Note 25

		2017 R’000	2016 R’000
25.	Capital and reserves attributable to shareholders of the Company
	*Share capital*
	Issued share capital	16 770	16 770
	Share premium	379 792	379 792
	Reserves	20 557 591	17 593 989
	Foreign currency translation reserve	286 628	393 429
	Hedging reserve	6 489	25 526
	Equity-settled share-based payment reserve	(14 787)	67 002
	Retained earnings	20 279 261	17 108 032

		20 954 153	17 990 551
	*Shares held by subsidiary as treasury shares*	743 152	468 923
	Share capital	(16)	(137)
	Share premium	743 168	469 060

	*Capital and reserves attributable to shareholders of the Company*	21 697 305	18 459 474
	*Reserves comprise*
	Company and subsidiaries	19 948 801	17 151 813
	Associates	608 790	442 176
		20 557 591	17 593 989
	*Share capital*
	Authorised
	540 000 000 (2016: 540 000 000) ordinary shares of 5 cents each	27 000	27 000
		Number	Number
	Issued
	Number of shares in issue	335 404 212	335 404 212
	Balance at beginning of year	335 404 212	335 163 151
	Shares issued in terms of the share incentive scheme	–	241 061
	Less: Shares held by subsidiary as treasury shares	(310 024)	(2 509 812)
	Balance at beginning of year	(2 509 812)	(9 568 669)
	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	2 199 788	3 444 370
	Less: Shares held by share purchase scheme	–	(222 580)
	Balance at beginning of year	(222 580)	(542 110)
	Shares acquired by staff in terms of share incentive scheme	222 580	319 530

	Net shares in issue	335 094 188	332 671 820

30 000 000 (2016: 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.