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2003 2002RmRm13. PLATINUM PRODUCERS’ ENVIRONMENTAL TRUSTOpening balance 89.3 69.5Contributions 12.9 12.1Growth in <strong>Platinum</strong> Producers’ Environmental Trust (Note 6) 11.2 7.7Closing balance (Note 22) 113.4 89.314. INVESTMENT IN ASSOCIATESListed – Ordinary shares (market value: R515.8 million(2002: R972.8 million)) 240.6 259.3Unlisted (Directors’ valuation: R243.4 million(2002: R298.3 million)) 243.4 298.3Ordinary shares 159.8 201.6Redeemable preference shares 83.6 96.7484.0 557.6The movement for the year in the Group’s investment in associateswas as follows:Investment in listed and unlisted ordinary sharesCarrying amount – opening balance 460.9 265.7Cost of acquiring investment – 201.6Cost of maintaining shareholding 1.5 2.0Net profit after taxation 13.6 118.9Income from associates 35.0 181.6Net profit before taxation 36.5 170.0Goodwill amortised (13.1) –Negative goodwill amortised 11.6 11.6Taxation (21.4) (62.7)Current (15.4) (12.2)STC (5.4) (16.7)Deferred (0.6) (33.8)Dividends received (46.9) (88.3)Capital reduction (28.7) (39.0)Carrying amount – closing balance 400.4 460.9Investment in redeemable preference shares 83.6 96.7484.0 557.6Unamortised negative goodwill included in the carrying amount (184.7) (196.3)Unamortised goodwill included in the carrying amount 118.0 131.172
Listed investment: Northam <strong>Platinum</strong> Limited (Northam)At 31 December 2003, the Group held 52 096 216 (2002: 52 020 516) shares in Northam representinga 22.5% interest. Northam operates a mine and processing plants on the Bushveld Complex ofSouth Africa.The summarised financial statements of Northam for the 12 months ended 31 December are outlinedbelow:2003 2002RmRmIncome statementGross sales revenue 1 499.7 1 745.7Net profit before taxation 318.9 755.8Taxation (124.2) (278.4)Net profit after taxation 194.7 477.4Balance sheetNon-current assets 1 352.8 1 261.0Current assets 783.2 890.42 136.0 2 151.4Non-current liabilities 348.3 313.1Current liabilities 227.3 137.6Equity 1 560.4 1 700.72 136.0 2 151.4Unlisted investment: Johnson Matthey Fuel Cell Limited (“JMFC”)At 31 December 2003, the Group held 17.5% of the equity and 43% of the voting rights inJMFC, incorporated in the United Kingdom. The interest is represented by 35 ordinary shares (acquiredfor £13 million) and 7 million redeemable preference shares (acquired for £7 million). JMFC carries onresearch and development for the enhancement and development of fuel cells and all associatedhydrogen generation technology from fuels and the commercial exploitation thereof, includingmanufacture and sale of fuel cell related products.Investment in redeemable preference sharesThe subscription for the redeemable preference shares in JMFC is treated as initial funding by theGroup. Johnson Matthey also provides initial funding in the form of interest bearing debt. The economicreturn on the redeemable preference shares matches the economic return of the initial funding providedby Johnson Matthey, which will equate to United Kingdom market returns. The redeemable preferenceshares are redeemable proportional to the repayment of the initial funding of Johnson Matthey.The summarised financial statements of JMFC for the 12 months ended 31 December are outlinedbelow:2003 2002RmRmIncome statementNet loss before taxation (201.7) –Taxation 60.3 –Net loss after taxation (141.4) –Balance sheetNon-current assets 360.0 379.8Current assets 61.3 19.0421.3 398.8Non-current liabilities 231.6 108.0Current liabilities 16.7 30.3Equity 173.0 260.5421.3 398.873
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- will receive their preference sha
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DEFINITIONSIn this circular, unless
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“preference shares”“prime rat
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SALIENT FEATURESThis summary contai
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Conversion Date:Preference sharehol
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SALIENT DATES AND TIMESLast day to
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2. STRATEGY AND PURPOSE OF THE RIGH
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4. PARTICULARS OF THE RIGHTS OFFER4
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4.9 Sale or renunciationHolders of
Page 21 and 22: 4.12.1 In terms of the Exchange Con
Page 23 and 24: Persons located in the United Kingd
Page 25 and 26: Audited Pro formaBefore the After t
Page 27 and 28: 8.5 Variation of rightsIn accordanc
Page 29 and 30: 8.8.3.2 Modikwa Platinum MineThis m
Page 31 and 32: 9. DIRECTORS9.1 Personal particular
Page 33 and 34: 9.2 Directors’ remuneration and s
Page 35 and 36: - copies of the underwriting agreem
Page 37 and 38: 144.1.18 “Ordinary Share(s)” me
Page 39 and 40: 144.15 The Company shall be obliged
Page 41 and 42: 5 (five)-day period the Ordinary Sh
Page 43 and 44: 2.5.1.3 specifying the Conversion D
Page 45 and 46: 2.6.5 Rights Issues of other securi
Page 47 and 48: BCis the number of Ordinary Shares
Page 49 and 50: 2.6.12 General:Independently Determ
Page 51 and 52: to the surrender of the relevant sh
Page 53 and 54: TABLE BThe table below provides an
Page 55 and 56: UNDERWRITERNameThe Standard Bank of
Page 57 and 58: CONSOLIDATED PRO FORMA BALANCE SHEE
Page 59 and 60: OPINIONBased on our review, nothing
Page 61 and 62: SEGMENTAL INFORMATION for the year
Page 63 and 64: SEGMENTAL INFORMATION (continued)Pu
Page 65 and 66: GROUP STATEMENT OF CHANGES IN EQUIT
Page 67 and 68: NOTES TO THE CONSOLIDATED FINANCIAL
Page 69 and 70: 2003 2002RmRm7. PROFIT BEFORE TAXAT
Page 71: 2003 2002RmRm11. PROPERTY, PLANT AN
Page 75 and 76: 20. SHARE CAPITAL2002 2003 2003 200
Page 77 and 78: 2003 2002RmRm23. EMPLOYEE BENEFITSE
Page 79 and 80: Post-retirement medical aid benefit
Page 81 and 82: 2003 2002RmRm26. ACCOUNTS PAYABLETr
Page 83 and 84: 2003 2002RmRm32. COMMITMENTSMining
Page 85 and 86: 2002Nominal amount of forward excha
Page 87 and 88: Major shareholdersAccording to the
Page 89 and 90: ANNEXURE B - Non-mining property, p
Page 91 and 92: ANNEXURE D - Investments in subsidi
Page 93 and 94: APPENDIX 8CORPORATE GOVERNANCE AND
Page 95 and 96: The Board is responsible for settin
Page 97 and 98: APPENDIX 9PRICE HISTORY OF THE COMP
Page 100: 100 PRINTED BY INCE (PTY) LTD
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