Download Annual Report 2006 - Foskor

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INCOME NOTES TO STATEMENTTHE FINANCIAL STATEMENTSfor the year ended 31 March 2006Mining ComputerR’000 Goodwill Asset software Total6 INTANGIBLE ASSETSfor the year ended 31 March 2006Movement in carrying amountCompanyOpening carrying amount – 28,753 1,118 29,871Additions – – – –Amortisation charge – (1,769) (664) (2,433)Closing carrying amount – 26,984 454 27,438GroupOpening carrying amount 48 28,753 1,118 29,919Additions – – – –Impairment (48) – – (48)Amortisation charge impairment – (1,769) (664) (2,433)Closing carrying amount – 26,984 454 27,4389 Months ended 31 March 2005Movement in carrying amountCompanyOpening carrying amount – 30,080 1,124 31,204Additions – – 490 490Amortisation charge – (1,327) (496) (1,823)Closing carrying amount – 28,753 1,118 29,871GroupOpening carrying amount 194 30,080 1,124 31,398Additions – – 490 490Impairment (146) – – (146)Amortisation charge – (1,327) (496) (1,823)Closing carrying amount 48 28,753 1,118 29,919COMPANYGROUP12 months 9 months 12 months 9 monthsended ended ended endedMarch March March MarchR’000 2006 2005 2006 2005At costGoodwill – – 973 973Mining asset 109,832 109,832 109,832 109,832Computer software 1,992 1,992 1,992 1,992111,824 111,824 112,797 112,797Accumulated armotisation/impairmentGoodwill – – 973 925Mining asset 82,848 81,079 82,848 81,079Computer software 1,538 874 1,538 87484,386 81,953 85,359 82,878Net carrying amountGoodwill – – – 48Mining asset 26,984 28,753 26,984 28,753Computer software 454 1,118 454 1,118Net carrying amount 27,438 29,871 27,438 29,91938
NOTES BALANCE TO SHEET THE FINANCIAL STATEMENTSfor the year ended 31 March 2006Issued ordinaryshares and proportion Shares at cost Indebtedness12 months 9 months 12 months 9 monthsended ended ended endedMarch March March March2006 2005 2006 2005Number % R’000 R’000 R’000 R’0007 INTERESTS IN SUBSIDIARIESAND LOANSInter Minerals SA (Pty) Ltd(South Africa) 22,000 100% 22 22 (77,399) (77,420)Indian Ocean Fertilizer (Pty) Ltd(South Africa) – – – – (546,399) (552,617)Inter Minerals Holdings AG(Switzerland) 10,000 100% 10 10 (10) (10)Verstan Holdings Company Ltd (BV.I) 5,000 100% 5 5 (55) (55)Phosphate Suppliers South Africa(Pty) Ltd (South Africa) 100 100% – – – (5,947)Richards Bay Sulphuric Acid (Pty)Ltd (South Africa) 83,000,000 100% 83,000 83,000 (137,768) (174,635)Loans from subsidiaries 83,037 83,037 (761,631) (810,684)Phosfert Marine (Pty) Ltd(South Africa) 40,000 100% 40 40 2,234 1,697Phosphate Shipping (Pty) Ltd(South Africa) 1,000 100% 1 1 2,413 1,130Foshulp (Pty) Ltd(South Africa) 5,000 100% 5 5 612 2,730Foskor Development Trust (South Africa) – 150IOF Property Trust (South Africa) 1,089 1,089Phosphate Club (South Africa) 640 640Loans to subsidiaries 46 46 6,988 7,436Total shares at cost/(Net loans owing) 83,083 83,083 (754,643) (803,248)COMPANYGROUP12 months 9 months 12 months 9 monthsended ended ended endedMarch March March MarchR’000 2006 2005 2006 20058 INVESTMENT IN JOINT VENTUREFoskor Limited has a 50% interest in a jointventure, Palfos Aviation (Pty) Ltd.The company’s major asset, an aircraft,was sold in June 2004.Palfos Aviation (Pty) Ltd (South Africa)Opening carrying amount 25 437 25 437Investment 25 437 25 437Loan – – – –Share of current year’s results – 275 – 275Movement on loan account – – – –Reversal of impairment of the investment – 63 – 63Disposal of interest in joint venture – (750) – (750)Net share of joint venture 25 25 25 25Directors’ valuation of shares 25 25 25 25The investment consists of 12 500 shares of R2 each, being 50% of the authorised and issued share capital.39
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 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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