|
|
|
|
|
|
2006 |
| |
|
Share
entitlements |
Weighted
average
issue price
ZAR |
|
|
|
|
| 35. |
SHARE-BASED PAYMENTS (IFRS 2) (CONTINUED) |
|
|
|
The Brait South Africa Share Scheme 2005 |
|
|
|
Share entitlements outstanding at beginning of year |
– |
– |
|
Issued during the year |
2 110 823 |
12,99 |
|
Delivered during the year |
– |
– |
| |
Share entitlements outstanding at end of year |
2 110 823 |
12,99 |
|
The weighted average issue share price for
share options granted during the period was ZAR12,99.
The unvested entitlements outstanding at 31 March 2006
had a weighted average issue price of ZAR12,99 and a weighted
average remaining maximum contractual life of approximately
three and a half years. |
|
The inputs into the Black Scholes model were as follows: |
|
|
| |
|
2006
ZAR |
2005
ZAR |
|
|
|
|
|
Weighted average share price of new issues during the year
(all issues done at market price) |
12,99 |
– |
|
Expected volatility |
27,19 % – 29,9 % |
– |
|
Expected life |
3 – 5 years |
– |
|
Risk free rate |
7,26 % – 7,59 % |
– |
| |
Expected
volatility was determined by calculating the historical
volatility of the group’s share price from 1 April
2003. The expected life used in the model has been adjusted,
based on management’s best estimate, for the effects
of non-transferability, exercise restrictions, and behavioural
considerations. |
|
|
|
|
| 36. |
EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE |
|
|
|
No events have taken place since 31 March
2006 and the date of the release of this report, which
would have a material impact on either the financial position
or operating results of the group. |
|
|
2006 |
2005 |
| |
|
US$m |
US$m |
|
|
|
|
| 37. |
CASH FLOW INFORMATION |
|
|
| 37.1 |
Cash generated by operations |
|
|
|
Profit before taxation |
52,4 |
34,8 |
|
Adjustments for: |
|
|
|
Dividends received |
(1,7) |
(11,3) |
|
Interest received |
(5,5) |
(3,9) |
|
Interest paid |
2,4 |
2,5 |
|
Depreciation |
0,6 |
0,4 |
|
Share entitlement expenses |
0,7 |
0,4 |
|
Fair value adjustment of financial liability |
1,3 |
7,1 |
|
Unrealised gains on financial assets and instruments |
(40,0) |
(29,2) |
|
Equity accounted earnings of associates and joint ventures |
(1,7) |
(1,6) |
|
Profit on sale of building |
(2,8) |
– |
|
Profit on sale of subsidiary |
(2,9) |
– |
|
Impairment of investment in joint ventures |
– |
0,4 |
|
Provision for doubtful debts |
1,0 |
1,7 |
|
Currency hedge cost |
2,2 |
4,1 |
|
Other |
(0,3) |
– |
| |
Total cash generated by operations |
5,7 |
5,4 |
|
|
|
|
|
