,490 17, ,420 11, ,540 13, , ,330 8, ,710 10, ,050 22,200

Transcription

1 88 EXXARO ANNUAL REVIEW 011 ANNEXURE 1 NON-CURRENT INTEREST-BEARING BORROWINGS LOCAL Unsecured loans Secured loans Final repayment date Rate of interest per year (payable half-yearly) Rate of interest per year (payable half-yearly) GROUP COMPANY Fixed Floating Fixed Floating % % % % Rm Rm Rm Rm 013 6,830 6, ,830 6, ,830 6, ,930 6, ,830 6, ,930 6, ,830 6, ,930 6, ,830 6, ,930 6, ,830 6, ,677 7, ,650 8, ,960 9, ,130 1, ,490 17, ,40 11, ,540 13, , ,330 8, ,710 10, ,050, ,150 3,

2 Financial statements 89 FOREIGN Unsecured loans (US$) FOREIGN Secured loans (US$) Final repayment date Rate of interest per year (payable half-yearly) Rate of interest per year (payable half-yearly) GROUP COMPANY Fixed Floating Fixed Floating % % % % Rm Rm Rm Rm 011 8, ,550 7, ,790 3, , Total non-current interest-bearing borrowings (refer note ) Finance Leases recognised due to IFRIC4 Determining whether an Agreement contains a Lease 1 Finance lease agreement between Exxaro Sands Proprietary Limited and Mhlathuze Water in respect of a plant with a book value of Rnil million for 011 and 010. Finance lease agreement between FerroAlloys Proprietary Limited and African Qxygen Limited (Afrox) in respect of machinery and equipment with a book value of Rnil million for 011 and Finance lease agreement between Exxaro Sands Proprietary Limited and Eskom in respect of buildings with a book value of Rnil million for 011 and Finance lease agreement between Exxaro TSA Sands Proprietary Limited and Air Products in respect of a plant with a book value of R1 million (010: R3 million). 5 Finance lease agreement between Rosh Pinah Zinc Corporation Proprietary Limited and Trentyre Namibia Proprietary Limited in respect of a plant with a book value of R million. 6 Finance lease agreement between Exxaro TSA Sands Proprietary Limited and Mhlathuze Water in respect of a plant with a book value of R13 million (010: R13 million). 7 Finance lease agreement between Exxaro TSA Sands Proprietary Limited and Eskom in respect of buildings with a book value of R8 million (010: R9 million). 8 Finance lease agreement between Exxaro Sands Proprietary Limited and Kusasa Bulk Terminals (Phase 1) in respect of a plant with a book value of R7 million (010: R8 million). 9 Finance lease agreement between Exxaro Sands Proprietary Limited and Kusasa Bulk Terminals (Phase ) in respect of a plant with a book value of R30 million (010: R31 million). 10 A syndicated loan facility of US$45 million (variable interest rate), of which US$34 million was drawn on 31 December US$60 million senior notes (fixed interest rate) issued by Ticor Finance (A.C.T.) Proprietary Limited, an entity controlled by Exxaro Australia Sands Proprietary Limited. 1 A trade receivable facility from Investec Limited that is secured for the outstanding amount of US$1,50,000 (US$4,50,000 on 31 December 010),against pigment receivables for that amount. 13 Finance lease agreement for the Co-generation plant with a book value of R6 million, for the Kwinana Pigment Plant.

3 90 EXXARO ANNUAL REVIEW 011 ANNEXURE INVESTMENTS IN ASSOCIATES, JOINT VENTURES AND OTHER INVESTMENTS Nature of business 1 Country of incorporation shares held Group carrying amount Company carrying amount Percentage holding % % Rm Rm Rm Rm Year-end other than 31 December ASSOCIATED COMPANIES Unlisted Black Mountain Mining Proprietary Limited A RSA 60 6,00 6, March Chifeng Kumba Hongye Zinc Corporation Limited A & M CH ,00 38, Chifeng NFC Kumba Hongye Zinc Corporation Limited A & M CH ,00 5, Sishen Iron Ore Company Proprietary Limited A RSA ,98 0, Total associated companies (refer note 15) JOINT VENTURES Incorporated Unlisted Mafube Coal Mining Proprietary Limited A RSA 50 50,00 50,00 RoshSkor Township Proprietary Limited C NAM 50 50,00 50,00 30 June South Dunes Coal Terminal Co Proprietary Limited C RSA ,33 33,33 Thakweneng Mineral Resources Proprietary Limited E RSA 1 50,00 50,00 Rosh Pinah Health Care Proprietary Limited C NAM 31 31,00 31,00 Unincorporated Moranbah Coal Project A 50,00 Tiwest A 50,00 INVESTMENT COMPANIES Listed Kumba Iron Ore Limited 3 4 Unlisted Richards Bay Coal Terminal Other 7 Total other investments (refer note 17) CLASSIFIED AS NON-CURRENT ASSETS HELD FOR SALE TOTAL INVESTMENTS The investments are valued at statement of financial position date. Listed shares are valued at market value and unlisted shares at directors value. Unlisted investments in associates directors valuation Listed other investments market value 44 Unlisted other investments directors valuation Unlisted investments included in non-current assets held for sale directors valuation Where the above entities financial year-ends are not co-terminous with that of the company, financial information has been obtained from published information or management accounts as appropriate. 1 A Mining, C Service, E Exploration, M Manufacturing. RSA Republic of South Africa, CH People s Republic of China, NAM Namibia. 3 Included in the market valuation of 011 is an amount of R40 million in respect of Kumba Iron Ore Limited, which is classified as derivative debtors. 4 Included in the directors valuation of 011 is an amount of R33 million (010: R31 million) in respect of RBCT, which is classified as other debtors.

4 Financial statements 91 The group s effective share of statement of financial position, income statement and cash flow items in respect of associated companies and joint ventures is as follows: Associated companies Joint ventures Rm Rm Rm Rm INCOME STATEMENTS Revenue Operating expenses (3 97) (3 473) ( 19) (1 835) NET OPERATING PROFIT Net financing income/(expense) 3 (34) (7) (101) PROFIT BEFORE TAX Income tax expense ( 010) (1 390) (111) (33) PROFIT FOR THE YEAR NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS STATEMENTS OF FINANCIAL POSITION Non-current assets Current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity attributable to owners of the parent Non-current liabilities Interest-bearing borrowings Non-current provisions Deferred tax Other Current liabilities Trade and other payables Interest-bearing borrowings Current tax payable Current provisions Other TOTAL EQUITY AND LIABILITIES STATEMENTS OF CASH FLOWS Net cash flows from operating activities Net cash flows from investing activities (1 19) (974) 07 (456) Net cash flows from financing activities (60) (11) (31) 3 Net increase/(decrease) in cash and cash equivalents (4)

5 9 EXXARO ANNUAL REVIEW 011 ANNEXURE 3 INVESTMENTS IN SUBSIDIARIES 1 DIRECT INVESTMENTS Country of incorporation Nature of business 3 Public Interest Score 4 Issued capitalunlisted ordinary shares Investment in shares Indebtedness R R R Rm Rm AlloyStream Proprietary Limited RSA M AlloyStream Holdings Proprietary Limited RSA H Amakhala Emoyeni RE Project 1 Proprietary Limited 5 RSA M Cennergi Proprietary Limited 5 RSA H Clipeus Investment Holdings Proprietary Limited RSA H Colonna Properties Proprietary Limited RSA B Cullinan Refractories Limited RSA A Exxaro Australia Iron Holdings Proprietary Limited 5 AUS H 15 Exxaro Base Metals and Industrial Minerals Holdings Proprietary Limited RSA H Exxaro Base Metals Proprietary Limited RSA M Exxaro Chairman s Fund RSA T 46 Exxaro Coal Proprietary Limited RSA A Exxaro Coal Botswana Holding Company Proprietary Limited BOT H 00 Exxaro Employee Empowerment Participation Scheme Trust RSA T Exxaro Environmental Rehabilitation Fund RSA T 30 Exxaro Esmore Cooperatief U.A. 6 NE J Exxaro FerroAlloys Proprietary Limited RSA M (56) (3) Exxaro Foundation RSA T 1 Exxaro Holdings Proprietary Limited RSA H Exxaro Holdings Sands Proprietary Limited 7 RSA H Exxaro Insurance Company Limited RSA I Exxaro On-Site Proprietary Limited RSA C Exxaro People Development Initiative NPC RSA E 3 Exxaro Properties (Groenkloof) Proprietary Limited RSA B Exxaro TSA Sands Proprietary Limited 7 RSA M Exxaro Sands Proprietary Limited 7 RSA A Ferroland Grondtrust Proprietary Limited RSA D 63 6 Gravelotte Iron Ore Company Proprietary Limited 8 RSA M Glen Douglas Dolomite Proprietary Limited 9 RSA A Kumba Resources Management Share Trust RSA T 14 (31) (30) Rocsi Holdings Proprietary Limited RSA H Skyprops 11 Proprietary Limited RSA H

6 Financial statements 93 INDIRECT INVESTMENTS Country of incorporation Nature of business 3 Public Interest Score 4 Issued capitalunlisted ordinary shares Investment in shares Indebtedness R R R Rm Rm Coastal Coal Proprietary Limited RSA A (1) (35) Exxaro Australia Iron Investment Proprietary Limited 5 AUS H 15 Exxaro Australia Proprietary Limited AUS A & P 11 1 Exxaro Australia Sands Proprietary Limited 7 AUS C (15) 1 Exxaro Base Metals (Namibia) Proprietary Limited 7 NAM H Exxaro Base Metals China Limited HK H Exxaro Base Metals International BV NE P Exxaro Coal Botswana Proprietary Limited (75%) BOT P 00 Exxaro Coal Mpumalanga Proprietary Limited RSA A Exxaro Coke Proprietary Limited 8 RSA M 1 Exxaro Esmore Cooperatief U.A. 5 NE J Exxaro Finance Ireland IRL F Exxaro Holdings (Australia) Proprietary Limited 7 AUS H 5 Exxaro International BV NE H Exxaro International Coal Trading BV NE C Exxaro International Trading BV NE C Exxaro Investments (Australia) Proprietary Limited 7 AUS H 5 Exxaro Maden Arama ve Madencilik Limited Sti TUR P 3 51 Exxaro Madencilik Sanayi Ve Ticaret Anonim Sirketi (76%) 9 TUR P Exxaro Mineral Sands BV NE P Exxaro Reductants Proprietary Limited RSA M Exxaro Sands Holdings BV 7 NE H Ferrowest Shareblock Proprietary Limited (95%) RSA B Inyanda Coal Proprietary Limited RSA A Lephalale Solar Farm Proprietary Limited 5 RSA M 1 1 Letsatsi Solar Farm Proprietary Limited 5 RSA M 1 1 Omacor Sac 10 PERU G 10 Oreco Leasing Limited MAU F 1 Pigment Holdings Proprietary Limited 7 AUS C 10 Rosh Pinah Mine Holdings Proprietary Limited 7 NAM H Rosh Pinah Zinc Corporation Proprietary Limited (50,064%) 7 NAM A Senbar Holdings Proprietary Limited 7 AUS C 10

7 94 EXXARO ANNUAL REVIEW 011 ANNEXURE 3 INVESTMENTS IN SUBSIDIARIES 1 CONTINUED INDIRECT INVESTMENTS continued Country of incorporation Nature of business 3 Public Interest Score 4 Issued capitalunlisted ordinary shares Investment in shares Indebtedness R R R Rm Rm Synthetic Rutile Holdings Proprietary Limited 7 AUS C 10 The Vryheid (Natal) Railway Coal and Iron Company Limited RSA A Ticor Finance (A.C.T.) Proprietary Limited 7 AUS F 10 Ticor Resources Proprietary Limited 7 AUS H Tific Proprietary Limited 7 AUS H 10 TiO Corporation Proprietary Limited 7 AUS H Tiqua Wind Farm Proprietary Limited 5 RSA M Tsitsikamma Community Wind Farm Proprietary Limited 5 RSA M 1 1 Yalgoo Minerals Proprietary Limited 7 AUS A TOTAL INVESTMENTS IN SUBSIDIARIES (refer note 16) At 100% holding except where otherwise indicated. RSA Republic of South Africa, AUS Australia, NAM Namibia, HK Hong Kong, IRL Ireland, MAU Mauritius, NE Netherlands, BOT Botswana, TUR Turkey. 3 A Mining, B Property, C Service, D Land management, E Not for profit company, F Finance, G Dormant, H Holdings, I Insurance, J Cooperative, M Manufacturing, P Exploration, T Trust. 4 Public Interest scores only applicable to entities incorporated in the Republic of South Africa. 5 Incorporated in Cooperative in Rotterdam, Netherlands with the following members: Exxaro Resources Limited and Exxaro Holdings Proprietary Limited. 7 Reclassified during 011 as non-current asset classified as held-for-sale. 8 Name has changed during the year ended 31 December 011 from Exxaro Coke Proprietary Limited to Gravelotte Iron Ore Company Proprietary Limited and shareholding was transferred from Exxaro Coal Proprietary Limited to Exxaro Resources Limited. 9 Disposed of through sale during the year ended 31 December Deregistered during 010.

8 Financial statements 95 ANNEXURE 3 CONTINUED INVESTMENTS IN SUBSIDIARIES TERMS AND CONDITIONS OF INDEBTEDNESS TO AND FROM SUBSIDIARIES Final repayment date Rate of interest per year (payable half-yearly) Floating Floating % % Rm Rm FirstRand Bank Limited, acting through its Rand Merchant Bank division 013 6,830 6, FirstRand Bank Limited, acting through its Rand Merchant Bank division 013 6,830 6, FirstRand Bank Limited, acting through its Rand Merchant Bank division 013 6,830 6, FirstRand Bank Limited, acting through its Rand Merchant Bank division 013 6,930 6, Anglo American SA Finance Limited 013 6,830 6, Anglo American SA Finance Limited 013 6,930 6, Anglo American SA Finance Limited 013 6,830 6, Anglo American SA Finance Limited 013 6,930 6, Anglo American SA Finance Limited 013 6,830 6, Anglo American SA Finance Limited 013 6,930 6, Internal loan with Exxaro Resources Limited with no back-to-back 013 6,830 6, ABSA Bank Limited 015 6,677 7, Total unsecured non-current loans Interest-bearing current loans payable Current portion of non-current loans Non-interest-bearing current loans Current loans Total (refer note 16) There was no indebtedness to and from subsidiaries with fixed rate of interest per year. Interest charged at average overnight money market rates.

9 96 EXXARO ANNUAL REVIEW 011 ANNEXURE 4 SHAREHOLDER ANALYSIS Registered shareholder spread At 31 December 011 Shareholder spread holders % of total shareholders shares % of issued capital shares , , shares , , shares 518 1, , shares 10 0, , shares and above 1 0, ,04 Total , ,00 Public and non-public shareholdings Shareholder type holders % of total shareholders shares % of issued capital Non-public shareholders 9 0, ,96 Main Street 333 Proprietary Limited 1 0, ,66 Anglo American Corp of SA Limited 1 0, ,81 Kumba Management Share Trust 1 0, ,45 Konar D 1 0, ,00 De Klerk WA 1 0, ,01 Nkosi SA* Mntambo VZ** Zihlangu D** Sowazi NL** Subsidiary directors 14 0, ,03 Public shareholders , ,04 Total , ,00 * shares held directly through the Kumba Management Share Trust, and shares held indirectly through Main Street 333 Proprietary Limited. ** Indirectly held through Main Street 333 Proprietary Limited. Substantial investment management and beneficial interests above 3% Beneficial shareholdings Total shareholding % Main Street 333 Proprietary Limited ,66 Anglo American Corp of SA Limited ,81 Government Employees Pension Fund (PIC) ,13 Beneficial shareholder categories Category Total shareholding % of issued capital Black economic empowerment ,66 Pension funds ,96 Corporate holding ,9 Unit trusts/mutual funds ,3 Other ,94 Private investors ,17 Sovereign wealth ,0 Insurance companies ,76 Custodians ,95 Local authority ,8 American depositary receipts ,7 Investment trust ,14 Exchange-traded fund ,13 Hedge fund ,11 University ,01 Charity ,01 Remainder ,35 Total ,00