NOTES

    
Condensed consolidated Unaudited   Unaudited     Audited
  Half-year   Half-year   Year ended
  30 June   30 June   31 December
Rmillion 2008   2007   2007

             
1. Valuation adjustments          
  Exchange rate translation gain/(loss) 13   3   (1)
  Fair value adjustment on long-term receivable (7)        
 
 
    (6)   3   (1)
 
 
             
2. Net financing costs          
  Interest paid (155)   (90)   (208)
  Interest capitalised 42       15
  Interest received 28   53   74
 
 
    (85)   (37)   (119)
 
 
             
3. Tax          
  Normal (46)   (63)   (98)
  Deferred (38)   4   (63)
  Rate change adjustment (deferred) 22        
  Secondary tax on companies (22)   (47)   (127)
 
 
    (84)   106)   (288)
 
 
             
4. Headline earnings          
  Profit attributable to shareholders 266   3 198   3 457
  Less after tax effect of surplus on sale of fixed assets (14)   (5)   (48)
  Reversal of fair value adjustment of Hulamin   (3 348)   (3 348)
 
 
    252   (155)   61
 
 
             
5. Capital expenditure commitments          
  Contracted 143   196   539
  Approved 611   1 298   796
 
 
    754   1 494   1 335
 
 
             
6. Operating lease commitments 15   20   23
 
 
             
7. Guarantees and contingent liabilities 86   27   35
 
 
8. Trade and other payables
   Included in trade and other payables is the maize obligation (interest bearing) of R209 million (30 June 2007: R160 million and 31 December 2007: R163 million).
   
9. Basis of preparation

  
The condensed consolidated unaudited results for the half-year ended 30 June 2008 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. The accounting policies are consistent with those used for the audited 2007 annual financial statements which fully comply with International Financial Reporting Standards. Tongaat Hulett continues to account for its Zimbabwean operations on a dividend received basis.