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COMPANY – NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 8. TAXATION Rand million 2011 2010 Charge to income SA normal tax Current year 21 35 STC 74 – Total 95 35 % 2011 2010 Reconciliation of taxation rates Taxation as a percentage of profit before taxation 0.7 0.5 Taxation effect of: Capital profits (0.6) – Disallowable expenditure (0.1) (0.1) Exempt income 28.0 27.6 Standard tax rate 28.0 28.0 9. CASH UTILISED BY OPERATIONS Rand million 2011 2010 Operating loss (44) (33) Adjusted for: Movement in provisions – (1) Share-based payment expense 13 15 Cash flows from operations (31) (19) Working capital movements: Decrease in other receivables 8 12 Increase in other payables 26 13 3 6 10. NORMAL TAXATION PAID Rand million 2011 2010 Amounts unpaid at beginning of year (4) (23) Amounts charged to the income statement 95 35 Amount paid during the period (114) (16) Current tax asset at end of year (23) (4) 74 Kumba Iron Ore Limited
11. RELATED PARTY TRANSACTIONS During the year Kumba in the ordinary course of business, entered into various sale and purchase of goods and services transactions with its subsidiaries SIOC and Main Street 576 (Pty) Ltd as well as its holding company, Anglo American plc. The effects of these transaction is included in the results of Kumba. These transactions occurred under terms that are no less favourable than those arranged with third parties. Holding company Anglo American plc is Kumba’s ultimate holding company. The interest in Kumba is held through a 65.22% holding by Anglo South Africa Capital (Pty) Limited (2010: 65.25%). Subsidiaries Details of investments in and loans to/from subsidiaries are disclosed in annexure 1. Shareholders The principal shareholders of the company are detailed under “Shareholder analyses” on page 84. Material related party transactions Rand million 2011 2010 Purchase of goods and services and finance charges Holding company – Anglo American plc 1 (2011 and 2010
Page 1 and 2:
KUMBA IRON ORE ANNUAL FINANCIAL STA
Page 3 and 4:
KUMBA AT A GLANCE BROAD AND MEANING
Page 5 and 6:
INTEGRATED REPORTING THE INTEGRATED
Page 7 and 8:
OPERATING PROFIT (R billion) CAGR:5
Page 9 and 10:
17 13 OPERATING EXPENDITURE Rand mi
Page 11 and 12:
Net debt Kumba’s net cash positio
Page 13 and 14:
productivity improvement project,
Page 15 and 16:
CERTIFICATE OF THE COMPANY SECRETAR
Page 17 and 18:
DIRECTORS’ REPORT FOR THE YEAR EN
Page 19 and 20:
SEGMENT RESULTS Refer to note 36,
Page 21 and 22:
REPORT OF THE AUDIT COMMITTEE FOR T
Page 23 and 24:
REMUNERATION REPORT FOR THE YEAR EN
Page 25 and 26:
Both fixed and variable components
Page 27 and 28: Executive directors’ short-term i
Page 29 and 30: Long-term incentive schemes: intere
Page 31 and 32: PRINCIPAL ACCOUNTING POLICIES FOR T
Page 33 and 34: On disposal of part or all of the i
Page 35 and 36: The average LOM stripping ratio is
Page 37 and 38: The group’s criteria for a deriva
Page 39 and 40: The group recognises termination be
Page 41 and 42: 5.2 Waste stripping costs The rate
Page 43 and 44: GROUP INCOME STATEMENT/ STATEMENT O
Page 45 and 46: GROUP CASH FLOW STATEMENT FOR THE Y
Page 47 and 48: 1. PROPERTY, PLANT AND EQUIPMENT co
Page 49 and 50: 4. INVESTMENTS HELD BY ENVIRONMENTA
Page 51 and 52: 9. INTEREST-BEARING BORROWINGS Rand
Page 53 and 54: 10. PROVISIONS continued Change in
Page 55 and 56: 15. OPERATING EXPENSES Rand million
Page 57 and 58: 19. TAXATION Rand million 2011 2010
Page 59 and 60: 22. EQUITY-SETTLED SHARE-BASED PAYM
Page 61 and 62: 23. NON-CONTROLLING INTEREST Rand m
Page 63 and 64: 29. FINANCIAL INSTRUMENTS The group
Page 65 and 66: 29. FINANCIAL INSTRUMENTS continued
Page 67 and 68: 29. FINANCIAL INSTRUMENTS continued
Page 69 and 70: 32. COMMITMENTS Rand million 2011 2
Page 71 and 72: 35. RELATED PARTY TRANSACTIONS cont
Page 73 and 74: COMPANY BALANCE SHEET AS AT 31 DECE
Page 75 and 76: COMPANY CASH FLOW STATEMENT FOR THE
Page 77: 4. SHARE CAPITAL AND SHARE PREMIUM
Page 81 and 82: ANNEXURE 2: INVESTMENTS IN ASSOCIAT
Page 83 and 84: LONG-TERM INCENTIVE PLAN continued
Page 85 and 86: MANAGEMENT SHARE OPTION SCHEME cont
Page 87 and 88: ANNEXURE 5: INCOME STATEMENT - US D
Page 89 and 90: BREAKDOWN OF NON-PUBLIC HOLDINGS BR
Page 91 and 92: NOTES Annual Financial Statements 2
Page 93: 4771/11
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