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Notes |
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Figures in R millions |
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Six months |
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Six months |
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Year |
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ended |
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ended |
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ended |
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31.08.05 |
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31.08.04 |
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28.02.05 |
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(Unaudited) |
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(IFRS restated) |
|
(IFRS restated) |
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1. Capital items |
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|
|
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|
|
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Net gain on disposal of property, plant and equipment |
|
4 |
|
1 |
|
7 |
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Foreign currency gain on capital loan |
|
8 |
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- |
|
- |
|
Release of restructure provision |
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- |
|
33 |
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44 |
|
Foreign currency translation reserve realised |
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- |
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- |
|
67 |
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Impairment reversal |
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- |
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- |
|
5 |
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Net loss on disposal and closure of businesses |
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- |
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- |
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(9) |
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|
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12 |
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34 |
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114 |
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2. Reconciliation between earnings and |
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|
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headline earnings |
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|
|
|
|
|
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Attributable to Altron shareholders |
|
235
|
|
151
|
|
451
|
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Goodwill adjusted/impaired |
|
3
|
|
134
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|
205
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Capital items - gross |
|
(12) |
|
(34) |
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(114) |
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Tax effect of above adjustments |
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2
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1
|
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(10) |
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Minority interest in adjustments |
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(1) |
|
(59) |
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(86) |
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Headline earnings |
|
227
|
|
193
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|
446 |
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3. Reconciliation between attributable earnings |
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|
|
|
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and diluted earnings |
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|
|
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|
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Attributable to Altron shareholders |
|
235
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151
|
|
451
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Interest earned on proceeds |
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4
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7
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13
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Additional earnings attributable to minorities in |
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subsidiaries |
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(23) |
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(24) |
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(44) |
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Minority interest in adjustments |
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5
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4
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8
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Diluted earnings |
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221
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138
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428
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Fully diluted earnings have been calculated on the basis
that: |
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| - |
Kagiso Strategic Investments Pty) Ltd exercised its
full option on 22% of the shares in Bytes Technology
Group South
Africa (Pty) Ltd effective 1 March 2004.
It is assumed that the proceeds of the issue of
these shares of R198 million would have attracted
interest at 6.65% after tax for the full year under
review. |
| - |
The recognition of the deferred 30% interest of the
Izingwe Consortium in Aberdare Cables less dividends
utilised to repay the
funding obligation. |
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| 4. |
Subsequent event |
| |
Subsequent to the results for the
period ended 31 August 2005, Altech has successfully
concluded the sale of its fifty percent plus 1 share in Econet
Wireless Global Limited (EWG) effective 1 September
2005.
EWG's contribution to headline earnings for the six
month period ended 31 August 2005 is nil.
The net asset value of EWG, included in the balance
sheet is R409 million which comprises of the
following assets and liabilities: |
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Non-current assets |
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465 |
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Current assets |
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126 |
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TOTAL ASSETS |
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591 |
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Non-current liabilities |
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70 |
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Current liabilities |
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112 |
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TOTAL LIABILITIES |
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182 |
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5. It is group policy for
a dividend to be declared after the end of the financial
year. |
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Unaudited
abridged consolidated interim financial results for the