| (1) |
Basis of preparation |
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The condensed consolidated unaudited 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. |
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The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements and have been applied by all entities in the Group. |
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The condensed consolidated unaudited interim financial results and accounting policies comply with the Listings Requirements of the JSE Limited, the recognition and measurement requirements of International Financial Reporting Standards, the disclosure requirements of IAS 34 – Interim Financial Reporting and the South African Companies Act, No. 61 of 1973, as amended. |
| (2) |
Includes foreign sales of R1 460 million (2009 first half – R1 240 million). |
| (3) |
Interest capitalised in the period amounting to R46 million (2009 first half – R41 million). |
| (4) |
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. |
| (5) |
Net of 11 884 699 (2009 – 11 884 699) treasury shares held by a subsidiary company. |
| (6) |
Discontinued operations |
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The remaining South African businesses of SANS Fibres discontinued manufacturing activities at the end of
March 2009. |
| (7) |
The preparation of the interim 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. The accounting policies involving particularly complex or subjective judgements or assessments are deferred tax assets, environmental remediation, asset lives and residual values, and post-retirement benefit obligations. |
