Annual financial statements statement 2015
Supplement to the integrated annual report 30 June 2015
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GROUP FINANCIALS STATEMENTS

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

  1. Accounting policies
  2. Segment information
  3. Property, plant and equipment
  4. Exploration and evaluation assets
  5. Investment in equity-accounted entities
  6. Deferred tax
  7. Other financial assets
  8. Derivative financial instrument
  9. Prepayments
  10. Inventories
  11. Trade and other receivables
  12. Cash and cash equivalents
  13. Share capital
  14. Non-controlling interest
  15. Borrowings
  16. Other financial liabilities
  17. Sundry liabilities
  18. Provisions
  19. Trade and other payables
  20. Financial instruments and financial risk management
  21. Current tax
  22. Revenue
  23. Cost of sales
  24. Other operating income
  25. Other operating expenses
  26. Impairment
  27. Royalty (income)/expense
  28. Finance income
  29. Finance cost
  30. Other income
  31. Other expenses
  32. Income tax expense
  33. Earnings per share
  34. Dividends
  35. Cash generated from operations
  36. Contingent liabilities and guarantees
  37. Related-party transactions
11.   Trade and other receivables  
      2015   2014  
    Note   Rm   Rm  
  Trade receivables     752   589  
  Advances   11.1   699   643  
  Other receivables     404   263  
  Employee receivables     330   427  
  South African Revenue Service (value added taxation)    1 372   717  
  Current tax receivable (note 21)    194   439  
      3 751   3 078  
  The uncovered foreign currency denominated balances, included above, were as follows:        
  Trade and other receivables (US$ million)    73   95  
  The credit exposures of trade receivables and advances by country are as follows:        
  North America     15   15  
  South Africa     618   556  
  Asia     36   36  
  Europe     24   24  
  Zimbabwe     758   601  
      1 451   1 232  
 

Refer note 20 for fair value and financial risk disclosure.  
11.1   Advances  
 

Due to time involved in toll refining metals, certain customers are granted advances based on a contractually agreed percentage of the fair value of their in-process metal being purchased. The weighted average effective interest rate on advances was 1.8% (2014: 1.1%). The associated purchase liability serves as collateral for the advance.  
 

The contractually agreed percentage generally provides a sufficient safety margin for normal price fluctuations not to expose the Group to undue credit risk. However, in times of significant price decreases, there is a risk that the fair value of the in-process metal creditor that serves as collateral, could decrease below the carrying amount of the advance. In the current year the value of this metal creditor is higher than the advances.  
  In cases where the carrying amount of advances is not fully supported by the fair value of in-process metal creditors that serves as collateral, management uses judgement to determine the recoverability of the advances.