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NOTES
| (1) |
Basis of preparation
The Group interim 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 Group interim 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 R1 223 million (2007: R725 million). |
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| (3) |
Interest capitalised in the period amounted to R11 million (2007-nil). |
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| (4) |
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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| (5) |
Net of treasury shares held by a subsidiary company. |
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| (6) |
2007 half-year headline earnings included retrenchment costs paid. In September 2007 SAICA issued Circular
9/2008 which outlined remeasurements to be excluded from headline earnings. As a result, headline earnings
for the year ended 31 December 2007 were not adjusted for the retrenchment costs. Therefore, the half-year
2007 mining solutions trading profit and Group headline earnings decreased by R11 million before tax while
attributable earnings are unchanged. |
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| (7) |
Disposal groups and discontinued operations
Dulux and SANS Fibres have been classified as discontinued operations and the comparative figures adjusted
accordingly. Dulux was disposed of in 2007. SANS Fibres’ assets and liabilities were classified as held for sale
in December 2007 and property, plant and equipment has not been depreciated in 2008. |
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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. |
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