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Notes to the financial statements

16. Investments in associates

US$ million 2009 2008
At 1 January 3,612 3,341
Net income from associates 84 1,113
Dividends received(1) (616) (599)
Transfer from subsidiary/joint venture 235 -
Actuarial loss on post retirement benefits (5) (7)
Movement on cash flow hedge reserve (2) 4
Other equity movements 2 4
Acquired 175 9
Disposed (510) -
Issue of capitalised loans(2) 28 -
Other 105 -
Currency movements 204 (253)
At 31 December(3) 3,312 3,612
(1)
Nil (2008: $10 million) was received from associates classified as held for sale.
(2)
Excludes nil (2008: $43 million) redemption by De Beers of preference shares included within financial asset investments.
(3)
The fair value of the Group's investment in Anooraq at 31 December 2009 was $105 million (2008: nil). The fair value of investments in Tongaat Hulett and Hulamin at 31 December 2008 were $350 million and $137 million respectively based on the closing share prices. In July and August 2009, the Group sold its shareholdings in Hulamin and Tongaat Hulett, respectively.

The Group's total investments in associates comprise:

US$ million 2009 2008
Equity 2,999 3,279
Loans(1) 313 333
Total investments in associates 3,312 3,612
(1)
The Group's total investments in associates include long term debt which in substance forms part of the Group's investment. These loans are not repayable in the foreseeable future.

The Group's attributable share of the summarised financial information of associates is as follows:

US$ million 2009 2008
Total non-current assets 5,710 5,224
Total current assets 2,494 3,003
Total current liabilities (854) (1,267)
Total non-current liabilities (4,038) (3,348)
Group's share of associates' net assets 3,312 3,612
Revenue 3,779 6,653
Operating costs (3,199) (4,549)
Operating special items and remeasurements (203) (226)
Net profit on disposals 20 18
Net finance costs (28) (147)
Financing special items and remeasurements (1) (15)
Income tax expense (286) (606)
Minority interests 2 (15)
Group's share of associates' net income 84 1,113

Segmental information is provided as follows:

  Net income   Aggregate investment
US$ million 2009 2008   2009 2008
By segment(1)          
Platinum (17) 13   447 57
Diamonds (333) 47   1,353 1,623
Iron Ore and Manganese 170 667   658 784
Metallurgical Coal 34 72   146 111
Thermal Coal 214 243   689 678
Other Mining and Industrial 16 71   19 359
  84 1,113   3,312 3,612
(1)
Due to the portfolio and management structure changes announced in October 2009, the segments have changed from those reported at 31 December 2008. Comparatives have been reclassified to align with current year presentation.
  Aggregate investment
US$ million 2009 2008(1)
By geography    
South Africa 1,934 1,752
Other Africa 914 891
Europe (957) (324)
North America 320 98
South America 675 686
Australia and Asia 426 509
  3,312 3,612
(1)
In 2009 the basis of the geographic split has been amended and the comparatives have been updated accordingly.

The Group's share of associates' contingent liabilities incurred jointly by investors is $102 million (2008: $166 million).

Details of principal associates are set out in note 39.

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Annual Report 2009