AECI Annual Report - 2008 - Balance sheets

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Balance sheets

at 31 December 2008

		GROUP		COMPANY
		2008	2007	2008	2007
	Note	R millions	R millions	R millions	R millions
ASSETS
Non-current assets		4 510	3 557	5 744	5 086
Property, plant and equipment	1	2 431	1 567	329	251
Investment property	2	422	411	67	62
Goodwill	3	1 013	986	923	950
Pension Fund employer surplus	4	213	226	213	226
Investment in subsidiaries	5			3 970	3 352
Other investments	6	98	124	41	72
Deferred tax	7	333	243	201	173
Current assets		6 441	4 699	2 827	2 117
Inventories	8	2 795	1 580	1 193	675
Accounts receivable	9	3 188	2 024	1 553	919
Assets classified as held for sale	10	14	667	14	503
Cash and cash equivalents		444	428	67	20

Total assets		10 951	8 256	8 571	7 203
EQUITY AND LIABILITIES
Ordinary capital and reserves		3 852	3 788	3 149	3 228
Share capital and share premium	11	215	453	333	463
Non-distributable reserves		427	271	267	214
Retained earnings		3 210	3 064	2 549	2 551
Preference share capital	11	6	6	6	6
Shareholders’ equity		3 858	3 794	3 155	3 234
Minority interest		111	135
Total equity		3 969	3 929	3 155	3 234
Non-current liabilities		2 385	954	2 481	1 558
Deferred tax	7	61	78	–	–
Loans from subsidiaries	5			544	1 062
Non-current borrowings	12	1 745	502	1 477	200
Non-current provisions	13	579	374	460	296
Current liabilities		4 597	3 373	2 935	2 411
Accounts payable	14	3 225	2 021	1 658	1 116
Current borrowings	15	1 058	927	1 142	952
Liabilities classified as held for sale	10	–	250	–	234
Tax payable		314	175	135	109

Total liabilities		6 982	4 327	5 416	3 969
Total equity and liabilities		10 951	8 256	8 571	7 203