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Statements of changes in equity

for the year ended 31 December 2008

 

R millions

Ordinary
share capital
 
Share
premium
 

Total
ordinary
capital

  Property
revaluation
surplus
 
  Group                
  Balance at 1 January 2007 110   343   453   261  
  Changes in the Group                
  Foreign currency loan translation differences                
  Deferred tax on foreign currency loan translation differences                
  Transfers to retained earnings             (18)  
  Foreign operation translation differences                
  Cash flow hedge fair value adjustments                
  Deferred tax on fair value adjustments                
  Recognition of share-based payments                
  Profit for the year                
  Dividends paid                
  Balance at 31 December 2007 110   343   453   243  
  Changes in the Group             6  
  Foreign currency loan translation differences                
  Deferred tax on foreign currency loan translation differences                
  Transfers to retained earnings             (9)  
  Foreign operation translation differences                
  Cash flow hedge fair value adjustments                
  Deferred tax on fair value adjustments                
  Recognition of share-based payments                
  Profit for the year                
  Dividends paid                
  Shares repurchased during the year (3)   (235)   (238)      
  Balance at 31 December 2008 107   108   215   240  
  Company                
  Balance at 1 January 2007 120   343   463   243  
  Foreign currency loan translation differences                
  Deferred tax on foreign currency loan translation differences                
  Transfers to retained earnings             (1)  
  Recognition of share-based payments                
  Profit for the year                
  Dividends paid                
  Balance at 31 December 2007 120   343   463   242  
  Foreign currency loan translation differences                
  Deferred tax on foreign currency loan translation differences                
  Transfers to retained earnings             (1)  
  Cash flow hedge fair value adjustments                
  Deferred tax on fair value adjustments                
  Recognition of share-based payments                
  Profit for the year                
  Dividends paid                
  Shares repurchased during the year (2)   (128)   (130)      
  Balance at 31 December 2008 118   215   333   241  

 

 



R millions

Foreign
currency
translation
reserve
 
Other
non
distributable
reserves
 


Total
non
distributable
reserves

 


Retained
earnings
 



Total
 


Minority
interest
 


Preference
share capital
 



Total equity
 
  Group                                
  Balance at 1 January 2007 20   13   294   2 848   3 595   126   6   3 727  
  Changes in the Group 5       5   (21)   (16)   (1)       (17)  
  Foreign currency loan translation differences (3)       (3)       (3)           (3)  
  Deferred tax on foreign currency loan translation differences 1       1       1           1  
  Transfers to retained earnings     1   (17)   17              
  Foreign operation translation differences (8)       (8)       (8)           (8)  
  Cash flow hedge fair value adjustments     (2)   (2)       (2)           (2)  
  Deferred tax on fair value adjustments     1   1       1           1  
  Recognition of share-based payments     *   *       *           *  
  Profit for the year             455   455   10   2   467  
  Dividends paid             (235)   (235)       (2)   (237)  
  Balance at 31 December 2007 15   13   271   3 064   3 788   135   6   3 929  
  Changes in the Group 15       21       21   (24)       (3)  
  Foreign currency loan translation differences 125       125       125           125  
  Deferred tax on foreign currency loan translation differences (33)       (33)       (33)           (33)  
  Transfers to retained earnings         (9)   9              
  Foreign operation translation differences 46       46       46   8       54  
  Cash flow hedge fair value adjustments     8   8       8           8  
  Deferred tax on fair value adjustments     (2)   (2)       (2)           (2)  
  Recognition of share-based payments     *   *       *           *  
  Profit for the year             385   385   (8)   2   379  
  Dividends paid             (248)   (248)       (2)   (250)  
  Shares repurchased during the year                 (238)           (238)  
  Balance at 31 December 2008 168   19   427   3 210   3 852   111   6   3 969  
  Company                                
  Balance at 1 January 2007 (32)   3   214   2 409   3 086              
  Foreign currency loan translation differences 1       1       1              
  Deferred tax on foreign currency loan translation differences *       *       *              
  Transfers to retained earnings     *   (1)   1                
  Recognition of share-based payments         *                      
  Profit for the year             398   398              
  Dividends paid             (257)   (257)       (2)   (259)  
  Balance at 31 December 2007 (31)   3   214   2 551   3 228       6   3 234  
  Foreign currency loan translation differences 84       84       84           84  
  Deferred tax on foreign currency loan translation differences (24)       (24)       (24)           (24)  
  Transfers to retained earnings     (1)   (2)   2              
  Cash flow hedge fair value adjustments     (7)   (7)       (7)           (7)  
  Deferred tax on fair value adjustments     2   2       2           2  
  Recognition of share-based payments     *   *       *           *  
  Profit for the year             271   271       2   273  
  Dividends paid             (275)   (275)       (2)   (277)  
  Shares repurchased during the year                 (130)           (130)  
  Balance at 31 December 2008 29   (3)   267   2 549   3 149       6   3 155  

* Nominal amount.

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences from the translation of the financial statements of foreign operations, as well as from the translation of monetary items receivable from or payable to a foreign operation.

Property revaluation surplus reserve

The surplus on revaluation of property arose on the revaluation of all Group property on a date prior to the transition to International Financial Reporting Standards and is used as deemed cost in accordance with IFRS 1. The surplus is released to retained earnings as and when the related investment property is disposed.

Other non-distributable reserves

Included in other non-distributable reserves is a revaluation reserve for cash flow hedges, a reserve for the share of earnings of associate companies, an equity-settled share-based payment reserve and the statutory reserve required for the Group’s captive insurance subsidiary company.