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
7.   Other financial assets  
      2015   2014  
    Notes   Rm   Rm  
  Subsequently carried at fair value        
  Available-for-sale financial assets   7.1   27   54  
  Subsequently carried at amortised cost      
  Held-to-maturity financial assets   7.2   38   35  
  Loans carried at amortised cost   7.3   116   145  
      181   234  
  Current (loans carried at amortised cost)    (35)  (12) 
  Non-current     146   222  
  Refer note 20 for fair value and financial risk disclosure.        
7.1   Available-for-sale financial assets      
  The Group holds shares listed on the JSE and non-material shares in the insurance cell captive. The fair value of these listed shares as at the close of business is the stock exchange quoted prices.      
7.2   Held-to-maturity financial assets      
  The investment is held through the Impala Pollution Control, Rehabilitation and Closure Trust Fund. The fund is an irrevocable trust under the Group's control. The interest rate on interest-bearing investments is 10% on average with a maturity date in the 2016 financial year.      
7.3   Loans carried at amortised cost      
  Interest-bearing loans   42   17  
  Interest-free loans   74   128  
    116   145  
  Current   (35)  (12) 
  Non-current   81   133  
 

The interest-free loans include R74 (2014: R55) million relating to the home ownership scheme. Non-interest-bearing loans are provided to qualifying employees of Impala and Marula. These interest-free loans are repayable over 20 years from grant date. The average remaining repayment period is between 15 and 20 years. The effective interest rate is 9.0% (2014: 9.0%). These loans are secured by a second bond over residential properties.  
 

In the previous period an interest-free loan amount of R73 million to the RBZ emanated from the dollarisation of the Zimbabwean economy which resulted in the stay of the agreed repayment of the loan in Zimbabwean dollar. The RBZ has acknowledged the amount due and recommended to the government of Zimbabwe to assume the debt. No fixed terms of repayment or interest payable have been set by the Government of Zimbabwe. Given the circumstances, the loan of R78 million has been fully impaired in the current year.  
7.4   Advance loan  
 

Subsequent to a default by a toll refining customer on its loans in the 2013 financial year, the Group lodged a legal claim in Pennsylvania for the full amount due. Since then the parties have agreed that the dispute be heard in the London Court of International Arbitration, which process is currently ongoing. The loan amount is carried at R nil, net of an impairment provision of R1 657 million.