Annual Financial Statements for the year
ended 31 December 2009

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Kumba Iron Ore Limited Group Statement of changes in equity

for the year ended 31 December

        Equity-settled                          
    Share capital   share-based   Foreign currency   Cash flow                
    and share   payment   translation   hedge           Minority      
    premium   reserve   reserve   accounting   Retained   Shareholders’   interest      
 
Rand million
(note 21)
  
(note 22)
 
(note 30)
 
reserve
 
earnings
  
equity
  
(note 23)
  
Total equity
 
  Balance at 31 December 2007 56   255   2   –   2,423   2,736   661   3,397  
  Shares issued during the year 80   –   –   –   –   80   –   80  
  Equity-settled share-based payment expense –   88   –   –   –   88   21   109  
  Total comprehensive income for the year –   –   562   4   7,208   7,774   2,016   9,790  
  Dividends paid (Refer to note 27) –   –   –   –   (3,819)   (3,819)   (1,051)   (4,870)  
  Balance at 31 December 2008 136   343   564   4   5,812   6,859   1,647   8,506  
  Shares issued during the year 132   –   –   –   –   132   –   132  
  Purchase of treasury shares (60)   –   –   –   –   (60)   –   (60)  
  Equity-settled share-based payment expense –   112   –   –   –   112   26   138  
  Total comprehensive income for the year –   –   (246)   (12)   6,975   6,717   1,771   8,488  
  Dividends paid (Refer to note 27) –   –   –   –   (6,478)   (6,478)   (1,770)   (8,248)  
  Balance at 31 December 2009 208   455   318   (8)   6,309   7,282   1,674   8,956  
                                   
 
Dividend per share (Rand)
                   
Note
  
2009
  
2008
  
  Interim                     20   7.20   8.00  
  Final*                     20   7.40   13.00  

* The final dividend was declared subsequent to the year-end and is presented for information purposes only.

Equity-settled share-based payment reserve

The equity-settled share-based payment reserve comprises the fair value of goods received or services rendered that has been settled through the issue of shares or share options.

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial results of foreign operations to the presentation currency of Kumba.

Cash flow hedge accounting reserve

The cash flow hedge accounting reserve comprises the effective portion of the cumulative net change in the fair value of derivative financial instruments designated as cash flow hedges where the forecast transaction has not yet occurred.

 
  A member of the Anglo American plc group