GROUP FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – for the year ended 30 June 2014

37.  

Composition of the Group  
37.1  
Principal subsidiaries  
  (All amounts in rand millions unless otherwise stated)  Issued  
share  
capital  		     Book value in holding company  
  % interest   Shares   Loans  
  2014   2013   2014   2013   2014   2013  
 
Company and description  
              
  Impala Holdings Limited   *   100   100   –   –   11 252   11 310  
  Investment holding company                
  Impala Platinum Limited   *   100   100   –   –      –  
  Mines, refines and markets PGMs                
  Impala Platinum Investments (Pty) Limited   *   100   100   –   –   –   –  
  Impala Platinum Properties (Rustenburg) (Pty) Limited   *   100   100   –   –   –   –  
  Impala Platinum Properties (Johannesburg) (Pty) Limited   *   100   100   –   –   –   –  
  Own properties                
  Biz Afrika 1866 (Pty) Limited   *   –   –   –   –   –    
  Afplats (Pty) Limited                
  Owns mineral rights     74   74   2 842   3 796   –   –  
  Imbasa Platinum (Pty) Limited   *   60   60   197   432   47   45  
  Owns mineral rights         –   –      
  Inkosi Platinum (Pty) Limited   *   49   49   260   577   88   78  
  Owns mineral rights                
  Gazelle Platinum Limited   *   100   100   –   –   220   177  
  Investment holding company                
  Impala Refining Services Limited   *   100   100   –   –   –   –  
  Provides toll refining services                
  Impala Platinum Japan Limited1   ¥10m   100   100   2   2   –   –  
  Marketing representative                
  Impala Platinum Zimbabwe (Pty) Limited   *   100   100   73   73   352   352  
  Investment holding company                
  Impala Platinum BV2   €0,02   100   100   900   900   –   –  
  Investment holding company                
  Zimplats Holdings Limited**3   US$10.8m   87   87   –   –   –   –  
  Investment holding company                
  Zimbabwe Platinum Mines (Pvt) Limited4   US$30.1m   87   87   –   –   –   –  
  Owns mineral rights and mines PGMs                
  Marula Platinum (Pty) Limited   *   73   73   607   607   –   –  
  Owns mineral rights and mines PGMs                
  Impala Chrome (Pty) Limited   *   70   70   56   56   –   –  
  Sundry and dormant companies   *   100   100   –   –   –   –  
  Total         4 937   6 443   11 959   11 962  
  Total investment at cost             16 896   18 405  
  * Share capital less than R50 000
  ** Listed on the Australian Securities Exchange
  1 Incorporated in Japan 2 Incorporated in Netherlands
  3 Incorporated in Guernsey
  4 Incorporated in Zimbabwe  
37.2
Non-wholly owned subsidiaries with material non-controlling interest
    The table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:  
    Company   Place of
incorporation  		 Place of
business  		 Proportion of
ownership and voting
rights held by non-
controlling interests  		 Profit/(loss)
allocated to non-
controlling interests  		 Accumulated
non-controlling
interests  
2014   2013   2014   2013   2014   2013  
    Zimplats Holdings Limited   Guernsey   Zimbabwe   13%   13%   127   53   1 349   1 113  
    Afplats (Pty) Limited   South Africa   South Africa   26%   26%   (266)  (6)  1 169   1 436  
    Individually immaterial subsidiaries                   2   6   32   30  
    Total                   (137)  53   2 550   2 579  
 

Summarised financial information in respect of each of the Group’s subsidiaries that has material non-controlling interests is set out below. The summarised financial information below presents amounts before intragroup eliminations.

Zimplats Holdings Limited
Zimplats’ financial information disclosed below was translated using the closing and annual average US dollar exchange rates as in note 3.14.
        30 June  
2014  
Rm  		 30 June  
2013  
Rm  
    Non-current assets   11 195   10 045  
    Current assets   3 444   2 278  
    Total assets   14 639   12 323  
    Equity   10 927   9 188  
    Non-current liabilities   2 268   2 239  
    Current liabilities   1 444   896  
    Total equity and liabilities   14 639   12 323  
    Revenue   5 973   4 159  
    Gross profit   2 037   1 446  
    Profit from operations   1 478   1 077  
    Profit before tax   1 334   962  
    Income tax expense   (327)  (360) 
    Profit for the year   1 007   602  
    Profit attributable to:          
    Owners of the Company   876   524  
    Non-controlling interest   131   78  
        1 007   602  
    Other comprehensive income attributable to:          
    Owners of the Company   636   1 349  
    Non-controlling interest   95   202  
        731   1 551  
    Total comprehensive income attributable to:          
    Owners of the Company   1 512   1 873  
    Non-controlling interest   226   280  
        1 738   2 153  
    Dividends paid to non-controlling interests   –   –  
    Net cash from operating activities   1 518   1 090  
    Net cash used in investing activities   (1 136)  (1 378) 
    Net cash used in financing activities   (23)  220  
    Net increase/(decrease) in cash and cash equivalents   359   (68) 
  Afplats (Pty) Limited      
  Non-current assets   1 619   1 449  
  Current assets   203   380  
  Total assets   1 822   1 829  
  Equity   1 806   1 803  
  Non-current liabilities   8   –  
  Current liabilities   8   26  
  Total equity and liabilities   1 822   1 829  
  Revenue   –   –  
  Gross loss   (6)  (4) 
  Loss from operations   (6)  (4) 
  Profit/(loss) before tax   6   15  
  Income tax expense   (3)  (5) 
  Profit/(loss) for the year   3   10  
  Profit attributable to:      
  Owners of the Company   2   7  
  Non-controlling interest   1   3  
    3   10  
  Total comprehensive income attributable to:      
  Owners of the Company   2   7  
  Non-controlling interest   1   3  
    3   10  
  Dividends paid to non-controlling interests   –   –  
  Net cash from/(used in) operating activities   (20)  2  
  Net cash from investing activities   21   –  
  Net cash used in financing activities   –   –  
  Net increase in cash and cash equivalents   1   2  
    2   4