NOTES

    
  Unaudited     Unaudited   Audited
  Half-year   Half-year   Year ended
  30 June   30 June     31 December
Rmillion 2006   2005   2005

1. Operating profit
Operating profit includes results of operations, Triangle dividends, restructure costs, valuation adjustments and exceptional items.
 
2.  Net financing costs          
Interest paid (56)   (72)   (131)
Financial instrument income 19   16   33
Interest received 18   21   38
 
 
 
  (19)   (35)   (60)
 
 
 
3.  Tax          
Normal (38)   (29)   (51)
Deferred (56)   (43)   (113)
Rate change adjustment (deferred) 0   28   28
Secondary tax on companies (37)   (11)   (26)
 
 
 
  (131)   (55)   (162)
 
 
 
4.  Headline earnings          
Profit attributable to shareholders 317   216   472
Less after tax effect of surplus on          
  sale of fixed assets (20)   (8)   (6)
 
 
 
  297   208   466
 
 
 
5.  Capital expenditure commitments         
Contracted 115   64   112
Approved but not contracted 199   150   187
 
 
 
  314   214   299
 
 
 
6.  Operating lease commitments 34   31   39
 
 
 
7.  Guarantees and contingent liabilities 51   48   44
 
  
   
8. Trade and other payables

  
Included in trade and other payables is the maize obligation (interest bearing) of R75 million (30 June 2005: R99 million and 31 December 2005: R110 million).
 
9. Basis of preparation

  
The unaudited results of the Group for the half-year ended 30 June 2006 have been prepared in accordance with the Group’s accounting policies which fully comply with International Financial Reporting Standards, including IAS 34 Interim Financial Reporting. The Group continues to account for its Zimbabwean operations, including Triangle Sugar, on a dividend received basis.