41. |
Changes in accounting policies |
| The adoption of IFRS 11 Joint Arrangements, and IFRS 10 Consolidated Financial Statements (notes 1.2 and 1.3), had the following impact on the financial statements. There was no impact on the consolidated statement of changes in equity. | |
| Impact of change in accounting policy on consolidated statement of financial position: |
| As at 30 June 2014 Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 30 June 2014 as presented Rm |
As at 30 June 2013 (previously stated) Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 30 June 2013 (restated) Rm |
As at 1 July 2012 (previously stated) Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 1 July 2012 (restated) Rm |
||
Assets |
|||||||||||||
| Non-current assets | |||||||||||||
| Property, plant and equipment | 48 611 | (1 695) | – | 46 916 | 45 969 | (1 559) | – | 44 410 | 40 169 | (1 292) | – | 38 877 | |
| Exploration and evaluation assets | 3 360 | – | – | 3 360 | 4 294 | – | – | 4 294 | 4 294 | – | – | 4 294 | |
| Intangible assets | – | – | – | – | – | – | – | – | 1 018 | – | – | 1 018 | |
| Investment in equity accounted entities | 1 203 | 1 756 | – | 2 959 | 1 136 | 1 786 | – | 2 922 | 1 021 | 1 503 | – | 2 524 | |
| Deferred tax | 238 | – | – | 238 | 118 | – | – | 118 | – | – | – | – | |
| Available-for-sale financial assets | 56 | (34) | 32 | 54 | 49 | (30) | 91 | 110 | 32 | (15) | 84 | 101 | |
| Held-to-maturity financial assets | 35 | – | – | 35 | 32 | – | – | 32 | 49 | – | – | 49 | |
| Loans | 194 | (61) | – | 133 | 287 | (113) | – | 174 | 1 227 | (140) | – | 1 087 | |
| Derivative financial instruments | 332 | – | – | 332 | 90 | – | – | 90 | – | – | – | – | |
| Prepayments | 10 665 | – | – | 10 665 | 10 855 | (15) | – | 10 840 | 11 129 | (27) | – | 11 102 | |
| 64 694 | (34) | 32 | 64 692 | 62 830 | 69 | 91 | 62 990 | 58 939 | 29 | 84 | 59 052 | ||
| Current assets | |||||||||||||
| Inventories | 7 473 | (261) | – | 7 212 | 8 684 | (228) | – | 8 456 | 7 081 | (247) | – | 6 834 | |
| Trade and other receivables | 3 011 | 86 | (19) | 3 078 | 3 369 | 115 | (16) | 3 468 | 4 305 | 60 | – | 4 365 | |
| Loans | 12 | – | – | 12 | 21 | – | – | 21 | 538 | – | – | 538 | |
| Prepayments | 568 | – | – | 568 | 507 | (64) | – | 443 | 571 | (49) | – | 522 | |
| Cash and cash equivalents | 4 506 | (79) | (122) | 4 305 | 5 308 | (241) | (143) | 4 924 | 1 193 | (105) | (153) | 935 | |
| 15 570 | (254) | (141) | 15 175 | 17 889 | (418) | (159) | 17 312 | 13 688 | (341) | (153) | 13 194 | ||
| Total assets | 80 264 | (288) | (109) | 79 867 | 80 719 | (349) | (68) | 80 302 | 72 627 | (312) | (69) | 72 246 | |
Equity and liabilities |
|||||||||||||
| Equity attributable to owners of the Company | |||||||||||||
| Share capital | 15 624 | – | – | 15 624 | 15 493 | – | – | 15 493 | 15 187 | – | – | 15 187 | |
| Retained earnings | 34 964 | – | (28) | 34 936 | 35 387 | – | (87) | 35 300 | 34 949 | – | (80) | 34 869 | |
| Other components of equity | 1 779 | – | 28 | 1 807 | 1 157 | – | 87 | 1 244 | 32 | – | 80 | 112 | |
| 52 367 | – | – | 52 367 | 52 037 | – | – | 52 037 | 50 168 | – | _ | 50 168 | ||
| Non-controlling interest | 2 550 | – | – | 2 550 | 2 579 | – | – | 2 579 | 2 307 | – | – | 2 307 | |
| Total equity | 54 917 | – | – | 54 917 | 54 616 | – | – | 54 616 | 52 475 | – | – | 52 475 | |
| Liabilities | |||||||||||||
| Non-current liabilities | |||||||||||||
| Deferred tax | 10 674 | (495) | – | 10 179 | 10 917 | (475) | – | 10 442 | 9 625 | (402) | – | 9 223 | |
| Borrowings | 7 169 | – | – | 7 169 | 7 259 | – | – | 7 259 | 2 882 | – | – | 2 882 | |
| Derivative financial instruments | 18 | – | – | 18 | 30 | – | – | 30 | – | – | – | – | |
| Liabilities | 706 | (30) | – | 676 | 689 | (17) | – | 672 | 812 | – | – | 812 | |
| Provisions | 704 | (28) | – | 676 | 791 | (23) | – | 768 | 757 | (25) | – | 732 | |
| 19 271 | (553) | – | 18 718 | 19 686 | (515) | – | 19 171 | 14 076 | (427) | – | 13 649 | ||
| Current liabilities | |||||||||||||
| Trade and other payables | 4 540 | 282 | (109) | 4 713 | 4 514 | 212 | (68) | 4 658 | 4 858 | 182 | (69) | 4 971 | |
| Current tax payable | 562 | – | – | 562 | 508 | – | – | 508 | 176 | (4) | – | 172 | |
| Borrowings | 635 | (17) | – | 618 | 252 | (32) | – | 220 | 121 | (63) | – | 58 | |
| Liabilities | 339 | – | – | 339 | 332 | (14) | – | 318 | 315 | – | – | 315 | |
| Bank overdraft | – | – | – | – | 811 | – | – | 811 | 606 | – | – | 606 | |
| 6 076 | 265 | (109) | 6 232 | 6 417 | 166 | (68) | 6 515 | 6 076 | 115 | (69) | 6 122 | ||
| Total liabilities | 25 347 | (288) | (109) | 24 950 | 26 103 | (349) | (68) | 25 686 | 20 152 | (312) | (69) | 19 771 | |
| Total equity and liabilities | 80 264 | (288) | (109) | 79 867 | 80 719 | (349) | (68) | 80 302 | 72 627 | (312) | (69) | 72 246 |
| Impact of change in accounting policy on consolidated statement of comprehensive income: |
| As at 30 June 2014 Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 30 June 2014 as presented Rm |
As at 30 June 2013 (previously stated) Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 30 June 2013 (restated) Rm |
As at 1 July 2012 (previously stated) Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 1 July 2012 (restated) Rm |
||
| Revenue | 29 416 | (388) | – | 29 028 | 30 032 | (188) | – | 29 844 | 27 593 | (200) | – | 27 393 | |
| Cost of sales | (25 868) | 82 | – | (25 786) | (24 980) | (152) | – | (25 132) | (21 337) | (276) | – | (21 613) | |
| Gross profit | 3 548 | (306) | – | 3 242 | 5 052 | (340) | – | 4 712 | 6 256 | (476) | – | 5 780 | |
| Other operating income | 239 | – | – | 239 | 455 | 15 | – | 470 | 552 | – | – | 552 | |
| Other operating expenses | (2 868) | 59 | – | (2 809) | (2 367) | 73 | – | (2 294) | (441) | 44 | – | (397) | |
| Royalty expense | (790) | 97 | – | (693) | (764) | 90 | – | (674) | (664) | 66 | – | (598) | |
| Profit from operations | 129 | (150) | – | (21) | 2 376 | (162) | – | 2 214 | 5 703 | (366) | – | 5 337 | |
| Finance income | 321 | (3) | – | 318 | 223 | (1) | – | 222 | 314 | – | – | 314 | |
| Finance cost | (503) | 7 | – | (496) | (453) | 7 | – | (446) | (305) | – | – | (305 | |
| Net foreign exchange transaction gains | (103) | 2 | – | (101) | 207 | 1 | – | 208 | 520 | – | – | 520 | |
| Other income | 203 | – | – | 203 | 236 | 14 | – | 250 | 19 | – | – | 19 | |
| Other expense | (312) | – | 59 | (253) | (201) | (13) | (7) | (221) | (118) | 1 | (20) | (137) | |
| Share of profit of equity accounted entities | 283 | (82) | – | 365 | 163 | 70 | – | 233 | 117 | 222 | – | 339 | |
| Profit before tax | 18 | (62) | 59 | 15 | 2 551 | (84) | (7) | 2 460 | 6 250 | (143) | (20) | 6 087 | |
| Income tax expense | (206) | 62 | – | (144) | (1 476) | 84 | (1 392) | (1 951) | 143 | – | (1 808) | ||
| Profit for the year | (188) | – | 59 | (129) | 1 075 | – | (7) | 1 068 | 4 299 | (20) | 4 279) | ||
| Other comprehensive income, comprising items subsequently reclassified to profit or loss: | |||||||||||||
| Available-for-sale financial assets | 5 | (2) | (59) | (56) | 12 | (10) | 7 | 9 | (3) | 5 | 20 | 22 | |
| Deferred tax thereon | – | – | – | – | – | – | – | – | – | – | – | – | |
| Share of other comprehensive income of equity accounted entities | – | 120 | – | 120 | – | 324 | – | 324 | – | 273 | – | 273 | |
| Deferred tax thereon | – | (12) | – | (12) | – | (88) | – | (88) | – | (76) | – | (76) | |
| Exchange differences on translating foreign operations | 829 | (118) | – | 711 | 1 818 | (314) | – | 1 504 | 1 356 | (278) | – | 1 078 | |
| Deferred tax thereon | (105) | 12 | – | (93) | (509) | 88 | – | (421) | (379) | 76 | – | (303) | |
| Other comprehensive income, comprising of items not subsequently reclassified to profit or loss: | |||||||||||||
| Actuarial loss on post-employment medical benefit | (1) | – | – | (1) | (6) | – | – | (6) | (4) | – | – | (4) | |
| Deferred tax thereon | – | – | – | – | 2 | – | – | 2 | 1 | – | – | 1 | |
| Total comprehensive income | 540 | – | – | 540 | 2 392 | – | – | 2 392 | 5 270 | – | – | 5 270 | |
| Profit attributable to: | |||||||||||||
| Owners of the Company | (51) | – | 59 | 8 | 1 022 | – | (7) | 1 015 | 4 180 | – | (20) | 4 160 | |
| Non-controlling interest | (137) | – | – | (137) | 53 | – | – | 53 | 119 | – | – | 119 | |
| (188) | – | 59 | (129) | 1 075 | – | (7) | 1 068 | 4 299 | – | (20) | 4 279 | ||
| Total comprehensive income attributable to: | |||||||||||||
| Owners of the Company | 569 | – | – | 569 | 2 143 | – | – | 2 143 | 5 010 | – | – | 5 010 | |
| Non-controlling interest | (29) | – | – | (29) | 249 | – | – | 249 | 260 | – | – | 260 | |
| 540 | – | – | 540 | 2 392 | – | 2 392 | 5 270 | – | 5 270 | ||||
| Earnings per share (cents per share) | – | ||||||||||||
| Basic | 1 | – | – | 1 | 168 | – | (1) | 167 | 690 | – | (4) | 686 | |
| Diluted | 1 | – | – | 1 | 168 | – | (1) | 167 | 689 | – | (3) | 686 |
| Impact of change in accounting policy on consolidated statement of cash flows: |
| As at 30 June 2014 Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 30 June 2014 as presented Rm |
As at 30 June 2013 (previously stated) Rm |
Equity accounting for Mimosa Rm |
Deconsoli- dation of insurance cell captive Rm |
As at 1 July 2012 (restated) Rm |
||
Cash flows from operating activities |
|||||||||
| Cash generated from operations | 5 377 | (164) | 21 | 5 234 | 7 228 | (444) | 10 | 6 794 | |
| Exploration costs | (20) | – | – | (20) | (47) | – | – | (47) | |
| Finance cost | (399) | (5) | – | (404) | (150) | 1 | – | (149) | |
| Income tax paid | (651) | (63) | – | (714) | (1 093) | 77 | – | (1 016) | |
| Net cash from operating activities | 4 307 | (232) | 21 | 4 096 | 5 938 | (366) | 10 | 5 582 | |
Cash flows from investing activities |
|||||||||
| Purchase of property, plant and equipment | (4 658) | 158 | – | (4 500) | (6 360) | 141 | – | (6 219) | |
| Proceeds from sale of property, plant and equipment | 65 | (1) | – | 64 | 102 | (5) | – | 97 | |
| Proceeds from insurance claim | 112 | – | – | 112 | – | – | – | – | |
| Purchase of investment in subsidiary | – | – | – | – | (57) | – | – | (57) | |
| Payment received from associate on shareholders’ loan | – | – | – | – | 49 | – | – | 49 | |
| Proceeds from sale of held-to-maturity investment | – | – | – | – | 21 | – | – | 21 | |
| Loans granted | (10) | – | – | (10) | (7) | – | – | (7) | |
| Loan repayments received | 11 | – | – | 11 | 30 | – | – | 30 | |
| Prepayments refunded | – | – | – | – | – | – | – | – | |
| Finance income | 319 | – | – | 319 | 218 | (1) | – | 217 | |
| Dividends received | 243 | 224 | – | 467 | 6 | 91 | – | 97 | |
Net cash used in investing activities |
(3 918) | 381 | – | (3 537) | (5 998) | 226 | – | (5 772) | |
Cash flows from financing activities |
|||||||||
| Issue of ordinary shares | 8 | – | – | 8 | 36 | – | – | 36 | |
| Repayments of borrowings | (34) | 18 | – | (16) | (172) | 40 | – | (132) | |
| Proceeds from borrowings | – | – | – | – | 4 638 | – | – | 4 638 | |
| Dividends paid to Company’s shareholders | (371) | – | – | (371) | (580) | – | – | (580) | |
Net cash used in financing activities |
(397) | 18 | – | (379) | 3 922 | 40 | – | 3 962 | |
| Net increase/(decrease) in cash and cash equivalents | (8) | 167 | 21 | 180 | 3 862 | (100) | 10 | 3 772 | |
| Cash and cash equivalents at beginning of year | 4 497 | (241) | (143) | 4 113 | 587 | (105) | (153) | 329 | |
| Effect of exchange rate changes on cash and cash equivalents held in foreign currencies |
17 | (5) | – | 12 | 48 | (36) | – | 12 | |
| Cash and cash equivalents at end of year* | 4 506 | (79) | (122) | 4 305 | 4 497 | (241) | (143) | 4 113 | |
| * Net of bank overdraft |