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NOTES TO THE COMPANY FINANCIAL STATEMENTS continued
6. INVESTMENTS IN SUBSIDIARIES
Shares at cost
Balance at beginning of year 3 074 2 562
Acquisition of TCN 222 –
Additional investment in SFIR 254 –
Acquisition of SFIR – 668
Impairment of investment in SFIR – (184)
Employee share based payments 37 28
Balance at end of year 3 587 3 074
The interests of the company in the aggregate pre tax net profits and losses of its subsidiaries
amounted to R1 121 million (2009: R1 330 million) and R78 million (2009: R186 million) respectively
and post tax net profits and losses of its subsidiaries amounted to R798 million (2009: R872 million)
and R100 million (2009: R205 million) respectively.
7.
The investment in SFIR was impaired in the prior year by R184 million to R484 million.
LOANS AND RECEIVABLES
Loans
Share incentive schemes 145 185
Loans to subsidiaries 1 832 1 694
Other – 86
1 977 1 965
Less: Impairment of loans to subsidiaries (421) (421)
1 556 1 544
Current portion (1 281) (1 270)
2010
Rm
2009
Rm
275 274
Loans are due over the following periods:
Less than 1 year 1 281 1 270
1 – 2 years – –
2 – 3 years – –
3 – 4 years – –
4 years and onwards 275 274
1 556 1 544
The weighted average interest and dividend rates were as follows:
Share incentive schemes NIB NIB
Loans to subsidiaries 2.5% 5.7%
Other NIB NIB
Weighted average 2.6% 1.7%
NIB – Non interest bearing
Other than the impaired loans, the loans are fully performing with the associated credit risk considered
to be low.
The fair value of loans and receivables approximates their carrying value.
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