Earnings releases

Interim Results for the half-year ended 30 June 2005



Audited  Unaudited IFRS transition
Year ended Half-year date
31 December  30 June 1 January
Rmillion2004 2004 2004
Balance sheet      
As previously reported ­ SA GAAP4 357 4 199 4 193
Effect of goodwill now recorded in Meticais     
  and translated at the closing exchange rate(14) (16) (15)
Share-based payment reserve13 7 3
Effect of changes on income statement:     
   Current period(6) (2)  
   Prior periods(3) (3) (3)

Equity holders' interest4 347 4 185 4 178
Minority interests in subsidiaries previously      
  reported outside of equity71 12 6
Equity restated ­ IFRS4 418 4 197 4 184

Income statement     
Net profit as previously reported226 57  
Effect of transition to IFRS(6) (2)  
   Share-based payment charge (8) (3)  
   Goodwill no longer amortised 2 1  

Net profit attributable to equity holders restated ­ IFRS 220 55  


Basis of preparation
The unaudited results of the Group for the half-year ended 30 June 2005 have been prepared in accordance with the Group's accounting policies which fully comply with International Financial Reporting Standards (IFRS). The Group is reporting under IFRS for the first time for the year ending 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.