Reconciliation of SA GAAP to IFRS

The disclosures required by IFRS 1 (First-time Adoption of International Financial Reporting Standards) concerning the transition from South African Statements of Generally Accepted Accounting Practice (SA GAAP) to IFRS and the required changes in accounting policies are set out in the table below.

  Year   IFRS  
  ended   transition  
  31 Dec 2004   1 Jan 2004  
  Rm    Rm  
Balance sheet        
Equity as previously reported under SA GAAP 879,1   203,7  
Adjustments upon adoption of IFRS 1,1   30,4  
   Property, plant and equipment 8,4   34,1  
   Investment property 9,3   8,2  
   Deferred taxation assets (15,4)   –  
   Deferred taxation liabilities (0,6)   (11,9)  
   Minority interests (0,6)    –   
         
Equity holders’ interest 880,2   234,1  
Minority interests previously reported outside        
  of equity 9,4   0,1  
Restated equity under IFRS 889,6   234,2  
Restatement of business combinations* (21,1)   –  
Restatement of operating lease liability (4,9)   (4,7)  
Restated equity 863,6   229,5  
Income statement        
Net profit as previously reported under SA GAAP 301,5      
Change in depreciation rates 12,2      
Negative goodwill (36,5)      
Share-based payments expense (11,8)      
Deferred taxation (4,8)      
Minority share of income (0,2)      
Restated net profit in terms of IFRS 260,4      
Restatement in respect of business combinations* (21,1)      
Restatement in respect of operating lease charges (0,2)      
Restated net profit for the year 239,1      
*
  		 Restatement of the business combination which occurred on 1 July 2004, due to incorrect valuation of certain acquired assets and liabilities.
The adjustments relate to Dano Textile Industries (Pty) Ltd, Wayne Rubber division of Feltex Holdings (Pty) Ltd and Hosaf Fibres (Pty) Ltd.