| 30 June 2007 | 31 Dec 2005 | ||
| 18 months | 12 months | ||
| Audited | Restated, audited | ||
| Rm | Rm | ||
| 1. | Net finance costs | 51,1 | 19,4 |
| Interest received | (0,7) | (8,0) | |
| Interest paid | 51,8 | 27,4 | |
| 2. | Capital expenditure commitments | 201,2 | 33,3 |
| Contracted | 29,8 | 10,3 | |
| Approved but not yet contracted | 171,4 | 23,0 | |
| The bulk of the increase relates to approval for | |||
| the Hosaf expansion project (R97,7 million). | |||
| 3. | Operating lease commitments | 23,9 | 16,0 |
| 4. | Guarantees and contingent liabilities | 5,8 | 9,1 |
| 5. | Adoption of Circular 9/2006
The group has adopted Circular 9/2006 (Transactions giving rise to revenue/purchases adjustments), and the 2005 results have been restated accordingly. |
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| 6. | Taxation
Taxation remains low in relation to reported profits mainly due to non-taxable income. |
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| 7. | Basis of preparation of the results
The condensed audited results of the group for the eighteen months ended 30 June 2007 have been prepared in accordance with the accounting policies of the group, which comply with International Financial Reporting Standards (IFRS), and the presentation and disclosure requirements of IAS 34 (Interim Financial Reporting). Certain prior period adjustments (2005 earnings effect (0,4) cents) have been made in relation to biological assets and the effects of Circular 9/2006, and prior periods have been restated accordingly. Diluted earnings per share is not disclosed as the share options are anti-dilutive. |
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| 8. | Audited results
The results for the eighteen months ended 30 June 2007 have been audited by Deloitte & Touche. Their unmodified audit opinion is available for inspection at the registered office of the company. |
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