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EQS
EQS
EQS - Eqstra Holdings Limited - Unaudited interim results for the six months
ended 31 December 2010
Eqstra Holdings Limited
Registration number 1998/011672/06
Share code: EQS
ISIN: ZAE000117123
("Eqstra" or "the Group")
UNAUDITED INTERIM RESULTS
for the six months ended 31 December 2010
SALIENT FEATURES
- Revenue increased 13.5% to R3 981 million
- Operating profit increased 39.2% to R426 million
- Basic headline earnings per share of 30.4 cents (H1`10: loss per share of
21.1 cents)
- Cash generated by operations increased by 6.2% to R1 446 million
- Long-term debt funding package secured
INTRODUCTION
The Board is pleased to report that Eqstra has returned to after tax
profitability. Operations delivered solid performances in challenging trading
environments. The highlight being the improved contribution of the Construction
and Mining Equipment Distributorships (Distributorships) division, which
reported a R24 million operating profit compared to an operating loss of R89
million reported for the 31 December 2009 comparative period (H1`10). This was
achieved through focused asset management, cost and business optimisation.
OVERVIEW OF RESULTS
Profit before taxation increased to R184 million from a loss before taxation of
R20 million at H1`10. Profit after tax of R128 million compares to a loss of R58
million.
- Revenue increased by 13.5% to R3 981 million (H1`10: R3 507 million) primarily
as a result of increased revenue in the Distributorships division.
- Operating profit increased by 39.2% to R426 million (H1`10: R306 million)
mainly due to a turnaround in the profitability of the Distributorships
division, despite a 12.4% reduction in the profit of the Contract Mining and
Plant Rental division.
- Income tax effective rate of 30.4% is above the statutory rate due to an
impairment of deferred tax assets in the Distributorships division.
- Basic earnings per share and headline earnings per share are 30.3 cents and
30.4 cents respectively, against the comparable basic loss per share of 20.2
cents and headline loss per share of 21.1 cents. The effect of the June 2010
rights issue resulted in the December 2009 earnings per share and headline
earnings per share being restated in terms of IAS 33.
- Total assets reduced by 1.4% to R9 525 million from R9 662 million at 30 June
2010 (H2`10). Group inventories reduced by 13.5% to R977 million (H2`10: R1 130
million). A concerted effort to reduce inventories in the Distributorships
division has resulted in a further 25.4% reduction to R575 million (H2`10: R771
million).
- Interest-bearing debt reduced by 7.1% to R5 122 million (H2`10: R5 516
million). Decreased debt and lower interest rates resulted in net finance costs
decreasing by 30.3% to R232 million (H1`10: R333 million).
- Cash generated by operations increased by 6.2% to R1 446 million (H1`10: R1
362 million) as operations generated increased cash flow and working capital
decreased further.
LONG-TERM DEBT FUNDING
The Group complied with all bank debt covenants:
- Interest cover is 5.0 times, an improvement on the 3.3 times for H1`10; and
- Capital adequacy improved to 26.3% from 24.6% at H2`10.
A comprehensive long-term debt funding package was concluded in February 2011,
which was oversubscribed by domestic and foreign financial institutions. As part
of the pro-active management of debt refinancing risk, the concentration of debt
maturing in April 2013 has been reduced from R2 842 million at H2`10 to R878
million. The balance of new long-term debt has been phased over three to five
year term facilities, the utilisation of which will begin in the second half of
the financial year.
The Board believes that sufficient facilities are in place to meet the Group`s
liquidity requirements.
DIVISIONAL REVIEW
Contract Mining and Plant Rental division
H1`11 H1`10 FY`10
Rm Rm Rm
Revenue 1 628 1 588 3 123
Operating margin 10.4% 12.2% 11.4%
Net finance costs (101) (130) (250)
Although revenue increased by 2.5%, operating profit declined by 12.4% due to
higher preventative maintenance expenditure, lower asset utilisation and new
contracts start up costs. Finance costs reduced by 22.3% as capital allocated to
the Riversdale Mining Benga contract remained unspent. Equipment for the Benga
contract will be commissioned in the second half of the financial year when
production will begin to ramp-up. The plant rental market experienced a slowdown
due to reduced demand from the construction industry.
Distributorships division
H1`11 H1`10 FY`10
Rm Rm Rm
Revenue 691 530 1 080
Operating margin 3.5% (16.8%) (10.7%)
Net finance costs (35) (76) (139)
Revenue increased by 30.4% as equipment demand from the mining industry
increased. The division returned to profitability at operating profit level due
to continued overhead cost reduction and an improvement in margins on new
equipment and parts sales. A concerted effort to reduce working capital resulted
in inventories reducing by 25.4% since H2`10.
There is a global increase in lead times for equipment, whilst local demand from
the construction sector remains subdued.
The Bucyrus distributorship agreement, previously Terex Mining, is in place
until December 2013 and we are monitoring international developments regarding
the ownership of Bucyrus.
Passenger and Commercial Vehicles division
H1`11 H1`10 FY`10
Rm Rm Rm
Revenue 967 911 1 822
Operating margin 15.9% 17.6% 17.9%
Net finance costs (69) (81) (166)
The division delivered a satisfactory performance on the back of contracted
annuity revenue streams in subdued market conditions. Initiatives to increase
value-added activities positively contributed to the 6.1% growth in revenue.
Operating margins decreased primarily as a result of lower interest rates and
changes in business mix.
Solid working capital management and reductions in the weighted average prime
overdraft rate for the reporting period resulted in a 14.8% reduction in finance
costs.
Industrial Equipment division
H1`11 H1`10 FY`10
Rm Rm Rm
Revenue 728 655 1 345
Operating margin 13.2% 12.2% 13.8%
Net finance costs (41) (52) (98)
Revenue increased by 11.1% and operating profit increased 20.0% as a result of
increased new equipment sales due to improved market conditions. Profit before
taxation increased by a robust 65.5% due to a 21.2% reduction in finance costs
as a result of improved working capital management.
The CAT Lift Trucks distributorships in the United Kingdom (UK) and Ireland
commenced in November 2010. The change from a dealer to a distributor model
allows for a replication of the value-added distributorship SA business model
for the entire UK and Ireland.
DIVIDEND
In line with the Group`s dividend policy, the Board will consider an annual
dividend declaration at the financial year end.
ACKNOWLEDGEMENTS
The Board would like to thank Dr PS Molefe, non-executive director who retired
on 30 November 2010 and Mr MR Barnes, CEO of the Contract Mining and Plant
Rental division who retired on 31 December 2010, for their valued contribution.
The Board congratulates Mr E Clarke in his new role as CEO of the Contract
Mining and Plant Rental division and welcomes Mr JL Serfontein as the Group`s
new CFO.
OUTLOOK
Contract Mining and Plant Rental will focus on improving the utilisation of its
current asset base, increasing production output and bedding down of new
contracts.
Construction and Mining Equipment Distributorships should continue to benefit
from corrective actions taken and an improvement in demand from the mining
sector.
Passenger and Commercial Vehicles remains defensive with opportunities for
diversification to enhance its value chain.
Industrial Equipment should continue to benefit from improving economic growth
fundamentals in South Africa and the enlarged territory in the UK and Ireland,
although in an uncertain economic environment.
The Group`s return to profitability and improved capital structure will allow
management focus to revert to growth initiatives that will expand operations and
the value-added component of existing businesses. Sectors of the domestic
economy have shown signs of a recovery, which should result in increased
opportunities for Group companies.
By order of the board
DC Cronje WS Hill
Chairman Chief Executive
21 February 2011
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at
Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
Rm Rm Rm
ASSETS
Non-current assets 7 331 7 614 7 259
Intangible assets 11 7 9
Property, plant and equipment 397 345 367
Leasing assets 6 654 7 027 6 740
Deferred tax assets 52 99 54
Other investments and loans (2) 217 136 89
Current assets 2 194 2 347 2 403
Inventories 977 1 440 1 130
Trade and other receivables 1 003 813 955
Derivative financial assets 12
Taxation in advance 34 51 51
Cash and cash equivalents 168 43 267
Total assets 9 525 9 961 9 662
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 2 060 1 475 2 060
Other reserves 17 22 22
Retained income 405 276 278
Equity attributable to owners of the parent 2 482 1 773 2 360
Non-controlling interests 21 19 20
Total equity 2 503 1 792 2 380
Non-current liabilities 4 944 4 926 5 403
Interest-bearing borrowings 4 297 4 358 4 796
Deferred tax liabilities 647 568 607
Current liabilities 2 078 3 243 1 879
Trade and other payables 1 132 999 1 085
Provisions for liabilities and other charges 30 20 21
Derivative financial liabilities 67 27 36
Current tax liabilities 24 11 17
Current portion of interest-bearing
borrowings (3) 825 2 186 720
Total liabilities 7 022 8 169 7 282
Total equity and liabilities 9 525 9 961 9 662
CONDENSED GROUP INCOME STATEMENT
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June 30 June
2010 2009 2010 2010
Rm Rm Rm Rm
Revenue 3 981 3 507 3 432 6 939
Profit from operations
before depreciation and
recoupments 1 178 1 096 1 161 2 257
Depreciation, amortisation
and recoupments (752) (790) (749) (1 539)
Operating profit 426 306 412 718
Foreign exchange losses (10) (9) (11) (20)
Reversal of impairment of
share scheme loan 16 16
Profit before net finance costs 416 313 401 714
Net finance costs (232) (333) (301) (634)
Finance costs including
fair value gains (losses)(4) (238) (341) (312) (653)
Finance income 6 8 11 19
Profit (loss) before taxation 184 (20) 100 80
Income tax expense (56) (38) (97) (135)
Profit (loss) for the period 128 (58) 3 (55)
Attributable to:
Owners of the parent 127 (58) 2 (56)
Non-controlling interests 1 1 1
Profit (loss) for the period 128 (58) 3 (55)
Cents Cents Cents Cents
Earnings (loss) per share(5)
Ordinary shares
- Basic 30.3 (20.2)* 0.6 (19.6)
- Diluted 29.1 (20.2)* 0.6 (19.6)
* Restated for the effects of the June 2010 rights issue
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June 30 June
2010 2009 2010 2010
Rm Rm Rm Rm
Profit (loss) for the period 128 (58) 3 (55)
Other comprehensive income
Net losses arising on
translation of foreign
subsidiaries (16) (2) (2)
Fair value (loss) gain (12) 11 11
Other comprehensive (loss)
income for the period (28) 9 9
Total comprehensive income
(loss) for the period 100 (49) 3 (46)
Attributable to:
Owners of the parent 99 (49) 2 (47)
Non-controlling interests 1 1 1
100 (49) 3 (46)
CONDENSED GROUP STATEMENT OF CASH FLOWS
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June 30 June
2010 2009 2010 2010
Rm Rm Rm Rm
Cash flows from operating activities
Cash generated by
operations before working
capital movements 1 207 1 085 1 118 2 203
Working capital movements 239 277 404 681
Cash generated by operations 1 446 1 362 1 522 2 884
Net finance costs, excluding
fair value adjustments (234) (336) (293) (629)
Income tax received (paid) 10 (47) (4) (51)
Net cash flows from
operating activities 1 222 979 1 225 2 204
Cash flows from investing
activities
Acquisition of business (3)
Gross capital expenditure (972) (905) (752) (1 657)
Proceeds on disposal of assets 78 50 90 140
(Increase) decrease in
other investments and loans (87) 30 43 73
Net cash flows from
investing activities (984) (825) (619) (1 444)
Cash flows from financing
activities
Increase of share capital 650 650
Share issue expenses (17) (17)
Increase of share call option (1) (1)
Decrease in interest-bearing
borrowings (332) (160) (1 015) (1 175)
Net cash flows from
financing activities (332) (160) (383) (543)
Net (decrease) increase in
cash and cash equivalents (94) (6) 223 217
Foreign exchange movement
on cash and cash equivalents (5) (2) 1 (1)
Cash and cash equivalents
at beginning of period 267 51 43 51
Cash and cash equivalents
at end of period 168 43 267 267
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended
Share
capital and Other Retained
premium reserves income
Rm Rm Rm
Balance at 30 June 2009 1 475 (2) 334
Loss for the period (58)
Other comprehensive income 9
Total comprehensive income for the period 9 (58)
Revaluation of Lereko call option 8
Share-based payment expense 7
Balance at 31 December 2009 1 475 22 276
Profit for the period 2
Other comprehensive income
Total comprehensive income for the period 2
Proceeds from share issue 650
Share issue expenses (17)
Transfer to treasury shares (48)
Revaluation of Lereko call option (3)
Increase in share call option (1)
Share-based payment expense 4
Balance at 30 June 2010 2 060 22 278
Profit for the period 127
Other comprehensive income (28)
Total comprehensive income for the period (28) 127
Revaluation of Lereko call option 15
Share-based payment expense 8
Balance at 31 December 2010 2 060 17 405
Non-controlling
interests Total
Rm Rm
Balance at 30 June 2009 19 1 826
Loss for the period (58)
Other comprehensive income 9
Total comprehensive income for the period (49)
Revaluation of Lereko call option 8
Share-based payment expense 7
Balance at 31 December 2009 19 1 792
Profit for the period 1 3
Other comprehensive income
Total comprehensive income for the period 1 3
Proceeds from share issue 650
Share issue expenses (17)
Transfer to treasury shares (48)
Revaluation of Lereko call option (3)
Increase in share call option (1)
Share-based payment expense 4
Balance at 30 June 2010 20 2 380
Profit for the period 1 128
Other comprehensive income (28)
Total comprehensive income for the period 1 100
Revaluation of Lereko call option 15
Share-based payment expense 8
Balance at 31 December 2010 21 2 503
SEGMENT INFORMATION - INCOME STATEMENTS
for the six months ended
Contract Mining
Group and Plant Rental
31 December 31 December 31 December 31 December
2010 2009 2010 2009
BUSINESS SEGMENTATION Rm Rm Rm Rm
Revenue
- Sales of goods 1 021 808
- Rendering of services 2 957 2 693 1 628 1 457
- Other 3 6
3 981 3 507 1 628 1 457
Inter-segment revenue 131
3 981 3 507 1 628 1 588
Operating expenses (2 803) (2 411) (1 146) (1 064)
Depreciation and
amortisation (752) (793) (308) (332)
Recoupments 3 (4) 2
Operating profit (loss) 426 306 170 194
Foreign exchange
(losses) gains (6) (20)
Fair value (losses)gains
on foreign
exchange derivatives (4) 11
Reversal of impairment
of share scheme loan 16
Profit (loss)
before net finance costs 416 313 170 194
Net finance costs (232) (333) (101) (130)
Profit (loss)
before taxation 184 (20) 69 64
Income tax expense (56) (38) (17) (18)
Profit (loss) for
the period 128 (58) 52 46
GEOGRAPHIC
SEGMENTATION
Revenue 3 981 3 507 1 628 1 588
- South Africa 3 680 3 138 1 588 1 518
- Rest of World 301 369 40 70
Operating profit (loss) 426 306 170 194
- South Africa 397 268 167 174
- Rest of World 29 38 3 20
Net finance costs 232 333 101 130
- South Africa 223 315 101 127
- Rest of World 9 18 3
Gross capital expenditure
- South Africa 859 871 368 430
- Rest of World 113 34 5
Gross capital expenditure 972 905 373 430
Less: Proceeds on disposal (78) (50) (55) (33)
Net capital
expenditure 894 855 318 397
Construction and Mining Passenger and
Equipment Distributorships Commercial Vehicles
31 December 31 December 31 December 31 December
2010 2009 2010 2009
BUSINESS SEGMENTATION Rm Rm Rm Rm
Revenue
- Sales of goods 537 382 164 186
- Rendering of services 133 96 788 725
- Other
670 478 952 911
Inter-segment revenue 21 52 15
691 530 967 911
Operating expenses (660) (610) (517) (450)
Depreciation and
amortisation (7) (9) (300) (302)
Recoupments 4 1
Operating profit (loss) 24 (89) 154 160
Foreign exchange
(losses) gains (5) (22)
Fair value (losses)
gains on foreign
exchange derivatives 2 12
Reversal of impairment
of share scheme loan
Profit (loss)
before net finance costs 21 (99) 154 160
Net finance costs (35) (76) (69) (81)
Profit (loss)
before taxation (14) (175) 85 79
Income tax expense (3) 2 (24) (20)
Profit (loss) for
the period (17) (173) 61 59
GEOGRAPHIC
SEGMENTATION
Revenue 691 530 967 911
- South Africa 642 494 893 820
- Rest of World 49 36 74 91
Operating profit
(loss) 24 (89) 154 160
- South Africa 14 (89) 145 150
- Rest of World 10 9 10
Net finance costs 35 76 69 81
- South Africa 35 76 66 74
- Rest of World 3 7
Gross capital
expenditure
- South Africa 3 6 344 350
- Rest of World 65 34
Gross capital
expenditure 3 6 409 384
Less: Proceeds on disposal (5) (9) (12)
Net capital expenditure 3 1 400 372
Industrial Corporate office and
Equipment eliminations
31 December 31 December 31 December 31 December
2010 2009 2010 2009
BUSINESS SEGMENTATION Rm Rm Rm Rm
Revenue
- Sales of goods 320 240
- Rendering of
services 408 415
- Other 3 6
728 655 3 6
Inter-segment revenue (36) (183)
728 655 (33) (177)
Operating expenses (491) (424) 11 137
Depreciation and
amortisation (141) (151) 4 1
Recoupments
Operating profit (loss) 96 80 (18) (39)
Foreign exchange
(losses) gains (1) 2
Fair value (losses)gains
on foreign
exchange derivatives (6) (1)
Reversal of impairment
of share scheme loan 16
Profit (loss)
before net finance costs 89 81 (18) (23)
Net finance costs (41) (52) 14 6
Profit (loss)
before taxation 48 29 (4) (17)
Income tax expense (14) (9) 2 7
Profit (loss) for
the period 34 20 (2) (10)
GEOGRAPHIC SEGMENTATION
Revenue 728 655 (33) (177)
- South Africa 590 483 (33) (177)
- Rest of World 138 172
Operating profit (loss) 96 80 (18) (39)
- South Africa 89 72 (18) (39)
- Rest of World 7 8
Net finance costs 41 52 (14) (6)
- South Africa 35 44 (14) (6)
- Rest of World 6 8
Gross capital expenditure
- South Africa 142 85 2
- Rest of World 43
Gross capital expenditure 185 85 2
Less: Proceeds on disposal(14)
Net capital expenditure 171 85 2
SEGMENT INFORMATION - STATEMENTS OF FINANCIAL POSITION
as at
Contract Mining
Group and Plant Rental
31 December 30 June 31 December 30 June
2010 2010 2010 2010
BUSINESS SEGMENTATION Rm Rm Rm Rm
ASSETS
Intangible assets 11 9
Property, plant and equipment 397 367 178 150
Leasing assets 6 654 6 740 3 033 3 061
Other investments and loans 217 89 69 64
Inventories 977 1 130 71 62
Trade and other receivables 1 015 955 406 461
Operating assets 9 271 9 290 3 757 3 798
Deferred tax assets 52 54
Taxation in advance 34 51
Cash and cash equivalents 168 267
Total assets per statement
of financial position 9 525 9 662
LIABILITIES
Trade and other payables
and provisions 1 229 1 142 277 335
Interest-bearing borrowings 5 122 5 516 2 001 2 340
Operating liabilities 6 351 6 658 2 278 2 675
Deferred tax liabilities 647 607
Current tax liabilities 24 17
Total liabilities per
statement of financial
position 7 022 7 282
GEOGRAPHIC SEGMENTATION
Operating assets 9 271 9 290 3 757 3 798
- South Africa 8 581 8 624 3 684 3 733
- Rest of World 690 666 73 65
Trade and other payables
and provisions 1 229 1 142 277 335
- South Africa 1 028 997 236 318
- Rest of World 201 145 41 17
Interest-bearing borrowings 5 122 5 516 2 001 2 340
- South Africa 4 741 5 136 2 001 2 340
- Rest of World 381 380
Construction and Mining Passenger and
Equipment Distributorships Commercial Vehicles
31 December 30 June 31 December 30 June
2010 2010 2010 2010
BUSINESS SEGMENTATION Rm Rm Rm Rm
ASSETS
Intangible assets 3 4 7 5
Property, plant and equipment 73 74 48 44
Leasing assets 62 60 2 524 2 567
Other investments and loans 107 3 3
Inventories 575 771 35 28
Trade and other receivables 352 216 162 127
Operating assets 1 172 1 125 2 779 2 774
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per statement
of financial position
LIABILITIES
Trade and other payables
and provisions 368 191 314 335
Interest-bearing borrowings 707 842 1 365 1 507
Operating liabilities 1 075 1 033 1 679 1 842
Deferred tax liabilities
Current tax liabilities
Total liabilities per
statement of financial position
GEOGRAPHIC SEGMENTATION
Operating assets 1 172 1 125 2 779 2 774
- South Africa 1 110 1 078 2 553 2 575
- Rest of World 62 47 226 199
Trade and other payables
and provisions 368 191 314 335
- South Africa 321 174 249 275
- Rest of World 47 17 65 60
Interest-bearing borrowings 707 842 1 365 1 507
- South Africa 707 807 1 222 1 422
- Rest of World 35 143 85
Industrial Corporate office and
Equipment eliminations
31 December 30 June 31 December 30 June
2010 2010 2010 2010
BUSINESS SEGMENTATION Rm Rm Rm Rm
ASSETS
Intangible assets 1
Property, plant and equipment 70 72 28 27
Leasing assets 1 101 1 096 (66) (44)
Other investments and loans 38 22
Inventories 296 269
Trade and other receivables 191 168 (96) (17)
Operating assets 1 659 1 605 (96) (12)
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per statement
of financial position
LIABILITIES
Trade and other payables
and provisions 266 180 4 101
Interest-bearing borrowings 951 1 034 98 (207)
Operating liabilities 1 217 1 214 102 (106)
Deferred tax liabilities
Current tax liabilities
Total liabilities per
statement of financial position
GEOGRAPHIC SEGMENTATION
Operating assets 1 659 1 605 (96) (12)
- South Africa 1 330 1 250 (96) (12)
- Rest of World 329 355
Trade and other payables
and provisions 266 180 4 101
- South Africa 218 129 4 101
- Rest of World 48 51
Interest-bearing borrowings 951 1 034 98 (207)
- South Africa 713 774 98 (207)
- Rest of World 238 260
Notes:
(1) Basis of preparation and accounting policies
The unaudited condensed consolidated interim financial statements for the six
months ended 31 December 2010 have been prepared using accounting policies
compliant with International Financial Reporting Standards (IFRS), IAS 34
Interim Financial Reporting, the AC 500 standards as issued by the Accounting
Practices Board or its successor, the JSE Limited Listings Requirements and the
South African Companies Act. The accounting policies and their application are
consistent, in all material respects, with those detailed in Eqstra`s 2010
annual report, except for the adoption on 1 July 2010 of those new and amended
statements of IFRS and interpretations of statements of IFRS listed in Eqstra`s
2010 annual report with effective dates for Eqstra of 1 July 2010, and those
amendments included in the International Accounting Standards Board`s annual
improvements project where such amendments are effective for Eqstra on 1 July
2010. The adoption of the new and amended statements of IFRS interpretations of
statements of IFRS and improvements project amendments has not had an effect on
the Group`s financial results.
(2) Other investments and loans as at
Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
Rm Rm Rm
- Listed, at market value 56 45 47
- Unlisted, at fair value or directors` valuation 42 75 26
- Loan receivable 12 16 16
- Finance lease receivables 107
217 136 89
Leases with low residual values have been classified as finance leases in terms
of IAS 17.
(3) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R570 million (H2`10:
R569 million) commercial paper that is supported by a R1 950 million standby
liquidity facility that has an 18 month rolling notice period.
(4) Finance costs including fair value (gains) losses
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June 30 June
2010 2009 2010 2010
Rm Rm Rm Rm
Interest expense 240 344 304 648
Fair value (gains) losses
on borrowings and interest swaps (2) (3) 8 5
238 341 312 653
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June 30 June
2010 2009 2010 2010
Cents Cents Cents Cents
(5) Earnings (loss) per share
Ordinary shares (6)
- Basic ## 30.3 (20.2)* 0.6 (19.6)
- Diluted ### 29.1 (20.2)*# 0.6 (19.6)#
Headline earnings (loss)
per share (6)
- Basic ## 30.4 (21.1)* (0.6) (21.7)
- Diluted ### 29.2 (21.1)*# (0.6) (21.7)#
Reconciliation
Basic earnings (loss) per share 30.3 (20.2) 0.6 (19.6)
Profit on sale of
property, plant and equipment (0.3) (0.3)
Loss (profit) on sale of
leasing assets 0.1 (1.2) (1.5) (2.7)
Taxation effect 0.3 0.6 0.9
Headline earnings (loss)
per share 30.4 (21.1) (0.6) (21.7)
* Restated for the effects of the June 2010 rights issue
# Limited to basic loss and headline loss per share per IAS 33
## Based on the adjusted weighted average number of shares
### Based on the adjusted diluted weighted average number of shares
(6) Weighted average number of shares in issue
for the period
The weighted average
number of shares have been
adjusted for the effects of
the June 2010 right issue
Number of ordinary shares
(million)
- in issue 427.7 258.4 413.2 413.2
- weighted average 413.2 258.4 258.4 258.4
- effects of June 2010
rights issue 28.6 28.6 28.6
-transfer to treasury shares (8.3) (1.1) (1.1)
- conversion of B-deferred
ordinary shares 14.5
Adjusted weighted average
number of shares 419.4 287.0 285.9 285.9
- dilutionary shares 16.8 26.2 26.7 26.7
Adjusted diluted weighted
average number of shares 436.2 313.2 312.6 312.6
(7) Net asset value per
share (cents) 585.2 693.5 576.0 576.0
(8) Capital commitments
Unaudited Audited
31 December 31 December 30 June
2010 2009 2010
Rm Rm Rm
2 698 1 098 2 506
- Contracted 1 537 1 346
- Authorised by directors but not contracted 1 161 1 098 1 160
Contingent liabilities 5 31 27
US Dollar funding outside of the Common Monetary Area was put in place for the
contracted capital commitments relating to the Riversdale Benga contract in
Mozambique.
www.eqstra.co.za
Johannesburg
21 February 2011
Sponsor: Merrill Lynch South Africa (Pty) Limited
Date: 21/02/2011 07:15:27 Produced by the JSE SENS Department.
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