Interim Results for the half-year ended 30 June 2007
NOTES
Condensed consolidated
Unaudited
Unaudited
Audited
half-year
half-year
year ended
30 June
30 June
31 December
Rmillion
2007
2006
2006
1.
BEE IFRS 2 charge and transaction costs
A once-off R320 million IFRS 2 charge has been brought to account in respect of the facilitation of the 18% BEE equity participation transaction. Advisory and other transaction related costs of R34 million have been brought to account.
2.
Hulamin unbundling and restatement of comparatives
Pursuant to the listing and unbundling of Hulamin at the end of June 2007, Tongaat Hulett’s 50 percent investment in Hulamin was fair valued through profit or loss by R3 348 million and thereafter unbundled as a distribution in specie. Comparative figures in the profit or loss and segmental analysis have been restated to reflect Hulamin as a discontinued operation, as required by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
3.
Net financing costs
Interest paid
(90)
(22)
(38)
Financial instrument income
19
104
Interest received
53
18
22
(37)
15
88
4.
Tax
Normal
(63)
(38)
(85)
Deferred
4
(38)
(90)
Secondary tax on companies
(47)
(37)
(63)
(106)
(113)
(238)
5.
Headline earnings
Profit attributable to shareholders
3 198
317
723
Less after tax effect of surplus on sale of fixed assets
(5)
(20)
(20)
Reversal of fair value adjustment of Hulamin
(3 348)
(155)
297
703
6.
Capital expenditure commitments
Contracted
196
115
169
Approved
1 298
199
640
1 494
314
809
7.
Operating lease commitments
20
34
45
8.
Guarantees and contingent liabilities
27
51
79
9.
Trade and other payables
Included in trade and other payables is the maize obligation (interest bearing) of R160 million (30 June 2006: R75 million and 31 December 2006: R130 million).
10.
Basis of preparation
The condensed consolidated unaudited results for the half-year ended 30 June 2007 have been prepared in accordance with the accounting policies which fully comply with International Financial Reporting Standards and are consistent with the audited annual financial statements at 31 December 2006. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. Tongaat Hulett continues to account for its Zimbabwean operations, including Triangle Sugar and Hippo Valley Estates, on a dividend received basis.