JD Group Limited – Company financial statements

 

The Company operates as an investment holding company only. All trading and banking is conducted through its wholly owned subsidiaries. Consequently, no cash flow statement is presented. The statement of changes in equity has not been prepared as the movement is evident from the Company income statement and Group statement of changes in equity.

  Notes   2009  
Rm  
    2008  
Rm  
Income statement            
Dividend received from JDG Trading (Pty) Ltd     11       30  
Interest (paid)/received     (1)      1  
Impairment provision released/(raised) – loan to share incentive trust   1   83       (203) 
Management fees received     3       —  
Other operating expenses     (3)      (5) 
Profit/(loss) before taxation     93       (177) 
Taxation – secondary taxation on companies     6       23  
Profit/(loss) attributable to shareholders     87       (200) 
Balance sheet            
Assets            
Investment in JDG Trading (Pty) Ltd – shares at cost     1 091       1 091  
Loan to JDG Trading (Pty) Ltd   2   1 003       1 052  
Loans to other Group companies     1       —  
Interest in subsidiary company – JDG Trading (Pty) Ltd     2 095       2 143  
Loan to share incentive trust     276       212  
Bank balances     3       3  
Total assets     2 374       2 358  
Equity and liabilities            
Share capital and premium   3   1 779       1 779  
Retained income     524       507  
Opening balance     507       971  
Profit/(loss) attributable to shareholders     87       (200) 
Distribution to shareholders     (70)      (264) 
Shareholders for dividend   3   70       70  
    2 373       2 356  
Other liabilities     1       2  
Total equity and liabilities     2 374       2 358  
Notes  
1.   Due to current market conditions, the underlying fair value of the shares held by the share incentive trust amounted to R120 million (2008: R203 million) less than the carrying value of the loan to the trust at 31 August 2009.  
2.   The loan to JDG Trading (Pty) Ltd is interest free with no fixed date of repayment.  
3.   Refer to the Group statement of changes in equity.  
4.   The Company has issued guarantees and/or sureties as to the providers of finance to its direct subsidiary,
JDG Trading (Pty) Ltd, for repayment of bank borrowings (disclosed in note 19) for the amount of R968 million
(2008: R524 million).