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

    2014  
Rm  		 2013  
Rm  

8.  

Investment in equity accounted entities  

    
  Summary – Balances      
  Joint venture      
  Mimosa   1 756   1 786  
  Associates      
  Two Rivers   1 134   1 072  
  Makgomo Chrome   69   64  
  Friedshelf 1226 & 1169   –   –  
  Total investment in equity accounted entities   2 959   2 922  
  Summary – Movement      
  Beginning of the year   2 922   2 524  
  Amount invested   –   –  
  Share of profit   383   220  
  Share of other comprehensive income   120   323  
  Interest accrued   –   2  
  Payments received   –   (51) 
  Dividends received   (466)  (96  
  End of the year   2 959   2 922  
  Details of the Group’s material joint venture and associates at the end of the reporting period are as follows:  
  Company   Principal activity   Place of incorporation   Place of business   Proportion of ownership
and voting rights held by
the Group
2014   2013  
  Mimosa   Mining and producing PGM concentrate   Mauritius   Zimbabwe   50%   50%  
  Two Rivers   Mining and producing PGM concentrate   South Africa   South Africa   45%   45%  
  The above joint venture and associate are accounted for using the equity method in these consolidated financial statements.   
   
  Details of the Group’s material joint venture and associates at the end of the reporting period are as follows:  
 
(i) Mimosa  
 2014  
Rm  		 2013  
Rm  
  Capital and reserves   3 513   3 572  
  Non-current liabilities   1 105   1 057  
  Current liabilities   248   198  
    4 866   4 827  
  Non-current assets   3 511   3 375  
  Current assets   1 355   1 452  
    4 866   4 827  
  The above amounts of assets and liabilities include the following:      
  Cash and cash equivalents   159   472  
  Current financial liabilities (excluding trade and other payables and provisions)  91   110  
  Revenue   2 699   2 348  
  Profit/(loss) for the year   149   91  
  Total comprehensive income   149   91  
  Dividends received from the joint venture during the year   224   91  
  The above profit/(loss) for the year include the following:      
  Depreciation and amortisation   256   203  
  Interest income   9   4  
  Interest expense   17   7  
  Income tax expense   125   337  
  Reconciliation of the summarised financial information to the carrying amount of the joint venture recognised in the consolidated financial statements:      
  Net assets of the joint venture   3 513   3 572  
  Proportion of the Group’s ownership interest in the joint venture   1 756   1 786  
  Carrying amount of the Group’s interest in the joint venture   1 756   1 786  
 
(ii) Two Rivers  
 2014  
Rm  		 2013  
Rm  
  Capital and reserves   2 521   2 382  
  Non-current liabilities   850   853  
  Current liabilities   799   752  
    4 170   3 987  
  Non-current assets   2 632   2 751  
  Current assets   1 538   1 236  
    4 170   3 987  
  The above amounts of assets and liabilities include the following:      
  Cash and cash equivalents   77   63  
  Current financial liabilities (excluding trade and other payables and provisions)  384   354  
  Non-current financial liabilities (excluding trade and other payables and provisions)  650   763  
  Revenue   3 420   2 867  
  Profit/(loss) for the year   665   361  
  Total comprehensive income   665   361  
  Dividends received from the associate during the year   236   –  
  The above profit/(loss) for the year include the following:      
  Depreciation and amortisation   416   372  
  Interest income   12   4  
  Interest expense   33   41  
  Income tax expense   281   147  
  Reconciliation of the summarised financial information to the carrying amount of the associate recognised in the consolidated financial statements:      
  Net assets of the associate   2 521   2 382  
  Proportion of the Group’s ownership interest in the joint venture   1 134   1 072  
  Carrying amount of the Group’s interest in the joint venture   1 134   1 072  
 
(iii) Aggregate information of associates that are not individually material  
    
  The Group’s share of profit/(loss)  11   7  
  The Group’s share of total comprehensive income   11   7  
  Aggregate carrying amount of the Group’s interest in these associates   69   64