Download Annual Report 2006 - Foskor

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MISSION• We accept our responsibility towards all stakeholders inclusiveof the communities in which we conduct our business.• Our primary business is the beneficiation of phosphate rockconcentrate for the production of phosphoric acid and phosphate-based fertilisers, which are sold into the international anddomestic markets.• Our secondary business activities include:– The production of electrofused zirconia from zircon sand; and– The recovery of low concentrates of copper sulphide minerals.• The Group is committed to:– Competitive, reliable, effective production and marketing;– Striving for excellence as the benchmark of all our endeavours;– Providing an environment conducive to personal developmentand participation by all employees;– Complying with the spirit of the transformation process withinthe framework of legislative measures;– Maintaining the highest ethical, professional, quality and losscontrol standards; and– Continuing to be environmentally responsible.VISIONTo create, maintain and enhance a financially viable, performance-driven business, capable of delivering sustained superior financialand social returns to our shareholders.PROFILEThe Foskor Group is a well-established South African group ofcompanies. The Group has grown from a single phosphate miningoperation since 1951 to become one of the world’s largest, mostdynamic phosphate and phosphoric acid producers.The Group’s recent emergence as a world leader has been basedon various strategic initiatives, including:• Strategic capital investment to ensure a sustainableinfrastructure;• An emphasis on inter-group synergies to ensure shareholdervalue maximisation; and• A focus on expanding the core value-adding operations of theGroup.The Group has three major operating entities:• A phosphate rock mine and beneficiation plant situated inPhalaborwa;• A phosphoric acid plant situated in Richards Bay; and• A sulphuric acid plant situated in Richards Bay.A secondary activity – and valuable source of revenue – is theproduction of electrofused zirconia from zircon sand. The recoveryof copper sulphide mineral found in the phosphate ore alsocontributes to the Group’s income, while magnetite recovered fromthe foskorite ore is stockpiled as a possible future source of ironand titanium.
TABLE OF CONTENTSDirectors and Management 02Chairman’s Review 04Chief Executive Officer’s Review 06Chief Financial Officer’s Review 10Corporate Review 12Annual Financial StatementsDirectors’ Declaration 15Auditors’ Report 16Report of the Directors 17Balance Sheet 20Income Statement 21Statement of Changes in Equity 22Cash Flow Statement 23Principal Accounting Policies 24Notes to the Financial Statements 34Five-year Review 54Notice to Members/Administrators 57Administration 58
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 22 and 23: BALANCE SHEETas at 31 March 2006COM
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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