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Statements of changes in equity
for the year ended 31 March 2011
| Attributable to owner of the company | |||||||||||
| Share capital1 |
Equity reserve2 |
Cash flow hedge reserve3 |
Available- for-sale reserve4 |
Unreal- ised fair value reserve5 |
Insurance reserve6 |
Foreign currency trans- lation reserve7 |
Accu- mulated profit8 |
Total | Non- control- ling interest |
Total equity |
|
| Rm | Rm | Rm | Rm | Rm | Rm | Rm | Rm | Rm | Rm | Rm | |
| Group | |||||||||||
| Balance at 31 March 2009 | – | 8 444 | 5 172 | (113) | (1 649) | 122 | 12 | 47 361 | 59 349 | 229 | 59 578 |
| Profit/(loss) for the year | – | – | – | – | – | – | – | 3 642 | 3 642 | (22) | 3 620 |
| Other comprehensive (loss)/income, net of tax | – | – | (5 922) | (18) | – | – | 13 | (228) | (6 155) | – | (6 155) |
| Available-for-sale financial assets | |||||||||||
| Net change in fair value | – | – | – | (18) | – | – | – | – | (18) | – | (18) |
| Cash flow hedges | |||||||||||
| Effective portion of changes in fair value | – | – | (5 885) | – | – | – | – | – | (5 885) | – | (5 885) |
| Net amount transferred to initial carrying amount of hedged items | – | – | (37) | – | – | – | – | – | (37) | – | (37) |
| Foreign currency translation differences on foreign operations | – | – | – | – | – | – | 13 | – | 13 | – | 13 |
| Net actuarial loss on post-retirement medical aid benefits | – | – | – | – | – | – | – | (228) | (228) | – | (228) |
| Subordinated loan from shareholder | – | 13 393 | – | – | – | – | – | – | 13 393 | – | 13 393 |
| Sale of investment in subsidiary | – | – | – | (22) | 15 | – | – | – | (7) | (207) | (214) |
| Transfer between reserves | – | – | – | – | 550 | (67) | – | (483) | – | – | – |
| Balance at 31 March 2010 | – | 21 837 | (750) | (153) | (1 084) | 55 | 25 | 50 292 | 70 222 | – | 70 222 |
| Profit for the year | – | – | – | – | – | – | – | 8 356 | 8 356 | – | 8 356 |
| Other comprehensive (loss)/income, net of tax | – | – | (233) | (29) | – | – | (33) | 293 | (2) | – | (2) |
| Available-for-sale financial assets | |||||||||||
| Net change in fair value | – | – | – | (29) | – | – | – | – | (29) | – | (29) |
| Cash flow hedges | |||||||||||
| Effective portion of changes in fair value | – | – | (410) | – | – | – | – | – | (410) | – | (410) |
| Net amount transferred to initial carrying amount of hedged items | – | – | 177 | – | – | – | – | – | 177 | – | 177 |
| Foreign currency translation differences on foreign operations | – | – | – | – | – | – | (33) | – | (33) | – | (33) |
| Net actuarial gain on post-retirement medical aid benefits | – | – | – | – | – | – | – | 293 | 293 | – | 293 |
| Subordinated loan from shareholder | – | 8 683 | – | – | – | – | – | – | 8 683 | – | 8 683 |
| Transfer between reserves | – | – | 2 | 364 | (193) | 55 | – | (228) | – | – | – |
| Balance at 31 March 2011 | – | 30 520 | (981) | 182 | (1 277) | 110 | (8) | 58 713 | 87 259 | – | 87 259 |
| Attributable to owner of the company | |||||||
| Share capital1 |
Equity reserve2 |
Cash flow hedge reserve3 |
Available- for-sale reserve4 |
Unreal- ised fair value reserve5 |
Accu- mulated profit8 |
Total | |
| Rm | Rm | Rm | Rm | Rm | Rm | Rm | |
| Company | |||||||
| Balance at 31 March 2009 | – | 8 444 | 5 174 | (147) | (1 633) | 44 863 | 56 701 |
| Profit for the year | – | – | – | – | – | 3 187 | 3 187 |
| Other comprehensive loss, net of tax | – | – | (5 922) | (12) | – | (228) | (6 162) |
| Available-for-sale financial assets | |||||||
| Net change in fair value | – | – | – | (12) | – | – | (12) |
| Cash flow hedges | |||||||
| Effective portion of changes in fair value | – | – | (5 885) | – | – | – | (5 885) |
| Net amount transferred to initial carrying amount of hedged items | – | – | (37) | – | – | – | (37) |
| Net actuarial loss on post-retirement medical aid benefits | – | – | – | – | – | (228) | (228) |
| Subordinated loan from shareholder | – | 13 393 | – | – | – | – | 13 393 |
| Transfer between reserves | – | – | – | – | 550 | (550) | – |
| Balance at 31 March 2010 | – | 21 837 | (748) | (159) | (1 083) | 47 272 | 67 119 |
| Profit for the year | – | – | – | – | – | 7 951 | 7 951 |
| Other comprehensive (loss)/income, net of tax | – | – | (233) | (26) | – | 293 | 34 |
| Available-for-sale financial assets | |||||||
| Net change in fair value | – | – | – | (26) | – | – | (26) |
| Cash flow hedges | |||||||
| Effective portion of changes in fair value | – | – | (410) | – | – | – | (410) |
| Net amount transferred to initial carrying amount of hedged items | – | – | 177 | – | – | – | 177 |
| Net actuarial gain on post-retirement medical aid benefits | – | – | – | – | – | 293 | 293 |
| Subordinated loan from shareholder | – | 8 683 | – | – | – | – | 8 683 |
| Transfer between reserves | – | – | – | 366 | (194) | (172) | – |
| Balance at 31 March 2011 | – | 30 520 | (981) | 181 | (1 277) | 55 344 | 83 787 |
| Dividends proposed | |||||||
| No dividend has been proposed in the current or prior year. | |||||||
| 1. | Nominal amount. |
| 2. | The equity reserve comprises the day-one gain on initial recognition of the subordinated loan from the shareholder (refer to note 13.6). |
| 3. | The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments (comprising forward exchange contracts, interest rate swaps and cross-currency swaps) related to hedged transactions that have not yet occurred. The cross-currency swap hedges foreign exchange rate risk of future interest payments and the principal repayment on fixed rate bonds and loans (denominated in US dollar, euro and yen). |
| 4. | The available-for-sale reserve comprises the cumulative net change in the fair value of available-for-sale financial assets until the investments are derecognised. |
| 5. | The cumulative net change in the fair value of derivatives that have not been designated as cash flow hedging instruments is recognised in profit or loss. The unrealised portion of the net change in fair value is not distributable and has been reallocated from a distributable reserve (accumulated profit) to a non-distributable reserve. |
| 6. | The insurance reserve is a contingency reserve created in terms of the Short-term Insurance Act, 1998. |
| 7. | The foreign currency translation reserve comprises exchange differences resulting from the translation of the results and financial position of foreign operations. |
| 8. | Accumulated profit is the amount of cumulative profit retained in the business after tax. |
