| |
|
2007
Rm |
|
2006
Rm |
| 16. |
Investment in associates (continued) |
|
|
|
|
Investment in redeemable preference shares |
|
|
|
|
The subscription for the redeemable preference shares in JMFC is treated as initial
funding by the Group. Johnson Matthey also provides initial funding in the form of
interest-bearing debt. The economic return on the redeemable preference shares
matches the economic return of the initial funding provided by the controlling
shareholder, which will equate to United Kingdom market returns. The redeemable
preference shares are redeemable proportional to the repayment of the initial
funding of the controlling shareholder. Preference dividends are cumulative. The
summarised pro forma management accounts of JMFC for the 12 months ended
31 December are outlined below: |
|
|
|
|
Income statement |
|
|
|
| |
Net operating loss before taxation |
(153) |
|
(111) |
|
Taxation |
23 |
|
21 |
| |
Net loss after taxation |
(130) |
|
(90) |
|
Balance sheet |
|
|
|
|
Non-current assets |
422 |
|
448 |
|
Current assets |
106 |
|
69 |
| |
|
528 |
|
517 |
|
Non-current liabilities |
12 |
|
54 |
|
Current liabilities |
1,030 |
|
715 |
|
Equity |
(514) |
|
(252) |
| |
|
528 |
|
517 |
|
Unlisted investment: Pandora |
|
|
|
|
The Group, Eastern Platinum Limited, Northam Platinum Limited and Bapo Mogale
Mining Company (Pty) Limited have entered into a 42.5:42.5:7.5:7.5 arrangement.
In terms of the agreement, the Group contributes certain mineral rights to the
venture, while Eastern Platinum Limited contributes certain surface infrastructure. |
|
|
|
|
Income statement |
|
|
|
|
Net profit before taxation |
317 |
|
219 |
|
Taxation |
(92) |
|
(64) |
| |
Net profit after taxation |
225 |
|
155 |
|
Balance sheet* |
|
|
|
|
Non-current assets |
162 |
|
|
|
Current assets |
805 |
|
|
| |
|
967 |
|
|
|
Non-current liabilities |
15 |
|
|
|
Current liabilities |
416 |
|
|
|
Equity |
536 |
|
|
| |
|
967 |
|
|
|
|
