Condensed consolidated
statement of changes in equity

for the year ended 30 September 2022
Rm 2022 Reviewed 2021
Audited
Share capital 389 389
Share-based payment reserves 216 219
Balance at the beginning of the year 219 217
In respect of CSP1 17 18
Shares acquired to settle CSP (6) (11)
Expenses arising from share-based payment transactions2 (3) 7
Transfer to retained earnings (11) (12)
Equity transactions/put option with non-controlling interests (20) (72)
Balance at the beginning of the year (72) –
Shares acquired from non-controlling shareholders (10) (33)
Subscription for shares by non-controlling shareholders (7) (14)
Put option raised – (25)
Transfer from retained earnings 69 –
Empowerment shares3 (554) (276)
Balance at the beginning of the year (276) (276)
Transfer from treasury shares (278) –
Treasury shares4 (169) (447)
Balance at the beginning of the year (447) (342)
Shares bought back – (105)
Transfer to empowerment shares 278 –
Equity forward contract5 (75) (75)
Foreign currency translation reserves 55 13
Balance at the beginning of the year 13 16
Other comprehensive income 42 (3)
Translation loss on net investment in foreign subsidiary (109) (109)
Fair value reserves (40) 8
Balance at the beginning of the year 8 7
Other comprehensive income (48) 1
Retained earnings 7 364 7 045
Balance at the beginning of the year 7 045 6 678
Profit for the year attributable to equity holders of Reunert 827 777
Cash dividends paid (450) (422)
Transfer (to)/from other reserves (58) 12
Equity attributable to equity holders of Reunert 7 057 6 695
Non-controlling interests 133 87
Balance at the beginning of the year 87 38
Profit/(loss) for the year 17 (10)
Other comprehensive income 8 4
Cash dividends paid (4) (6)
Subscription for shares by non-controlling shareholders 36 62
Disposal of subsidiary – (4)
Shares acquired from non-controlling shareholders (11) 3
Total equity at the end of the year 7 190 6 782
1 The amount in respect of the CSP of R17 million (2021: R18 million) consists of a R16 million charge (2021: R17 million charge) in the statement of profit or loss and R1 million (2021: R1 million) to deferred tax.
2 The minority shareholders' shares in Bargenel Investments (Pty) Ltd (Bargenel) (the Group’s empowerment vehicle) were repurchased for a total consideration of R9,6 million. Of this, R3,3 million was charged to equity and R6,3 million was included as a charge to profit or loss. (2021: an empowerment charge in the ICT Segment of R6 million and in the AE Segment of R1 million).
3 This is the cost of Reunert Limited shares held by Bargenel, the Group's primary empowerment structure. The underlying structure is considered to be controlled by Reunert Limited for accounting purposes and is thus consolidated.
4 Ordinary Reunert shares bought back in the open market and held by a subsidiary: 1 483 748 shares (2021: ;7 032 824 shares). No shares were bought back during the current financial year. (In the current financial year, 5 549  076 shares were transferred to the Group's empowerment partner, Bargenel, in order to establish the employee share ownership plan as approved by the shareholders at the February 2022 AGM). During the 2021 financial year 2 035 126 shares were bought back at an average price of R51,33 per share.
5 At the end of the 2020 financial year, the Group, on behalf of the CSP, entered into a forward contract to acquire 2 346 930 ordinary Reunert shares from an independent third party, for purposes of hedging the Group’s potential future obligation to deliver Reunert ordinary shares to CSP participants.