Financial statements

ANNEXURE 2

INVESTMENT IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS
  Nature  
of  
busi-  
ness1
Country  
of incor-  
poration2
Number  
of shares   
held  
Percent-  
age  
holding  
Group  
carrying  
amount  
Company   
carrying  
amount  
Year-end  
other than  
31 De-  
cember  
        2009  
%  
2008  
%  
2009  
Rm  
2008  
Rm  
2009  
Rm  
2008  
Rm  
 
ASSOCIATED COMPANIES                      
Unlisted                      
Black Mountain Mining
(Pty) Limited  
A   RSA   260   26,00   26,00   155   32        
Chifeng Kumba Hongye Zinc Corporation Limited   A & M   CH   58 520 000   38,00   38,00   102   132        
Chifeng NFC Kumba Hongye Zinc Corporation Limited   A & M   CH   42 500 000   25,00   25,00   35   37        
Sishen Iron Ore Company (Pty) Limited   A   RSA   240 000 000   20,00   20,00   1 673   1 647        
Total associated companies (refer note 14           1 965   1 848        
JOINT VENTURES                      
Incorporated                      
Unlisted                      
Mafube Coal Mining (Pty) Limited   A   RSA   50   50,00              
RoshSkor Township   
(Pty) Limited  
C   NAM   50   50,00   50,00           30 June  
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   1        
Rosh Pinah Health Care (Pty) Limited   C   NAM   31,00   31,00   31,00            
            1   1        
Unincorporated                      
Moranbah Coal Project   A       50,00   50,00            
Tiwest   A       50,00   50,00            
INVESTMENT COMPANIES                      
Unlisted                      
Richards Bay Coal Terminal3           368   351        
Other             7   36        
Total other investments (refer note 16           375   387        
TOTAL INVESTMENTS             2 341   2 236        
The investments are valued at balance sheet date. Listed shares are valued at market value and unlisted shares at directors’ value.                      
Unlisted investments in associates                      
– directors’ valuation             14 165   13 162        
Unlisted other investments                      
– directors’ valuation             408   387        
Where the above entities’ financial year-ends are not coterminous with that of the company, financial information has been obtained from published information or management accounts as appropriate.  
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.


3 Included in the directors’ valuation of 2009 is an amount of R33 million in respect of RBCT, which is classified as part of other debtors.  

 

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
  2009  
Rm  
2008  
Rm  
  2009  
Rm  
2008  
Rm  
INCOME STATEMENTS            
Revenue   5 419   4 803     1 484   1 319  
Operating expenses   (2 686)  (2 290)    (1 500)  (1 392) 
NET OPERATING PROFIT   2 733   2 513     (16)  (73) 
Net financing (costs)/income   (49)  (64)    (5)  (21) 
PROFIT BEFORE TAXATION   2 684   2 449     (21)  (94) 
Taxation   (785)  (806)       
PROFIT FOR THE YEAR   1 899   1 643     (21)  (94) 
Profit for the year attributable to ordinary shareholders   1 899   1 643     (21)  (94) 
BALANCE SHEETS            
Non-current assets   2 714   1 967     3 591   1 981  
Current assets   1 302   1 847     1 506   1 156  
TOTAL ASSETS   4 016   3 814     5 097   3 137  
Equity and liabilities            
EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS
OF THE PARENT  
1 759   1 614     2 913   2 533  
Non-current liabilities            
Interest-bearing borrowings   990   555     165   128  
Non-current provisions   126   143     249   207  
Deferred taxation and other   521   412     64   16  
Current liabilities            
Interest-bearing borrowings   112   670     28   15  
Other   508   420     1 678   238  
TOTAL EQUITY AND LIABILITIES   4 016   3 814     5 097   3 137  
CASH FLOW STATEMENTS            
Net cash flows from operating activities   159   836     216   81  
Net cash flows from investing activities   (835)  (359)    (567)  (248) 
Net cash flows from financing activities   (2)  96     275   7  
Foreign currency translations   29   4       38  
NET INCREASE/DECREASE IN CASH AND CASH EQUIVELENTS (649)  577     (76)  (122)