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Annual Report and Accounts 2011

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Consolidated Statement of Changes in Equity
For the year ended 30 June 2011
US$ million Share
capital
Share
premium
account
Foreign
currency
translation
reserve
Share-based
payment
reserve
Other
reserves
Retained
losses
Attributable
to the
parent
Non-
controlling
interest
Total
equity
At 1 July 2010 61.4 347.5 (26.1) 4.6 (0.1) (130.0) 257.3 33.6 290.9
Profit for the year 53.2 53.2 6.0 59.2
Other comprehensive income 15.4 0.2 (0.4) 15.2 4.0 19.2
4% non-controlling interest purchased
– Koffiefontein (note 3(a))
0.9 0.9 (1.7) (0.8)
26% disposal of Helam1 6.0 6.0 (6.0)
26% disposal of Star1 3.9 3.9 (3.9)
Transfer between reserves for exercise
of options and warrants
(4.1) 4.1
Equity-settled share-based payments 1.9 1.9 1.9
Share-based payments cancelled2 (0.8) (0.8) (0.8)
Equity warrants issued3 7.9 7.9 7.9
Allotments during the year:
– Fundraising 21.7 304.2 325.9 325.9
– Share options exercised 0.4 1.3 1.7 1.7
– Warrants exercised 1.3 10.2 11.5 11.5
Share issue costs (17.6) (17.6) (17.6)
At 30 June 2011 84.8 645.6 (10.7) 9.7 (0.5) (61.9) 667.0 32.0 699.0

1. During the year, the Group disposed of 26% of its shareholding in Helam and Star to Petra's black economic empowerment ("BEE") partners which
represented a change in ownership interest in which the Group retained control.

2. Employees received cash payments of US$0.8 million during the year in respect of options cancelled. The payments equate to the fair value at
the date of cancellation and the Group recognised a charge to equity in accordance with IFRS 2 together with the acceleration of the remaining unamortised fair value in respect of the options of US$0.1 million in the Consolidated Income Statement.

3. The fair value of warrants granted during the year is disclosed in note 28.

The notes form part of the financial statements.

US$ million Share
capital
Share
premium
account
Foreign
currency
translation
reserve
Share-based
payment
reserve
Other
reserves
Retained
losses
Attributable
to the
parent
Non-
controlling
interest
Total
equity
At 1 July 2009 33.5 212.9 (6.9) 1.8 4.0 (197.5) 47.8 9.5 57.3
Profit for the year 63.5 63.5 6.7 70.2
Other comprehensive income (19.2) (0.5) (0.1) (19.8) (19.8)
Non-controlling interest acquired 17.4 17.4
Equity-settled share-based payments 1.7 1.7 1.7
Transfer of equity portion
of convertible bond
(4.0) 4.0
Allotments during the year:
– Fundraising 20.0 99.9 119.9 119.9
– Settlement of loans and borrowings 1.9 9.0 10.9 10.9
– Acquisition of second 50% of CIHL 6.0 33.8 39.8 39.8
– Share options exercised 0.1 0.1 0.1
Share issue costs (8.2) 1.6 (6.6) (6.6)
At 30 June 2010 61.4 347.5 (26.1) 4.6 (0.1) (130.0) 257.3 33.6 290.9

Share capital

The share capital comprises the issued ordinary shares of the Company at par.

Share premium account

The share premium account comprises the excess value recognised from the issue of ordinary shares at par.

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of foreign entities and foreign exchange differences on net investments in foreign operations.

Share-based payment reserve

The share-based payment reserve comprises:

  • the fair value of employee options as measured at grant date and spread over the Period during which the employees become unconditionally entitled to the options;
  • the fair value of warrants as measured at grant date and recognised immediately to reflect the vesting conditions; and
  • amounts transferred to retained losses in respect of exercised and lapsed warrants and options.

Other reserves

The other reserves comprise the cumulative gains or losses arising from available for sale financial assets of US$0.5 million (30 June 2010: US$0.1 million).

Retained losses

The retained losses comprise the Group's cumulative accounting losses incurred since incorporation.

Non-controlling interest

Non-controlling interest comprises amounts attributable to third party shareholders in the Cullinan, Kimberley Underground, Koffiefontein, Star, Helam and Sedibeng mines. The non-controlling interest of total comprehensive income includes US$10.0 million (30 June 2010: US$6.7 million) of profit for the year.

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