consolidated statement of changes in equity
for the year ended 30 June

		2018 R’000			2017 R’000
Equity attributable to shareholders of the Company		23 957 082			21 697 305
Share capital		16 873			16 770
Balance at beginning of the year		16 770			16 770
Shares issued during the year		103			–
Share premium		797 717			379 792
Balance at beginning of the year		379 792			379 792
Shares issued during the year		418 505			–
Share issue costs		(580)			–
Foreign currency translation reserve		262 787			286 628
Balance at beginning of the year		286 628			393 429
Realisation of reserve on disposal of subsidiaries and associates		(673)			(916)
Movement during the year		(23 168)			(105 885)
Hedging reserve		(963)			6 489
Balance at beginning of the year		6 489			25 526
Fair value loss arising during the year		(10 350)			(26 440)
Taxation recognised directly in reserve		2 898			7 403
Equity-settled share-based payment reserve		(243 388)			(14 787)
Balance at beginning of year		(14 787)			67 002
Arising during current year		155 637			143 712
Taxation recognised directly in reserve		36 540			81 779
Utilisation during the year		(419 756)			(307 280)
Realisation of reserve on disposal of subsidiaries and associates		(1 022)			–
Movement in retained earnings		22 486 993			20 279 261
Balance at beginning of the year		20 279 261			17 108 032
Attributable profit		3 817 996			4 769 940
Change in fair value of available-for-sale financial assets		(3 111)			2 527
Net remeasurement of defined benefit obligations during the year		1 620			7 359
Net dividends paid		(1 740 197)			(1 529 585)
Taxation direct in equity arising from transactions with subsidiaries		–			47 664
Net remeasurement of put option liability		(5 025)			(8 676)
Retained earnings arising on consolidation of the Bidvest Education Trust		222 155			–
Transfer of reserves as a result of changes in shareholding of subsidiaries and other transactions with subsidiaries		(85 706)			(118 000)
Treasury shares		637 063			743 152
Balance at beginning of the year		743 152			468 923
Shares disposed of in terms of share incentive scheme		–			274 229
Treasury shares arising on consolidation of the Bidvest Education Trust		(106 089)			–
Equity attributable to non-controlling interests of the Company		1 023 627			1 347 018
Balance at beginning of the year		1 347 018			1 286 606
Total comprehensive income		59 865			86 782
Attributable profit		67 617			98 649
Movement in foreign currency translation reserve		(8 163)			(11 902)
Net remeasurement of defined benefit obligations during the year		411			35
Dividends paid		(319 984)			(129 384)
Movement in equity-settled share-based payment reserve		(651)			(567)
Changes in shareholding		(125 405)			(14 419)
Grant of put options to non-controlling interests		(22 922)			–
Transfer of reserves as a result of changes in shareholding of subsidiaries		85 706			118 000
Total equity		24 980 709			23 044 323