|
Share capital US$’000 |
Share premium US$’000 |
Foreign currency translation reserve US$’000 |
Non- |
Share- based payments reserve US$’000 |
Distri- |
Equity
attributable
to equity holders |
Non- |
Total equity US$’000 |
Balance at 1 March 2013 |
218 |
160 602 |
(7 507) |
25 292 |
(826) |
687 654 |
865 433 |
51 578 |
917 011 |
Total comprehensive income/(expense) recognised for the year |
– |
– |
(33 482) |
2 421 |
584 |
53 359 |
22 882 |
1 980 |
24 862 |
Profit attributable to the owners of the parent |
– |
– |
– |
– |
– |
55 780 |
55 780 |
– |
55 780 |
Profit attributable to the non-controlling interest |
– |
– |
– |
– |
– |
– |
– |
8 520 |
8 520 |
Translation of equity loans |
– |
– |
12 700 |
– |
– |
– |
12 700 |
– |
12 700 |
Tax on translation of equity loans |
– |
– |
(3 301) |
– |
– |
– |
(3 301) |
– |
(3 301) |
Gain/loss reclassified to profit and loss on disposal of foreign operation |
– |
– |
(566) |
– |
– |
– |
(566) |
– |
(566) |
Exchange differences arising on translation to presentation currency |
– |
– |
(42 315) |
– |
584 |
– |
(41 731) |
(6 540) |
(48 271) |
Transfers and other items |
– |
– |
– |
2 421 |
– |
(2 421) |
– |
– |
– |
Translation of share capital and share premium |
(39) |
(28 797) |
– |
28 836 |
– |
– |
– |
– |
– |
New share issues |
5 |
22 541 |
– |
– |
– |
– |
22 546 |
– |
22 546 |
Capital distributions |
– |
(31 594) |
– |
– |
– |
– |
(31 594) |
(4 327) |
(35 921) |
Acquisitions of additional interests from non-controlling interests |
– |
– |
– |
(2 009) |
– |
– |
(2 009) |
5 659 |
3 650 |
Recognition of put option liability |
– |
– |
– |
(1 864) |
– |
– |
(1 864) |
– |
(1 864) |
Derecognition of put option liability |
– |
– |
– |
131 |
– |
– |
131 |
– |
131 |
Disposals of additional interests from non-controlling interests |
– |
– |
– |
(265) |
– |
– |
(265) |
(2 022) |
(2 287) |
Transfers within classes of equity |
– |
– |
– |
488 |
– |
(689) |
(201) |
– |
(201) |
Equity-settled deferred purchase consideration |
– |
– |
– |
(3 333) |
– |
– |
(3 333) |
– |
(3 333) |
Share-based payments |
– |
– |
– |
– |
(109) |
– |
(109) |
– |
(109) |
Balance at 28 February 2014 |
184 |
122 752 |
(40 989) |
49 697 |
(351) |
740 324 |
871 617 |
52 868 |
924 485 |
Total comprehensive income/(expense) recognised for the year |
– |
– |
(62 034) |
(276) |
(765) |
74 089 |
11 014 |
6 099 |
17 113 |
Profit attributable to the owners of the parent |
– |
– |
– |
– |
– |
73 772 |
73 772 |
– |
73 772 |
Profit attributable to the non-controlling interest |
– |
– |
– |
– |
– |
– |
– |
14 856 |
14 856 |
Translation of equity loans |
– |
– |
(5 279) |
– |
– |
– |
(5 279) |
– |
(5 279) |
Tax on translation of equity loans |
– |
– |
1 480 |
– |
– |
– |
1 480 |
– |
1 480 |
Exchange differences arising on translation to presentation currency |
– |
– |
(58 235) |
– |
(765) |
– |
(59 000) |
(8 757) |
(67 757) |
Transfers and other items |
– |
– |
– |
(276) |
– |
317 |
41 |
– |
41 |
Translation of share capital and share premium |
(15) |
(9 885) |
– |
9 900 |
– |
– |
– |
– |
– |
New share issues |
4 |
21 243 |
– |
– |
– |
– |
21 247 |
– |
21 247 |
Capital distributions to shareholders |
* |
(17 226) |
– |
– |
– |
– |
(17 226) |
– |
(17 226) |
Dividends to non-controlling interests |
– |
– |
– |
– |
– |
– |
– |
(26 066) |
(26 066) |
Dividend to shareholders |
2 |
9 827 |
– |
– |
– |
(16 060) |
(6 231) |
– |
(6 231) |
Acquisitions of additional interests from non-controlling interests |
– |
– |
(2 284) |
(8 339) |
– |
– |
(10 623) |
9 210 |
(1 413) |
Disposals of additional interests from non-controlling interests |
– |
– |
– |
(803) |
– |
– |
(803) |
(512) |
(1 315) |
Share-based payments |
– |
– |
– |
– |
1 855 |
– |
1 855 |
– |
1 855 |
Balance at 28 February 2015 |
175 |
126 711 |
(105 307) |
50 179 |
739 |
798 353 |
870 850 |
41 599 |
912 449 |
* Less than US$1 000.
Non-distributable reserves relate to the translation of share capital and share premium of the parent company, the recognition of the minority put option liabilities and reserves recognised in the recording of changes in holdings of subsidiaries.
Foreign currency translation reserve includes the translation of subsidiaries and the parent company into presentation currency.
The Group issues equity-settled and cash-settled share-based incentives to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest.
A liability equal to the portion of services received is recognised at the current fair value determined at each reporting date for cash-settled share-based payments.
Fair value adjustments on put option liabilities of US$0.3 million (FY14: US$2.4 million) were transferred from non-distributable reserves to distributable reserves.
The Company paid an interim scrip distribution with cash dividend alternative of 88 ZAR cents (approximately 8 US cents) to shareholders on 1 December 2014. The number of scrip distribution shares to which each shareholder became entitled (to the extent that such shareholder had not elected to receive the cash dividend) was determined by reference to the ratio that 88 ZAR cents bore to the volume weighted average price of an ordinary Datatec share traded on the JSE during the 30-day trading period ending on Thursday, 13 November 2014, which was 5 378 ZAR cents, ie 1.63630 scrip distribution shares for every 100 ordinary shares held.
The result of the shareholder election in relation to the cash dividend alternative to the scrip distribution was that 2 018 910 new ordinary shares were issued on 1 December 2014 to shareholders who did not elect to receive the cash dividend in respect of all or part of their shareholding, resulting in a capitalisation of the distributable retained profits of the Company of ZAR108.6 million. The proportion of the Company’s total shares which received the scrip distribution was 61.8%. Shareholders holding 76 189 934 ordinary shares elected to receive the gross cash dividend of 88 ZAR cents per ordinary share resulting in a total gross cash dividend of ZAR67.0 million which was paid out of the distributable retained profits of the Company. The proportion of the Company’s total shares which received the cash dividend was 38.2%.
The Board has declared a final scrip distribution with cash dividend alternative of 108 ZAR cents (approximately 9 US cents) in relation to the financial year ended 28 February 2015 which will be payable to shareholders on the Register on 17 July 2015. The number of scrip distribution shares to which each shareholder will became entitled (to the extent that such shareholder has not elected to receive the cash dividend) will be determined by reference to the ratio that 108 ZAR cents bore to the volume weighted average price of an ordinary Datatec share traded on the JSE during the 30-day trading period ending on Thursday, 2 July 2015.
For the previous financial year ended February 2014 the Group paid an interim capital distribution to shareholders of 80 ZAR cents (approximately 8 US cents) per share on 2 December 2013 and a final capital distribution of 93 ZAR cents (approximately 9 US cents) per share on 21 July 2014, making a total capital distribution to shareholders for the financial year ended 28 February 2014 of 173 ZAR cents (approximately 17 US cents).