Historic empowerment transaction successfully concluded
Earnings not comparable
Good operating results
Coal production reaches
24 million tonnes
Strong project pipeline for transformed group
Options to acquire Namakwa Sands and a 26% interest in Black Mountain/Gamsberg exercised post December 2006

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CONDENSED GROUP BALANCE SHEET

	At 31 December
	2006	2005
	Audited	Restated
	Rm	Rm
ASSETS
Non-current assets
Property, plant and equipment	7,583	8,469
Biological assets	26	28
Intangible assets	69	61
Investments in associates and joint ventures (note 6)
-unlisted	384	95
Deferred taxation	748	339
Other financial assets (note 6)	693	392
	9,503	9,384
Current assets
Inventories	1,391	1,481
Trade and other receivables	1,663	2,066
Cash and cash equivalents	906	1,483
	3,960	5,030
Non-current assets classified as held for sale	2	11
Total assets	13,465	14,425
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders’ equity	8,142	7,319
Minority interest	27	9
Total shareholders’ equity	8,169	7,328
Non-current liabilities
Interest-bearing borrowings	1,214	2,210
Non-current provisions	931	727
Deferred taxation	1,116	984
	3,261	3,921
Current liabilities
Trade and other payables	1,321	1,468
Interest-bearing borrowings	613	911
Taxation	67	773
Current provisions	30	24
Shareholders for dividends	4
	2,035	3,176
Total equity and liabilities	13,465	14,425
Net debt (note 9)	921	1,638
Net asset value per share (cents)	2,320	2,392
Capital expenditure
-incurred	2,010	1,044
-contracted	842	1,635
-authorised but not contracted	732	2,182
Contingent liabilities	100	82
Operating lease commitments	124	163
Operating sublease rentals receivable	10	1
Capital expenditure contracted relating to captive mines
(2006 Tshikondeni, Arnot and Matla; 2005 Tshikondeni and
Thabazimbi), which will be financed by Mittal Steel
(South Africa) and Eskom respectively.	8	6