Earnings releases


Interim Results for the half-year ended 30 June 2009


NOTES

    
Condensed consolidated Unaudited   Unaudited   Audited
    Half-year   Half-year   Year ended
    30 June   30 June   31 December
Rmillion 2009   2008   2008

             
1.  Net financing costs          
  Interest paid (218)   (155)   (428)
  Interest capitalised 55   42   103
  Interest received 12   28   45
   
 
    (151)   (85)   (280)
   
 
2. Tax          
  Normal (53)   (46)   (256)
  Deferred (134)   (38)   66
  Rate change adjustment (deferred)     22   22
  Secondary tax on companies (21)   (22)   (44)
   
 
    (208)   (84)   (212)
   
 
3. Headline earnings          
  Profit attributable to shareholders 2 419   266   649
  Less Zimbabwe consolidation take-on gain (1 969)        
  Less after tax effect of:          
    Profit on disposal of land (2)   (15)   (22)
    Profit on insurance claim (10)       (46)
    Loss on disposal of other fixed assets 2   1   2
   
 
    440   252   583
   
 
4. Trade and other payables          
  Included in trade and other payables is the maize obligation (interest bearing) of R159 million (30 June 2008: R209 million and 31 December 2008: R373 million).
             
5. Capital expenditure commitments          
  Contracted 380   143   587
  Approved 59   611   114
   
 
    439   754   701
   
 
6. Operating lease commitments 16   15   28
   
 
7. Guarantees and contingent liabilities 153   86   122
   
 
8. Basis of preparation          
  The condensed consolidated unaudited results for the half-year ended 30 June 2009 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. The accounting policies are consistent with those used for the audited 2008 annual financial statements which fully comply with International Financial Reporting Standards, the Companies Act, as amended and the JSE Limited Listing Requirements. Tongaat Hulett's Zimbabwean operations, which were previously accounted for on a dividend received basis, have now been consolidated giving rise to a balance sheet take-on gain of R1,969 billion as determined in accordance with IFRS 3 (revised 2008). This standard has been early adopted and has been applied prospectively with no restatement of comparatives. In addition, IAS 1 Presentation of Financial Statements (revised), and IFRS 8 Operating Segments were adopted during the current financial period. The adoption of these new standards has resulted in certain disclosure reclassifications but has not resulted in any changes in accounting policy.