| (1) |
Basis of preparation |
| |
The condensed consolidated 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 reporting period. |
| |
The condensed consolidated 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 (Act 61 of 1973) as amended. |
| (2) |
Includes foreign sales of R1 240 million (2008 first half - R1 223 million). |
| (3) |
Interest capitalised in the period amounting to R41 million (2008 first half - R11 million). |
| (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. |
| (5) |
Net of 11 884 699 (2008 – 11 884 699) treasury shares held by a subsidiary company. |
| (6) |
Discontinued operations |
| |
During 2008 a decision was taken that SANS Technical Fibers, USA, will not be disposed of and will run as a stand-alone
and self-sustaining entity for the foreseeable future. It has, therefore, been reclassified in the comparative figures for
June 2008 as a continuing operation. The remaining South African businesses of SANS Fibres discontinued manufacturing
activities at the end of March 2009 and will be closed. |
| (7) |
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. |
