Download Annual Report 2006 - Foskor

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BALANCE SHEETas at 31 March 2006COMPANYGROUP12 months 9 months 12 months 9 monthsended ended ended endedMarch March March MarchR’000 NOTES 2006 2005 2006 2005ASSETSProperty, plant and equipment 5 1,678,998 1,403,844 1,680,601 1,698,547Ore stockpiling 50,677 65,619 50,677 65,619Intangible assets 6 27,438 29,871 27,438 29,919Investments in subsidiaries 7 83,083 83,083 – –Loans to subsidiaries 7 6,988 7,436 – –Investment in joint venture 8 25 25 25 25Available for sale investments 9 59,561 40,818 59,561 40,933Non-current receivables 10 – 306,357 – 1,066Non-current assets 1,906,770 1,937,053 1,818,302 1,836,109Inventory 11 528,917 468,935 529,004 470,404Ore stockpile short-term 12,818 12,134 12,818 12,134Prepaid taxation 3,100 1,131 3,905 3,880Receivables and prepayments 12 580,259 448,268 584,914 444,270Bank and cash balances 423,570 333,245 427,359 335,244Current assets 1,548,664 1,263,713 1,558,000 1,265,932Total assets 3,455,434 3,200,766 3,376,302 3,102,041EQUITY AND LIABILITIESShare capital 13 45,284 7,784 45,284 7,784Retained earnings 313,858 233,958 994,063 919,188Fair value reserve (13,766) (18,223) (13,766) (18,223)Shareholders’ equity 345,376 223,519 1,025,581 908,749Shareholders’ loan 14 1,450,000 1,450,000 1,450,000 1,450,000Total shareholders’ interest 1,795,376 1,673,519 2,475,581 2,358,749Non-interest-bearing borrowings 15 12,800 12,800 12,800 12,800Finance lease liability 16 34,167 36,989 34,167 36,989Environmental rehabilitation liability 25 152,442 152,442 152,442 152,442Loans from subsidiaries 7 761,631 810,684 – –Post-employment liability 24 201,739 136,375 201,739 136,375Deferred tax liabilities 17 – – – –Non-current liabilities 1,162,779 1,149,290 401,148 338,606Trade and other payables 18 448,940 358,400 449,811 365,471Provisions 19 45,516 16,538 45,516 16,538Finance lease liability 16 2,823 3,019 2,823 3,019Current tax liability – – 1,423 19,658Current liabilities 497,279 377,957 499,573 404,686Total equity and liabilities 3,455,434 3,200,766 3,376,302 3,102,04120
INCOME STATEMENTSfor the year ended 31 March 2006COMPANYGROUP12 months 9 months 12 months 9 monthsended ended ended endedMarch March March MarchR’000 NOTES 2006 2005 2006 2005Revenue 2,574,291 1,542,751 2,574,375 1,354,385Cost of sales (1,819,483) (1,351,204) (1,819,483) (1,058,151)Gross profit 754,808 191,547 754,892 296,234Other operating income 26,622 29,603 24,337 28,664Distribution costs (537,409) (325,627) (533,322) (321,776)Impairment of property, plant and equipment – (300,000) – (300,000)Other operating costs (124,621) (101,082) (126,538) (105,978)Premium on post-employment liability (83,278) (17,059) (83,278) (17,059)Operating profit/(loss) 1 36,122 (522,618) 36,091 (419,915)Net finance income/(costs) 2 27,560 19,318 27,777 (2,082)Net foreign exchange gain/(losses) 3 11,619 (5,386) 11,633 (5,484)Investment income 4,591 173,235 – –Share of the results of Joint Venture – 338 – 338Profit /(loss) before taxation 79,892 (335,113) 75,501 (427,143)Taxation 4 8 4,115 (626) (50,530)Net profit/(loss) for the year 79,900 (330,998) 74,875 (477,673)21
Page 2 and 3: MISSION• We accept our responsibi
Page 4 and 5: DIRECTORS AND MANAGEMENTList of Dir
Page 6 and 7: CHAIRMAN’S REVIEWOur focus is ong
Page 8 and 9: CHIEF EXECUTIVE OFFICER’S REVIEWW
Page 10 and 11: CHIEF EXECUTIVE OFFICER’S REVIEWW
Page 12 and 13: CHIEF FINANCIAL OFFICER’S REVIEWT
Page 14 and 15: CORPORATE REVIEWBOARD AND BOARD SUB
Page 16 and 17: We take from the earth,and we put b
Page 18 and 19: AUDITORS’ REPORTIndependent audit
Page 20 and 21: REPORT OF THE DIRECTORStechnical, o
Page 24 and 25: STATEMENT OF CHANGES IN EQUITYfor t
Page 26 and 27: PRINCIPAL ACCOUNTING POLICIESThe pr
Page 28 and 29: PRINCIPAL ACCOUNTING POLICIESAssets
Page 30 and 31: PRINCIPAL ACCOUNTING POLICIESHedge
Page 32 and 33: PRINCIPAL ACCOUNTING POLICIESExplan
Page 34 and 35: PRINCIPAL ACCOUNTING POLICIES23.2.4
Page 36 and 37: INCOME NOTES TO STATEMENTTHE FINANC
Page 52 and 53: NOTES INCOME TO STATEMENTTHE FINANC
Page 54 and 55: NOTES INCOME TO STATEMENTTHE FINANC
Page 56 and 57: FIVE YEAR REVIEWFoskor GroupAnnuali
Page 58 and 59: FIVE YEAR REVIEWFoskor Group3,0Rock
Page 60: ADMINISTRATIONSECRETARY AND REGISTE

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