Group statement of changes in equity

For the year ended 31 May 2016

	Notes	Share capital R’000	Share premium R’000	Treasury shares R’000	Retained earnings R’000	Restruc- turing reserve¹ R’000	Foreign currency translation reserve R’000
Balance as at 31 May 2014		*	4 012 359	(66 527)	2 222 685	(1 843 912)	128 648
Net profit for the year		—	—	—	577 617	—	—
Other comprehensive loss		—	—	—	—	—	(27 926)
Total comprehensive income		—	—	—	577 617	—	(27 926)
Treasury shares purchased	6	—	—	(19 131)	—	—	—
Equity compensation benefit scheme shares vested		—	—	17 187	—	—	—
Equity compensation benefit movement		—	—	—	—	—	—
Share of equity movement in associates		—	—	—	—	—	—
Associate disposed		—	—	—	3 081	—	—
Dividends declared		—	—	—	(182 117)	—	—
Transaction with non-controlling interest reserve movement		—	—	—	—	—	—
Non-controlling interest acquired		—	—	—	1 292	—	—
Non-controlling interest disposed of		—	—	—	—	—	—
Balance as at 31 May 2015		*	4 012 359	(68 471)	2 622 558	(1 843 912)	100 722
Net profit for the year		—	—	—	691 590	—	—
Other comprehensive income		—	—	—	—	—	79 062
Total comprehensive income		—	—	—	691 590	—	79 062
Treasury shares purchased	6	—	—	(23 052)	—	—	—
Equity compensation benefit scheme shares vested		—	—	21 676	—	—	—
Equity compensation benefit movement		—	—	—	—	—	—
Share of equity movement in associates		—	—	—	—	—	—
Dividends declared		—	—	—	(209 098)	—	—
Balance as at 31 May 2016		*	4 012 359	(69 847)	3 105 050	(1 843 912)	179 784

	Non- distributable reserve² R’000	Transactions with non- controlling interest reserve³ R’000	Equity compen- sation benefit reserve⁴ R’000	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 2014	10 150	(957 230)	32 368	1 292	3 539 833	(15 844)	3 523 989
Net profit for the year	—	—	—	—	577 617	3 576	581 193
Other comprehensive loss	—	—	—	—	(27 926)	4 825	(23 101)
Total comprehensive income	—	—	—	—	549 691	8 401	558 092
Treasury shares purchased	—	—	—	—	(19 131)	—	(19 131)
Equity compensation benefit scheme shares vested	—	—	(16 949)	—	238	(238)	—
Equity compensation benefit movement	—	—	24 082	—	24 082	208	24 290
Share of equity movement in associates	—	—	548	—	548	—	548
Associate disposed	(2 329)	—	(752)	—	—	—	—
Dividends declared	—	—	—	—	(182 117)	(4 874)	(186 991)
Transaction with non-controlling interest reserve movement	—	(1 499)	—	—	(1 499)	—	(1 499)
Non-controlling interest acquired	—	(7 132)	—	(1 292)	(7 132)	21 529	14 397
Non-controlling interest disposed of	—	—	—	—	—	4 286	4 286
Balance as at 31 May 2015	7 821	(965 861)	39 297	—	3 904 513	13 468	3 917 981
Net profit for the year	—	—	—	—	691 590	40 022	731 612
Other comprehensive income	—	—	—	—	79 062	2 467	81 529
Total comprehensive income	—	—	—	—	770 652	42 489	813 141
Treasury shares purchased	—	—	—	—	(23 052)	—	(23 052)
Equity compensation benefit scheme shares vested	—	—	(21 429)	—	247	(247)	—
Equity compensation benefit movement	—	—	23 421	—	23 421	424	23 845
Share of equity movement in associates	—	—	750	—	750	—	750
Dividends declared	—	—	—	—	(209 098)	(4 000)	(213 098)
Balance as at 31 May 2016	7 821	(965 861)	42 039	—	4 467 433	52 134	4 519 567

*	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	The non-distributable reserve arose as a result of BLT’s share of share premium issued by associate companies pre-2010.
3	The transactions 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.
4	This relates to the Group’s movement in equity compensation benefit (refer to note 5.2) as well as the Group’s share of the movement in equity compensation benefit of associate companies (refer to note 2.1).
5	The share-based payment reserve relates to a BEE transaction concluded by Cigicell Proprietary Limited, a subsidiary of BLT. In September 2009 Ventury Proprietary Limited sold 26% of its stake in Cigicell Proprietary Limited to Sangrilor Proprietary Limited. The Group previously did not recognise this disposal and accounted for Cigicell Proprietary Limited as a wholly owned subsidiary until the purchase consideration was settled by Sangrilor Proprietary Limited. The purchase consideration was settled through the declaration of dividends by Cigicell Proprietary Limited on 1 April 2015. On this date the share-based payment reserve was released to retained earnings. The Group accounted for this sale on that date.