IAS financial statements
Notes to the group financial statements
for the year 1998
Figures in million unless otherwise stated
SA Rand |
US Dollars |
||||||||||
| Mineral | Mineral | ||||||||||
| rights, | Mine | Mine | Mine | Mine | rights, | ||||||
| dumps | infra- | develop- | develop- | infra- | dumps | ||||||
| Land | and other | structure | ment | Total | Total | ment | structure | and other | Land | ||
| 8. | Mining assets | ||||||||||
| Cost | |||||||||||
| 29,9 | 135,5 | 3 794,1 | 13 713,6 | 17 673,1 | Balance at 31 December 1997 | 3 628.5 | 2 815.6 | 779.0 | 27.8 | 6.1 | |
| 5,1 | 239,4 | 170,0 | 616,2 | 1 030,7 | Additions | 191.7 | 114.6 | 31.6 | 44.6 | 0.9 | |
| Transfers, amounts written | |||||||||||
| 0,1 | (1,7) | 302,7 | (1 911,1) | (1 610,0) | off and disposals | (299.5) | (355.5) | 56.3 | (0.3) | ? | |
| Translation adjustment | (614.2) | (463.1) | (141.4) | (8.7) | (1.0) | ||||||
| 35,1 | 373,2 | 4 266,8 | 12 418,7 | 17 093,8 | Balance at 31 December 1998 | 2 906.5 | 2 111.6 | 725.5 | 63.4 | 6.0 | |
| Accumulated amortisation | |||||||||||
| 10,0 | 1 904,3 | 4 517,5 | 6 431,8 | Balance at 31 December 1997 | 1 320.5 | 927.4 | 391.0 | 2.1 | ? | ||
| 7,1 | 239,5 | 498,2 | 744,8 | Charge for the year | 135.5 | 89.6 | 44.6 | 1.3 | ? | ||
| Transfers, amounts written off and | |||||||||||
| 1,8 | (33,1) | (1 022,8) | (1 054,1) | disposals | (196.1) | (190.2) | (6.2) | 0.3 | ? | ||
| Translation adjustment | (218.9) | (147.9) | (70.5) | (0.5) | ? | ||||||
| 18,9 | 2 110,7 | 3 992,9 | 6 122,5 | Balance at 31 December 1998 | 1 041.0 | 678.9 | 358.9 | 3.2 | ? | ||
| 35,1 | 354,3 | 2 156,1 | 8 425,8 | 10 971,3 | Net book value at 31 December 1998 | 1 865.5 | 1 432.7 | 366.6 | 60.2 | 6.0 | |
| 29,9 | 125,5 | 1 889,8 | 9 196,1 | 11 241,3 | Net book value at 31 December 1997 | 2 308.0 | 1 888.2 | 388.0 | 25.7 | 6.1 | |
1997 |
1998 |
1998 |
1997 | ||
SA Rand |
US Dollars |
||||
| 9. | Investments | ||||
| 520,9 | 874,7 | Associates | 148.7 | 106.9 | |
| 29,7 | 26,8 | Other investments | 4.6 | 6.1 | |
| 550,6 | 901,5 | 153.3 | 113.0 | ||
| Associates | |||||
| Carrying value consists of: | |||||
| 520,9 | 558,2 | Shares at cost | 94.9 | 106.9 | |
| ? | 363,7 | ? profit on ordinary activities before taxation | 68.4 | ? | |
| ? | (20,9) | ? taxation | (3.7) | ? | |
| ? | (26,3) | ? dividends | (4.8) | ? | |
| ? translation adjustment | (6.1) | ? | |||
| 520,9 | 874,7 | Carrying value | 148.7 | 106.9 | |
| 1 542,4 | 1 281,2 | Market value/directors' valuation of investment in associates | 217.8 | 316.7 | |
| Other investments | |||||
| Listed investments | |||||
| 5,0 | 5,0 | Opening balance | 1.0 | 1.0 | |
| ? | (5,0) | Disposals | (1.0) | ? | |
| 5,0 | ? | Closing balance | ? | 1.0 | |
| 3,8 | ? | Market value of listed investments | ? | 0.8 | |
1997 |
1998 |
1998 |
1997 | ||
SA Rand |
US Dollars |
||||
| 9. | Investments (continued) | ||||
| Unlisted investments | |||||
| 24,7 | 24,7 | Opening balance | 5.1 | 5.1 | |
| ? | 3,8 | Additions | 0.6 | ? | |
| ? | (1,7) | Disposals | (0.3) | ? | |
| Translation adjustment | (0.8) | ? | |||
| 24,7 | 26,8 | Closing balance | 4.6 | 5.1 | |
| 89,7 | 107,4 | Directors' valuation of unlisted investments | 18.3 | 18.4 | |
| Associates | Number of shares held | ||||
| Listed | |||||
| Driefontein Consolidated Limited | 43 794 572 | 43 007 072 | |||
| Unlisted | |||||
| Soci?t? d'Exploitation des Mines d'Or de Sadiola S.A. | 38 000 | 38 000 | |||
| Other | |||||
| Listed | |||||
| AngloGold Limited | ? | 594 290 | |||
| St Helena Gold Mines Limited | ? | 258 527 | |||
| Unlisted | |||||
| Lansan Investment Holdings Limited | 54 573 | 52 392 | |||
| Northern Gold Holdings Limited | 350 350 | 350 350 | |||
| Nuclear Fuels Corporation of South Africa (Proprietary) Limited | 1 229 310 | 946 186 | |||
| Rand Refinery Limited | 196 945 | 200 481 | |||
| RMH Hospital Limited | 457 413 | 454 432 | |||
| The Chamber of Mines Building Company Limited | 459 582 | 407 140 | |||
| The Employment Bureau of Africa Limited | 663 811 | 718 625 | |||
| The Rand Mutual Assurance Company Limited | 8 984 | 8 474 | |||
| 10. | Long-term loans ? unsecured | ||||
| 586,9 | 666,6 | Loans to associated companies | 113.3 | 120.5 | |
| The loan is denominated in US Dollars and interest accrues at libor plus 2% per annum. The loan is repayable in eight equal semi-annual instalments on 16 May and 16 November with the final instalment on 16 May 2002. | |||||
| ? | 92,2 | Loan to AngloGold Limited Employee Share and Debenture Trust | 15.7 | ? | |
| Interest is payable annually at the official interest rate per the seventh schedule of the Income Tax Act. | |||||
| 45,7 | 80,6 | Other | 13.7 | 9.4 | |
| 632,6 | 839,4 | 142.7 | 129.9 | ||
1997 |
1998 |
1998 |
1997 | ||
SA Rand |
US Dollars |
||||
|
|||||
| 11. | Inventories | ||||
| 346,0 | 287,3 | Gold in process | 48.8 | 71.3 | |
| 171,9 | ? | Gold on hand | ? | 35.3 | |
| 162,9 | 121,2 | Uranium oxide and sulphuric acid | 20.7 | 33.4 | |
| 278,4 | 270,7 | Consumable stores | 45.9 | 57.1 | |
| 959,2 | 679,2 | 115.4 | 197.1 | ||
| 12. | Trade and other receivables | ||||
| 58,8 | 83,3 | Trade debtors | 14.2 | 12.1 | |
| 443,4 | 628,0 | Other debtors | 106.8 | 91.0 | |
| 109,8 | 155,5 | Prepayments and accrued income | 26.4 | 22.5 | |
| 612,0 | 866,8 | 147.4 | 125.6 | ||
| 13. | Cash and cash equivalents | ||||
| 143,8 | 32,8 | Unlisted redeemable cumulative preference shares at cost | 5.6 | 29.5 | |
| 242,2 | ? | Deposits, short-term and call, with Anglo American Corporation of South Africa Limited | ? | 49.7 | |
| 778,5 | 1 285,2 | Cash | 218.5 | 159.9 | |
| 1 164,5 | 1 318,0 | 224.1 | 239.1 | ||
| 14. | Share capital and premium | ||||
| Authorised | |||||
| 100,0 | 100,0 | 200 000 000 ordinary shares of 50 cents each | 30.0 | 30.0 | |
| 1,0 | 1,0 | 2 000 000 A redeemable preference shares of 50 cents each | 0.3 | 0.3 | |
| 0,1 | 0,1 | 5 000 000 B redeemable preference shares of 1 cent each | ? | ? | |
| 101,1 | 101,1 | 30.3 | 30.3 | ||
| Issued | |||||
| 97 853 199 (1997: 97 839 399) ordinary shares of 50 cents each | |||||
| 48,9 | 48,9 | Opening balance | 10.0 | 10.0 | |
| ? | ? | Arising from the issue of 13 800 shares | ? | ? | |
| Translation adjustment | (1.7) | ? | |||
| 48,9 | 48,9 | Closing balance | 8.3 | 10.0 | |
| 1,0 | 1,0 | 2 000 000 A redeemable preference shares of 50 cents each | 0.3 | 0.3 | |
| ? | ? | 778 896 B redeemable preference shares of 1 cent each | ? | ? | |
| 1,0 | 1,0 | 0.3 | 0.3 | ||
| (1,0) | (1,0) | Less: Held within the group | (0.3) | (0.3) | |
| ? | ? | Closing balance | ? | ? | |
1997 |
1998 |
1998 |
1997 | ||
SA Rand |
US Dollars |
||||
| 14. | Share capital and premium (continued) | ||||
| Share premium | |||||
| 5 302,7 | 5 302,7 | Opening balance | 1 088.4 | 1 090.4 | |
| ? | 2,9 | Movement arising from shares issued | 0.6 | ? | |
| ? | (86,8) | Share issue expenses written off | (16.1) | ? | |
| Translation adjustment | (185.6) | (2.0) | |||
| 5 302,7 | 5 218,8 | Closing balance | 887.3 | 1 088.4 | |
| 5 351,6 | 5267,7 | Total share capital and premium | 895,6 | 1 098,4 | |
| 15. | Borrowings | ||||
| Unsecured loans | |||||
| 532,8 | 590,1 | Loans from Anmercosa Finance Limited | 100.4 | 109.3 | |
| Interest charged at libor plus 2% per annum. Loan is repayable in eight half-yearly instalments terminating in May 2002 | |||||
| 61,9 | 97,6 | Loan From Debsam Limited | 16.5 | 12.7 | |
| Interest charged at libor plus 2% per annum. The payment date and terms are not yet determined | |||||
| 82,8 | 17,4 | Interest-free loans | 3.0 | 17.0 | |
| 14,1 | 10,8 | Loan from the Economic Development Corporation Limited | 1.8 | 2.9 | |
| Interest charged at libor plus 0,6% per annum repayable in half-yearly instalments terminating December 2002 | |||||
| 3,7 | 3,1 | Other | 0.5 | 0.8 | |
| 695,3 | 719,0 | Total borrowings | 122.2 | 142.7 | |
| Amounts falling due: | |||||
| 153,2 | 175,3 | Between one and two years | 29.8 | 31.5 | |
| 495,5 | 525,9 | Between two and five years | 89.4 | 101.7 | |
| 46,6 | 17,8 | In five years or more | 3.0 | 9.5 | |
| 695,3 | 719,0 | Total borrowings | 122.2 | 142.7 | |
| (3,5) | (4,3) | Current portion of borrowings included in current liabilities | (0.7) | (0.7) | |
| 691,8 | 714,7 | 121.5 | 142.0 | ||
| 16. | Debentures | ||||
| 420 500 unsecured variable rate compulsory convertible debentures | |||||
| ? | 92,2 | issued in terms of the Share Incentive Scheme. | 15.7 | ? | |
| Interest on these debentures is payable annually at the official interest rate per the seventh schedule of the Income Tax Act | |||||
| The terms and conditions of the debentures are detailed in the directors report | |||||
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