Annual financial statements statement 2015
Supplement to the integrated annual report 30 June 2015
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GROUP FINANCIALS STATEMENTS

MENU Notes to the consolidated financial statements — for the year ended 30 June 2015

  1. Accounting policies
  2. Segment information
  3. Property, plant and equipment
  4. Exploration and evaluation assets
  5. Investment in equity-accounted entities
  6. Deferred tax
  7. Other financial assets
  8. Derivative financial instrument
  9. Prepayments
  10. Inventories
  11. Trade and other receivables
  12. Cash and cash equivalents
  13. Share capital
  14. Non-controlling interest
  15. Borrowings
  16. Other financial liabilities
  17. Sundry liabilities
  18. Provisions
  19. Trade and other payables
  20. Financial instruments and financial risk management
  21. Current tax
  22. Revenue
  23. Cost of sales
  24. Other operating income
  25. Other operating expenses
  26. Impairment
  27. Royalty (income)/expense
  28. Finance income
  29. Finance cost
  30. Other income
  31. Other expenses
  32. Income tax expense
  33. Earnings per share
  34. Dividends
  35. Cash generated from operations
  36. Contingent liabilities and guarantees
  37. Related-party transactions
5.   Investment in equity-accounted entities  
  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    
2015  
%  		 2014  
%  		 2015  
Rm  		 2014  
Rm  
  Joint venture                
  Mimosa   Mining and producing PGM concentrate   Mauritius   Zimbabwe   50   50   1 772   1 756  
  Associates                
  Two Rivers*   Mining and producing PGM concentrate   South Africa   South Africa   49   45   1 293   1 134  
  Individually immaterial associates             107   69  
  Total investment in equity-accounted entities             3 172   2 959  
 

* During the year an additional 4% ownership was obtained by exchanging a mineral right of R157 million for an additional 4% ownership. Refer non-cash transactions note 35.  
  Movement in investment in equity-accounted entities:       2015  
Rm  		 2014  
Rm  
  Beginning of the year             2 959   2 922  
  Investment acquired             157   —  
  Share of profit             339   383  
  Share of other comprehensive income           239   120  
  Dividends received             (522)  (466) 
  End of the year             3 172   2 959  
                 
  Share of profit of equity-accounted entities is made up as follows:          
  Share of profit             339   383  
  Unrealised profit in stock             38   (18) 
  Total share of profit of equity-accounted entities       377   365  
                 
  Summarised financial information of the Group's material joint venture and associates is set out below (100%):  
    Mimosa Two Rivers
    2015   2014   2015   2014  
    Rm   Rm   Rm   Rm  
  Capital and reserves   3 544   3 513   2 700   2 521  
  Non-current liabilities   1 145   1 105   778   850  
  Current liabilities   532   248   705   799  
    5 221   4 866   4 183   4 170  
  Non-current assets   3 880   3 511   2 643   2 632  
  Current assets   1 341   1 355   1 540   1 538  
    5 221   4 866   4 183   4 170  
  The above amounts of assets and liabilities include the following:          
  Cash and cash equivalents   116   159   81   77  
  Current financial liabilities (excluding trade and other payables and provisions)  162   91   323   384  
  Non-current financial liabilities (excluding trade and other payables and provisions)  —   —   568   650  
           
  Revenue   3 105   2 699   3 297   3 420  
  Profit/(loss) for the year   36   149   593   665  
  Total comprehensive income   36   149   593   665  
           
  The above profit/(loss) for the year include the following:          
  Depreciation and amortisation   379   256   398   416  
  Interest income   14   9   13   12  
  Interest expense   13   17   23   33  
  Income tax expense   323   125   246   281  
           
  Reconciliation of the summarised financial information to the carrying amount of the investment recognised in the consolidated financial statements:          
  Net assets of the entity   3 544   3 513   2 700   2 521  
  Proportion of the Group's ownership interest in the investment   1 772   1 756   1 323   1 134  
  Elimination of difference between carrying amount and fair value of the associates' identifiable assets and liabilities for the additional 4% acquired   —   —   (30)  —  
  Carrying amount of the Group's interest in the investment   1 772   1 756   1 293   1 134  
  Dividends received by the Group   229   224   277   236  
  Aggregate information of associates that are not individually material      
    2015   2014  
    Rm   Rm  
  The Group's share of profit/(loss)  55   11  
  The Group's share of total comprehensive income   55   11  
  Aggregate carrying amount of the Group's interest in these associates   107   69  
  There are no unrecognised losses or significant restrictions on the ability of joint ventures or associates to transfer funds to the Group. Refer note 14 for information regarding indigenisation in Zimbabwe.