ANNEXURE 2
INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS
| |
|
|
|
GROUP |
COMPANY |
|
| |
|
Number |
|
|
|
Year-end |
| |
Nature of |
of shares |
Percentage |
Loan |
Loan |
other than |
| |
business1 |
held |
holding |
balance |
balance |
31 Dec |
| |
|
|
2006 |
2006 |
2006 |
|
| |
|
|
% |
R’000 |
R’000 |
|
|
| ASSOCIATED COMPANIES |
|
|
|
|
|
|
| Unlisted |
|
|
|
|
|
|
Manganore Iron Mining Limited3 |
A |
25 000 |
50 |
50 |
– |
30 June |
| Total associated companies |
|
|
|
|
|
|
|
| Total associated companies |
|
|
|
50 |
– |
|
|
| JOINT VENTURES |
|
|
|
|
|
|
| Incorporated unlisted |
|
|
|
|
|
|
| Pietersburg Iron Company (Pty) Limited |
A |
4 000 |
50 |
(316) |
– |
|
| Safore (Pty) Limited3 |
B |
400 |
40 |
– |
– |
|
| Sishen Shipping (Pty) Limited3 |
B |
400 |
40 |
– |
– |
|
| Trans Orient Ore Supplies (Pty) Limited |
C |
2 000 |
50 |
– |
– |
|
| Sibelo Resources Development (Pty) Limited |
D |
1 |
50 |
653 |
– |
30 June |
|
| Total joint ventures (note 11) |
|
|
|
337 |
– |
|
|
| OTHER INVESTMENTS |
|
|
|
|
|
|
| SOIC Community Development SPV (Pty) Limited2 |
E |
458 |
100 |
– |
458 000 |
|
| Total investment |
|
|
|
387 |
458 000 |
|
| The investments are valued at balance sheet date. |
|
|
|
|
|
|
| Unlisted investments in associates |
|
|
|
|
|
|
| – directors’ valuation |
|
|
|
50 |
– |
|
| |
|
|
|
|
|
|
| Unlisted investments in joint ventures |
|
|
|
|
|
|
| – directors’ valuation |
|
|
|
337 |
– |
|
| |
|
|
|
|
|
|
| Unlisted other investments |
|
|
|
|
|
|
| – directors’ valuation |
|
|
|
– |
458 000 |
|
|
Where the above entities’ financial year-ends are not co-terminous with that of the company, financial information has been obtained from
published information or management accounts, as appropriate.
| 1 |
A – Mining, B – Shipping charter, C – Iron ore merchant, D – Exploration, E – Community trust |
| 2 |
Fully paid up redeemable preference shares at the option of the issuer. |
| 3 |
Dormant |
All the above entities are incorporated in South Africa except Trans Orient Ore Supplies (Pty) Limited, which is incorporated in Hong Kong.
The group’s effective share of balance sheet, income statement and cash flow items in respect of associated companies and joint ventures are as follows:
| |
Associated |
Joint |
| |
companies |
ventures |
| |
2006 |
2006 |
| |
R’000 |
R’000 |
|
| INCOME STATEMENTS |
|
|
| Revenue |
– |
7 107 |
| Operating expenses |
– |
(1 110) |
|
| Net operating profit |
– |
5 997 |
| Net financing costs |
– |
305 |
| Income from investments |
– |
– |
| Income from equity accounted investments |
– |
– |
|
| Profit before taxation |
– |
6 302 |
| Taxation |
– |
94 |
|
| Profit after taxation |
– |
6 396 |
| Outside shareholder’s interests |
– |
– |
|
| Net profit attributable to ordinary shareholders |
– |
6 396 |
|
| BALANCE SHEETS |
|
|
| Non-current assets |
2 628 |
5 100 |
| Current assets |
50 |
31 223 |
|
| Total assets |
2 678 |
36 323 |
|
| EQUITY AND LIABILITIES |
|
|
| Ordinary shareholder’s equity |
2 632 |
5 226 |
| Minority interest |
– |
– |
| Non-current liabilities |
|
|
| Interest-bearing borrowings |
– |
– |
| Non-current provisions |
– |
– |
| Deferred taxation and other |
– |
– |
| Current liabilities |
|
|
| Interest-bearing borrowings |
– |
– |
| Other 46 |
31 097 |
|
|
| Total equity and liabilities |
2 678 |
36 323 |
|
| CASH FLOW STATEMENTS |
|
|
| Net cash flows from operating activities |
– |
8 081 |
| Net cash flows from investing activities |
– |
7 |
| Net cash flows from financing activities |
– |
– |
| Foreign currency translations |
– |
(2 076) |
|
| Net increase in cash and cash equivalents |
– |
6 012 |
|
|
