Condensed consolidated
statement of changes in equity

for the six months ended 31 March 2022
Six months ended
31 March
Rm 2022
Unaudited		 2021
Unaudited		 Year ended
30 September
2021 Audited
Share capital 389 389 389
Share-based payment reserves 214 219 219
Balance at the beginning of the period 219 217 217
In respect of CSP 15 15 18
Shares acquired to settle CSP (6) (11) (11)
Expenses arising from share-based payment transactions (3) 5 7
Transfer to retained earnings (11) (7) (12)
Equity transactions/put option with non-controlling shareholders (1) (1) (72)
Balance at the beginning of the period (72) – –
Shares acquired from non-controlling shareholders 3 – (33)
Subscription for shares by non-controlling shareholders (1) (1) (14)
Put option raised during the period – – (25)
Transfer from retained earnings 69 – –
Empowerment shares1 (276) (276) (276)
Treasury shares2 (447) (348) (447)
Balance at the beginning of the period (447) (342) (342)
Shares bought back during the period – (6) (105)
Equity forward contract3 (75) (75) (75)
Foreign currency translation reserves (1) (5) 13
Balance at the beginning of the period 13 16 16
Other comprehensive income (14) (21) (3)
Translation loss on net investment in foreign subsidiary (109) (109) (109)
Fair value reserve 4 7 8
Balance at the beginning of the period 8 7 7
Other comprehensive income (4) – 1
Retained earnings 6 973 6 688 7 045
Balance at the beginning of the period 7 045 6 678 6 678
Profit for the period attributable to equity holders of Reunert 316 313 777
Cash dividends paid (330) (310) (422)
Transfer (to)/from other reserves (58) 7 12
Equity attributable to equity holders of Reunert 6 671 6 489 6 695
Non-controlling interests 86 43 87
Balance at the beginning of the period 87 38 38
Profit/(loss) for the period 3 (2) (10)
Other comprehensive income 1 (2) 4
Cash dividends paid (3) (5) (6)
Subscription for shares by non-controlling shareholders 1 14 62
Disposal of subsidiary – – (4)
Shares acquired from non-controlling shareholders (3) – 3
Total equity at the end of the period 6 757 6 532 6 782
1 This is the cost of Reunert Limited shares held by Bargenel Investments (Pty) Ltd (Bargenel), a company sold by Reunert to its empowerment partners in 2007 (Previously 30% held by Peotona Group Holdings (Pty) Ltd and 70% by Rebatona Trust, currently 100% held by Rebatona Trust). A new structure has been introduced effective 1 April 2022, refer to note 18, for further details on this transaction. Until the amount owed by the empowerment partners is repaid to Reunert, Bargenel will continue to be consolidated into the Group’s financial statements.
2 Ordinary Reunert shares bought back in the open market and held by a subsidiary: 7 032 824 shares (March 2021: 5 113 842 shares, September 2021: 7 032 824 shares). During the 2021 financial year 2 035 126 shares were bought back at an average price of R51,33 per share.
3 At the end of the 2020 financial year, the Group, on behalf of the CSP, entered into a forward contract to acquire 2 346 930 ordinary Reunert shares from an independent third party, for purposes of hedging the Group’s potential future obligation to deliver Reunert ordinary shares to CSP participants.