Note 25

		2016 R’000	2015 R’000

25.	Capital and reserves attributable to shareholders of the Company
	Share capital
	Issued share capital	16 770	16 758
	Share premium	379 792	297 298
	Reserves	17 593 989	37 043 359
	Foreign currency translation reserve	393 429	5 149 394
	Hedging reserve	25 526	25 383
	Equity-settled share-based payment reserve	67 002	310 416
	Retained earnings	17 108 032	31 558 166

		17 990 551	37 357 415
	Shares held by subsidiary as treasury shares	468 923	(985 225)
	Share capital	(137)	(505)
	Share premium	469 060	(984 720)

	Capital and reserves attributable to shareholders of the Company	18 459 474	36 372 190
	Reserves comprise
	Company and subsidiaries	17 151 813	36 633 785
	Associates	442 176	409 574
		17 593 989	37 043 359
	Share capital
	Authorised
	540 000 000 (2015: 540 000 000) ordinary shares of 5 cents each	27 000	27 000
		Number	Number
	Issued
	Number of shares in issue	335 404 212	335 163 151
	Balance at beginning of year	335 163 151	331 237 219
	Capitalisation issue	–	3 576 797
	Shares issued in terms of the share incentive scheme	241 061	349 135
	Shares held by subsidiary as treasury shares	(2 509 812)	(9 568 669)
	Balance at beginning of year	(9 568 669)	(11 673 487)
	Shares disposed of with the unbundling of subsidiaries (refer note 5)	3 614 487	–
	Sale of shares by subsidiary to staff in terms of share incentive scheme	3 444 370	2 104 818
	Shares held by share purchase scheme	(222 580)	(542 110)
	Balance at beginning of year	(542 110)	(647 338)
	Shares acquired by staff in terms of share incentive scheme	319 530	105 228

	Net shares in issue	332 671 820	325 052 372

30 000 000 (2015: 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 foreign exchange differences arising from the translation of the financial statements of foreign operations.

Hedging reserve
The hedging reserve represents the effective portion of gains or losses arising on changes in fair value of hedging instruments entered into as 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 when the hedged transaction takes place. Where the hedged transaction is for the acquisition of non-monetary assets, the relevant hedging reserve will be offset against the acquisition cost.

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 recognised in the income statement. The reserve also includes a share-based cost resulting from an empowerment transaction entered into by a subsidiary.