Unaudited condensed consolidated interim financial statements and cash dividend declaration for the six months ended 31 March 2021

Condensed consolidated
statement of changes in equity

For the six months ended 31 March 2021

    Six months ended 31 March
Rm 2021
Unaudited
2020  
Unaudited1
Year ended  
30 September  
2020  
Audited1
Share capital 389 389   389  
Balance at the beginning of the period 389 388   388  
Issue of shares 1   1  
Share-based payment reserves 219 223   217  
Balance at the beginning of the period 217 229   229  
In terms of CSP 15 14   9  
Shares acquired to settle CSP (11) (53)  (54) 
In terms of other transaction-related share-based payments with      
non-controlling shareholders 5 –   –  
Transfer from retained earnings (7) 33   33  
Equity transactions/put option with non-controlling shareholders (1) (109)  –  
Balance at the beginning of the period (108)  (108) 
Additional shares acquired from non-controlling shareholders –   14  
Subscription for shares by non-controlling shareholders (1) (1)  –  
Transfer from retained earnings –   94  
Empowerment shares2 (276) (276)  (276) 
Treasury shares3 (348) (342)  (342) 
Balance at the beginning of the period (342) (342)  (342) 
Shares bought back during the period (6) –   –  
Equity forward contract4 (75) –   (75) 
Balance at the beginning of the period (75) –   –  
Recognised during the period –   (75) 
Foreign currency translation reserves (5) 17   16  
Balance at the beginning of the period 16 (11)  (11) 
Other comprehensive income (21) 28   27  
Translation loss on net investment in foreign subsidiary (109) (113)  (109) 
Balance at the beginning of the period (109) (47)  (47) 
Other comprehensive income (66)  (62) 
Fair value reserve 7 6   7  
Balance at the beginning of the period 7
6   6  
Other comprehensive income –      1  
Retained earnings 6 688 6 554   6 678  
Balance at the beginning of the period 6 678 7 473   7 473  
Profit/(loss) for the period attributable to equity holders of Reunert 313 (277)  47  
Cash dividends paid (310) (618)  (723) 
Tax deduction in terms of CSP 9   8  
Transfer to reserves 7 (33)  (127) 
Equity attributable to equity holders of Reunert 6 489 6 349   6 505  
Non-controlling interests 43 73   38  
Balance at the beginning of the period 38 119   119  
Loss for the period (2) (49)  (40) 
From other comprehensive income for the period (2) 5   (22) 
Cash dividends paid (5) (2)  (4) 
Subscription for shares by non-controlling shareholders 14 –   –  
Share acquired from non-controlling shareholders –   (15) 
Total equity at the end of the period
6 532 6 422 6 543  
1 The comparative period information has been re-presented to align with the presentation in the annual financial statements for the year ended 30 September 2020.
2 This is the cost of Reunert Limited shares held by Bargenel Investments Proprietary Limited (Bargenel), a company sold by Reunert to its empowerment partner in 2007. Until the amount owing by the empowerment partner is repaid to Reunert, Bargenel is consolidated into the Group’s financial statements.
3 Ordinary Reunert shares bought back in the open market and held by a subsidiary: 5 113 842 shares (2020: 4 997 698 shares). From January to March 2021, 116 144 shares were bought back at an average price of R48,05 per share, including transactions costs. No shares were bought back during the 2020 financial year or in the first quarter of the 2021 financial year.
4 At the end of the 2020 financial year, the Group, on behalf of the CSP, entered into a hedging forward contract with an independent third party in terms of which 2 346 930 Reunert ordinary shares will be acquired by the independent third party for purposes of hedging the Group’s potential obligation to deliver Reunert ordinary shares to CSP participants.