|
|
| INVESTMENT IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS |
| |
| |
Nature
of
business1
|
Country
of
incor-
poration2
|
Number
of shares
held
|
Percentage
holding |
Group carrying
amount |
Company carrying
amount |
 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
2008
% |
|
2007
% |
|
2008
Rm |
|
2007
Rm |
|
2008
Rm |
|
2007
Rm |
| ASSOCIATED COMPANIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Black Mountain Mining (Pty) Limited |
A |
RSA |
260 |
|
26,00 |
|
|
|
32 |
|
|
|
|
|
|
| Chifeng Kumba Hongye Zinc Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Limited |
A & M |
CH |
58 520 000 |
|
38,00 |
|
38,00 |
|
132 |
|
95 |
|
|
|
|
| Chifeng NFC Kumba Hongye Zinc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporation Limited |
A & M |
CH |
42 500 000 |
|
25,00 |
|
25,00 |
|
37 |
|
21 |
|
|
|
|
| Sishen Iron Ore Company (Pty) Limited |
A |
RSA |
240 000 000 |
|
20,00 |
|
20,00 |
|
1 647 |
|
641 |
|
|
|
|
| Total associated companies (refer note 14) |
|
|
|
|
|
|
|
|
1 848 |
|
757 |
|
|
|
|
| JOINT VENTURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated
Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RoshSkor Township (Pty) Limited |
C |
NAM |
50 |
|
50,00 |
|
50,00 |
|
|
|
|
|
|
|
|
| South Dunes Coal Terminal Co. (Pty) Limited |
A |
RSA |
1 333 |
|
33,33 |
|
33,33 |
|
|
|
|
|
|
|
|
| Thakweneng Mineral Resources (Pty) Limited |
E |
RSA |
1 |
|
50,00 |
|
50,00 |
|
1 |
|
|
|
|
|
|
| Rosh Pinah Health Care (Pty) Limited |
C |
NAM |
31 |
|
31,00 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
| Unincorporated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Moranbah Coal Project |
A |
AUS |
|
|
50,00 |
|
50,00 |
|
|
|
|
|
|
|
|
| Tiwest |
A |
AUS |
|
|
50,00 |
|
50,00 |
|
|
|
|
|
|
|
|
| INVESTMENT COMPANIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Richards Bay Coal Terminal |
|
|
|
|
|
|
|
|
351 |
|
290 |
|
|
|
|
| Other |
|
|
|
|
|
|
|
|
36 |
|
38 |
|
|
|
2 |
| Total other investments (refer note 16) |
|
|
|
|
|
|
|
|
387 |
|
328 |
|
|
|
2 |
| TOTAL INVESTMENTS |
|
|
|
|
|
|
|
|
2 236 |
|
1 085 |
|
|
|
1 |
| The investments are valued at reporting date. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Listed shares are valued at market value and unlisted shares at directors’ value. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unlisted investments in associates
– directors’ valuation |
|
|
|
|
|
|
|
|
13 162 |
|
9 110 |
|
|
|
|
Unlisted other investments
– directors’ valuation |
|
|
|
|
|
|
|
|
387 |
|
328 |
|
|
|
|
|
|
¹ A – Mining, C – Service, E – Exploration, M – Manufacturing.
² RSA – Republic of South Africa, CH – People’s Republic of China, NAM – Namibia, AUS – Australia |
|
| |
|
The group’s effective share of balance sheet, income statement and cash flow
items in respect of associated companies and joint ventures is as follows: |
|
| |
ASSOCIATED
COMPANIES |
JOINT VENTURES |
|
|
|
|
|
|
|
|
| |
2008
Rm |
|
2007
Rm |
|
2008
Rm |
|
2007
Rm |
INCOME STATEMENTS |
|
|
|
|
|
|
|
| Revenue |
4 803 |
|
2 935 |
|
1 319 |
|
1 192 |
| Operating expenses |
(2 290) |
|
(1 749) |
|
(1 392) |
|
(1 112) |
NET OPERATING PROFIT |
2 513 |
|
1 186 |
|
(73) |
|
80 |
| Net financing (costs)/income |
(64) |
|
(68) |
|
(21) |
|
6 |
PROFIT BEFORE TAX |
2 449 |
|
1 118 |
|
(94) |
|
86 |
| Income tax expense |
(806) |
|
(356) |
|
|
|
1 |
PROFIT FOR THE YEAR |
1 643 |
|
762 |
|
(94) |
|
87 |
Profit for the year attributable to owners
of the parent |
1 643 |
|
762 |
|
(94) |
|
87 |
STATEMENTS OF FINANCIAL POSITION |
|
|
|
|
|
|
|
| Non-current assets |
1 967 |
|
1 333 |
|
1 981 |
|
1 643 |
| Current assets |
1 847 |
|
898 |
|
1 156 |
|
1 120 |
TOTAL ASSETS |
3 814 |
|
2 231 |
|
3 137 |
|
2 763 |
| Equity and liabilities |
|
|
|
|
|
|
|
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT |
1 614 |
|
757 |
|
2 533 |
|
2 324 |
| Non-current liabilities |
|
|
|
|
|
|
|
| Interest-bearing borrowings |
555 |
|
241 |
|
128 |
|
81 |
| Non-current provisions |
143 |
|
63 |
|
207 |
|
152 |
| Deferred tax and other |
412 |
|
315 |
|
16 |
|
16 |
| Current liabilities |
|
|
|
|
|
|
|
| Interest-bearing borrowings |
670 |
|
537 |
|
15 |
|
1 |
| Other |
420 |
|
318 |
|
238 |
|
189 |
TOTAL EQUITY AND LIABILITIES |
3 814 |
|
2 231 |
|
3 137 |
|
2 763 |
STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
| Net cash flows from operating activities |
836 |
|
498 |
|
81 |
|
258 |
| Net cash flows from investing activities |
(359) |
|
(482) |
|
(248) |
|
(204) |
| Net cash flows from financing activities |
96 |
|
(44) |
|
7 |
|
(89) |
| Foreign currency translations |
4 |
|
(15) |
|
38 |
|
(31) |
| Net increase/(decrease) in cash and cash equivalents |
577 |
|
(43) |
|
(122) |
|
(66) |
|
|
| |
|
| |
|
|
|
