| COMPANY INCOME STATEMENT |
| for the year ended 31 August 2009 |
| |
|
2009 |
2008 |
| |
Notes |
R’000 |
R’000 |
| Dividends received – unlisted |
|
354 750 |
23 701 |
| Reversal of impairment in The Link Investment Trust |
|
– |
18 287 |
| Profit before taxation |
|
354 750 |
41 988 |
| Income tax expense |
8 |
(1 225) |
(18) |
| Profit for the year |
|
353 525 |
41 970 |
| |
|
|
|
| COMPANY BALANCE SHEET |
| at 31 August 2009 |
| |
|
2009 |
2008 |
| |
Notes |
R’000 |
R’000 |
| Assets |
|
|
|
| Non-current assets |
|
243 904 |
381 619 |
| |
Deferred tax asset |
13 |
– |
1 203 |
| |
Interest in subsidiary companies (see here) |
|
243 904 |
380 416 |
| Current assets |
|
|
|
| |
Income tax receivable |
|
958 |
961 |
| Total assets |
|
244 862 |
382 580 |
| Equity |
|
244 862 |
382 580 |
| |
Share capital |
18 |
3 029 |
3 242 |
| |
Share premium |
18 |
10 748 |
135 967 |
| |
Share option reserve |
19 |
24 549 |
23 832 |
| |
Distributable reserve |
|
206 536 |
219 539 |
| |
|
|
|
|
| Total equity |
|
244 862 |
382 580 |
| |
|
|
|
| COMPANY STATEMENT OF CASH FLOWS
|
|
|
|
| for the year ended 31 August 2009 |
|
|
|
| |
|
2009 |
2008 |
| |
|
R’000 |
R’000 |
| Cash effects of operating activities |
|
|
|
| Cash generated by operations |
|
354 750 |
23 701 |
| Tax paid |
|
(19) |
(2 397) |
| Cash inflow from operating activities before distributions |
|
354 731 |
21 304 |
| Distributions paid to shareholders |
|
(211 313) |
(172 818) |
| Net cash effects of operating activities |
|
143 418 |
(151 514) |
| Cash effects of investing activities |
|
|
|
| Purchase of treasury shares from subsidiary company |
|
(354 750) |
(153 216) |
| Proceeds from disposal of investment |
|
– |
260 000 |
| Decrease in loans receivable |
|
137 229 |
45 113 |
| Net cash effects of investing activities |
|
(217 521) |
151 897 |
| Cash effects of financing activities |
|
|
|
| Proceeds from the issue of share capital |
|
74 202 |
– |
| Share cancellation expenses |
|
(99) |
(383) |
| Net cash effects of financing activities |
|
74 103 |
(383) |
| Net movement in cash and cash equivalents |
|
– |
– |
| Cash and cash equivalents at the beginning of the year |
|
– |
– |
| Cash and cash equivalents at the end of the year |
|
– |
– |
| |
|
|
|
| NOTES TO THE COMPANY STATEMENT OF CASH FLOWS |
|
|
|
| for the year ended 31 August 2009 |
|
|
|
| |
|
2009 |
2008 |
| |
|
R’000 |
R’000 |
| Cash generated by operations |
|
|
|
| Profit before tax |
|
354 750 |
41 988 |
Adjustment for:
Reversal of impairment in The Link Investment Trust |
|
– |
(18 287) |
| |
|
354 750 |
23 701 |
| Tax paid |
|
|
|
| Income tax receivable/(payable) at the beginning of the year |
|
961 |
(1 436) |
| Current tax charge |
|
(22) |
– |
| Income tax receivable at the end of the year |
|
(958) |
(961) |
| |
|
(19) |
(2 397) |
| |
|
|
|
| COMPANY STATEMENT OF CHANGES IN EQUITY |
|
|
|
| for the year ended 31 August 2009 |
|
|
|
| |
|
Share |
Share |
Share option |
|
|
| |
Number of |
capital |
premium |
reserve |
Distributable |
|
| |
shares |
(Note 18) |
(Note 18) |
(Note 19) |
reserve |
Total |
| |
’000 |
R’000 |
R’000 |
R’000 |
R’000 |
R’000 |
| Balance at 1 September 2007 |
335 957 |
3 360 |
438 111 |
23 786 |
201 724 |
666 981 |
| Shares cancelled |
(11 818) |
(118) |
(153 098) |
– |
– |
(153 216) |
| Share cancellation expenses written off |
– |
– |
(383) |
– |
– |
(383) |
| Equity-settled capital contribution to subsidiary |
– |
– |
– |
46 |
– |
46 |
| Profit for the year |
– |
– |
– |
– |
41 970 |
41 970 |
| Distributions to shareholders (see note 26) |
– |
– |
(148 663) |
– |
(24 155) |
(172 818) |
| Balance at 31 August 2008 |
324 139 |
3 242 |
135 967 |
23 832 |
219 539 |
382 580 |
| Additional shares issued |
208 |
2 |
74 200 |
– |
– |
74 202 |
| Shares cancelled |
(21 506) |
(215) |
– |
– |
(354 535) |
(354 750) |
| Share cancellation expenses written off |
– |
– |
(99) |
– |
– |
(99) |
| Equity-settled capital contribution to subsidiary |
– |
– |
– |
717 |
– |
717 |
| Profit for the year |
– |
– |
– |
– |
353 525 |
353 525 |
| Distributions to shareholders (see note 26) |
– |
– |
(199 320) |
– |
(11 993) |
(211 313) |
| Balance at 31 August 2009 |
302 841 |
3 029 |
10 748 |
24 549 |
206 536 |
244 862 |
During the year the group cancelled 21 505 674 (2008: 11 818 017) ordinary shares of one cent each. 21 500 000 (2008: 11 818 017) was previously held as treasury shares and 5 674 was purchased in the open market. Of the total cost of R354.750 million, R0.215 million was deducted from share capital and R354.535 million from distributable reserves of the company.
See note 18 for an explanation of the difference between the share premium of the group and company. |
