| |
|
|
2009
R million
(Unaudited)
|
|
|
2008
R million
(Unaudited)
|
|
Year ended
30 Sept
2008
R million
(Audited)
|
| Note 9 |
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| BEE transactions |
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| The group entered into an agreement with Powerhouse Utilities (Pty) Limited (Powerhouse), whereby on 1 December 2004, 25,1% of the A shares of ATC (Pty) Ltd (ATC) were sold to Powerhouse at a cost of R130 million. IFRS requires that this transaction is not accounted for as a sale, since the loan has not been fully paid by Powerhouse and conditions are attached to the unpaid portion, notwithstanding that the economic reality of this transaction is, in fact, a sale. |
| With effect 1 April 2008, Reunert bought back 15,0% of ATC's A shares from Powerhouse for R117m leaving Powerhouse with 10,1% shareholding. |
| The effect of this has been to not recognise the following: |
| – Net economic interest in current year profit that is attributable to BEE partners |
|
|
2,4 |
|
|
33,0 |
|
38,5 |
| – Balance sheet interest that is economically attributable to BEE partners |
|
|
102,9 |
|
|
194,8 |
|
95,3 |
