Unconsolidated subsidiary – Annexure A

 
 

CAFCA  

       

The financial statements of Cafca, a company incorporated in Zimbabwe, have not been consolidated in the group financial statements as the directors believe there is a lack of control as defined in IAS 27 Consolidated and Separate Financial Statements and the amounts involved are not material to the group.  

  %        
Effective holding (held via ATC)  71,5        
Attributable Reunert group holding   64,3        
         
  Rm        
Shares at cost   7,3        
Less: Amount written off   (7,3)       
Carrying value of investment   —        
         
      30 June  
2010  
US$’000  
30 June  
20091  
US$’000  
INCOME STATEMENT          
Revenue       12 029,2   1 906,0  
Operating profit       1 099,2   145,3  
Net finance income       (81,5)  0,3  
Profit before taxation       1 017,7   145,6  
Taxation charge       (394,0)  (47,4) 
Profit after taxation       623,8   98,3  
OTHER COMPREHENSIVE INCOME          
Gain on revaluation of property, plant and equipment       1 239,3   —  
Total comprehensive income for the year       1 863,0   98,3  
Profit attributable to Reunert shareholders (Rm)      —   —  
1 The comparative numbers are for the six months ended 30 June 2009 as the Zimbabwean government adopted the US dollar as its official currency in 2009 and prior to that the exchange rate made meaningful comparison impossible.          
         
BALANCE SHEET          
ASSETS          
Non-current assets       4 512,9   3 204,8  
Current assets          
Inventory       2 481,4   1 528,3  
Accounts receivable       2 616,5   431,1  
Cash       117,1   82,7  
      5 215,0   2 042,1  
TOTAL ASSETS       9 727,9   5 246,9  
EQUITY AND LIABILITIES          
Share capital and reserves       5 921,9   4 939,7  
Non-current liabilities       1 097,6   —  
Current liabilities       2 708,4   307,2  
      3 806,0   307,2  
TOTAL EQUITY AND LIABILITIES       9 727,9   5 246,9  
At 30 June 2010 the retained earnings amounted to US$0,7 million.