Earnings releases


Audited Results & Final Dividend Declaration for the year ended 31 December 2005


RECONCILIATION OF PREVIOUS SA GAAP TO IFRS


    Audited   IFRS transition
    Year ended   date
  31 December   1 January
Rmillion   2004   2004

Balance sheet        
Equity        
As previously reported – SA GAAP   4 357   4 193
Effect of goodwill now recorded in Metical        
   and translated at the closing exchange rate   (14)   (15)
Share-based payment reserve   13   3
Effect of changes on income statement:        
   Current year   (6)    
   Prior year   (3)   (3)
   
 
   Shareholders’ interest   4 347   4 178
     
Minority interests in subsidiaries previously
   reported separately from equity
  71   6
   
 
Equity restated – IFRS   4 418   4 184
   
 
Income statement        
Net profit as previously reported   226    
Effect of transition to IFRS   (6)    
   Share-based payment charge   (8)    
   Goodwill no longer amortised   2    
 
   
Net profit attributable to shareholders restated – IFRS 220    
 
   
 
Basis of preparation        

The audited results of the Group for the year ended 31 December 2005 have been prepared in accordance with the Group’s accounting policies which comply fully with International Financial Reporting Standards (IFRS). The Group is reporting under IFRS for the first time for the year ended 31 December 2005. Comparative figures have accordingly been restated. The transition to IFRS has resulted in the Group adopting IFRS 2 Share-based Payment and accounting for goodwill in terms of IFRS 3 Business Combinations. The Group continues to account for its Zimbabwean operations, including Triangle Sugar, on a dividend received basis.

The disclosures required by IFRS 1 First-time Adoption of International Financial Reporting Standards concerning the transition from South African Statements of Generally Accepted Accounting Practice (SA GAAP) to IFRS and the requisite changes in accounting policies are set out in the table above.