omnia holdings annual report 2010 omnia holdings annu

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76 OMNIA ANNUAL REPORT 2010 FINANCIAL STATEMENTS continued GROUP CASH FLOW STATEMENT for the year ended 31 March 2010 CASH FLOWS FROM OPERATING ACTIVITIES Net cash inflow/(outflow) from operating activities 1 045 (143) Cash generated from operations 24 1 329 309 Interest paid (217) (210) Interest received 44 41 Income taxes paid 25 (111) (283) CASH FLOWS FROM INVESTING ACTIVITIES Net cash outflow from investing activities (466) (257) Property, plant and equipment additions: Replacement (107) (56) Expansion (260) (182) Proceeds on disposal of property, plant and equipment 55 1 Acquisition of business – net of cash acquired 28 (66) – Purchase of intangible assets (18) (20) Acquisition of available-for-sale financial assets (18) – Investment in associates CASH FLOWS FROM FINANCING ACTIVITIES (52) – Net cash inflow from financing activities 140 293 Proceeds from sale of treasury shares 3 2 Proceeds from interest-bearing borrowings 177 387 Dividends paid to company's shareholders 26 (40) (96) Net increase/(decrease) in cash and cash equivalents 719 (107) Net cash and cash equivalents at beginning of year (214) (103) Exchange gains on cash and bank overdrafts 3 (4) Net cash and cash equivalents at end of year The notes on pages 77 to 120 are an integral part of these consolidated financial statements. 27 508 (214) Notes 2010 Rm 2009 Rm
NOTES TO THE GROUP FINANCIAL STATEMENTS for the year ended 31 March 2010 1 GENERAL INFORMATION Omnia Holdings Limited (the company) and its subsidiaries (together, the Group) distribute speciality, functional and effect chemicals and polymers, offer a broad spectrum of products and services to the mining industry and produce granular, liquid and speciality fertilizers. The Group has operations throughout South Africa and Africa, as well as in New Zealand, Brazil and Australia. The company has its primary and only listing on the JSE Limited stock exchange. Accounting policies 1.1 Basis of preparation The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. All policies declared in the financial statements relate to the Group and the companies within the Group. The financial statements for the year ended 31 March 2010 were prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), effective at the time of preparing these financial statements and in compliance with the Listings Requirements of the JSE Limited. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss. Assets and liabilities are classified as either current or noncurrent on the balance sheet. Assets are classified as current when they are realised within 12 months after the balance sheet date or held primarily for the purpose of being traded. All other assets as non-current. Liabilities due within 12 months after balance sheet date are classified as current liabilities. Liabilities which the Group has an unconditional right to defer settlement for at least 12 months from the balance sheet date are classified as non-current. The income statement is presented by function with additional disclosure regarding the nature of expenses such as depreciation, amortisation and employee benefits provided in the notes. The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period based on management’s best knowledge of current events and actions. Actual results may differ from these estimates. Areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the Group financial statements are disclosed in notes 1.2 to 1.5 below. Adoption of new and revised standards (a) Interpretations effective in 2010 IFRS 7 Financial Instruments – Disclosures (amendment) (effective 1 April 2009). The amendment requires enhanced disclosures regarding fair value measurement and liquidity risk. OMNIA ANNUAL REPORT 2010 77 In particular, the amendment requires disclosures of fair value measurements by level of a fair value measurement hierarchy. As the change in accounting policy only results in additional disclosures, there is no impact on the earnings per share. IAS 1 (revised) Presentation of Financial Statement (effective 1 April 2009). The main objective of the revision is to aggregate information on the basis of shared characteristics. Therefore, changes in equity (net assets) during the period arising from transactions with owners in their capacity as owners is shown separately from other changes in equity. All other changes in equity are referred to as “non-owner” changes in equity. The revised standard prohibits the presentation of comprehensive income (that is, “non-owner changes in equity”) in the statement of changes in equity. The statement requires “non-owner changes in equity” to be presented separately from owner changes in equity in a statement of comprehensive income. As a result the Group presents in the consolidated statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the consolidated statement of comprehensive income. Comparative information has been restated so that it is in conformity with the new standard. As the change in accounting policy impacts presentation aspects only, there is no impact on earnings per share. IFRS 2 (amendment) Share-based Payment (effective 1 April 2009) deals with vesting conditions and cancellations. It clarifies that vesting conditions are specified conditions that must be satisfied. These are service and performance conditions only. Any other conditions, such as a requirement to save, of a share-based payment are non-vesting conditions. These features would need to be included in the grant date fair value for transactions with employees and others providing similar services; they would not impact the number of awards expected to vest or the valuation thereof subsequent to grant date. All cancellations, whether by the entity or by other parties, should receive the same accounting treatment. The Group and company have adopted IFRS 2 (amendment) from 1 April 2009. The amendment does not have a material impact on the Group or company’s financial statements. IFRS 8, Operating Segments – effective 1 April 2009. IFRS 8 replaces IAS 14, Segment Reporting Under IAS 14; segments were identified and reported on a risk and return analysis. Under IFRS 8, segments are components of an entity that are regularly reviewed by an entity’s chief operating decision makers in order to allocate resources to the segment and assess its performance. Items will be reported based on the internal system of financial reporting rather than using the accounting policies used for external reporting as currently required. As the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. IAS 32 (amendment), Financial Instruments: Presentation and IAS 1 (amendment), Presentation of Financial Instruments – Puttable Financial Instruments and Obligations Arising on Liquidation (effective 1 April 2009). The amended standards require entities to classify puttable financial instruments and instruments, or components of instruments that impose on the entity an obligation to deliver to another party a pro rata share of
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OMNIA HOLDINGS ANNUAL REPORT 2010
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OMNIA’S MILESTONES 1976 1974 1972
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FINANCIAL HIGHLIGHTS Audited 31 Mar
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OUR VISION CREATING CUSTOMER WEALTH
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OMNIA ANNUAL REPORT 2010 5 The diff
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Participants were required to inves
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Statistical information 31 March 20
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The world today faces the compoundi
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OMNIA ANNUAL REPORT 2010 13 Omnia
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Rod Humphris (53) Executive directo
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OMNIA ANNUAL REPORT 2010 17 Notwith
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(2009: 1 107,4 cents), and headline
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the best agronomic advice in all as
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OMNIA ANNUAL REPORT 2010 23 The sou
Page 29 and 30: Within the Chemicals Division produ
Page 31 and 32: Overview of Chemicals Protea Chemic
Page 33 and 34: MINING DIVISION - REVIEW OPERATIONA
Page 35 and 36: of ore. The risks normally associat
Page 37 and 38: Financial performance As expected,
Page 39 and 40: About this report This sustainabili
Page 41 and 42: highly productive lands are also mo
Page 43 and 44: - Vaal Triangle Priority Area Air M
Page 45 and 46: Challenges and opportunities Our re
Page 47 and 48: Corporate governance This corporate
Page 49 and 50: Board committees While the Board re
Page 51 and 52: The Group has made great strides in
Page 53 and 54: concern assumption at the interim r
Page 55 and 56: implemented to introduce a technolo
Page 57 and 58: There has been a marked improvement
Page 59 and 60: Social performance Recognising our
Page 61 and 62: for new students of a Certificate i
Page 63 and 64: To entrench these commitments throu
Page 65 and 66: At Omnia Fertilizer, all incidents
Page 67 and 68: Water Use Licence Application (IWUL
Page 69 and 70: FINANCIAL STATEMENTS A responsible
Page 71 and 72: REPORT OF THE AUDIT COMMITTEE for t
Page 73 and 74: DIRECTORS’ REPORT The directors a
Page 75 and 76: DIRECTORS’ SHAREHOLDING as at 31
Page 77 and 78: GROUP INCOME STATEMENT for the year
Page 79: GROUP STATEMENT OF CHANGES IN EQUIT
Page 83 and 84: IAS 39, only certain, rather than a
Page 85 and 86: 1.5 Cost of sales When inventories
Page 87 and 88: are presented in the income stateme
Page 89 and 90: fair value of plan assets, together
Page 91 and 92: 1.22 Financial risk management 1.22
Page 93 and 94: 2 PROPERTY, PLANT AND EQUIPMENT Fre
Page 95 and 96: 2 PROPERTY, PLANT AND EQUIPMENT con
Page 97 and 98: 4 AVAILABLE-FOR-SALE FINANCIAL ASSE
Page 99 and 100: 8 STATED CAPITAL continued Number o
Page 101 and 102: 13 INTEREST-BEARING BORROWINGS OMNI
Page 103 and 104: 15 PROVISIONS OMNIA ANNUAL REPORT 2
Page 105 and 106: 19 FINANCE EXPENSES OMNIA ANNUAL RE
Page 107 and 108: 21 EARNINGS PER SHARE AND DIVIDENDS
Page 109 and 110: 28 ACQUISITION OF BUSINESS OMNIA AN
Page 111 and 112: 29 FINANCIAL RISK MANAGEMENT contin
Page 113 and 114: 29 FINANCIAL RISK MANAGEMENT contin
Page 115 and 116: 30 RELATED PARTY TRANSACTIONS conti
Page 117 and 118: 32 RETIREMENT BENEFIT INFORMATION c
Page 119 and 120: OMNIA ANNUAL REPORT 2010 115 33 CON
Page 121 and 122: 36 SHARE INCENTIVE SCHEME continued
Page 123 and 124: 36 SHARE INCENTIVE SCHEME continued
Page 125 and 126: Country of incorporation Issued cap
Page 127 and 128: COMPANY INCOME STATEMENT for the ye
Page 129 and 130: COMPANY CASH FLOW STATEMENT for the
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SUMMARY OF SHAREHOLDER SPREAD at 31
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NOTICE TO SHAREHOLDERS for the year
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FORM OF PROXY For use at the annual
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ADMINISTRATION GROUP COMPANY SECRET
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omnia holdings annual report 2010 omnia holdings annu

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