| 43. |
Financial instruments (continued) |
|
Financial risk management (continued) |
|
Credit risk (continued) |
|
The carrying amount of the financial assets represents the Group's maximum exposure to credit risk without taking into
consideration any collateral provided: |
|
|
|
Maximum credit risk |
| |
|
|
2007
Rm |
2006
Rm |
|
Financial assets and other credit exposures |
|
|
|
|
Investments held by environmental trusts |
|
120 |
— |
|
Other financial assets |
|
116 |
110 |
|
Accounts receivable |
|
4,246 |
4,605 |
|
Derivative financial assets |
|
3 |
5 |
|
Cash and cash equivalents |
|
4,079 |
4,988 |
| |
|
|
8,564 |
9,708 |
|
The Group has the following amounts due from major customers: |
|
|
2007 |
| |
|
Number of
customers |
Value
Rm |
Percentage
|
|
Greater than R200 million |
6 |
2,290 |
74 |
|
Greater than R100 million but less than R200 million |
2 |
370 |
12 |
|
Less than R100 million |
58 |
447 |
14 |
| |
|
66 |
3,107 |
100 |
|
|
|
2006 |
| |
|
Number of
customers |
Value
Rm |
Percentage
|
|
Greater than R200 million |
6 |
2,370 |
83 |
|
Greater than R100 million but less than R200 million |
3 |
396 |
14 |
|
Less than R100 million |
37 |
105 |
3 |
| |
|
46 |
2,871 |
100 |
|
Derivatives – not recognised |
| |
The Group holds a call option over 16.95% (31 December 2006: 17.04%) stake in Northam Platinum Limited, which option is
conditional upon the current owner achieving certain ownership thresholds by historically disadvantaged persons on or before
31 March 2008. This option has been extended on four occasions and now the conditions must be met by 31 March 2008. Due
to the conclusion of the transaction with Mvelaphanda (refer to note 26), this option is not expected to be extended again. The
call option is exercisable at R13.45 per share (31 December 2006: R8.60). No fair value is attributed to this option as it is
contingent upon the event explained above. |
