summarised audited consolidated financial statements - Altron

Altron Summarised Audited Consolidated Financial Statements for the year ended 28 February 2013
NOTES continued
2013 2012
R millions (Audited) (Audited)
2. Reconciliation between attributable earnings and headline earnings
Attributable to Altron equity holders (298) 174
Capital items – gross 1 449 900
Tax effect of capital items – (10)
Non-controlling interest in capital items (720) (461)
Headline earnings 431 603
3. Reconciliation between attributable earnings and diluted earnings
Attributable to Altron equity holders (298) 174
Dilutive earnings attributable to B-BBEE non-controlling interest in subsidiaries – (4)
Diluted earnings (298) 170
4. Reconciliation between headline earnings and diluted headline earnings
Headline earnings 431 603
Dilutive earnings attributable to B-BBEE non-controlling interest in subsidiaries – (4)
Dilutive earnings attributable to dilutive options at subsidiary level (11) (10)
Non-controlling interest in adjustments 4 4
Diluted headline earnings 424 593
26
Fully diluted earnings and diluted headline earnings have been calculated in accordance with IAS 33: Earnings per Share, on the basis that:
– The recognition of the deferred sale of a 30% interest in Aberdare Cables to the Izingwe Consortium based on the assumption that the
outstanding purchase price will be settled in cash for R46 million, adjusted for the dilutive effect of the option price at the Aberdare level and
after taking into account the 16.5% investment in the Izingwe Consortium by Power Technologies Proprietary Limited.
– The earnings effect of dilutive options at Allied Technologies Limited level.
5. Acquisitions of subsidiaries
Acquisition of 100% interest in Unisys Africa Proprietary Limited (“Unisys Africa”) and Alliance Business Solutions Proprietary Limited (“Alliance’)
During the year the Bytes group acquired two operations, namely Unisys Africa and Alliance, for an aggregate consideration of R150 million, of which
R43 million is deferred.
The acquired businesses contributed revenues of R238 million and net profit after tax of R18 million to the group.
If the acquisitions had occurred on 1 March 2012, group revenue and net profit after tax would have increased by R329 million and R18 million
respectively.
These amounts have been calculated using the group’s accounting policies.
Unisys Africa provides IT services and technology offerings to customers in both the public and private sectors.
The full issued share capital was acquired effective 31 March 2012. Alliance provides Oracle end-to-end offerings and cloud-based solutions to
customers.
The operations of Alliance were acquired effective 1 October 2012.
Recognised Fair value Carrying
values adjustments amount
The acquirees’ balance sheets at the date of acquisition were as follows:
Non-current assets 12 25 37
Current assets 223 – 223
Current liabilities (219) (12) 231
Total net assets on acquisitions 16 13 29
Goodwill on acquisition 121
Total consideration 150
Cash and cash equivalents in subsidiary acquired (35)
Less: Amounts due to vendors (43)
Net cash outflow on acquisitions 72