UNAUDITED INTERIM RESULTS for the six months ended 31 December 2009
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
| Restated | ||||
| Unaudited | Unaudited | Audited | ||
| 31 Dec | 31 Dec | 30 Jun | ||
| 2009 | 2008 | 2009 | ||
| Notes | R’000 | R’000 | R’000 | |
| Revenue | 1 | 12 005 | 13 320 | 27 246 |
| Operating costs | 2 | (9 469) | (8 222) | (14 932) |
| Profit from operations | 2 536 | 5 098 | 12 314 | |
| Share of profit from associates | 3 | 52 616 | 58 804 | 118 191 |
| Negative goodwill from associate | 4 | – | 80 623 | 80 623 |
| Net income before finance costs and taxation | 55 152 | 144 525 | 211 128 | |
| Finance costs | 5 | (11 657) | (15 176) | (31 938) |
| Net profit before tax | 43 495 | 129 349 | 179 190 | |
| Taxation | (3 663) | (3 760) | (7 470) | |
| Net profit for the year | 39 832 | 125 589 | 171 720 | |
| Other comprehensive income | ||||
| Transfer to capital redemption reserve fund | – | – | (22) | |
| Change in reserves of associated companies | (15 431) | – | – | |
| Unrealised fair value gains/(losses) on available-for-sale investments, net of tax | 1 553 | 1 279 | (4 414) | |
| Total comprehensive income for the year | 25 954 | 126 868 | 167 284 | |
| Profit attributable to ordinary shareholders | 39 832 | 125 589 | 171 720 | |
| Total comprehensive income attributable to ordinary shareholders | 25 954 | 126 868 | 167 284 | |
| Headline earnings reconciliation | ||||
| Basic earnings | 39 832 | 125 589 | 171 720 | |
| Negative goodwill from associate | – | (80 623) | (80 623) | |
| Profit on sale of investment | – | – | (213) | |
| Loss on sale of plant and equipment | – | – | 12 | |
| Adjustments by associates | 2 754 | 5 548 | ||
| – Impairment of casino licence | – | – | 3 613 | |
| – Gain on disposal of plant and equipment | – | – | 53 | |
| – Gain on disposal of investments recycled o income statement | – | – | (869) | |
| – Provision for pension fund exposure | – | 2 754 | 2 751 | |
| Tax effect of above | – | – | 28 | |
| Headline earnings | 39 832 | 47 720 | 96 472 | |
| Reversal of employee share trust | – | – | 43 | |
| Adjusted headline earnings | 39 832 | 47 720 | 96 515 | |
| Headline earnings calculation | ||||
| Shares in issue (000s) (before deducting treasury shares) | 449 581 | 460 667 | 449 581 | |
| Shares in issue (000s) (after deducting treasury shares) | 443 761 | 460 667 | 443 761 | |
| Weighted average number of shares (000s) | 449 581 | 464 003 | 462 033 | |
| Adjusted weighted average number of shares (000s) | 443 761 | 464 003 | 462 033 | |
| Basic and diluted earnings per share (cents) | 8,86 | 27,07 | 37,17 | |
| Headline earnings per share (cents) | 7 | 8,86 | 10,28 | 20,88 |
| Adjusted headline earnings per share (cents) | 8,98 | 10,28 | 20,89 | |
| Dividends paid per share (cents)* | 7,50 | 10,00 | 7,50 | |
| * Final dividend declared in respect of the previous financial year and paid in December. | ||||