MENU Notes to the financial statementsfor the year ended 30 June 2015

  1. Accounting policies
  2. Definitions
  3. Revenue
  4. Cost of sales
  5. Trading profit
  6. Share-based payments
  7. Finance revenue
  8. Finance cost
  9. Taxation
  10. Earnings per share
  11. Headline earnings per share
  12. Dividends paid in the current year
  13. Property, plant and equipment
  14. Investment properties
  15. Investments
  16. Long-term financial assets
  17. Goodwill
  18. Deferred taxation
  19. Inventories
  20. Trade and other receivables
  21. Cash and cash equivalents
  22. Stated capital
  23. Non-distributable reserve
  24. Interest-bearing loans and borrowings
  25. Trade and other payables
  26. Provisions
  27. Reconciliation of profit before taxation to cash generated from operations
  28. Taxation paid
  29. Dividends paid
  30. Commitments and contingencies
  31. Employee benefits
  32. Financial risk management objectives and policies
  33. Related-party transactions
  34. Segment report (restated)
  35. Subsequent events
  36. Discontinued operations
  37. Loss of control in subsidiary
  38. Group entities
Company           Group  
2015  
Rm’s  		     2014  
Rm’s  		         2015  
Rm’s  		     2014  
Rm’s  
          16. Long-term financial assets            
133       121       Loan to Foundation Trust            
            Lease premiums     15       14  
133       121           15       14  
           

In order to raise funds necessary to purchase BEE shares (refer to note 6), the Company has funded the Foundation Trust by way of a loan. The loan to the Foundation Trust is interest free and the fair value approximates the carrying value given the corporate social investment nature of the loan (these loans are commonly interest free).  

          
           

The remaining R25 million of impairment raised in 2010 on The Italtile Empowerment Trust Loan was reversed in the current year as a result of the appreciation of the Italtile Limited share price as the shares held by this Trust are pledged as security for the loan. Refer to note 6.  

          
           

Lease premiums are paid in advance on land leases that have a duration of between 35 and 50 years and is subsequently amortised on a straight-line basis.