| |
| for the 12 months ended 31 December 2005 |
 |
| |
|
Country |
Number |
|
|
|
Group |
Company |
Year end |
| |
Nature of |
of incor- |
of shares |
Percentage |
|
carrying |
carrying |
other than |
| |
business1 |
poration2 |
held |
|
holding |
|
amount |
amount |
31 December |
| |
|
|
|
|
|
|
Restated |
|
Restated |
|
| |
|
|
|
2005 |
2004 |
2005 |
2004 |
2005 |
2004 |
|
| |
|
|
|
% |
% |
Rm |
Rm |
Rm |
Rm |
|
| ASSOCIATED |
|
|
|
|
|
|
|
|
|
|
| COMPANIES |
|
|
|
|
|
|
|
|
|
|
| Listed |
|
|
|
|
|
|
|
|
|
|
| AST Group Limited |
C |
RSA |
44 400 000 |
|
22,34 |
|
6 |
|
24 |
30 June |
| Unlisted |
|
|
|
|
|
|
|
|
|
|
| Manganore Iron Mining Limited |
A |
RSA |
25 000 |
50,00 |
50,00 |
|
|
|
|
30 June |
| Chifeng Kumba Hongye |
|
|
|
|
|
|
|
|
|
|
| Zinc Corporation Limited |
A & M |
CH |
|
30,62 |
28,30 |
93 |
72 |
|
|
|
| Total associated
companies |
|
|
|
|
|
|
|
|
|
|
| (note
17) |
|
|
|
|
|
93 |
78 |
|
24 |
|
| JOINT VENTURES |
|
|
|
|
|
|
|
|
|
|
| Incorporated |
|
|
|
|
|
|
|
|
|
|
| Unlisted |
|
|
|
|
|
|
|
|
|
|
| Pietersburg Iron |
|
|
|
|
|
|
|
|
|
|
| Company (Pty) Limited |
A |
RSA |
4 000 |
50,00 |
50,00 |
|
|
|
|
|
| Safore (Pty) Limited |
B |
RSA |
400 |
40,00 |
40,00 |
|
|
|
|
|
| Sishen Shipping (Pty) Limited |
B |
RSA |
400 |
40,00 |
40,00 |
|
|
|
|
|
| Trans Orient Ore |
|
|
|
|
|
|
|
|
|
|
| Supplies (Pty) Limited |
D |
HK |
2 000 |
50,00 |
50,00 |
|
|
|
|
|
| RoshSkor Township |
|
|
|
|
|
|
|
|
|
|
| (Pty) Limited |
C |
NAM |
50 |
50,00 |
50,00 |
|
|
|
|
|
| Inyanda Coal (Pty) Limited |
A |
RSA |
500 |
50,00 |
50,00 |
|
|
|
|
|
| South Dunes Coal |
|
|
|
|
|
|
|
|
|
|
| Terminal Co. (Pty) Limited |
A |
RSA |
1 333 |
33,00 |
28,30 |
1 |
|
|
|
|
| Sibelo Resources |
|
|
|
|
|
|
|
|
|
|
| Development (Pty) Limited |
E |
RSA |
1 |
50,00 |
50,00 |
1 |
|
|
|
|
| |
|
|
|
|
|
2 |
|
|
|
|
| Unincorporated |
|
|
|
|
|
|
|
|
|
|
| Bridgetown dolomite mine |
A |
|
|
50,00 |
50,00 |
|
7 |
|
7 |
28 February |
| Tiwest |
A |
|
|
50,00 |
50,00 |
|
|
|
|
|
| Total joint ventures (note
17) |
|
|
|
|
|
2 |
7 |
|
7 |
|
| INVESTMENT |
|
|
|
|
|
|
|
|
|
|
| COMPANIES |
|
|
|
|
|
|
|
|
|
|
| Mineral Deposits Limited |
A |
AUS |
11 299 435 |
5,85 |
10,30 |
60 |
20 |
|
|
|
| Other |
|
|
|
|
|
35 |
33 |
28 |
26 |
|
| Total other investments |
|
|
|
|
|
|
|
|
|
|
| (note 19) |
|
|
|
|
|
95 |
53 |
28 |
26 |
|
| Total investment |
|
|
|
|
|
190 |
138 |
28 |
57 |
|
| The investments are valued at balance sheet date. |
|
|
|
|
|
|
|
|
| Listed shares are valued at market value and |
|
|
|
|
|
|
|
|
| unlisted shares at directors’ value. |
|
|
|
|
|
|
|
|
|
| Listed investments in associates |
|
|
|
|
|
|
|
|
|
|
| – market value |
|
|
|
|
|
|
|
|
24 |
|
| Unlisted investments in associates |
|
|
|
|
|
|
|
|
|
| – directors’ valuation |
|
|
|
|
|
|
|
130 |
125 |
|
| Listed other investments |
|
|
|
|
|
|
|
|
|
|
| – market value |
|
|
|
|
|
|
|
60 |
20 |
|
| Unlisted other investments |
|
|
|
|
|
|
|
|
|
|
| – directors’ valuation |
|
|
|
|
|
|
|
35 |
33 |
|
|
| Where the above entities’ financial year-ends are not co-terminous
with that of the company, financial information has been obtained
from published information or management accounts as appropriate.
|
| 1. |
A – Mining, B – Shipping charter,
C – Service, D – Iron ore merchant, E – Exploration,
M – Manufacturing |
| 2. |
RSA – Republic of South Africa, CH
– China, HK – Hong Kong, 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 are as follows: |
| |
Associated
companies1 |
Joint
ventures |
| |
|
Restated |
|
Restated |
| |
2005 |
2004 |
2005 |
2004 |
| |
Rm |
Rm |
Rm |
Rm |
| INCOME STATEMENTS |
|
|
|
|
| Revenue |
400 |
673 |
1 089 |
1 531 |
| Operating expenses |
(389) |
(688) |
(768) |
(1 171) |
| Net operating profit/(loss) |
11 |
(15) |
321 |
360 |
| Net financing costs |
(1) |
(14) |
1 |
|
| Profit/(loss) before taxation |
10 |
(29) |
322 |
360 |
| Taxation |
(2) |
(10) |
(1) |
2 |
| Profit/(loss) after taxation |
8 |
(39) |
321 |
362 |
| Outside shareholders’ interest |
(1) |
(3) |
|
|
| Net profit/(loss) attributable
to ordinary shareholders |
7 |
(42) |
321 |
362 |
| BALANCE SHEETS |
|
|
|
|
| Non-current assets |
90 |
126 |
1 191 |
1 176 |
| Current assets |
133 |
124 |
943 |
760 |
| Total assets |
223 |
250 |
2
134 |
1 936 |
| EQUITY AND LIABILITIES |
|
|
|
|
| Ordinary shareholders equity |
100 |
87 |
1 827 |
1 697 |
| Minority interest |
2 |
3 |
|
|
| Non-current liabilities |
|
|
|
|
| Interest-bearing borrowings |
12 |
34 |
1 |
2 |
| Non-current provisions |
|
|
105 |
102 |
| Deferred taxation and other |
2 |
13 |
2 |
|
| Current liabilities |
|
|
|
|
| Interest-bearing borrowings |
20 |
17 |
1 |
|
| Other |
87 |
96 |
198 |
135 |
| Total equity and liabilities |
223 |
250 |
2
134 |
1 936 |
| CASH FLOW STATEMENTS |
|
|
|
|
| Net cash flows from operating activities |
(5) |
(10) |
306 |
360 |
| Net cash flows from investing activities |
(2) |
(79) |
(61) |
(45) |
| Net cash flows from financing activities |
|
83 |
(138) |
(265) |
| Foreign currency translations |
1 |
(1) |
3 |
|
| Net (decrease)/increase in
cash and cash equivalents |
(6) |
(7) |
110 |
50 |
|
- GijimaAST was equity accounted until 3 May 2005. For 2005
only the four months from January 2005 to 3 May 2005 were included.
|
| |
| The information was restated for 2004 after the reclassification
of investments as associates or joint ventures (note
2). |
|
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