NOTES
Basis of preparation
The summarised consolidated unaudited interim financial results for the six months ended 31 August 2011 have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (“IFRS”), the AC 500 series of interpretations as issued by the Accounting Practices Board or its successor, IAS34: Interim Financial Reporting and in compliance with the requirements of the Companies Act, No. 71 of 2008 of South Africa and the Listing Requirements of the JSE Limited.The accounting policies applied are consistent with those used in the prior year.
This report was compiled under the supervision of Dr John Carstens CA(SA), Chief Financial Officer, and Mr Francois Verster CA(SA), Group Financial Manager.
Auditors' report
PKF (Jhb) Inc's unmodified auditor's report included in the consolidated annual financial statements and on the summarised consolidated annual financial statements contained in this summarised report are available for inspection at the Company's registered office.Figures in R million |
% change |
Six months ended 31 August 2011 (Unaudited) |
Six months ended 31 August 2010 (Unaudited) |
Year ended 28 February 2011 (Audited) |
| Headline earnings per share (cents) | (24) |
156 |
206 |
488 |
| Diluted headline earnings per share (cents) | (25) |
153 |
204 |
481 |
| Adjusted headline earnings per share (cents) | (19) |
181 |
224 |
529 |
| Diluted adjusted headline earnings per share (cents) | (20) |
177 |
221 |
522 |
| Figures in R million | Six months ended 31 August 2011 (Unaudited) |
Six months ended 31 August 2010 (Unaudited) |
Year ended 28 February 2011 (Audited) |
|
| 1. | Capital items | |||
| Impairment of goodwill | (49) |
– |
(250) |
|
| Net profit on disposal of property, plant and equipment | 36 |
1 |
2 |
|
| Impairment of property, plant and equipment | – |
– |
(14) |
|
| Impairment of intangible assets | –
|
– |
(11) |
|
(13) |
1 |
(273) |
||
| 2. | Reconciliation between earnings and headline earnings | |||
| Earnings attributable to Altech equity holders | 136 |
202 |
210 |
|
| Adjustments for capital items: | ||||
| Impairment of goodwill | 49 |
–
|
250 |
|
| Other capital items | (36) |
(1) |
23 |
|
149 |
201 |
483 |
||
| Tax effect of adjustments | 3 |
– |
(3) |
|
| Non-controlling interest in adjustments | – |
– |
(5) |
|
152 |
201 |
475 |
||
| 3. | Reconciliation between headline earnings and adjusted headline earnings Adjusted headline earnings have been presented to demonstrate the impact of some once-off events and accounting charges on the headline earnings of the Group. Headline earnings are reconciled to adjusted headline earnings as follows: |
|||
| Headline earnings | 152 |
201 |
475 |
|
| Adjustments for: | ||||
| Amortisation of intangible assets arising on | ||||
| business combination | 18 |
20 |
39 |
|
| B-BBEE transaction costs | 6 |
– |
4 |
|
| IFRS 2 charge on B-BBEE transactions | 4 |
– |
7 |
|
180 |
221 |
525 |
||
| Tax effect of adjustments | (4) |
(3) |
(10) |
|
176 |
218 |
515 |
||
| 4. | Dividends It is Group policy for dividends to be declared after the financial year. |
