Notes to the consolidated financial statements – Note 24

    2014
R’000		     2013
R’000		  
24. Capital and reserves attributable to shareholders of the Company          
  Share capital          
     Issued share capital 16 562     16 387  
     Share premium 193 182     137 485  
  Reserves 33 096 748     28 071 866  
     Foreign currency translation reserve 5 288 068     3 181 802  
     Hedging reserve 29 041     42 581  
     Equity-settled share-based payment reserve 359 594     255 319  
     Retained earnings 27 420 045     24 592 164  
    33 306 492     28 225 738  
  Less shares held by subsidiary as treasury shares (1 525 610)     (1 852 146)  
  Share capital (616)     (709)  
  Share premium (1 524 994)     (1 851 437)  
  Capital and reserves attributable to shareholders of the company 31 780 882     26 373 592  
  Reserves comprise          
  Company and subsidiaries 32 795 867     27 792 838  
  Associates 300 881     279 028  
    33 096 748     28 071 866  
  Share capital          
  Authorised          
  540 000 000 (2013: 540 000 000) ordinary shares of 5 cents each 27 000     27 000  
    Number     Number  
  Issued          
  Number of shares issued 331 237 219     327 734 929  
     Balance at beginning of year 327 734 929     327 734 929  
     Capitalisation issue 3 281 838     –  
     Shares issued in terms of the share incentive scheme 220 452     –  
  Less: Shares held by subsidiary as treasury shares (11 673 487)     (13 297 150)  
     Balance at beginning of year (13 297 150)     (14 340 363)  
     Sale of shares by subsidiary to staff in terms of the share incentive scheme 1 623 663     1 043 213  
  Less: Shares held by share purchase scheme (647 338)     (882 341)  
     Balance at beginning of year (882 341)     (1 442 092)  
     Shares acquired by staff in terms of the share incentive scheme 235 003     559 751  
  Net shares in issue 318 916 394     313 555 438  
  30 000 000 (2013: 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.

Hedging reserve

The hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the hedging instruments that are recognised and accumulated under the hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the profit or loss, or is included as a basis adjustment to the non-financial hedge item.

Equity-settled share-based payment reserve

The equity-settled share-based payment reserve includes the fair value of the options granted and conditional share awards made to executive directors and staff, which have been recognised over the vesting period at fair value with a corresponding expense to the income statement. The reserve also includes a share-based cost resulting from an empowerment transaction entered into by a subsidiary.

Notes to the consolidated financial statements – Note 24