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

16.  

Other financial liabilities  
      2015   2014  
    Notes   Rm   Rm  
  Derivative financial instrument   16.1   —   18  
  Commitments   16.2   74   84  
      74   102  
  Current     (17)  (18) 
  Non-current     57   84  
  Refer note 20 for fair value and financial risk disclosure.        

16.1

  

Derivative financial instrument

  		      
  The conversion option on the US$200 million bond was valued at R0.1 (2014: R18) million. The option value was calculated using the binomial option model.        
  The main inputs into this model are as follows:   2015   2014  
  Exercise price (US$)  24.13   24.13  
  Share price on valuation date (US$)  4.46   10.05  
  Volatility   32.3   28.6  
  Risk-free US$ interest rate (%)  0.82   1.34  

16.2

  

Commitments

  
  Commitments consist of:
  • Fees payable to the Bakwena Ba Mogopa as a result of an agreement with the acquisition of African Platinum Plc amounts to R6 (2014: R12) million
  • Payments to the Impala Bafokeng local economic development trust as a result of the Impala-Bafokeng empowerment transaction amounts to R68 (2014: R72) million.