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	Home          Profile & mission          Key features          Chairman‘s statement          The board & executive          CEOs‘ review          Finance review       +   Market review       +   Operations review          Ore reserves & mineral resources review          Projects review       +   Company statistics            Financial statements Approval of the Annual Financial Statements Declaration by the Company Secretary Auditor‘s Report Directors‘ Report Remuneration Report Audit Committee Report Principal accounting policies Consolidated Income Statement Segmental Information Consolidated Balance Sheet Consolidated Cash Flow Statement Group Statement of Recognised Income and Expense United States Dollar Equivalent Consolidated Income Statement United States Dollar Equivalent Consolidated Balance Sheet United States Dollar Equivalent Consolidated Cash Flow Statement Notes to the Consolidated Financial Statements Annexures Appendix 1       +   Directorate & management       +   Shareholders‘ information	Financial statements  |  Notes to the Consolidated Financial Statements   print page   email page   PDF 639KB Explore Notes ---------------------------------------------------------------------------------------------- 1. Gross sales revenue ---------------------------------------------------------------------------------------------- 2. Exchange rates to the South African rand ---------------------------------------------------------------------------------------------- 3. Cash operating costs ---------------------------------------------------------------------------------------------- 4. Depreciation of operating assets ---------------------------------------------------------------------------------------------- 5. Other costs ---------------------------------------------------------------------------------------------- 6. Other net expenditure ---------------------------------------------------------------------------------------------- 7. Interest expensed and received ---------------------------------------------------------------------------------------------- 8. Profit before taxation ---------------------------------------------------------------------------------------------- 9. Taxation ---------------------------------------------------------------------------------------------- 10. Earnings per ordinary share ---------------------------------------------------------------------------------------------- 11. Reconciliation between net profit       and headline earnings ---------------------------------------------------------------------------------------------- 12. Ordinary and preference dividends ---------------------------------------------------------------------------------------------- 13. Property, plant and equipment ---------------------------------------------------------------------------------------------- 14. Capital work-in-progress ---------------------------------------------------------------------------------------------- 15. Exploration and evaluation ---------------------------------------------------------------------------------------------- 16. Investment in associates ---------------------------------------------------------------------------------------------- 17. Joint ventures ---------------------------------------------------------------------------------------------- 18. Investments held by environmental trusts ---------------------------------------------------------------------------------------------- 19. Other financial assets ---------------------------------------------------------------------------------------------- 20. Other non-current assets ---------------------------------------------------------------------------------------------- 21. Inventories ---------------------------------------------------------------------------------------------- 22. Accounts receivable ---------------------------------------------------------------------------------------------- 23. Other assets ---------------------------------------------------------------------------------------------- 24. Derivative financial assets ---------------------------------------------------------------------------------------------- 25. Cash and cash equivalents ---------------------------------------------------------------------------------------------- 26. Assets held for sale ---------------------------------------------------------------------------------------------- 27. Combined statement of movement in       shareholders’ funds and       movement in reserves ---------------------------------------------------------------------------------------------- 28. Share capital ---------------------------------------------------------------------------------------------- 29. Deferred taxation ---------------------------------------------------------------------------------------------- 30. Environmental obligations ---------------------------------------------------------------------------------------------- 31. Employee benefits ---------------------------------------------------------------------------------------------- 32. Obligations due under finance leases ---------------------------------------------------------------------------------------------- 33. Interest-bearing borrowings ---------------------------------------------------------------------------------------------- 34. Accounts payable ---------------------------------------------------------------------------------------------- 35. Other liabilities ---------------------------------------------------------------------------------------------- 36. Related party transactions ---------------------------------------------------------------------------------------------- 37. Reconciliation of profit before       taxation to cash from operations ---------------------------------------------------------------------------------------------- 38. Taxation paid ---------------------------------------------------------------------------------------------- 39. Purchase of property, plant and equipment ---------------------------------------------------------------------------------------------- 40. Commitments ---------------------------------------------------------------------------------------------- 41. Contingent liabilities ---------------------------------------------------------------------------------------------- 42. Change in accounting estimate ---------------------------------------------------------------------------------------------- 43. Financial instruments ---------------------------------------------------------------------------------------------- 44. Analysis of shareholders ---------------------------------------------------------------------------------------------- 45. Revision of conversion price applicable       to convertible preference shares ---------------------------------------------------------------------------------------------- 46. Comparative figures ---------------------------------------------------------------------------------------------- 47. Post-balance events ----------------------------------------------------------------------------------------------
		Notes to the Consolidated Financial Statements 31. Employee benefits (continued) Retirement funds Separate funds, independent of the Group, provide retirement and other benefits to all employees. These funds consist of defined contribution plans and a defined benefit plan. All funds are subject to the Pension Funds Act, 1956. The Amplats Officials Pension Fund is in the process of being wound up, whereupon the administration of pensioners will be outsourced and active members will be transferred to an appropriate retirement fund.  Defined contribution plans Contributions are made to the following defined contribution plans:     Number of members* Number of pensioners Employer contributions Rm Market value of fund assets Rm 2007 Amplats Retirement Fund 1,250 — 47 611 Amplats Mines Retirement Fund 13,301 — 220 2,582 MRR Retirement Fund 1,083 — 23 505 Amplats Group Provident Fund 38,812 — 266 2,711 Amplats Officials Pension Fund 13 2,736 — * 210     54,459 2,736 556 6,619 2006 Amplats Retirement Fund 1,259 40 540 Amplats Mines Retirement Fund 11,579 189 2,351 MRR Retirement Fund 1,102 22 474 Amplats Group Provident Fund 32,374 221 2,382 Amplats Officials Pension Fund 16 2,741 —* 196     46,330 2,741 472 5,943   * Certain members are not in the employment of the Group, while others are members of more than one fund Defined benefit plan Post-retirement medical aid benefits The post-retirement medical aid obligation is actuarially valued annually. The obligation was last valued as at 31 December 2007 using the projected unit credit method. The assumptions used in the valuation included estimates of life expectancy and long-term estimates of the increase in medical costs, appropriate discount rates and the level of claims based on the Group's experiences. The plan assets comprise a captive cell arrangement with Guardrisk, which arrangement exists to fund the Group's obligations towards pensioners. The funds are invested in the money market and the medical aid premiums are paid by Guardrisk to the medical aid funds on behalf of the Group. The Group expects to make a contribution of R12,959,100 (2007: R12,705,000) to the captive cell for the 2008 year. The actual return on plan assets for the year amounted R5,639,904 (2006: R4,941,971).          2007 2006 The principal actuarial assumptions used were as follows:     Actuarial assumptions Discount rate (nominal) 8.0% 8.3% Healthcare cost inflation 6.3% 6.3% Expected return on reimbursive rights 9.0% 9.3% Membership In-service members 314 337   Continuation members     1,072 1,185
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