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Notes

Six months  Six months Year
ended  ended ended
31 August 31 August 28 February
  % 2010  2009 2010
R million  Change (Unaudited) (Unaudited) (Audited)
Headline earnings per share (cents) (29) 206 292 571
Diluted headline earnings per share (cents) (28) 204 281 562
Adjusted headline earnings per share (cents) (26) 224  304 605
Diluted adjusted headline earnings per share (cents) (25) 221  293 596

 

Basis of preparation

The unaudited interim finacial results have been prepared in accordance with the recognition and measurement criteria of the AC 500 series, the International Financial Reporting Standards (IFRS), its interpretations adopted by the International Accounting Standards Board (IASB) in issue and effective at 31 August 2010 except for the adoption of IFRS 3 Business Combinations 2008 and IAS 27 Consolidated and Separate Financial Statements 2008. All business combinations occurring on or after 1 March 2010 will be accounted for applying the acquisition method. The change in accounting policies are applied prospectively and had no material application in the current period.

The unaudited interim financial results have been prepared in accordance with the disclosure requirements of IAS 34, Interim Financial Reporting, and in compliance with the Listings Requirements of the JSE Limited and the requirements of the South African Companies Act.

The accounting policies used in the preparation of these interim results are consistent with those used in the annual financial statements for the year ended 28 February 2010.

  Figures in R million      
1. Capital items    
Net profit on disposal of property, plant and equipment 1 2 -
Net profit on disposal of bandwidth capacity - - 23
  Impairment of intangible assets - - -65
    1 2 (42)
2. Reconciliation between attributable earnings
and headline earnings 		  
Earnings attributable to Altech equity holders  202 284 520
  Adjustments for:
Capital items – gross 		 (1) -2 42
201 282 562
Tax effect of capital items  - (18)
  Non-controling interest in adjustments   - 9
Headline earnings 201 282 553
  Dilutive earnings attributable to BBBEE minorities in a subsidiary - (3) -
  Fully diluted headline earnings  201 279 553
3. Reconciliation between earnings and fully diluted earnings   
Earnings attributable to Altech equity holders  202 284 520
  Additional earnings attributable to BBBEE minorities  – -3 –
  Fully diluted earnings   202 281 520
4. Reconciliation between headline earnings and
adjusted headline earnings  		 
Adjusted headline earnings have been presented to demonstrate   
the impact of some accounting charges arising on acquisitions on   
the headline earnings of the group. Headline earnings are   
reconciled to adjusted headline earnings as follows:  
Headline earnings  201 282 553
Amortisation of intangible assets arising on business combination  20 14 40
  Tax effect of adjustments  (3) -2 -7
  Adjusted headline earnings  218 294 586
  Additional earnings attributable to BBBEE minorities  – -3 –
  Fully adjusted diluted headline earnings  218 291 586
5. Dividends 
It is group policy for dividends to be declared after the financial year. 
 

 
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