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
31. Employee benefits
 

The Group participates in the Alexander Forbes Retirement Fund. This is an umbrella fund arrangement created for the provision of retirement benefits. The Fund is a defined-contribution plan and is governed by the Pension Funds Act, No 24 of 1956.
 

The financial position of the Alexander Forbes Retirement Fund (Provident Section): Italtile Limited is currently reviewed on a monthly basis. As at 30 June 2015, the Fund was found to be in a sound financial position.
 

At 30 June 2015, 1 402 (2014: 1 182) employees of the Group and Franchisees were members of the Fund, to which the Group and Franchisees contributed R25 million (2014: R19 million) and the employees Rnil (2014: Rnil).
  The Fund is open to all permanent staff with their participation thereof being a condition of employment. Their dependants are eligible for death benefits accruing from the Fund in the event of the member’s death. All permanent full-time employees of franchise stores are required to participate in the Fund.