AECI Annual Report - 2008 - Statements of changes in equity

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Statements of changes in equity

for the year ended 31 December 2008

R millions	Ordinary share capital	Share premium	Total ordinary capital	Property revaluation surplus
Group
Balance at 1 January 2007	110	343	453	261
Changes in the Group
Foreign currency loan translation differences
Deferred tax on foreign currency loan translation differences
Transfers to retained earnings				(18)
Foreign operation translation differences
Cash flow hedge fair value adjustments
Deferred tax on fair value adjustments
Recognition of share-based payments
Profit for the year
Dividends paid
Balance at 31 December 2007	110	343	453	243
Changes in the Group				6
Foreign currency loan translation differences
Deferred tax on foreign currency loan translation differences
Transfers to retained earnings				(9)
Foreign operation translation differences
Cash flow hedge fair value adjustments
Deferred tax on fair value adjustments
Recognition of share-based payments
Profit for the year
Dividends paid
Shares repurchased during the year	(3)	(235)	(238)
Balance at 31 December 2008	107	108	215	240
Company
Balance at 1 January 2007	120	343	463	243
Foreign currency loan translation differences
Deferred tax on foreign currency loan translation differences
Transfers to retained earnings				(1)
Recognition of share-based payments
Profit for the year
Dividends paid
Balance at 31 December 2007	120	343	463	242
Foreign currency loan translation differences
Deferred tax on foreign currency loan translation differences
Transfers to retained earnings				(1)
Cash flow hedge fair value adjustments
Deferred tax on fair value adjustments
Recognition of share-based payments
Profit for the year
Dividends paid
Shares repurchased during the year	(2)	(128)	(130)
Balance at 31 December 2008	118	215	333	241

R millions	Foreign currency translation reserve	Other non distributable reserves	Total non distributable reserves	Retained earnings	Total	Minority interest	Preference share capital	Total equity
Group
Balance at 1 January 2007	20	13	294	2 848	3 595	126	6	3 727
Changes in the Group	5		5	(21)	(16)	(1)		(17)
Foreign currency loan translation differences	(3)		(3)		(3)			(3)
Deferred tax on foreign currency loan translation differences	1		1		1			1
Transfers to retained earnings		1	(17)	17	–			–
Foreign operation translation differences	(8)		(8)		(8)			(8)
Cash flow hedge fair value adjustments		(2)	(2)		(2)			(2)
Deferred tax on fair value adjustments		1	1		1			1
Recognition of share-based payments		*	*		*			*
Profit for the year				455	455	10	2	467
Dividends paid				(235)	(235)		(2)	(237)
Balance at 31 December 2007	15	13	271	3 064	3 788	135	6	3 929
Changes in the Group	15		21		21	(24)		(3)
Foreign currency loan translation differences	125		125		125			125
Deferred tax on foreign currency loan translation differences	(33)		(33)		(33)			(33)
Transfers to retained earnings			(9)	9	–			–
Foreign operation translation differences	46		46		46	8		54
Cash flow hedge fair value adjustments		8	8		8			8
Deferred tax on fair value adjustments		(2)	(2)		(2)			(2)
Recognition of share-based payments		*	*		*			*
Profit for the year				385	385	(8)	2	379
Dividends paid				(248)	(248)		(2)	(250)
Shares repurchased during the year					(238)			(238)
Balance at 31 December 2008	168	19	427	3 210	3 852	111	6	3 969
Company
Balance at 1 January 2007	(32)	3	214	2 409	3 086
Foreign currency loan translation differences	1		1		1
Deferred tax on foreign currency loan translation differences	*		*		*
Transfers to retained earnings		*	(1)	1	–
Recognition of share-based payments			*
Profit for the year				398	398
Dividends paid				(257)	(257)		(2)	(259)
Balance at 31 December 2007	(31)	3	214	2 551	3 228		6	3 234
Foreign currency loan translation differences	84		84		84			84
Deferred tax on foreign currency loan translation differences	(24)		(24)		(24)			(24)
Transfers to retained earnings		(1)	(2)	2	–			–
Cash flow hedge fair value adjustments		(7)	(7)		(7)			(7)
Deferred tax on fair value adjustments		2	2		2			2
Recognition of share-based payments		*	*		*			*
Profit for the year				271	271		2	273
Dividends paid				(275)	(275)		(2)	(277)
Shares repurchased during the year					(130)			(130)
Balance at 31 December 2008	29	(3)	267	2 549	3 149		6	3 155

* Nominal amount.

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences from the translation of the financial statements of foreign operations, as well as from the translation of monetary items receivable from or payable to a foreign operation.

Property revaluation surplus reserve

The surplus on revaluation of property arose on the revaluation of all Group property on a date prior to the transition to International Financial Reporting Standards and is used as deemed cost in accordance with IFRS 1. The surplus is released to retained earnings as and when the related investment property is disposed.

Other non-distributable reserves

Included in other non-distributable reserves is a revaluation reserve for cash flow hedges, a reserve for the share of earnings of associate companies, an equity-settled share-based payment reserve and the statutory reserve required for the Group’s captive insurance subsidiary company.