|
Investment in - (175) - - 39,248
associates
Loans and receivables - - - - 8,403
Deferred income tax - - - - -
assets
Current assets 1,444 - - (209) 205,759
Inventories - - - (209) 16,236
Trade and other 1,444 - - - 105,998
receivables
Loans and receivables - - - - -
Current income tax - - - - 2,103
asset
Cash and cash - - - - 81,422
equivalents
Total assets 1,444 (175) - (209) 652,508
Equity
Capital and reserves
Ordinary shares - - - - 1,313
Share premium - - - - 7,120
Revaluation and other - - - - 87,186
reserves
Retained earnings 1,117 (179) 586 (118) 174,654
Total shareholders" 1,117 (179) 586 (118) 270,273
equity
Minority interest - - (58) - 96,320
Total equity 1,117 (179) 528 (118) 366,593
Liabilities
Non-current 327 (1) 88 (273) 167,470
liabilities
Borrowings - - - - 82,500
Deferred income tax 327 (1) 88 (273) 84,970
liabilities
Current liabilities - 5 (616) 182 118,445
Trade and other - 5 (241) 903 95,780
payables
Borrowings - - - - -
Current income tax - - (375) (721) 22,665
liabilities
Total liabilities 327 4 (528) (91) 285,915
Total equity and 1,444 (175) - (209) 652,508
liabilities
Reconciliation of net income of the year ending 30 June 2005
Group
SA GAAP Adj i Adj ii Adj iii Adj iv
30 JUNE
2005
R"000
Revenue 527,031 - - 50 -
Other income 11,661 - - - -
Raw material and (114,184) - - 60 -
consumables
Commission and (94,810) - - - -
levies
Employee costs (73,257) (1,543) - - -
Depreciation (5,530) - - - 162
Amortisation (13,094) - (13,737) 4,185 -
Other expenses (52,730) - - (201) -
Operating profit 185,087 (1,543) (13,737) 4,094 162
Finance income 7,114 - - - -
Finance expenses (4,577) - - (159) -
Share of results of 6,058 - - - -
associates
Profit before income 193,682 (1,543) (13,737) 3,935 162
tax
Income tax expense (76,501) 178 4,134 276 (35)
Profit for the year 117,181 (1,365) (9,603) 4,211 127
Attributable to:
- Equity holders of 103,290 (1,365) (9,603) 2,852 100
the company
- Minority interest 13,891 - - 1,359 27
117,181 (1,365) (9,603) 4,211 127
Reconciliation of net income of the year ending 30 June 2005 (Contd)
Group
Adj v Adj vi Adj vii Adj viii IFRS 30
June 2005
R"000
Revenue - - - - 527,081
Other income - - - - 11,661
Raw material and - - - 12,992 (101,132)
consumables
Commission and - - - - (94,810)
levies
Employee costs - - - - (74,800)
Depreciation - - - - (5,368)
Amortisation - - - - (22,646)
Other expenses (406) (5) (215) (12,774) (66,331)
Operating profit (406) (5) (215) 218 173,655
Finance income - - - - 7,114
Finance expenses - - - - (4,736)
Share of results of - (138) - - 5,920
associates
Profit before income (406) (143) (215) 218 181,953
tax
Income tax expense 122 40 70 196 (71,520)
Profit for the year (284) (103) (145) 414 110,433
Attributable to:
- Equity holders of (284) (103) (87) 414 95,214
the company
- Minority interest - - (58) - 15,219
(284) (103) (145) 414 110,433
Reconciliation of changes in equity for the year ending 30 June 2004
and 30 June 2005
SA GAAP Adj i Adj ii Adj iii Adj iv
R"000
Share capital
Balance at 1 July 1,302 - - - -
2004
Movement for the 11 - - - -
year
Balance at 30 June 1,313 - - - -
2005
Share premium
Balance at 1 July 4,853 - - - -
2004
Movement for the 2,267 - - - -
year
Balance at 30 June 7,120 - - - -
2005
Revaluation reserve
Balance at 1 July - 210 - - -
2004
Movement for the 90,595 417 - (4,036) -
year
Balance at 30 June 90,595 627 - (4,036) -
2005
Retained earnings
Balance at 1 July 139,964 (210) 33,027 16,858 375
2004
Share of net profit - - - (1,776) 13
of subsidiary at
acquisition
Profit for the year 103,290 (1,365) (9,603) 2,852 100
Dividend (110,277) - - - -
Realisation of - - - - -
intangible asset
Balance at 30 June 132,977 (1,575) 23,424 17,934 488
2005
Minority interest
Balance at 1 July 37 - - - -
2004
Share of net profit 17,647 - - (1,849) -
of subsidiary at
acquisition
Share of fair value 85,266 - - - -
adjustment of
intangible assets in
subsidiary
Share of net profit 13,891 - - 1,359 27
of subsidiary for
the year
Dividend (20,000) - - - -
Balance at 30 June 96,841 - - (490) 27
2005
Reconciliation of changes in equity for the year ending 30 June 2004
and 30 June 2005 (Contd)
Adj v Adj vi Adj vii Adj viii IFRS
R"000
Share capital
Balance at 1 July - - - - 1,302
2004
Movement for the - - - - 11
year
Balance at 30 June - - - - 1,313
2005
Share premium
Balance at 1 July - - - - 4,853
2004
Movement for the - - - - 2,267
year
Balance at 30 June - - - - 7,120
2005
Revaluation reserve
Balance at 1 July - - - - 210
2004
Movement for the - - - - 86,976
year
Balance at 30 June - - - - 87,186
2005
Retained earnings
Balance at 1 July 311 (76) - (532) 189,717
2004
Share of net profit 1,090 - 673 - -
of subsidiary at
acquisition
Profit for the year (284) (103) (87) 414 95,214
Dividend - - - - (110,277)
Realisation of - - - - -
intangible asset
Balance at 30 June 1,117 (179) 586 (118) 174,654
2005
Minority interest
Balance at 1 July - - - - 37
2004
Share of net profit - - - - 15,798
of subsidiary at
acquisition
Share of fair value - - - - 85,266
adjustment of
intangible assets in
subsidiary
Share of net profit - - (58) - 15,219
of subsidiary for
the year
Dividend - - - - (20,000)
Balance at 30 June - - (58) - 96,320
2005
Reconciliation of the cash flow statement
SA GAAP Adj i Adj ii Adj iii Adj iv
30 JUNE
2005
Cash flows from
operation activities
Cash generated from 192,500 - - (299) 1
operations
Interest paid (178) - - - -
Income tax paid (63,919) - - - -
Interest received 7,114 - - (159) -
Dividends received - - - - -
from associates
Dividends paid to (110,277) - - -
shareholders
Dividends paid to (20,000) - - - -
minority
Dividends paid to (2,874) - - - -
preference
shareholders
Net cash generated 2,366 - - (458) 1
from operating
activities
Cash flows from
investing activities
Acquisition of (44,709) - - (1,776) 13
subsidiary, net of
cash acquired
Acquisition of (17,735) - - - -
investment in
associate
Purchases of (5,732) - - - -
property, plant and
equipment ("PPE")
Proceeds from sale 508 - - - 29
of PPE
Purchases of (2,673) - - 2,234 (43)
intangible assets
Loans to associates (15,291) - - - -
Loans to - - - - -
subsidiaries
Net cash used in (85,632) - - 458 (1)
(generated
from)investing
activities
Cash flows from
financing activities
Proceeds from issue 2,278 - - - -
of ordinary shares
Proceeds from 82,500 - - - -
borrowings
Movement in loans (8,403) - - - -
and receivables
Net cash generated 76,375 - - - -
from financing
activities
Net increase/ (6,891) - - - -
(decrease) in cash
and bank overdrafts
Cash and bank 88,313 - - - -
overdrafts at the
beginning of year
Cash and bank 81,422 - - - -
overdrafts at the
end of year
Reconciliation of the cash flow statement (Contd)
Adj v Adj vi Adj vii Adj viii IFRS 30
June 2005
Cash flows from
operation activities
Cash generated from (1,406) - (456) - 190,340
operations
Interest paid - - - - (178)
Income tax paid - - - - (63,919)
Interest received - - - - 6,955
Dividends received - - - - -
from associates
Dividends paid to - - - - (110,277)
shareholders
Dividends paid to - - - - (20,000)
minority
Dividends paid to - - - - (2,874)
preference
shareholders
Net cash generated (1,406) - (456) - 47
from operating
activities
Cash flows from
investing activities
Acquisition of 1,090 - 673 - (44,709)
subsidiary, net of
cash acquired
Acquisition of - - - - (17,735)
investment in
associate
Purchases of - - - - (5,732)
property, plant and
equipment ("PPE")
Proceeds from sale - 537
of PPE
Purchases of 316 - (217) - (383)
intangible assets
Loans to associates - - - - (15,291)
Loans to - - - - -
subsidiaries
Net cash used in 1,406 - 458 - (83,313)
(generated
from)investing
activities
Cash flows from
financing activities
Proceeds from issue - - - - 2,278
of ordinary shares
Proceeds from - - - - 82,500
borrowings
Movement in loans - - - - (8,403)
and receivables
Net cash generated - - - - 76,375
from financing
activities
Net increase/ - - - - (6,891)
(decrease) in cash
and bank overdrafts
Cash and bank - - - - 88,313
overdrafts at the
beginning of year
Cash and bank - - - - 81,422
overdrafts at the
end of year
On behalf of the board
M J N Njeke W R Jardine
Deputy chairman Chief executive
27 September 2006
Registered office Transfer secretaries
1st Floor, Kagiso House Link Market Services South
16 Fricker Road Africa (Pty) Limited 5th Floor,
Illovo, 2196 11 Diagonal Street
(PO Box 724, Northlands, Johannesburg, 2001
2116) (PO Box 4844, Johannesburg,
2000)
Directors: M J N Njeke (Deputy chairman), W R Jardine* (Chief
executive), O C Essack*, S Pienaar*, H I Appelbaum, R L
Hiemstra#, Y I Mahomed, M Motanyane
* Executive # Independent
Also available at: www.kagisomedia.co.za
Date: 28/09/2006 10:32:32 AM Produced by the JSE SENS Department
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