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Statements of changes in equity

For the period ended 31 March

Attributable to equity holder of the company

Issued

Foreign

Local

Insurance

Accumu-

Minority

Total

capital1

revaluation

revaluation

reserve

lated

interest

Note

profit

Rm

Rm

Rm

Rm

Rm

Rm

Rm

GROUP

Balance at 1 January 2004

– Previously reported

–

(34)

664

86

39 952

15

40 683

– Effect of prior year adjustments

39

–

–

–

–

2 511

–

2 511

– Effect of deferred tax on

prior year adjustments

39

–

–

–

–

(353)

–

(353)

Restated balance

–

(34)

664

86

42 110

15

42 841

Available-for-sale asset movements

– Fair value losses

–

–

(467)

–

–

–

(467)

Cash flow hedges

– Fair value gains

–

46

–

–

–

–

46

– Deferred tax thereon

–

(16)

–

–

–

–

(16)

Profit for the period

–

–

–

–

5 402

9

5 411

Dividends paid

–

–

–

–

(569)

–

(569)

Other movements

–

–

–

–

–

(13)

(13)

Transfer of net unrealised

revaluation gains net of deferred

tax from non-distributable reserves

to accumulated profit

–

31

(104)

–

73

–

–

Transfer of insurance reserve to

accumulated profit

–

–

–

(9)

9

–

–

Balance at 31 March 2005

–

27

93

77

47 025

11

47 233

– Effect of prior year adjustment by subsidiaries

–

(7)

7

–

12

–

12

– Reversal of negative goodwill

–

–

–

–

126

–

126

Restated balance

–

20

100

77

47 163

11

47 371

Available-for-sale asset movements

– Fair value gains

–

–

77

–

–

–

77

Cash flow hedges

– Fair value gains

–

(96)

–

–

–

–

(96)

– Deferred tax thereon

–

32

–

–

–

–

32

Profit for the period

–

–

–

–

4 657

(22)

4 635

Revaluation of interest in Arivia.kom prior to becoming a subsidiary

–

–

12

–

–

–

12

Dividends paid

–

–

–

–

(1 643)

–

(1 643)

Minorities in subsidiary acquired

–

–

–

–

–

174

174

Transfer of net unrealised revaluation gains net of deferred tax from non-distributable reserves to accumulated profit

–

(355)

141

–

214

–

–

Transfer of net unrealised revaluation gains net of deferred tax from accumulated profit to non-distributable reserve

–

–

6

–

(6)

–

–

Transfer of insurance reserve to accumulated profit

–

–

–

(11)

11

–

–

Balance at 31 March 2006

–

(399)

336

66

50 396

163

50 562

Attributable to equity holder of the company

Issued

Foreign

Local

Insurance

Accumu-

Total

capital1

revaluation

revaluation

reserve

lated

Note

profit

Rm

Rm

Rm

Rm

Rm

Rm

COMPANY

Balance at 1 January 2004

– Previously reported

–

(23)

667

–

38 559

39 203

– Effect of prior year adjustments

39

–

–

–

–

2 325

2 325

– Effect of deferred tax on prior

year adjustments

39

–

–

–

–

(305)

(305)

Restated balance

–

(23)

667

–

40 579

41 223

Available-for-sale asset movements

– Fair value losses

–

–

(467)

–

–

(467)

Cash flow hedges

– Fair value gains

–

46

–

–

–

46

– Deferred tax thereon

–

(16)

–

–

–

(16)

Profit for the period

–

–

–

–

4 497

4 497

Dividends paid

–

–

–

–

(569)

(569)

Transfer of net unrealised revaluation gains

net of deferred tax from non-distributable

reserves to accumulated profit

–

31

(104)

–

73

–

Balance at 31 March 2005

–

38

96

–

44 580

44 714

– Reversal of negative goodwill

–

–

–

–

126

126

Restated balance

–

38

96

–

44 706

44 840

Available-for-sale asset movements

– Fair value gains

–

–

77

–

–

77

Cash flow hedges

– Fair value losses

–

(107)

–

–

–

(107)

– Deferred tax thereon

–

32

–

–

–

32

Profit for the period

–

–

–

–

5 064

5 064

Dividends paid

–

–

–

–

(1 643)

(1 643)

Transfer of net unrealised revaluation

gains net of deferred tax from non-

distributable reserves to

accumulated profit

–

(355)

141

–

214

–

Balance at 31 March 2006

–

(392)

314

–

48 341

48 263

Dividends proposed
No dividend has been proposed.

Foreign revaluation
The foreign revaluation reserve includes gains and losses on the fair value revaluation of forward exchange contracts and similar instruments designated as cash flow hedges for future anticipated foreign currency denominated transactions. The variable revaluation exists until the maturity of these instruments, which coincides with the maturity of the underlying obligation.

Local revaluation
The local revaluation reserve comprises gains and losses on the fair value revaluation of available-for-sale assets and gains and losses on interest swaps.

Insurance reserve
The insurance reserve is a contingency reserve created in terms of the Short-term Insurance Act, 1998.

Accumulated profit
Accumulated profit is the amount of profit retained in the business after tax.

1. Nominal amount.

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