Annual report home ► Downloads ►   The Bidvest Group Limited Annual report 2006 Commentary Value added statement Exchanges with government Directors’ responsibility for the financial statements Declaration by company secretary Report of the independent auditors Directors’ report Accounting policies Consolidated income statement Consolidated statement of recognised income and expenses Consolidated cash flow statement Consolidated balance sheet Notes to the consolidated financial statements Company income statement Company cash flow statement Company balance sheet Notes to the Company financial statements Interest in subsidiaries, joint ventures and associates   Notes to the consolidated financial statements for the year ended June 30         2006  R'000        2005  R'000    24. Capital and reserves                 Share capital                 Authorised                 540 000 000 (2005: 540 000 000) ordinary shares of 5 cents each   27 000        27 000          Number        Number      Issued                 Number of shares issued   325 178 398        320 421 750     Balance at beginning of year   320 421 750         315 614 767      Shares issued in terms of the share incentive scheme   4 756 648        4 806 983      Less shares held by subsidiary as treasury shares   (26 024 016)       (21 001 198)     Balance at beginning of year   (21 001 198)       (13 458 744)     Repurchase of shares by subsidiary   (5 022 818)       (7 542 454)     Net shares in issue   299 154 382        299 420 552      Share capital                                   Issued share capital   16 259       16 021      Balance at beginning of year   16 021        15 781      Shares issued in terms of share incentive scheme   238         240                         Share premium   2 695 956        3 589 943      Balance at beginning of year   3 589 943        4 054 734      Arising on shares issued in terms of the share incentive scheme   180 217        177 349      Refunds of share premium to shareholders in lieu of dividends   (1 074 023)       (641 612)     Share issue expenses   (181)       (528)                       Non-distributable and other reserves   924 770        529 886      Foreign currency translation reserve   807 033        466 019      Balance at beginning of year   466 019        (20 859)     Realisation of reserve on disposal of subsidiaries   (20 562)       –      Arising during current year   361 576        486 878      Statutory reserves   10 013        6 039      Balance at beginning of year     6 039        4 240      Transfer from retained earnings   3 974        1 799      Equity-settled share-based payment reserve   107 724        57 828      Balance at beginning of year   57 828        20 248      Arising during current year   49 896        37 580                        Distributable reserve                 Retained earnings   6 760 607        4 374 418      Balance at beginning of year   4 374 418        2 620 128      Change in fair value of available for sale financial assets   1 446        –      Profit attributable to shareholders of the Company   2 388 717        1 961 231      Net dividends paid   –        (205 142)     Dividends paid   –        (215 879)     Dividends received by subsidiary on treasury shares   –        10 737      Transfer to statutory reserves   (3 974)       (1 799)                           10 397 592        8 510 268      Less shares held by subsidiary as treasury shares   (1 468 597)       (1 041 402)     Share capital   (1 301)       (1 050)     Balance at beginning of year   (1 050)       (673)     Repurchase of shares by subsidiary   (251)       (377)     Share premium   (1 467 296)       (1 040 352)     Balance at beginning of year   (1 040 352)       (542 833)     Total cost of shares repurchased by subsidiary   (508 559)       (531 681)     Refund of share premium received by subsidiary on treasury shares   81 615        34 162      Capital and reserves attributable to shareholders of the Company   8 928 995        7 468 866                        Minority shareholders                 Balance at beginning of year   173 558       369 435     Share of recognised income and expenses   78 485       12 870     Dividends and capitalisation issues   (23 184)       (17 312)     Share of movement in equity-settled share-based payment reserve   154       41     Changes in shareholding   687       (191 476)         229 700       173 558                       Total capital and reserves comprise                 Amounts attributable to shareholders of the Company   8 928 995       7 468 866     Amounts attributable to minority shareholders   229 700       173 558         9 158 695       7 642 424                       Retained earnings comprise                 Company and subsidiaries   6 661 330       4 318 321     Joint ventures   6 409       6 882     Associates   92 868       49 215         6 760 607       4 374 418       The Company issued 18 000 000 options to shareholders to subscribe for 18 000 000 new ordinary shares at R60 per share by December 8  2006, in terms of a special resolution passed at a meeting of shareholders held on November 10  2003. 30 000 000 of the unissued ordinary shares are under the control of the directors until the next annual general meeting. Foreign currency translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Statutory reserves A contingency reserve is maintained at 10% of the net premium income. The reserve can be utilised in the case of a catastrophe, subject to the approval of the Financial Services Board.   A statutory reserve is maintained by a banking subsidiary to meet the minimum general provision against advances as prescribed by the Banks Act. Equity-settled share-based payment reserve The equity-settled share-based payment reserve includes the fair value of the options granted to executive directors and staff which have been recognised over the vesting period at fair value with a corresponding expense to the income statement.     ▲   Back to top