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
      2015   2014  
      Rm   Rm  
10.   Inventories        
  Mining metal        
  Refined metal     1 233   1 300  
  Main products – at cost     696   941  
  Main products – at net realisable value     487   286  
  By-products – at net realisable value     50   73  
  In-process metal     2 423   1 728  
  At cost     1 614   1 270  
  At net realisable value     809   458  
      3 656   3 028  
  Non-mining metal        
  Refined metal     1 282   1 160  
  At cost     1 201   1 134  
  At net realisable value     81   26  
  In-process metal     2 436   2 291  
  At cost     2 149   2 291  
  At net realisable value     287   —  
      3 718   3 451  
  Stores and materials     751   733  
  Total carrying amount     8 125   7 212  
  The write down to net realisable value comprises R154 (2014: R49) million for refined mining metal and R364 (2014: R86) million for in-process mining metal.  
  Included in refined metal is metal on lease to third parties of 36 000 (2014: 36 000) ounces ruthenium.  
  Non-production costs relating to the strike and the subsequent ramp-up of R808 (2014: R1 255) million was expensed immediately and did not form part of the calculation of cost of production of main products for the stock valuation. Furthermore, cost of production for the stock valuation was calculated based on normal production, to ensure a reasonable stock valuation. Management assumed the last five months' cost of production being normal for the period.  
  Quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metal actually recovered (metallurgical balancing). The nature of this process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and the engineering estimates are refined based on actual results over time. Changes in engineering estimates of metal contained in-process resulted in an increase in-process metal of R325 (2014: reduction of R806) million.  
  Non-mining metal consists mainly of IRS inventory.  
  No inventories are encumbered.