Annual financial statements statement 2015
Supplement to the integrated annual report 30 June 2015
MENU

COMPANY FINANCIAL STATEMENTS

MENU Notes to the Company financial statements — for the year ended 30 June 2015

  1. Accounting policies
  2. Investments in associates and joint venture
  3. Investments in subsidiaries
  4. Loan – Impala
  5. Other financial assets
  6. Cash and cash equivalents
  7. Share capital
  8. Deferred tax
  9. Borrowings
  10. Other financial liabilities
  11. Finance and investment income
  12. Other income
  13. Other expenses
  14. Income tax expense
  15. Dividends per share
  16. Contingent liabilities and guarantees
  17. Cash generated from operations
  18. Related-party transactions
  19. Financial risk management
      2015   2014  
    Notes   Rm   Rm  

5.  

Other financial assets  

      
  Available-for-sale investment   5.1   3   32  
  Loans   5.2   40   40  
  Derivative financial instruments   5.3   630   332  
      673   404  

5.1  

Available-for-sale investment  
  The Company holds shares in Guardrisk, an insurance cell captive. The fair value of these shares is equal to the underlying net value of assets in the cell.  

5.2  

Loans  
  Loans granted to Tubatse Platinum (Pty) Limited, Marula Community Trust and Mmakau Platinum Mining (Pty) Limited in terms of a BEE transaction. The loan is repayable on approval and adoption by the board of directors of Marula of a feasibility study on any aspect and/or portion of the non-cash producing portion of the Marula Mine.  

5.3  

Derivative financial instruments  
  Implats entered into a Cross Currency Interest Rate Swap (CCIRS) amounting to US$200 million to hedge certain aspects of the foreign exchange risk on the US$ convertible bonds, being: exchange rate risk on the dollar interest payments is hedged and the risk of a future cash settlement of the bonds at a rand/dollar exchange rate weaker than R9.24/US$ is hedged. No hedge accounting has been applied. (US$200 million was swapped for R1 848 million on which Implats pays a fixed interest rate to Standard Bank of 5.94%. Implats receives the 1% coupon on the US$200 million on the same date which Implats pay-on externally to the Bond holders. At February 2018 Implats will repay the R1 848 million in return of the US$200 million.) 
  The CCIRS with Standard Bank was valued by external valuators at R630 (2014: R332) million.  
  Refer note 8 of Group annual financial statements.