VWDWHPHQWV - Bastion7Ke Girectors are responsible for tKe preparation inteJrity anG fair presentation of tKe annXal #nancial statements of

ANNUAL

2014

SAFE

SECURE

OPPORTUNITY

RAND

CENTS

2

SPEED

Directors’ statement of responsibility 04erti cate by t e ompany ecretary 04

n epen ent a itors’ report on t e ann al nancial statements 0Directors’ report 06

2014HIGHLIGHTS

R135.9NET PROFIT

Direc

DOING IT SMARTER

simplicityTRUST

R147.2GAIN ON REMEASUREMENT OF FINANCIAL INSTRUMENT

3

DIVIDEND RECEIVED FROM VODACOM (PROPRIETARY) LIMITED

R19.4

tatement of compre ensi e income 12tatement of nancial position 13tatement of c an es in e ity 14tatement of cas o s 1otes to t e ann al nancial statements 16

ebo et imitee istration n mber 200 014 34 06

74ORDINARY DIVIDEND PER SHARE

56 SPECIAL DIVIDEND PER SHARE

4

for t e year en e 31 arc 2014

e irectors are responsible for t e preparation inte rity an fair presentation of t e ann al nancial statements of ebo et imite t e company

e ann al nancial statements a e been a ite by t e in epen ent a itors Deloitte o c e ic as i en nrestricte access to all nancial recor s an relate ata incl in min tes of meetin s of s are ol ers t e boar an

committees of t e boar e irectors belie e t at all representations ma e to t e in epen ent a itors rin t eir a it ere ali an appropriate e report of t e a itors is presente on t e ne t pa e

e ann al nancial statements for t e year en e 31 arc 2014 presente on pa es 6 to 32 a e been prepare in accor ance it nternational inancial eportin tan ar s as iss e by t e nternational cco ntin tan ar s

oar t e inancial eportin i elines as iss e by t e o t frican nstit te of artere cco ntants cco ntin ractices ommittee an t e re irements of t e ompanies ct o 1 of 200 as amen e ey are base on

appropriate acco ntin policies ic a e been consistently applie an ic are s pporte by reasonable an pr ent ements incl in ements in ol in estimations e oin concern basis as been a opte in preparin t e ann al

nancial statements e irectors a e no reason to belie e t at t e company ill not be a oin concern in t e foreseeable f t re base on forecasts an a ailable cas reso rces

e irectors are also responsible for t e company’s system of internal controls ese are esi ne to pro i e reasonable b t not absol te ass rance as to t e reliability of t e ann al nancial statements an to a e ately safe ar erify an maintain acco ntability of assets ese controls are monitore t ro o t t e company by mana ement an employees

it t e necessary se re ation of a t ority an ties rocesses are in place to monitor internal controls to i entify material brea o ns an implement timely correcti e action

e ann al nancial statements ere appro e by t e boar of irectors on 14 ay 2014 an are si ne on its be alf

airperson Director

n terms of section 2 e of t e ompanies ct o 1 of 200 as amen e certify t at to t e best of my no le e an belief ebo et imite as lo e it t e ompanies an ntellect al roperty ommission for t e nancial year en e 31 arc 2014 all s c ret rns an notices as are re ire of a p blic company an t at all s c ret rns an notices appear to be tr e correct an p to ate

ompany ecretary

14 ay 2014

for t

e a e a ite t e ann al nancial statements of ebo et imite set o t on pa es 12 to 33 ic comprise t e statement of nancial position as at 31 arc 2014 t e statement of compre ensi e income statement of c an es in e ity an statement of cas o s for t e year t en en e an t e notes comprisin a s mmary of si ni cant acco ntin policies an ot er e planatory information

e irectors are responsible for t e preparation an fair presentation of t ese ann al nancial statements in accor ance it nternational inancial eportin tan ar s as iss e by t e nternational cco ntin tan ar s oar an t e re irements of

t e ompanies ct o 1 of 200 as amen e an for s c internal controls as t e irectors etermine is necessary to enable t e preparation of t e ann al nancial statements t at are free from material misstatement et er e to fra or error

r responsibility is to e press an opinion on t ese ann al nancial statements base on o r a it e con cte o r a it in accor ance it nternational tan ar s on itin ese stan ar s re ire t at e comply it et ical re irements plan an perform t e a it to obtain reasonable ass rance abo t et er t e ann al nancial statements are free from material misstatement

n a it in ol es performin proce res to obtain a it e i ence abo t t e amo nts an isclos res in t e ann al nancial statements e proce res selecte epen on t e a itors’ ement incl in t e assessment of t e ris s of material misstatement of t e ann al nancial statements et er e to fra or error n ma in t ose ris assessments t e a itor consi ers internal control rele ant to t e company’s preparation an fair presentation of t e ann al nancial statements in or er to esi n a it proce res t at are appropriate in t e circ mstances b t not for t e p rpose of e pressin an opinion on t e effecti eness of t e company’s internal control n a it also incl es e al atin t e appropriateness of acco ntin policies se an t e reasonableness of acco ntin estimates ma e by mana ement as ell as e al atin t e o erall presentation of t e ann al nancial statements

e belie e t at t e a it e i ence e a e obtaine is s f cient an appropriate to pro i e a basis for o r a it opinion

n o r opinion t e ann al nancial statements present fairly in all material respects t e nancial position of ebo et imite as at 31 arc 2014 an its nancial performance an its cas o s for t e year t en en e in accor ance it nternational inancial eportin tan ar s an t e re irements of t e ompanies ct o 1 of 200 as amen e

s part of o r a it of t e ann al nancial statements for t e year en e 31 arc 2014 e a e rea t e irectors’ report an t e ompany ecretary’s certi cate for t e p rpose of i entifyin et er t ere are material inconsistencies bet een t e report an t e a ite ann al nancial statements e report is t e responsibility of t e preparers ase on rea in t e report e a e not i enti e material inconsistencies bet een t e report an t e a ite ann al nancial statements

o e er e a e not a ite t e report an accor in ly o not e press an opinion on t e report

e istere itors

er

artner

14 ay 2014

6

e irectors a e t e pleas re of presentin t eir report ic forms part of t e a ite ann al nancial statements for t e year en e 31 arc 2014

e company as incorporate on 1 ne 200 n er t e la s of t e ep blic of o t frica e principal acti ities of t e company are to

a carry on b siness of ol in o acom roprietary imite o acom or inary s ares an or inary s ares cas an s c assets as are recei e an ac ire solely by irt e of or in relation to t e ol in of o acom or inary s ares an or inary s ares

b recei e an istrib te i i en s an ot er istrib tions in terms of its ol in in o acom anc to ac ire an ol interests in o acom ro p imite o acom ro p an its s bsi iaries an associate

companies for t e bene t of s are ol ers

et pro t for t e year as 13 million 2013 2 3 million 2012 122 0 million

is as mainly attrib table to t e increase in t e o acom option asset e reasons for t e increase in al e relate to ata acceleration stren t in enterprise ifferentiation base on net or an c stomer e perience as ell as m ltiyear cost ef ciency pro rammes in o acom

ll etails on t e performance an nancial position of t e company are set o t in t ese ann al nancial statements an notes t ereto

3 1 Di i en istrib tionn or inary i i en of 4 se enty fo r cents 2013 4 se enty fo r cents 2012 4 se enty fo r cents per

or inary s are an a special i i en of 6 fty si cents 2013 66 si ty si cents 2012 nil cents per or inary s are as propose an appro e by t e boar of irectors

2014R000

2013R000

2012R000

inal i i en eclare 14 ay 2014 an payable on 13 ne 2014 18 714 – –

inal i i en eclare 3 ay 2013 an pai on 14 ne 2013 – 20 1 4 –

inal i i en eclare 31 arc 2012 an pai on 30 pril 2012 – – 10 6

n 2014 t e s are ol ers are s b ect to i i en it ol in ta of 1 on t e total i i en pai

n 2013 t e company a a secon ary ta ation cre it a ailable n terms of section 64 1 of t e ncome a ct i i en s ta ation is payable on t e e cess of t e i i en s pai after t e tilisation of t e cre it a ailable in

t e company

ection 64 3 of t e ncome a ct speci es t at t e cre it is tilise in t e same ratio t at bears to t e i i en s pai to eac s are ol er

e cre it per s are a ailable as at 31 arc 2013 a been calc late at 13 cents i e cre it amo ntin to 11 104 316 i i e by total n mber of s ares of 14 3 00 ccor in ly t e s are ol er as only s b ect to i i en it ol in ta of 1 on 62 cents on t e total i i en eclare of 1 40 per s are i e 1 40 less

13 cents


3 2 Di i en policye company as a policy to pay so m c of its after ta ation pro ts as ill be a ailable after retainin s c s ms an

repayin s c ebts o in to t ir parties as s all be necessary to meet t e re ire costs re ecte in t e b et as a nal i i en eac year

e s are capital an or inary s are premi m ere amen e e to t e rep rc ase of t e company’s or inary s ares an as escribe belo

pecial resol tion n mber 2 t o passe at t e fo rt nn al eneral eetin el on 30 ly 2012 an special resol tion n mber 1 one passe at t e t ir el on 2 ly 2011 respecti ely rante t e irectors t e a t ority to rep rc ase t e company’s or inary s ares from t e estates of ecease s are ol ers s o l t e estate of t e ecease s are ol ers re est t e company to o so e rep rc ase of s ares in a re ate may not e cee 20 000 t enty t o san or inary s ares in a nancial year

e a t ority rante as ali ntil 31 ly 2013

D rin t e 2014 nancial year t e company rep rc ase 400 2013 2 300 2012 1 00 or inary s ares for an amo nt of 44 0 2013 3 34 2012 31 6 per or inary s are totallin 1 62 00 2013 0 4 2 00 2012 4 3 00

e o er t e co nter mar et for t e tra in of ebo et imite or inary s ares ent li e effecti e 3 ebr ary 2014 Decease s are ol ers’ estates can no sell t e ebo et or inary s ares on t e o er t e co nter mar et

4 1 are ol er analysise company’s s are ol er analysis as at 31 arc 2014 as as follo s

1 – 100 s ares 0 1 1 2 4 1 2 4

101 – 1 000 s ares 6 6 1 6 4 2 2 1 3 6 4

1 001 – 000 s ares 0 60 1 10 0 3 0 60

001 – 10 000 s ares 40 0 04 2 3 4 0 04

ore t an 10 000 s ares 36 0 04 1 32 0 04

97 526 100 14 395 300 100


4 1 are ol er analysis contin ee company’s s are ol er analysis as at 31 arc 2014 as as follo s

n i i al 63 06 12 3 3 0 6 00

Unincorporated 1 13 1 1 30 0 2 00

Company 3 0 1 4 203 11 00

Trust 1 6 0 1 11 400 1 00

97 526 100 14 395 300 100.00

etro ome mpro ements roprietary imited 440 000 3 10

oyal afo en latinum oldin s roprietary imited 200 000 1 40

irsts elf 2 roprietary imited 140 000 1 00

onyama Capital roprietary imited 100 1 2 0 0

uyel a as iats idi 6 00 0 0

Corruseal Corru ated auten roprietary imited 4 000 0 60

e s elf 1221 roprietary imited 0 0 0

oul City road ased mpo erment roprietary imited 0 000 0 0

pilica n estment 6 000 0 40

Diti eni n estment Company roprietary imited 4 42 0 30

4 1 are older analysis continued

2014

penin balance 3 ebruary 2014 0 00

Closin price 31 arc 2014 46 0

Closin i for t e period 3 ebruary 2014 to 31 arc 2014 3 00

Closin lo for t e period 3 ebruary 2014 to 31 arc 2014 40 26

umber of s ares in issue 14 3 300

olume traded durin t e period 3 ebruary 2014 to 31 arc 2014 642 0

atio of olume traded to s ares issued 3 ebruary 2014 to 31 arc 2014 4 4

and alue of s ares traded 3 ebruary 2014 to 31 arc 2014 31 0 6 0

Total deals 3 ebruary 2014 to 31 arc 2014 10

5. T e follo in special resolutions ere passed by t e company durin t e year under re ie

• pecial resolution number one passed at t e ft annual eneral meetin eld on 1 ctober 2013 appro ed t e implementation of an o er t e counter tradin platform in respect of tradin s ares by members of t e lac ublic in t e s are capital of t e company T e reason for special resolution number one facilitates and en ances t e ease of tradin in ebo et u ordinary s ares by s are olders

• pecial resolution number t o passed at t e ft annual eneral meetin eld on 1 ctober 2013 appro ed t e amendment of t e memorandum of incorporation to c an e con ersion date of t e s ares eld by into ordinary s ares of t e company from ctober 201 to ctober 201

T e directors are not a are of any matter or circumstance arisin since t e end of t e nancial year not ot er ise dealt it in t e annual nancial statements ic si ni cantly affected t e nancial position of t e company at 31 arc 2014 and t e results of its operations and cas o s for t e year ended

o ements in t e directorate durin t e year under re ie

31/03/2013 31/03/2014

assa assaC airman C airman

D Konar D KonarCT Ralebitso CT Ralebitso

Radebe Radebe arana arana

all allC o oane C o oane

10

n terms of t e company’s memorandum of incorporation essrs Radebe and CT Ralebitso retire by rotation ll retirin directors are eli ible and a ailable for re election at t e to be eld on onday 21 uly 2014

T eir pro les appear on pa es and oard of Directors of t e annual report

s at 31 arc 2014 t ere ere no direct and bene cial interests eld by t e directors of t e company to t e ordinary s ares in issue

odacom Corporate ar ri ate a 04

0 2 odacom oule ard andton

idrand 2146

16

Deloitte Touc e as been appointed as t e auditors for t e 2014 2013 and 2012 nancial years respecti ely in accordance it section 0 1 of t e Companies ct o 1 of 200 as amended

rice ater ouseCoopers nc as been recommended by t e directors for appointment as t e auditors for t e 201 nancial year at t e fort comin annual eneral meetin

T e company in line it section 4 f of t e Companies ct o 1 of 200 as amended t e ct is re uired to a e an audit committee

T e audit committee meets in terms of formal mandates and deals it all issues as prescribed by t e ct

T e audit committee is satis ed t at

• all functions ere performed as per t e c arter of t e audit committee

• t e committee as satis ed itself t at t e e ternal auditor of t e company is independent as de ned by t e ct

• t e committee in consultation it e ecuti e mana ement a reed to t e audit fee for t e 2014 nancial year

• all non audit ser ices performed by t e e ternal auditor ere considered and appro ed by t e committee

• t e committee as re ie ed t e performance of t e e ternal auditor and

• t e committee as nominated for appro al at t e rice ater ouseCoopers nc as t e e ternal auditor for t e 201 nancial year

T e committee as e aluated t e annual nancial statements for t e year ended 31 arc 2014 and considers t at it complies in all material aspects it t e re uirements of t e ct and nternational inancial Reportin tandards T e committee as t erefore recommended t e annual nancial statements for appro al to t e board T e board as subse uently appro ed t e annual nancial statements

for t e year ended 31 arc 2014

11

T e company as incorporated as a special purpose e icle as part of a broad based blac economic empo erment initiati e and as no e ecuti e directors employees mana ement members or customers lt ou t e Companies ct ould normally re uire t e company to appoint a social and et ics committee because it as a lar e number of s are olders t e board formed t e ie t at i en t e special nature and e tent of t e company it is not reasonably necessary in t e public interest to re uire t e company to a e a social and et ics committee T e company submitted an application to t e Companies Tribunal for an e emption from t e re uirement to appoint a social and et ics committee but t is application as re ected on 2 ay 2013 fres application as submitted to t e Companies Tribunal on t e basis of furt er information and ne facts suc as t e commencement of an o er t ecounter TC tradin facility o erned by t e conditions of e emption imposed by t e inancial er ices oard

endin t e outcome of t e ne application t e board ill comply it t e re uirements of t e Companies ct relatin to a social and et ics committee

12


Notes2014R000

2013R000

2012R000

Income 3 19 360 2 102 1 200

penditure 4 (3 719) 3 33 3 4

15 641 21 63 11 306

inance income 744 26 2 3

inance cost 6 (*) – 1

ains on remeasurement of nancial instrument 147 177 61 6 2 161 6 0

163 562 3 41 1 3 2

Ta ation (27 654) 11 661 1 2 4

135 908 2 2 0 122 024

135 908 2 2 0 122 024

ess t an R 00

13

as at 31 arc 2014

Notes2014R000

2013R000

2012R000

1 145 691 14 36 62

inancial assets 1 145 691 14 36 62

25 242 26 162 14 66

ccounts recei able 10 12 057 2 6 41

Ta ation recei able – 1 1 6

Cas and cas e ui alents 11 13 185 10 3

1 170 933 1 024 6 6 1 62

are capital 12 *

rdinary s are premium 13 359 883 3 3 3 0

Retained earnin s 661 342 4 133 4 2 1

1 021 225 0 026 32 21

146 533 11 0 10 3

Deferred ta ation 146 533 11 0 10 3

3 175 63 11 334

ccounts payable 14 3 152 63 6

Ta ation payable 23 – –

Di idends payable – – 10 6

1 170 933 1 024 6 6 1 62

ess t an R 00

14

for t e year ended 31 arc 2014forr t

Note R000 R000 R000 R000

3 3 2 06 32 0 4

Net pro t – – 122 024 122 024

Repurc ase of s ares 13 3 10 4

Di idends – – 21 310 21 310

3 0 4 2 1 32 21

Net pro t – – 2 2 0 2 2 0

Repurc ase of s ares 13 33 0

Net di idends – – 11 11

* 359 893 545 133 905 026

Net pro t – – 135 908 135 908

Repurc ase of s ares 13 (*) (10) (8) (18)

Net di idends – – (19 691) (19 691)

* 359 883 661 342 1 021 225

ess t an R 00

1


Notes2014R000

2013R000

2012R000

15 18 240 21 64 11 66

Ta ation paid (6) 140 0

Di idends paid (19 691) 10 40 10 6

(1 457) 10 6 33

inance income recei ed 744 4 2 2

744 4 2 2

inance cost paid (*) – 1

are capital and s are premium mo ement (18) 0 4

erni t deposit mo ement 13 808 1 000 00

13 790 1 0 0 4

13 077 631 464

Cas and cas e ui alents at t e be innin of t e year 108 3 2

11 13 185 10 3

ess t an R 00

16

T e annual nancial statements of t e company a e been prepared in accordance it I R as issued by t e I t e inancial Reportin uidelines as issued by t e out frican Institute of C artered ccountants IC ccountin ractices Committee and t e re uirements of t e Companies ct No 1 of 200 as amended

mounts in t e annual nancial statements are stated in out frican rand as t is is t e currency in ic all of t e company’s transactions are denominated

T e si ni cant accountin policies are consistent in all material respects it t ose applied in t e pre ious period e cept as disclosed under Ne accountin pronouncements on pa e 1

1 1 ccountin con entionT e annual nancial statements a e been prepared on a istorical cost basis e cept for certain nancial and e uity instruments t at a e been measured at fair alue or at amortised cost

1 2 Re enue reco nitionT e company measures re enue at t e fair alue of t e consideration recei ed or recei able Re enue is reco nised only en it is probable t at t e economic bene ts associated it a transaction ill o to t e company and t e amount of re enue and associated costs incurred or to be incurred can be measured reliably If necessary re enue is split into separately identi able components

1 2 1 Income

Contributions are reco nised in t e period to ic it relates

Di idends from in estments are reco nised en t e s are older’s ri t to recei e payment as been establis ed

Interest is reco nised on a time proportion basis it reference to t e principal amount recei able and t e effecti e interest rate applicable

1 3 Ta ationT e ta ation e pense represents t e sum of t e current ta ation and deferred ta ation

Ta ation is c ar ed or credited to pro t or loss

Ta ation assets and liabilities are offset en t ere is a le ally enforceable ri t to set off current ta ation assets a ainst current ta ation liabilities and en t ey eit er relate to income ta es le ied by t e same ta ation aut ority on eit er t e same ta able entity ic intend to settle t e current ta ation assets and liabilities on a net basis

Current ta ation payable or reco erable is based on ta able pro t for t e year T e company’s liability for current ta ation is calculated usin ta ation rates and la s t at a e been enacted or substanti ely enacted by t e reportin date


1

1 3 Ta ation continued

Deferred ta ation is t e ta ation e pected to be payable or reco erable in t e future arisin from temporary differences bet een t e carryin amounts of assets and liabilities in t e nancial statements and t e correspondin ta ation bases used in t e computation of ta able pro t It is accounted for usin t e balance s eet liability met od Deferred ta ation liabilities are enerally reco nised for all ta able temporary differences and deferrred ta ation assets are reco nised to t e e tent t at it is probable t at t e deductible temporary difference ill re erse in t e foreseeable future and ta able pro ts ill be a ailable a ainst ic deductible temporary differences can be utilised uc assets and liabilities are not reco nised if t e temporary difference arises from t e initial reco nition of assets and liabilities in a transaction t at affects neit er t e ta able pro t nor t e accountin pro t

deferred ta ation asset for t e carry for ard of unused ta ation losses and ta ation credits is only reco nised to t e e tent t at it is probable t at future ta able pro t ill be a ailable a ainst ic t e unused ta ation losses and ta ation credits can be utilised

T e carryin amount of deferred ta ation assets is re ie ed at eac reportin date and ad usted to re ect c an es in probability t at suf cient ta able pro ts ill be a ailable to allo all or part of t e asset to be reco ered

Deferred ta ation is calculated at t e ta ation rates t at are e pected to apply in t e period en t e liability is settled or t e asset realised based on ta ation rates t at a e been enacted or substanti ely enacted by t e reportin date

TC as replaced it di idend it oldin ta ation effecti e 1 pril 2012 rior to 1 pril 2012 TC as pro ided for at t e pre ailin rate on t e amount of t e net di idend declared by t e company It as recorded as a ta ation e pense

en di idends ere declared

1 4 Cas and cas e ui alentsCas and cas e ui alents comprise cas on and and call deposits net of ban borro in s all of ic are a ailable for use by t e company unless ot er ise stated

Cas on and is initially reco nised at fair alue and subse uently measured at its face alue

Deposits eld on call are classi ed as loans and recei ables by t e company and carried at amortised cost Due to t e s ort term nature of t ese t e amortised cost normally appro imates its fair alue

1 inancial instrumentsinancial assets and nancial liabilities in respect of nancial instruments are reco nised on t e company’s statement

of nancial position en t e company becomes a party to t e contractual pro isions of t e instrument

ll nancial assets and nancial liabilities are initially measured at fair alue includin transaction costs e cept for t ose classi ed as at fair alue t rou pro t or loss ic are initially measured at fair alue e cludin transaction costs

T e fair alue of a nancial instrument on initial reco nition is normally t e transaction price unless t e fair alue is e ident from obser able mar et data


1

1 1 inancial assets e cludin deri ati e nancial instrumentsinancial assets are reco nised and dereco nised on trade date ere t e purc ase or sale of t e nancial asset is

under a contract ose terms re uire deli ery of t e instrument it in t e timeframe establis ed by t e mar et concerned

ubse uent to initial reco nition t ese instruments are measured as follo s

• inancial assets at fair alue t rou pro t or loss and a ailable for sale are subse uently stated at fair alue ere securities are eld for tradin purposes ains and losses arisin from c an es in fair alue are included

in pro t or loss or a ailable for sale nancial assets ains and losses arisin from c an es in fair alue are reco nised directly in ot er compre ensi e income until t e security is disposed of it is determined to be impaired or t e e uity interest is increased resultin in t e asset no lon er bein accounted for as an a ailablefor sale nancial asset at ic time t e cumulati e ain or loss pre iously reco nised in ot er compre ensi e income is reclassi ed in pro t or loss T e net ain or loss reco nised in pro t or loss incorporates any ains or losses on remeasurement transferred from ot er compre ensi e income to pro t or loss di idends and nance income on t e nancial asset

• oans recei able are subse uently stated at amortised cost usin t e effecti e interest rate met od less any impairment losses T e terms of loans ranted are rene otiated on a case by case basis if circumstances re uired rene otiation

• Trade recei ables e cludin assets created by statutory re uirements and prepayments do not carry any interest and are subse uently stated at t eir nominal alue as reduced by appropriate allo ances for estimated irreco erable amounts

• t er recei ables are subse uently stated at t eir nominal alues

1 2 Impairment of nancial assetsinancial assets ot er t an t ose at fair alue t rou pro t or loss are assessed for indicators of impairment at eac

reportin date

Certain cate ories of nancial assets suc as trade recei ables t at are assessed not to be impaired indi idually are subse uently assessed for impairment on a collecti e basis

or nancial assets carried at amortised cost it t e e ception of trade and ot er recei ables t e amount of t e impairment loss is t e difference bet een t e asset’s carryin amount and t e present alue of estimated future cas o s discounted at t e nancial asset’s ori inal effecti e interest rate or trade and ot er recei ables t e amount of t e impairment is t e irreco erable amount estimated by mana ement

T e carryin amount is reduced directly by t e impairment loss it t e e ception of trade recei ables ere t e carryin amount is reduced t rou t e use of an allo ance account

If in a subse uent period t e amount of t e impairment loss decreases and t e decrease can be related ob ecti ely to an e ent occurrin after t e impairment loss as reco nised t e pre iously reco nised impairment loss is re ersed eit er directly or by ad ustin t e allo ance account t rou pro t or loss T e carryin amount of t e

nancial asset at t e date t e impairment loss is re ersed ill not e ceed at t e amortised cost ould a e been ad t e impairment loss not been reco nised

ere t ere is ob ecti e e idence t at a decline in t e fair alue of an a ailable for sale nancial asset t at as been reco nised directly in ot er compre ensi e income is as a result of impairment t e cumulati e loss is remo ed from ot er compre ensi e income and reco nised as an impairment loss in pro t or loss T e amount of t e cumulati e loss remo ed is t e difference bet een t e ac uisition cost and current fair alue less any impairment loss pre iously reco nised in pro t or loss .


1

re ersal of pre iously reco nised impairment losses on a ailable for sale e uity in estments is reco nised directly in ot er compre ensi e income

1 3 inancial liabilities e cludin deri ati e nancial instruments and e uity instrumentsinancial liabilities and e uity instruments issued by t e company are classi ed accordin to t e substance of

t e contractual arran ements entered into and t e applicable de nitions n e uity instrument is any contract t at e idences a residual interest in t e assets of t e company after deductin all of its liabilities and includes no obli ation to deli er cas or ot er nancial assets

uity instruments issued by t e company are recorded at t e proceeds recei ed net of direct issuance costs

ubse uent to initial reco nition t ese instruments are measured as follo s

• orro in s are subse uently stated at amortised cost usin t e effecti e interest rate met od ny difference bet een t e proceeds net of transaction costs and t e settlement or redemption of borro in s is reco nised o er t e term of t e borro in s

• Trade and ot er payables e cludin liabilities created by statutory re uirements and re enue c ar ed in ad ance as ell as di idends payable are not interest bearin and are subse uently stated at t eir nominal alues

1 4 ffsetere a le ally enforceable ri t of offset e ists for reco nised nancial assets and nancial liabilities and t ere is

an intention to settle t e liability and realise t e asset simultaneously or to settle on a net basis all related nancial effects are offset

Durin t e current nancial year t e company as adopted amendments to

• I 1 resentation of inancial tatements – presentation of items of ot er compre ensi e income

• I 1 mployee bene ts ic re uires re ised accountin and disclosures for de ned bene t pension sc emes includin a different measurement basis for asset returns ic replaces t e e pected return on plan assets and interest cost currently recorded in t e consolidated income statement it net interest T is results in a re ised allocation of costs bet een t e income statement and ot er compre ensi e income T e corridor approac met od of spreadin t e reco nition of actuarial ains and losses ic as not used by t e roup is pro ibited T e amendments also include a re ised de nition of s ort and lon term bene ts to employees and re ised criteria for t e reco nition of termination bene ts

• I 36 Impairment of ssets relatin to reco erable amounts disclosures ic corrects a pre ious amendment

• I R inancial Instruments Disclosure – offsettin nancial assets and nancial liabilities

• I R 13 air alue easurement and

• Impro ements to I R 200 to 2011 cycle

T ese c an es ad no material impact on t e results nancial position or cas o s of t e company


20

T e company as not yet adopted t e follo in pronouncements ic a e been issued by t e I T e company does not currently belie e t e adoption of t ese pronouncements ill a e a material impact on its results nancial position or cas o s

• mendment to I 32 ffsettin nancial assets and nancial liabilities effecti e for annual periods be innin on or after 1 anuary 2014

• mendments to I 3 No ation of deri ati es and continuation of ed e accountin effecti e for annual periods be innin on or after 1 anuary 2014

• I RIC 21 e ies effecti e for annual periods be innin on or after 1 anuary 2014

• Impro ements to I R 2010 to 2012 cycle elements are effecti e ariously from 1 uly 2014 and for annual periods be innin on or after 1 uly 2014

• mendments to I 1 De ned bene t plans employee contributions effecti e for annual periods be innin on or after 1 uly 2014

• Impro ements to I R 2011 to 2013 cycle effecti e for annual periods be innin on or after 1 uly 2014

• ase I of I R inancial instruments as issued in No ember 200 and as subse uently been updated and amended T e standard introduces c an es to t e classi cation and measurement of nancial assets remo es t e restriction on electin to measure certain nancial liabilities at fair alue t rou t e income statement from initial reco nition and re uires c an es to t e presentation of ains and losses relatin to fair

alue c an es T e effecti e date of t e standard is to be con rmed

2014R000

2013R000

2012R000

Di idends recei ed – odacom roprietary imited 19 360 2 102 1 200

dministration fees (2 771) 2 6 3 24

uditors’ remuneration (359) 3 1 306

Consultancy fees (91) 1 1

Information tec nolo y (17) 12 12

t er (481) 20 2

(3 719) 3 33 3 4

dministration fees comprise t e mont ly s are re ister maintenance fee paid of R 22 2013 R 00 3 3 2012 R 0 46 e penses of R1 6 2013 R 6 6 2012 R 4 2 stora e of data of R131 403 2013 Rnil 2012 Rnil as ell as t e printin and postin of t e annual report interim results and unclaimed di idend

c e ues of R1 62 3 2013 R1 6 2012 R2 444 226


21

uditors’ remuneration comprise audit fees of R1 1 000 2013 R10 600 2012 R10 600 aluation re ie or for interim results purposes of R1 1 000 2013 R24 100 2012 R200 000 and a reed upon procedures report for inclusion in t e ebo et u prospectus for an amount of R1 100 to Deloitte Touc e in t e 2014 nancial year

Consultancy fees comprise aluation ser ices pro ided by C Inc for R 1 3 1 2013 R 1 12 2012 R 0 643 and company secretarial c ar es of Rnil 2013 Rnil 2012 R323 in t e 2014 nancial year

Information tec nolo y comprises ebsite maintenance and ostin for R1 4 2013 R11 62 2012 R11 62

t er comprises ban c ar es of R4 1 36 2013 R20 226 2012 R23 6 and bad debts of Rnil 2013 Rnil 2012 R1 3

2014R000

2013R000

2012R000

Deposits – odacom roup imited 744 26 2 3

Interest income on nancial assets not at fair alue t rou pro t or loss amounted to R 44 006 2013 R 26 036 2012 R2 2 66

an o erdrafts (*) – 1

Interest e pense on nancial liabilities not at fair alue t rou pro t or loss amounted to R33 2013 Rnil 2012 R661

ains on re aluation of option asset 147 177 61 6 2 161 6 0

ess t an R 00


22

2014R000

2013R000

2012R000

1 Income ta ation e pense

Current year (208) 14

Current year (27 446) 11 14 31

Rate ad ustment – – 1 2

(27 654) 11 661 1 2 4

T e table belo discloses t e differences bet een t e e pected income ta ation e pense at t e out frican statutory ta ation rate and t e company’s total income ta ation e pense

pected income ta ation e pense on pro t before ta ation at t e out frican statutory ta ation rate (45 797) 23 03 4 1

d usted forDisallo ed e penditure (1 041) 3 1 0 0

Deferred secondary ta ation on companies – – 1 26

Ta ation rate ad ustment – – 1 2 6

Income recei ed – odacom roprietary imited 5 420 02 4 2 6

d ustment to capital ains inclusion rate for fair alue losses 13 764 4 1 121

(27 654) 11 661 1 2 4

T e out frican statutory ta ation rate is 2 0 2013 2 0 2012 2 0 it t e effecti e capital ains rate at 1 6 2013 1 6 2012 1 6 T e company’s effecti e ta ation rate is 16 2013 13 2012 2 6

ffecti e 1 pril 2012 di idends ta replaced TC ic as t e ta ation on di idend distributions pre iously in force T e out frican di idends ta ation rate is 1 0 2013 1 0 TC rate in 2012 10 0 Di idends ta ation is ta ation le ied on s are olders as opposed to TC t at as a ta ation payable by a company


2323


2014R000

2013R000

2012R000

econdary ta ation on company credits – – 1 26

econdary ta ation on company credit created – – 1 20

econdary ta ation on company credit utilised – – 3 246

Capital ains ta ation on fair alue losses (27 446) 11 14 33 604

Rate ad ustment – – 1 2 6

(27 446) 11 14 1 1 4

ffecti e 1 arc 2012 t e capital ains ta inclusion rate as amended from 0 0 to 66 6 T is resulted in a R1 3 million ad ustment to t e deferred ta ation liability

2 Deferred ta ation and components

(146 533) 11 0 10 3

alance at t e be innin of t e year (119 087) 10 3 6 3

C ar e to pro t or loss (27 446) 11 14 1 1 4

(146 533) 11 0 10 3

Deferred ta ation on t e re aluation of t e option asset is raised at t e capital ains ta ation rate

24


9.

1 inancial asset at fair alue t rou pro t or loss

n ctober 200 t e company ac uired a 3 44 in estment in odacom by obtainin ordinary s ares and ordinary s ares for t e bene t of its s are olders as part of a odacom road based lac conomic mpo erment

Transaction as follo s

2014R000

2013R000

2012R000

200 000 ordinary s ares at R2 00 eac 180 000 1 0 000 1 0 000

2 00 000 ordinary s ares at R2 1 3 eac 180 000 1 0 000 1 0 000

000 000 ordinary s ares at R0 00001 eac 1 1 1

360 001 360 001 360 001

ccumulated fair alue ad ustment 785 690 63 13 6 61

1 145 691 14 36 62

penin balance 998 514 36 62 1 2

air alue ad ustment 147 177 61 6 2 161 6 0

Closin balance 1 145 691 14 36 62

T e aluation of t e option asset in odacom at 31 arc 2014 as modelled as t e a re ate of t o components

• ariable stri e call option it payoff e ual to t e e pected difference bet een t e alue of t e s ares eld by ebo et u imited and t e alue of t e notional endor debt stri e price as at 30 eptember 201 discounted to

t e aluation date and

• T e present alue on t e aluation date of t e tric le di idends t e actual di idends e pected to be recei ed on t e ordinary s ares o er si 2013 four 2012 si di idend periods and di idends to be recei ed on ordinary s ares once t e notional loan as been repaid to be recei ed by t e participants

or t e f

2


9.

1 inancial asset at fair alue t rou pro t or loss continued

onte Carlo met odolo y as adopted to alue t e option T e onte Carlo simulation allo s for t e option model to consider t e dependencies ic e ist bet een t e company alue t e di idends paid t e notional fundin alue and t e remitted alue T e payoff of t is structure as alued as t e time ad usted difference bet een t e future

alue of t e company and t e future outstandin balance of t e debt plus t e present alue of t e di idend remitted to ebo et u imited

it in t e onte Carlo met od t e follo in input parameters ere used to simulate t e odacom alue t e e uity alue of t e underlyin s are at t e aluation date t e e pected di idend yield of t e underlyin s are o er t e life of t e

option t e e pected olatility of t e underlyin s are o er t e life of t e option and t e ris free interest rate o er t e life of t e model In addition to t ese in order to simulate t e stri e price t e e pected net asset alue of t e underlyin s are as used

T e fair alue of R1 1 billion 2013 R million 2012 R 36 million as calculated usin t e follo in assumptions as at 31 arc 2014

• T e ris free interest rate as determined from t e bootstrapped ero coupon perfect t s ap cur e sourced from t e ond c an e of out frica

• T e di idend yield as based on odacom ’s forecasted earnin s and di idend policy based on a ran e from 30 eptember 2014 of 6 4 to 30 eptember 201 of 22 2013 30 eptember 2013 of 1 to 30 eptember 201 of 6 3 2012 30 eptember 2012 of 6 0 to 30 eptember 201 of 4

• aturity date – e years from transaction date 2013 t ree years from transaction date 2012 four years from transaction date

• olatility as calculated by applyin t e e ually ei ted met odolo y to t e istorical s are price data of odacom roup imited data sourced from loomber T e odacom roup olatility as applied as a pro y

for odacom roprietary imited calculated at a four and a alf years e ually ei ted olatility of 23 13 as at 31 arc 2014

• In t e prior years t e e pected olatility in t e alue of t e s ares ranted as determined usin istorical s are prices of odafone lc ondon of 2013 2 2012 2 6 data sourced from loomber obile Telep one Net or s

imited of 2013 1 4 2012 36 6 odacom roup imited of 2013 21 2012 2 and Tel om imited of 32 in t e 2012 nancial year It as assumed t at Tel om’s sta e in odacom roup imited as a si ni cant component of Tel om’s mar et capitalisation before t e sale unbundlin of Tel om’s sta e on 1 ay 200 T is ad usted olatility as applied as a pro y for odacom roprietary imited or t e 2013 aluation t o and a alf years of istorical data e ui alent to t e period of time from aluation date until maturity as re uired t erefore t e

olatility did not consider Tel om imited

• tri e price – t e notional endor debt as at aluation date pro ided by odacom amounted to R 4 billion 2013 R billion 2012 R billion Interest accrues at a notional rate of N CD 2013 N CD 2012 N CD T e debt at maturity represents t e stri e price and

• T e e uity alue of odacom ic as determined by applyin t e ad usted present aluation met odolo y to cas o pro ections for 10 years T e cas o pro ections are based on e year nancial forecasts appro ed by t e board of directors ic a e been e trapolated for a furt er e years for aluation purposes

Key cas o assumptions included a era e sim penetration mar et s are re enue per user ITD mar in and re enue ro t

Key e uity alue assumptions include t e perpetual ro t rate of 4 01 2013 4 00 2012 3 00 t e pre ta ation cost of debt of 10 30 2013 2012 and cost of e uity of 13 0 2013 12 2012 12 30 T e discount rate used in t e aluation model includes a ris free rate of 30 2013 6 3 2012 0 mar et ris premium of 0 2013 0 2012 0 lac of control and mar etability discounts of 10 00 2013 10 00 2012 10 00 and 00 2013 00 2012 00 respecti ely

26


9.

1 inancial asset at fair alue t rou pro t or loss continued

T e directors ant to emp asise t at option aluations are for ard loo in and t erefore i ly sub ecti e T e option alue determined is our best estimate on a continuum of acceptable alues or eac of t e inputs used in determinin

t e option alue t ere is a ran e of acceptable alues T e most si ni cant assumptions a e been disclosed abo e T e e uity alue of odacom as determined to be t e most sensiti e input in t e process of determinin t e option alue

ur calculations indicate t at t e acceptable ran e of e uity alues for odacom ould be a ran e of up to 10 0 i er or lo er t an t e e uity alue used in t e determination of t e option alue T e follo in table s o s t e

sensiti ity of t e fair alue of t e option asset to t is reasonable alternati e ran e of assumptions as at 31 arc

2014Total c an e from base Rm 333 6 (296.4)Total c an e from base 2 1 (25.9)2013Total c an e from base Rm 344 (304.2)Total c an e from base 34 (30.5)2012Total c an e from base Rm 2 (252.7)Total c an e from base 30 (27.0)

It is t erefore important t at s are olders and ot er users of t ese nancial statements understand t e sensiti ity of t e option alue actually recorded to c an es in any or all of t e assumptions used in determinin t e option alueIn terms of t e ori inal notional endor nance structure t e notional fundin pro ided by odacom earned notional interest at a 10 0 notional annual compounded semi annually rate N C To simplify t e matter t e notional interest is no calculated usin an e ui alent con erted notional daily compounded rate N CD of ic in t e absence of any cas o ould yield t e same result T e c an e from N C as appro ed by t e s are olders of odacom on 2 arc 2010T e lac public contributed R360 0 million of unencumbered e uity to ac uire 14 4 million ordinary s ares in

ebo et u imited T el e million N ordinary s ares ere issued to t e ebo et u mployee Trust for R120 T e R360 0 million as used to ac uire 2 million ordinary s ares and 2 million ordinary s ares in odacom T e s ares in

odacom ere issued to ebo et u imited in t e 200 nancial year at a 10 0 discount odacom contributed t e balance of R1 66 0 million on be alf of t e blac public and R1 6 million on be alf of t e employee sc eme by

ay of notional fundin T e notional fundin does not i e rise to a le al obli ation but only facilitates t e repurc ase mec anism

ebo et u imited recei es notional di idends on t ese s ares calculated on t e basis of t e actual di idends paid to ordinary s are olders di ided by ordinary s ares and ordinary s ares ic as t en used as a notional payment T e

olders of ordinary s ares are entitled to di idends but t e olders of ordinary s ares ill only be entitled to di idends once t e notional fundin as been settled

t t e annual eneral meetin eld on 1 ctober 2013 s are olders resol ed t at t e notional fundin rate applicable to t e odacom ares decrease from 3 to it effect from 1 pril 201 and to e tend t e notional fundin period applicable to suc ares from ctober 201 to ctober 201 T is as a direct impact on t e

aluation of t e odacom out frica option assetT e closin balance as at 31 arc 2014 of t e notional fundin loan after t e notional interest and notional di idends is as follo s

or t e f

2

2014R000

2013R000

2012R000

9.

1inancial asset at fair alue t rou pro t or loss continued

penin balance 3 212 192 3 3 6 64 3 3 1 23

Notional interest accrued 319 869 333 062 33 03

3 532 062 3 30 026 3 10 26

ess notional di idend recei ed (399 379) 1 34 313 62

3 132 683 3 212 1 2 3 36 64

2 ailable for sale in estment

upicol roprietary imited *

T e company e ercised its call option in upicol roprietary imited effecti e 1 No ember 2010

T e company obtained a 10 0 sta e for an amount of R10 00 bein R1 00 per ordinary s are

10.odacom roup imited 12 057 2 66 6 32

repayments –

12 057 2 6 41

Current 12 057 2 6 41

ll accounts recei ables are rand denominated s ort term and interest is earned at money mar et rates

11.Bank balances 13 185 10 3

T e unclaimed di idends at 31 arc 2014 of R3 332 2013 R1 6 4 2012 R1 231 11 decreased t e balance

as stated abo e

Included in bank balances as at 31 arc 2014 is an amount of R2 40 426 T is balance belon s to s are olders or potential s are olders tradin on t e TC

ess t an R 00


2


2014R000

2013R000

2012R000

12.12 1 rdinary s are capital

40 0 million 2013 40 0 million 2012 40 0 million ordinary s ares at R0 00001 2013 R0 00001 2012 R0 00001 eac *

penin balance at t e be innin of t e year 14 4 million 2013 14 4 million 2012 14 4 million ordinary s ares at

R0 00001 2013 R0 00001 2012 R0 00001 eac *

ess repurc ase 400 2013 2 300 2012 1 00 ordinary s ares at R0 00001 eac (*)

Closin balance at t e end of t e year *

T e company repurc ased 400 2013 2 300 2012 1 00 of its ordinary s ares durin t e 2014 nancial year at par alue

T e repurc ased ordinary s ares ere cancelled as issued ordinary s ares and returned to unissued aut orised ordinary s ares

12 2 N ordinary s ares

12 0 million aut orised N ordinary s ares at R0 00001 eac *

12 0 million issued N ordinary s ares at R0 00001 eac *

N ordinary s ares rank pari passu to ordinary s ares ot er t an t e fact t at t ey ill not earn any di idends until t e notional fundin by odacom to purc ase t e ordinary s ares in odacom is settled

T ere ere no c an es to t e N ordinary s ares for t e nancial year ended 31 arc 2014 31 arc 2013 and

31 arc 2012 respecti ely

ess t an R 00

or t e f

2

2014R000

2013R000

2012R000

13.penin balance at t e be innin of t e year 359 893 3 0 3

ess repurc ase 400 2013 2 300 2012 1 00 ordinary s ares at R24 2013 R24 2012 R24 eac (10) 3

Closin balance at t e end of t e year 359 883 3 3 3 0

T e amount paid for repurc ased and cancelled ordinary s ares as accounted for as 400 2013 2 300 2012 1 00 ordinary s ares at R44 0 2013 R3 34 2012 R31 6 per s are T e total amount of R44 0 2013 R3 34 2012 R31 6 comprises of t e par alue per s are of R0 00001 2013 R0 00001 2012 R0 00001 t e s are premium

paid of R24 2013 R24 2012 R24 and an e cess portion of R1 0 2013 R14 3 2012 R6 6 ic is accounted for in retained earnin s

14.Trade payables 3 152 63 6

T e a era e credit period is 30 days 2013 30 days 2012 30 days No interest is c ar ed on trade payables T e company as nancial risk mana ement policies in place to ensure t at all payables are paid it in t e credit timeframe

Trade payables are s ort term and carried at cost ic normally appro imates t e fair alue due to s ort term maturity t ereof

15.ro t for t e nancial year 135 908 2 2 0 122 024

Ta ation 27 654 11 661 1 2 4

Non operatin income and e pense – – 1

inance income (744) 26 2 3

air alue ad ustment (147 177) 61 6 2 161 6 0

o ement in trade and ot er recei ables 9 –

o ement in trade and ot er payables and pro isions 2 590 116 34

18 240 21 64 11 66

ess t an R 00


30


2014R000

2013R000

2012R000

16.ll transactions it related parties a e been made on

terms e ui alent to t ose t at pre ail in arm’s len t transactions

16 1 Balances it related parties

odacom roup imited 12 057 2 66 6 32

16 2 Transactions it related parties

inance income recei ed 744 26 2 3

Di idends recei ed 19 360 2 102 1 200

17.1 1 Net ains

Net ains on nancial instruments analysed by cate ory are as follo s

oans and recei ables 744 26 2 3

inancial liabilities eld at amortised cost (*) – 1

Re aluation of option asset 147 177 61 6 2 161 6 0

Net ains attributable to nancial instruments 147 921 62 1 161 2

Net ains attributable to non nancial instruments 19 360 2 102 1 200

167 281 2 0 1 1 2

1 2 Carryin amounts of nancial instrumentsinancial assets at fair alue t rou pro t or loss 1 145 691 14 36 62

ailable for sale nancial asset *

oans and recei ables 25 242 2 4 14 1

1 170 933 1 024 4 1 433

inancial liabilities measured at amortised cost 3 152 63 11 334

ess t an R 00

31

2014R000

2013R000

2012R000

17.

1 3 air alue ierarc yn analysis of t e nancial instrument odacom option

asset measured at fair alue and disclosed as le el t ree based on t e de ree to ic t e fair alue is obser able is as follo s

inancial assets at fair alue t rou pro t or loss classi ed as eld for tradin

odacom option asset refer note 1 145 691 14 36 62

e el t ree uses data inputs for t e aluation of t e asset t at are not based on obser able market data

easurement in le el t ree

penin balance at t e be innin of t e year 998 514 36 62 1 2

Reco nised in net ains on remeasurement and disposal of nancial instruments 147 177 61 6 2 161 6 0

Closin balance at t e end of t e year 1 145 691 14 36 62

1 4 inancial risk mana ement1 4 1Interest rate risk mana ement

T e company s interest rate pro le consists mainly of oatin rate bank balances and related party recei able

ic e poses t e company to fair alue interest rate risk and cas o interest rate risk and can be summarised as follo s

Bank and related party deposits linked to oatin rate of interest 25 242 2 4 14 1

T e company is e posed to oatin rates of interest namely out frican prime rates and out frican money market

rates

T e sensiti ity analysis belo as been determined based on t e e posure to interest rates for non deri ati e instruments at t e reportin date or oatin rate instruments t e analysis is prepared assumin t e amount of t e instrument outstandin at t e reportin date as outstandin for t e ole year


32

2014R000

2013R000

2012R000

17.

1 4 inancial risk mana ement continued1 4 1Interest rate risk mana ement continued

T e basis points increases or decreases as detailed in t e table belo are used en reportin interest rate risk internally to key mana ement personnel and represents mana ement’s assessment of t e reasonably possible c an e in interest rates ana ement’s assessment of a reasonable possible c an e in market interest rates are based on economic forecasts as publis ed by Bloomber

positi e number belo indicates an increase in pro t post ta ation if interest rates ere i er by t e basis points indicated belo in a net nancial asset position

ne ati e number belo indicates a decrease in pro t post ta ation if interest rates ere i er by t e basis points indicated belo in a net nancial liability position

If interest rates ere lo er by t e basis points indicated as belo t ere ould be an e ual and opposite impact on t e pro t post ta ation

T e sensiti ity analysis is representati e of t e company’s e posure to interest rate risk

Basis point increase 100 0 0

ro t post ta ation 87 4

1 4 2 i uidity risk mana ementIn terms of its borro in re uirements t e company ensures t at ade uate funds are a ailable to meet its e pected and une pected nancial commitments In terms of its lon term li uidity risk a reasonable balance is maintained bet een t e period o er ic assets enerate funds and t e period o er

ic t e respecti e assets are funded


33

1 4 inancial risk mana ement continued1 4 2 i uidity risk mana ement continued

T e tables belo disclose t e maturity pro le of t e company’s non deri ati e nancial liabilities and nancial assets used for mana in li uidity risk T e amounts disclosed are t e future undiscounted contractual cas out o sin o s ic t erefore differs from bot t e carryin amount and t e fair alue T e table as been dra n up based on t e earliest date on ic t e company can be re uired to settle or can re uire settlement and include bot estimated interest and principal cas o s

R000 R000 R000 R000 R000 R000 R000

2014

ccounts payable 3 152 – – – – – 3 152

ccounts recei able 12 057 – – – – – 12 057

Cas and cas e ui alents 13 185 – – – – – 13 185

25 242 – – – – – 25 242

2013

ccounts payable 63 – – – – – 63


Cas and cas e ui alents 10 – – – – – 10

2 4 – – – – – 2 4

2012

ccounts payable 11 334 – – – – – 11 334


Cas and cas e ui alents 3 – – – – – 3

14 1 – – – – – 14 1

18.T e board cannot reliably determine a fair alue for ser ices recei ed in kind t at consist primarily of participation by board members in t e business of t e company and as a result does not reco nise t e alue of t ese ser ices recei ed in income


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VWDWHPHQWV - Bastion7Ke Girectors are responsible for tKe preparation inteJrity anG fair presentation of tKe annXal #nancial statements of