| 2014 Rm |
2013 Rm |
||
14. |
Prepayments |
||
| Summary – Balances | |||
| Royalties | 10 857 | 10 969 | |
| Zesa Holdings – Electricity prepayment | 74 | 152 | |
| Operating expenditure | 302 | 162 | |
| End of the year | 11 233 | 11 283 | |
| Short-term portion | (568) | (443) | |
| Long-term portion | 10 665 | 10 840 | |
| Summary – Movement | |||
| Beginning of the year | 11 283 | 11 624 | |
| Prepayments made | 140 | 12 | |
| Interest accrued | 14 | – | |
| Recoverable expenditure on infrastructure | – | (12) | |
| Expensed | (213) | (374) | |
| Exchange adjustment | 9 | 33 | |
| End of the year | 11 233 | 11 283 | |
| (i) Royalties | |||
| Beginning of the year | 10 969 | 11 168 | |
| Expensed (notes 27 and 34) | (112) | (199) | |
| End of the year | 10 857 | 10 969 | |
| Short-term portion | (192) | (198) | |
| Long-term portion | 10 665 | 10 771 | |
| In March 2007, the Group finalised a deal with the Royal Bafokeng Nation (RBN). In terms of this transaction Impala agreed to pay the RBN all future royalties due to them, thus effectively discharging any further obligation to pay royalties. In turn the RBN purchased shares through Royal Bafokeng Impala Investment Company and Royal Bafokeng Tholo Investment Holding Company, giving them a 13.2% holding in the Company. | |||
| (ii) Zesa Holdings – Electricity prepayment | |||
| Beginning of the year | 152 | 228 | |
| Interest accrued | 14 | 12 | |
| Prepayment refunded | – | (12) | |
| Expensed | (101) | (109) | |
| Exchange adjustment | 9 | 33 | |
| End of the year | 74 | 152 | |
| Short-term portion | (74) | (83) | |
| Long-term portion | – | 69 |
| The prepayment relates to an advance to Zesa, which will be redeemed in power units over a three-year period terminating in May 2015 and thereafter to construct the Selous 330KV substation for the national power utility (Zesa). |