| |
| |
| Notes to the Consolidated Financial Statements |
| |
|
2007
Rm |
|
2006
Rm |
| 16. |
Investment in associates (continued) |
|
|
|
|
Listed investment: Northam Platinum Limited (Northam) |
|
|
|
|
As at 31 December 2007 the Group held 53 102 926 (2006: 53 102 926) shares in
Northam representing a 22.4% interest. Northam operates a mine and processing
plants on the Bushveld Complex of South Africa. This company has a 30 June year
end. The Group announced its plans to sell its interest in Northam to Mvelaphanda
(refer note 26) hence the Group ceased equity accounting the investment from the
date of announcement and the investment has been classified as held for sale and
accounted for in accordance with the Group's accounting policy in respect of noncurrent
assets held for sale.
The summarised pro forma financial statements of Northam Platinum Limited
for the nine months ended 30 September 2007 (2006: 12 months ended
31 December 2006) are outlined below: |
|
|
|
|
Income statement |
|
|
|
| |
Gross sales revenue |
2,647 |
|
3,023 |
|
Net profit before taxation |
1,513 |
|
1,599 |
|
Taxation |
(627) |
|
(559) |
| |
Net profit after taxation |
886 |
|
1,040 |
|
Balance sheet |
|
|
|
|
Non-current assets |
|
|
1,534 |
|
Current assets |
|
|
1,499 |
| |
|
|
|
3,033 |
|
Non-current liabilities |
|
|
387 |
|
Current liabilities |
|
|
493 |
|
Equity |
|
|
2,153 |
| |
|
|
|
3,033 |
|
Unlisted investment: Johnson Matthey Fuel Cells Limited (JMFC) |
|
|
|
| |
At 31 December 2007 the Group held 17,5% of the equity and 43% of the voting rights in JMFC, incorporated in the United
Kingdom. The interest is represented by 35 ordinary shares (acquired for GBP13 million) and 7 million redeemable preference
shares (acquired for GBP7 million). JMFC carries on research and development for the enhancement and development of fuel
cells and associated hydrogen generation technology from fuels and the commercial exploitation thereof including the
manufacture and sale of fuel cell-related products. This company has a March year end, however equity accounting to
December is based on management accounts. |
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