |
The preparation of the 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. |
