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Independent auditors’ report
Approval of annual financial statements
Declaration by the Company secretary
Directors’ report
Audit and risk committee’s report
Accounting policies
Balance sheets
Income statements
Cash flow statements
Notes to the cash flow statements
Statements of changes in equity
Notes to the financial statements
Appendix 1: Non-current borrowings
Appendix 2: Joint ventures
Appendix 3: Principal subsidiaries
   

 

 

Appendix 3: Principal subsidiaries

            Interest of AECI Limited#
  Issued Effective        
  share capital shareholding   Shares      
Net indebtedness
  2007 2007   2006   2007   2006   2007   2006
  Number of shares %   %   R millions   R millions   R millions   R millions
Holding companies                        
Directly held                        
AECI International (Ireland) Limited(1) 1 100   100   *   *   *   *
AECI Treasury Holdings (Pty) Limited 100 100   100   *   *   150   150
Athena Paint Investments S.A.(3) 230 000 100   100   1   1   (39)   (2)
Capex (Pty) Limited 1 000 000 100   100   *   *   *   *
Indirectly held                        
African Explosives Holdings (Pty) Limited 43 311 779 75   75        
African Explosives International Limited(2) 1 307 100   100        
Athena Investments Limited S.A.(3) 24 243 800 100   100        
Insurance                        
Directly held                        
AECI Captive Insurance Company Limited 810 000 100   100   11   11   *   (3)
Chemrisk Services (Pty) Limited 20 000 100   100   *   *   *   *
Mining solutions                        
Directly held                        
AEL Holdco Limited 99 800 000 75   75   75   75   1 708   1 228
Indirectly held                        
AEL Chemico-Mali SARL(14) 8 659 75   75        
AEL (Mauritius) Limited(13) 866 75   75        
African Explosives (Nigeria) Limited(6) 352 000 75   75        
African Explosives Limited 100 75   75        
African Explosives (Botswana) Limited(4) 3 75   75        
African Explosives (Burkina Faso) Limited(16) 100 000 75   75        
African Explosives (DRC) Limited(17) 10 000 75   75        
African Explosives (Ghana) Limited(5) 1 000 000 75   75        
African Explosives (Tanzania) Limited(7) 26 75   75        
African Explosives (Zambia) Limited(8) 25 508 250 60   60        
Paints and allied products                        
Directly held                        
Dulux (Mozambique) Limitada(10) 100 100   100   1   1   3   3
Dulux Namibia (Pty) Limited   100     *     4
Dulux Swaziland (Pty) Limited(11)   100     *     1
Dulux Zambia 2005 Limited(8)   80     5     3
Indirectly held                      
Dulux Botswana (Pty) Limited(4)   100         2
Dulux Limited(9)   100         2
Property                        
Heartland Properties (Pty) Limited 100 100   100   *   *   (12)   (62)
Other property subsidiaries           3   3   228   186
Note: See pages 148 and 149 for references.                        
                         
Specialty chemicals                        
Directly held                        
Chemical Services Limited 83 127 950 100   100   818   818   (734)   (929)
Indirectly held                        
Akulu Marchon (Pty) Limited° 410 000 100   100        
Atlas Consolidated Industries (Pty) Limited° 200 100   100        
Chemical Initiatives (Pty) Limited° 1 100   100        
Chemiphos SA (Pty) Limited 170 100   100        
Chemserve Perlite (Pty) Limited° 800 000 100   100        
Chemserve Systems (Pty) Limited° 625 000 100   100        
Custom Colour (Pty) Limited   75        
Duco Speciality Coatings (Pty) Limited 100 000 100   100       92   92
ImproChem (Pty) Limited 4 000    75   75        
Industrial Oleochemical Products (Pty) Limited° 4 001 100   100        
Industrial Urethanes (Pty) Limited 100 100   100        
Lake International Technologies (Pty) Limited° 13 395 100   100        
Metswako Chemicals (Pty) Limited(4) 740    75   75        
Pelichem (Pty) Limited 50 000 100   100        
Plaaskem (Pty) Limited° 400 100   100        
Plastamid (Pty) Limited 128 500 100   100        
Resitec Industria Quimica Limited(15) 2 905 200    60   60        
SA Paper Chemicals (Pty) Limited° 220 443 100   100        
Senmin SA (Pty) Limited 50 000 100   100        
Specialty fibres                        
Directly held                        
SANS Fibres (Pty) Limited° 17 979 433 100   100   8   8   (13)   (15)
Indirectly held                        
SANS Fibres Incorporated(12) 100 100   100       138   140
SANS Fibres (Europe) Limited(2) 1 000 100   100       (3)   (3)
Unifi-SANS Technical Fibers LLC(12)   100   50        
Other           4   14   (149)   (162)
            921   936   1 369   635

# Cost less impairments.
° Trading as an agent on behalf of AECI Limited.
†† Trading as an agent on behalf of AEL Holdco Limited.
† The 2006 holding of 50 per cent was as a joint venture partner. The partnership became a wholly-owned subsidiary during 2007.
* Nominal amount.
  All companies are incorporated in the Republic of South Africa except for the following:
 
(1) Ireland
(2) United Kingdom
(3) Grand Duchy of Luxembourg
(4) Botswana
(5) Ghana
(6) Nigeria
(7) Tanzania
(8) Zambia
(9) Malawi
(10) Mozambique
(11) Swaziland
(12) United States of America
(13) Mauritius
(14) Mali
(15) Brazil
(16) Burkina Faso
(17) Democratic Republic of Congo