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| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
|
2007 |
Restated
2006 |
| 45. |
RELATED PARTY TRANSACTIONS, DIRECTORS' EMOLUMENTS AND INTERESTS |
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| 45.1 |
Identity of related parties |
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The Group has a related party relationship with its subsidiary companies
(annexure 1), associate companies (note 5), joint ventures (note 39), retirement
and other benefit plans (note 44) and with its directors and executive officers.
In addition, the Group has a related party relationship with certain other parties. |
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These are: |
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Consani Engineering (Proprietary) Limited - 100% equity ownership but no control
(in liquidation) |
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| 45.2 |
Related party transactions and balances |
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During the year the Company and its related parties, in the ordinary course of business,
entered into various inter-group sale and purchase transactions. These transactions
are no less favourable than those arranged with third parties. |
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Transactions and balances between the company and its subsidiaries have
been eliminated on consolidation and are not disclosed in this note. Details of
transactions and balances with other related parties are disclosed below. |
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Amounts owed by related parties |
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Borbet SA (Proprietary) Limited |
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– |
139,5 |
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Impairment provision |
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– |
(55,9) |
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– |
83,6 |
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Consani Engineering (Proprietary) Limited |
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154,5 |
154,5 |
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Impairment provision |
|
(129,2) |
(144,2) |
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25,3 |
93,9 |
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Amount owing by joint ventures |
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– |
3,3 |
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25,3 |
97,2 |
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The loan amounts are unsecured, interest free and have no fixed terms of repayment.
Refer to note 6.3. |
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Amounts owed to related parties |
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Unsecured interest bearing borrowings (note 23): |
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Amounts owing to joint ventures (interest free) |
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19,5 |
– |
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Amounts owing to joint ventures |
|
17,9 |
73,1 |
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37,4 |
73,1 |
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The amounts owing to the joint ventures are unsecured, with no fixed terms of repayment and carry interest at 6,7% (2006: 6,7%)
per annum. |
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