| |
|
GROUP |
| |
|
2009 |
|
2008 |
| |
|
R’000 |
|
R’000 |
| 31. |
Commitments |
|
|
|
| 31.1 |
Operating lease commitments |
|
|
|
| |
The future minimum lease payments under non-cancellable operating leases are as follows: |
|
|
|
| |
Not later than 1 year |
33 422 |
|
34 889 |
| |
Later than 1 year, but not later than 5 years |
79 948 |
|
77 983 |
| |
Later than 5 years |
2 633 |
|
253 |
| |
|
116 003 |
|
113 125 |
| 31.2 |
Operating lease receivables |
|
|
|
| |
The future minimum lease payments receivable under non-cancellable operating leases are as follows: |
|
|
|
| |
Not later than 1 year |
2 326 |
|
2 611 |
| |
Later than 1 year, but not later than 5 years |
3 076 |
|
5 959 |
| |
|
5 402 |
|
8 570 |
| 31.3 |
Future capital commitments |
|
|
|
| |
Contractually committed |
376 669 |
|
301 155 |
| |
Approved by the board, but not yet contractually committed |
698 014 |
|
413 621 |
| |
– for next financial year |
486 257 |
|
413 621 |
| |
– for year following next financial year |
211 757 |
|
– |
| |
Items of joint ventures |
39 047 |
|
54 914 |
| |
|
1 113 730 |
|
769 690 |
| |
Allocated as follows: |
|
|
|
| |
Property, plant and equipment |
1 113 730 |
|
769 690 |
| |
The expenditure will be financed from operating income and borrowed funds, in accordance with a budget approved by the board of directors.
|
|
|
|
| 32. |
Retirement benefits |
|
|
|
| |
The Group contributes to retirement and provident funds for all its employees which are administered by several service providers. These retirement and provident funds are defined contribution plans which are arranged and governed by the Pension Fund Act of 1956.
|
|
|
|
| 33. |
Government grants |
|
|
|
| |
Cumulative amounts received |
7 490 |
|
6 772 |
| |
Cumulative amounts amortised |
(3 628) |
|
(2 889) |
| |
Receipts deferred |
3 862 |
|
3 883 |
| |
The Group obtained and deferred as income a government grant of R718,461 (2008: R1,072,963). The Group benefits from such assistance for capital expenditure.
|
|
|
|
| 34. |
Related party transactions |
|
|
|
| |
During the financial year the Company and its subsidiaries conducted the following transactions with joint ventures, associates, parties exercising significant influence and key management personnel.
|
|
|
|
| 34.1 |
Sale of goods |
|
|
|
| |
Key management personnel |
7 387 |
|
8 783 |
| |
Joint ventures |
192 784 |
|
156 411 |
| |
Associates |
33 164 |
|
30 035 |
| |
Parties exercising significant influence |
21 848 |
|
25 831 |
| 34.2 |
Purchase of goods |
|
|
|
| |
Key management personnel |
11 448 |
|
8 544 |
| |
Joint ventures |
14 911 |
|
15 937 |
| |
Associates |
44 133 |
|
34 814 |
| |
Parties exercising significant influence |
33 567 |
|
32 984 |
| 34.3 |
Net interest received |
|
|
|
| |
Joint ventures |
4 117 |
|
4 379 |
| 34.4 |
Key management personnel compensation |
|
|
|
| |
Salaries and other short-term employee benefits |
101 127 |
|
84 176 |
| |
Termination benefits |
– |
|
2 029 |
| |
Post-employment benefits |
10 251 |
|
7 875 |
| |
Other long-term benefits |
1 268 |
|
615 |
| |
Share-based payments |
11 014 |
|
6 149 |
| |
|
123 660 |
|
100 844 |
| 34.5 |
Year-end balances arising from sales/purchases of goods/services |
|
|
|
| |
Receivable from related parties |
|
|
|
| |
Parties exercising significant influence |
2 237 |
|
1 999 |
| |
Key management personnel |
739 |
|
64 |
| |
Associates |
2 550 |
|
5 035 |
| |
Joint ventures |
25 764 |
|
29 818 |
| |
|
31 290 |
|
36 916 |
| |
Payable to related parties |
|
|
|
| |
Parties exercising significant influence |
563 |
|
537 |
| |
Associates |
6 577 |
|
7 031 |
| |
Joint ventures |
1 735 |
|
1 185 |
| |
|
8 875 |
|
8 753 |
| 34.6 |
Loans to related parties |
|
|
|
| |
Loans to joint ventures |
|
|
|
| |
Beginning of year |
29 869 |
|
13 187 |
| |
Loans advanced during the year |
26 588 |
|
36 825 |
| |
Loan repayments received |
(25 800) |
|
(25 873) |
| |
Interest charged |
4 438 |
|
4 565 |
| |
Interest received |
(321) |
|
(186) |
| |
IAS 39 adjustment |
692 |
|
1 351 |
| |
End of year |
35 466 |
|
29 869 |
| |
Above-mentioned amounts are included in the amounts disclosed in the Group financial statements.
|
|
|
|
| 35. |
Net cash profit from operating activities |
|
|
|
| |
Reconciliation of profit before income tax and net cash profit from |
|
|
|
| |
operating activities: |
|
|
|
| |
Profit before income tax |
896 584 |
|
627 093 |
| |
Adjusted for: |
|
|
|
| |
Depreciation |
269 086 |
|
252 259 |
| |
Impairment of property, plant, equipment and intangible assets |
53 352 |
|
22 278 |
| |
Net loss/(profit) on disposal of property, plant, equipment and intangible assets |
16 346 |
|
(1 670) |
| |
Net profit on disposal of available-for-sale financial assets |
(1 676) |
|
(1 239) |
| |
Unrealised losses on foreign exchange contracts and on foreign exchange |
8 569 |
|
1 756 |
| |
Fair value adjustment on interest rate swaps and collars |
4 774 |
|
(2 575) |
| |
Change in provision for impairment of trade receivables |
2 533 |
|
1 302 |
| |
Change in allowance for outstanding credit notes |
1 528 |
|
11 417 |
| |
Share-based payments |
51 364 |
|
2 359 |
| |
Changes in provisions for post-retirement medical benefits and long service awards |
13 950 |
|
14 180 |
| |
Biological non-current asset adjustments |
(2 067) |
|
(4 024) |
| |
Dividends received |
(1 742) |
|
(999) |
| |
Interest received |
(26 973) |
|
(30 473) |
| |
Interest paid |
224 554 |
|
250 786 |
| |
Profit from associated companies |
(439) |
|
(718) |
| |
|
1 509 743 |
|
1 141 732 |
| |
|
|
|
|
| 36. |
Working capital changes |
|
|
|
| |
Decrease/(increase) in inventory |
234 896 |
|
(559 927) |
| |
Decrease/(increase) in trade and other receivables |
148 941 |
|
(188 649) |
| |
(Decrease)/increase in trade and other payables |
(1 160) |
|
271 379 |
| |
Increase in current biological assets |
(8 366) |
|
(32 121) |
| |
(Increase)/decrease in derivative financial instruments (assets) |
(19 907) |
|
23 722 |
| |
Increase/(decrease) in derivative financial instruments (liabilities) |
12 077 |
|
(17 798) |
| |
Provisions paid |
(9 929) |
|
(7 773) |
| |
|
356 552 |
|
(511 167) |
| |
|
|
|
|
| 37. |
Dividends paid to Group ordinary shareholders |
|
|
|
| |
Amounts unpaid at beginning of year |
(223) |
|
(306) |
| |
As disclosed in statement of changes in equity |
(178 750) |
|
(148 596) |
| |
Dividends – Ordinary shareholders |
(205 207) |
|
(173 936) |
| |
Dividends received on treasury shares of share incentive trusts |
8 115 |
|
8 077 |
| |
Dividends received on treasury shares of subsidiary |
18 342 |
|
17 263 |
| |
Amounts unpaid at end of year |
147 |
|
223 |
| |
|
(178 826) |
|
(148 679) |
| |
|
|
|
|
| 38. |
Income tax paid |
|
|
|
| |
Amounts unpaid at beginning of year |
20 839 |
|
(46 482) |
| |
As disclosed in the income statement |
(241 575) |
|
(151 495) |
| |
Business combinations |
– |
|
119 |
| |
Hedging reserve – reversal of previous year income tax to income statement |
(10 940) |
|
29 428 |
| |
Hedging reserve – income tax current year |
4 866 |
|
10 940 |
| |
Amounts unpaid at end of year |
(7 540) |
|
(20 839) |
| |
|
(234 350) |
|
(178 329) |
| |
|
|
|
|
| 39. |
Proceeds on disposal of property, plant, equipment and intangible assets |
|
|
|
| |
Book value of property, plant, equipment and intangible assets |
34 540 |
|
23 451 |
| |
Net (loss)/profit on disposal of property, plant, equipment and intangible assets |
(16 346) |
|
1 670 |
| |
|
18 194 |
|
25 121 |
| |
|
|
|
|
| 40. |
Proceeds on disposal of available-for-sale financial assets |
|
|
|
| |
Book value of available-for-sale financial assets |
4 063 |
|
1 851 |
| |
Net profit on disposal of available-for-sale financial assets |
1 676 |
|
1 239 |
| |
|
5 739 |
|
3 090 |
