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14 | Disposal groups classified as held for sale and discontinued
operations | | |
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i) | The assets and liabilities relating to the Mount Magnet
operation (operation in Western Australia) have been presented as held for
sale following the approval of the group's management on
17 May 2010, on which date the formal process was started to find a willing buyer. These operations also met the criteria to be classified as discontinued operations. Consequently, the consolidated income statements, earnings per share and related notes for comparative periods have been re-presented to include income and expenses relating to the Mount Magnet operation in discontinued operations. | | |
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| The conditions precedent for the sale of Mount Magnet assets were fulfilled and the transaction became effective on 20 July 2010. Refer to note 37. | | |
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ii) | The assets and liabilities relating to the Cooke 1, Cooke 2,
Cooke 3, Cooke plant and related surface operations (operations in
Gauteng province) have been presented as held for sale following the approval by the group’s management on 16 October 2007 to sell these assets to Rand Uranium (Proprietary) Limited (Rand Uranium). These operations were also deemed to be discontinued operations. The two part sale was concluded on 21 November 2008 and 22 April 2009. Refer to note 21. | | |
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| The assets and liabilities for the operations classified as held for sale at the reporting dates are as follows: | | |
| | | | | Balance sheet | | |
| | | | | Assets of disposal groups classified as held for sale | | |
| – | 226 | | | Property, plant and equipment | 29 | – |
| – | 12 | | | Deferred income tax | 2 | – |
| – | 7 | | | Inventories | 1 | – |
| – | 245 | | | Total assets of disposal groups classified as held for sale | 32 | – |
| | | | | Balance sheet | | |
| | | | | Liabilities of disposal groups classified as held for sale | | |
| – | 13 | | | Deferred income tax | 2 | – |
| – | 119 | | | Provision for environmental rehabilitation | 16 | – |
| – | 3 | | | Trade and other payables | – | – |
| – | 135 | | | Total liabilities of disposal groups classified as held for sale | 18 | – |
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| | | | | The analysis of the results and cash flows of discontinued operations disclosed in the tables below: | | |
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| | | | | Income statement | | |
| 614 | – | | | Revenue | – | 69 |
| 216 | – | | | Reversal of impairment (a) | – | 28 |
| (876) | (33) | | | Expenses – net | (4) | (103) |
| 1 786 | – | | | Profit on sale of shares | – | 171 |
| 18 | 1 | | | Profit on sale of property, plant and equipment | – | 2 |
| 1 758 | (32) | | | (Loss)/profit from discontinued operations before tax | (4) | 167 |
| (736) | – | | | Taxation | – | (72) |
| 1 022 | (32) | | | (Loss)/profit for the year from discontinued operations | (4) | 95 |
| | | | | Cash flows | | |
| 141 | (48) | | | Operating cash flows | (6) | 8 |
| 2 076 | 1 | | | Investing cash flows | – | 202 |
| (2) | 2 | | | Foreign exchange translation adjustment | – | 77 |
| 2 215 | (45) | | | Total cash flows | (6) | 287 |
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(a) | Mount Magnet was previously classified as held for sale for
a period until June 2009. | | |
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| On ceasing to be classified as held for sale, the carrying value was re-measured as per IFRS 5 (see note 2.11) and depreciation amounting to R219 million (US$28 million) was recorded in 2009. This also led to the recording of a reversal of impairment of R216 million (US$28 million). | | |