Integrated Annual Report 2014
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AT A GLANCE THE IMPLATS GROUP GROUP PERFORMANCE
OPERATIONAL REVIEW GOVERNANCE AND REMUNERATION SUMMARY CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
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Summary consolidated annual financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - as at 30 June 2014

  Notes   30 June  
2014  
Rm  		 30 June  
2013  
Restated*
Rm  		 1 July  
2012  
Restated*
Rm  

Assets  

        
Non-current assets          
Property, plant and equipment   4   46 916   44 410   38 877  
Exploration and evaluation assets     3 360   4 294   4 294  
Intangible assets     –   –   1 018  
Investment in equity accounted entities   5   2 959   2 922   2 524  
Deferred tax     238   118   –  
Available-for-sale financial assets     54   110   101  
Held-to-maturity financial assets     35   32   49  
Loans   6   133   174   1 087  
Derivative financial instruments     332   90   –  
Prepayments     10 665   10 840   11 102  
    64 692   62 990   59 052  
Current assets          
Inventories   7   7 212   8 456   6 834  
Trade and other receivables     3 078   3 468   4 365  
Loans   6   12   21   538  
Prepayments     568   443   522  
Cash and cash equivalents     4 305   4 924   935  
    15 175   17 312   13 194  
Total assets     79 867   80 302   72 246  

Equity and liabilities  

        
Equity attributable to owners of the Company          
Share capital     15 624   15 493   15 187  
Retained earnings     34 936   35 300   34 869  
Other components of equity     1 807   1 244   112  
    52 367   52 037   50 168  
Non-controlling interest     2 550   2 579   2 307  
Total equity     54 917   54 616   52 475  

Liabilities  

        
Non-current liabilities          
Deferred tax     10 179   10 442   9 223  
Borrowings   8   7 169   7 259   2 882  
Derivative financial instruments     18   30   –  
Liabilities     676   672   812  
Provisions     676   768   732  
    18 718   19 171   13 649  
Current liabilities          
Trade and other payables     4 713   4 658   4 971  
Current tax payable     562   508   172  
Borrowings   8   618   220   58  
Liabilities     339   318   315  
Bank overdraft     –   811   606  
    6 232   6 515   6 122  
Total liabilities     24 950   25 686   19 771  
Total equity and liabilities     79 867   80 302   72 246  
* The audited June 2013 and June 2012 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, which has become effective. These standards require that the investment in Guardrisk (previously consolidated) be deconsolidated and Mimosa (previously proportionately consolidated), be equity accounted.  

The notes are an integral part of these summarised financial statements. 


consolidated statement of comprehensive income – for the year ended 30 June 2014

  Notes   30 June  
2014  
Rm  		 30 June  
2013  
Restated*
Rm  
Revenue     29 028   29 844  
Cost of sales   9   (25 786)  (25 132) 
Gross profit     3 242   4 712  
Other operating income   10   239   470  
Other operating expenses     (2 809)  (2 294) 
Royalty expense     (693)  (674) 
Profit/(loss) from operations     (21)  2 214  
Finance income     318   222  
Finance cost     (496)  (446) 
Net foreign exchange transaction gains     (101)  208  
Other income     203   250  
Other expense     (253)  (221) 
Share of profit of equity accounted entities     365   233  
Profit before tax     15   2 460  
Income tax expense     (144)  (1 392) 
Profit/(loss) for the year     (129)  1 068  
Other comprehensive income, comprising items that may subsequently be reclassified to profit or loss:      
Available-for-sale financial assets     (56)  9  
Deferred tax thereon     –   –  
Share of other comprehensive income of equity accounted entities   5   120   324  
Deferred tax thereon   5   (12)  (88) 
Exchange differences on translating foreign operations     711   1 504  
Deferred tax thereon     (93)  (421) 
Other comprehensive income, comprising items that will not be subsequently reclassified to profit or loss:        
Actuarial loss on post-employment medical benefit     (1)  (6) 
Deferred tax thereon     –   2  
Total comprehensive income     540   2 392  
Profit/(loss) attributable to:        
Owners of the Company     8   1 015  
Non-controlling interest     (137)  53  
    (129)  1 068  
Total comprehensive income/(loss) attributable to:        
Owners of the Company     569   2 143  
Non-controlling interest     (29)  249  
    540   2 392  
Earnings per share (cents per share)       
Basic     1   167  
Diluted     1   167  
* The audited June 2013 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, which has become effective. These standards require that the investment in Guardrisk (previously consolidated) be deconsolidated and Mimosa (previously proportionately consolidated), be equity accounted.
For headline earnings per share and dividend per share refer notes 11 and 12.

The notes are an integral part of these summarised financial statements.  


consolidated statement of changes in equity – for the year ended 30 June 2014

                Attributable to:  
  Number  
of shares  
issued  
(million)*		 Ordinary  
shares  
Rm  		 Share  
premium  
Rm  		 Share-based  
payments  
Rm  		 Total  
share  
capital  
Rm  		 Retained  
earnings  
Rm  		 Total other  
components  
of equity  
Rm  		 Owners  
of the  
Company  
Rm  		 Non-  
controlling  
interest  
Rm  		 Total  
equity  
Rm  
Balance at 30 June 2013   606.91   16   13 363   2 114   15 493   35 300   1 244   52 037   2 579   54 616  
Shares issued                      
– Implats Share Incentive Scheme    0.14   –   8   –   8   –   –   8   –   8  
– Employee Share Ownership Programme    –   –   –   –   –   –   –   –   –   –  
Share-based compensation                      
– Long-term Incentive Plan   –   –   –   123   123   –   –   123   –   123  
Profit/(loss) for the year   –   –   –   –   –   8   –   8   (137)  (129) 
Other comprehensive income/(loss)  –   –   –   –   –   (1)  563   562   108   670  
Dividends (note 12)  –   –   –   –   –   (371)  –   (371)  –   (371) 
Balance at 30 June 2014   607.05   16   13 371   2 237   15 624   34 936   1 807   52 367   2 550   54 917  
Balance at 30 June 2012   606.57   16   13 099   2 072   15 187   34 869   112   50 168   2 307   52 475  
Shares issued                      
– Implats Share Incentive Scheme   0.18   –   12   –   12   –   –   12   –   12  
– Employee Share Ownership Programme   0.16   –   24   –   24   –   –   24   –   24  
Convertible bonds   –   –   228   –   228   –   –   228   –   228  
Share-based compensation                      
– Long-term Incentive Plan   –   –   –   42   42   –   –   42   –   42  
Profit for the year   –   –   –   –   –   1 008   –   1 008   53   1 061  
Other comprehensive income   –   –   –   –   –   3   1 132   1 135   196   1 331  
Transaction with non-controlling shareholders   –   –   –   –   –   –   –   –   23   23  
Dividends (note 12)  –   –   –   –   –   (580)  –   (580)  –   (580) 
Balance at 30 June 2013   606.91   16   13 363   2 114   15 493   35 300   1 244   52 037   2 579   54 616  
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme as these special structured entities are consolidated.

The notes are an integral part of these summarised financial statements.  


consolidated statement of cash flows – for the year ended 30 June 2014

  30 June  
2014  
Rm  		 30 June  
2013  
Restated*
Rm  

Cash flows from operating activities  

    
Cash generated from operations   5 234   6 794  
Exploration costs   (20)  (47) 
Finance cost   (404)  (149) 
Income tax paid   (714)  (1 016) 

Net cash from operating activities  

 4 096   5 582  

Cash flows from investing activities  

    
Purchase of property, plant and equipment   (4 500)  (6 219) 
Proceeds from sale of property, plant and equipment   129   97  
Proceeds from insurance claim on asset scrapping   112   –  
Purchase of investment in subsidiary   –   (57) 
Payment received from associate on shareholders' loan   –   49  
Proceeds from sale of held-to-maturity investment   –   21  
Loans granted   (10)  (7) 
Loan repayments received   11   30  
Prepayments refunded   –   –  
Finance income   319   217  
Dividends received   467   97  

Net cash used in investing activities  

 (3 537)  (5 772) 

Cash flows from financing activities  

    
Issue of ordinary shares   8   36  
Repayments of borrowings   (16)  (132) 
Proceeds from borrowings   –   4 638  
Dividends paid to Company's shareholders   (371)  (580) 
Net cash used in financing activities   (379)  3 962  

Net increase in cash and cash equivalents  

 180   3 772  
Cash and cash equivalents at beginning of year   4 113   329  
Effect of exchange rate changes on cash and cash equivalents held in foreign currencies   12   12  
Cash and cash equivalents at end of year**   4 305   4 113  
* The audited June 2013 results were restated as a result of IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements, which has become effective. These standards require that the investment in Guardrisk (previously consolidated) be deconsolidated and Mimosa (previously proportionately consolidated), be equity accounted.
** Net of bank overdraft.  

The notes are an integral part of these summarised financial statements.