| | | | | | | |
| (All amounts in Rand millions unless otherwise stated) | 2004 | 2003 |
| | | |
| 1 | Property, plant and equipment |
| |
| Other assets |
| Cost |
| Opening net book amount | - | 0.2 |
| Disposals | - | (0.2) |
| Closing net book amount | - | - |
|
|
| 2 | Investments in subsidiaries, associates and joint ventures |
| Associates | 1 046.7 | 982.0 |
| | | |
| Subsidiaries and joint venture
(Annexure A) | 1 061.0 | 1 155.3 |
| | 2 107.7 | 2 137.3 |
| Associates |
| At cost |
| Makwiro Platinum Mines (Private) Limited | 247.0 | 247.0 |
| Two Rivers Platinum (Proprietary) Limited | 316.8 | 274.8 |
| Aquarius Platinum (South Africa) (Proprietary) Limited | 482.9 | 460.2 |
| Total investments in associates | 1 046.7 | 982.0 |
| |
| 3 | Deferred income tax assets |
| |
| Deferred income tax assets and liabilities are offset when there is a legally enforceable |
| right to offset current tax assets against current tax liabilities and when the deferred |
| income taxes relate to the same fiscal authority. The offset amounts are as follows: |
| |
| Deferred tax assets: | | | | | | |
| - Deferred tax asset to be recovered after more than 12 months | 9.4 | - |
| |
| Deferred income taxes are calculated at the prevailing tax rates of the different fiscal |
| authorities where the asset or liability originates. |
| |
| The movement on the deferred income tax account is as follows: |
| At the beginning of the year | - | - |
| Tax credit to equity(Note 9) | 9.4 | - |
| At the end of the year | 9.4 | - |
| |
|
|
|
|
| (All amounts in Rand millions unless otherwise stated) | 2004 | 2003 |
| | | |
| 4 | Available-for-sale financial investments |
| |
| Investments in listed shares |
| Comprise shares in the following listed companies |
| |
| Aquarius Platinum Limited |
| | | |
| Beginning of the year | 229.7 | 422.5 |
| Exchange differences | (27.7) | (41.6) |
| Share price movement | (30.3) | (151.2) |
| End of the year | 171.7 | 229.7 |
| | | |
| During the period under review, the company maintained its strategic shareholding in Aquarius |
| Platinum Limited, holding 7 141 966 shares (2003: 7 141 966) which amounts to approximately |
| 8.6% (2003: 8.9%) of the issued share capital of that company. The shares are currently listed on |
| the Australian Stock Exchange and the London Stock Exchange. The fair value of these shares as at |
| the close of business on 30 June 2004 by reference to Stock Exchange quoted prices and closing |
| exchange rates was R171.7 million (2003: R229.7 million). |
| |
| Investment in unlisted shares |
| Shares beneficially owned in the undermentioned concern at fair value: |
| | | |
| Silplat (Proprietary) Limited | 14.7 | - |
| | 186.4 | 229.7 |
|
|
| 5 | Non-current receivables and prepayments |
| |
| Loans |
| Messina Platinum Mines Limited | - | 23.5 |
| Less: current portion of loan(Note 6) | - | (23.5) |
| | - | - |
| |
| The Messina Platinum Mines Limited loan bore interest at JIBAR plus 6%, and was repaid during 2004. |
|
|
|
|
| (All amounts in Rand millions unless otherwise stated) | 2004 | 2003 |
|
|
| 6 | Current receivables and prepayments |
| | | |
| Other receivables | 8.4 | 19.1 |
| Current portion of loans(Note 5) | - | 23.5 |
| | 8.4 | 42.6 |
| |
| 7 | Cash and cash equivalents |
| For the purposes of the cash flow statement, the cash and cash equivalents comprise cash and |
| bank balances. |
| | 0.0 | 0.0 |
| | | |
| |
| 8 | Share capital and share premium |
| | | | |
| | Number of | Ordinary | Share | | | |
| | shares | shares | premium | Total | | |
| | (millions) | R million | R million | R million | | |
| | | | | | | |
| At 30 June 2002 | 66.554 | 13.3 | 589.6 | 602.9 | | |
| Issued in terms of the share option scheme | 0.040 | 0.0 | 14.9 | 14.9 | | |
| At 30 June 2003 | 66.594 | 13.3 | 604.5 | 617.8 | | |
| Issued in terms of the share option scheme | 0.027 | 0.0 | 9.5 | 9.5 | | |
| At 30 June 2004 | 66.621 | 13.3 | 614.0 | 627.3 | | |
| |
| The total authorised ordinary share capital comprise 100 million (2003: 100 million) shares with |
| a par value of 20 cents each. All issued shares are fully paid. |
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