| 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. |