Group statement of changes in equity

FOR THE YEAR ENDED 31 MAY 2011

	Note	Share capital R’000	Share premium R’000	Treasury shares R’000	Retained earnings R’000	Restruc- turing reserve¹ R’000
Balance as at 31 May 2009		*	4 404 737	(25 562)	635 305	(1 843 912)
Net profit for the year		—	—	—	365 022	—
Comprehensive loss		—	—	—	—	—
Total comprehensive income (loss)		—	—	—	365 022	—
Treasury shares purchased	16	—	—	(26 558)	—	—
Asset acquired for shares		—	—	—	—	—
Equity compensation benefit movement		—	—	—	—	—
Share of equity movement in associates		—	—	—	—	—
Dividends		—	—	—	—	—
Capital contribution by non-controlling interest		—	—	—	—	—
Non-controlling interest acquired/(disposed of) during the year		—	—	—	—	—
Balance as at 31 May 2010		*	4 404 737	(52 120)	1 000 327	(1 843 912)
Net profit for the year		—	—	—	431 448	—
Comprehensive loss		—	—	—	—	—
Total comprehensive income (loss)		—	—	—	431 448	—
Treasury shares purchased	16	—	—	(8 935)	—	—
Equity compensation benefit scheme shares vested			—	4 549	—	—
Equity compensation benefit movement		—	—	—	—	—
Share of equity movement in associates		—	—	—	—	—
Dividends		—	—	—	(91 457)	—
Share based payment movement		—	—	—	—	—
Non-controlling interest disposed of during the year	27	—	—	—	—	—
Balance as at 31 May 2011		*	4 404 737	(56 506)	1 340 318	(1 843 912)

	Note	Foreign currency translation reserve R’000	Non-distri- butable reserve² R’000	Transaction with non- controlling interest reserve³ R’000	Employee compen- sation benefit reserve⁴ R’000
Balance as at 31 May 2009		(13 399)	—	(914 399)	9 371
Net profit for the year		—	—	—	—
Comprehensive loss		(9 442)	—	—	—
Total comprehensive income (loss)		(9 442)	—	—	—
Treasury shares purchased	16	—	—	—	—
Asset acquired for shares		—	—	—	—
Equity compensation benefit movement		—	—	—	1 140
Share of equity movement in associates		—	10 150	—	—
Dividends		—	—	—	—
Capital contribution by non-controlling interest		—	—	—	—
Non-controlling interest acquired/(disposed of) during the year		—	—	(468)	—
Balance as at 31 May 2010		(22 841)	10 150	(914 867)	10 511
Net profit for the year		—	—	—	—
Comprehensive loss		(910)	—	—	—
Total comprehensive income (loss)		(910)	—	—	—
Treasury shares purchased	16	—	—	—	—
Equity compensation benefit scheme shares vested		—	—	—	(4 549)
Equity compensation benefit movement		—	—	—	10 903
Share of equity movement in associates		—	—	—	942
Dividends		—	—	—	—
Share based payment movement		—	—	—	—
Non-controlling interest disposed of during the year	27	—	—	5 861	—
Balance as at 31 May 2011		(23 751)	10 150	(909 006)	17 807

	Note	Share- based payment reserve⁵ R’000	Total ordinary share-holders’ equity R’000	Non-controlling interest R’000	Total equity R’000
Balance as at 31 May 2009		1 231	2 253 372	(9 252)	2 244 120
Net profit for the year		—	365 022	60 159	425 181
Comprehensive loss		—	(9 442)	392	(9 050)
Total comprehensive income (loss)		—	355 580	60 551	416 131
Treasury shares purchased	16	—	(26 558)	—	(26 558)
Asset acquired for shares		295	295	—	295
Equity compensation benefit movement		—	1 140	(30)	1 110
Share of equity movement in associates		—	10 150	—	10 150
Dividends		—	—	(2 912)	(2 912)
Capital contribution by non-controlling interest		—	—	558	558
Non-controlling interest acquired/(disposed of) during the year		—	(468)	13 010	12 542
Balance as at 31 May 2010		1 526	2 593 511	61 925	2 655 436
Net profit for the year		—	431 448	(46 477)	384 971
Comprehensive loss		—	910)	(6 347)	(7 257)
Total comprehensive income (loss)		—	430 538	52 824)	377 714
Treasury shares purchased	16	—	8 935)	—	8 935)
Equity compensation benefit scheme shares vested		—	—	—	—
Equity compensation benefit movement		—	10 903	229	11 132
Share of equity movement in associates		—	942	—	942
Dividends		—	(91 457)	950)	(92 407)
Share based payment movement		234)	(234)	234	—
Non-controlling interest disposed of during the year	27	—	5 861	5 620	11 481
Balance as at 31 May 2011		1 292	2 941 129	14 234	2 955 363

* Less than R1 000.

1	The restructuring reserve arose as a result of the restatement of group comparatives, as required in terms of the principles of predecessor accounting. This reserve represents the difference between the fair value of the entities under the group’s control and their respective net asset values, as at the assumed restructure date of 1 June 2006.
2	This relates to the group’s share of the movement in equity reserves in associate companies. (Refer to note 6.)
3	The transaction with non-controlling interest reserve relates to the excess payments over the carrying amounts arising on transactions with non-controlling shareholders as these are treated as equity participants. (Refer to note 27.)
4	This relates to the group’s movement in equity compensation benefit (refer note 32) as well as the group’s share of the movement in equity compensation benefit of associate companies (refer note 6).
5	The prior year movement in the share-based payment reserve relates to a BEE transaction concluded by Cigicell (Proprietary) Limited, a subsidiary of Blue Label Telecoms. In September 2009 Ventury (Proprietary) Limited sold 26% of its stake in Cigicell (Proprietary) Limited to Sangrilor (Proprietary) Limited. The group has not recognised this disposal and accounts for Cigicell (Proprietary) Limited as a wholly owned subsidiary until the purchase consideration has been settled by Sangrilor (Proprietary) Limited. The purchase consideration will be settled through the declaration of dividends by Cigicell (Proprietary) Limited. There are no specified dates for this.

Group statement of changes in equity

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