at 30 June
| Notes | Reviewed 30 June 2024 Rm |
Restated1 30 June 2023 Rm |
||||
| ASSETS | ||||||
| Non-current assets | ||||||
| Property, plant and equipment | 4 | 18 128 | 16 173 | |||
| Investment properties | 25 | 24 | ||||
| Intangible assets | 50 | 55 | ||||
| Deferred tax assets | 921 | 935 | ||||
| Other financial assets | 12 | 187 | 128 | |||
| Reinsurance contract asset* | 16 | 16 | – | |||
| Investment in associate | 5 | 1 467 | 1 847 | |||
| Investment in joint venture | 6 | 21 341 | 21 814 | |||
| Other investments | 9 | 12 857 | 6 148 | |||
| Inventories | 10 | 330 | 427 | |||
| 55 322 | 47 551 | |||||
| Current assets | ||||||
| Inventories | 10 | 788 | 488 | |||
| Trade and other receivables* | 11 | 5 187 | 5 118 | |||
| Insurance contract asset* | 16 | 21 | – | |||
| Reinsurance contract asset* | 16 | 8 | – | |||
| Taxation | 223 | 178 | ||||
| Financial assets | 12 | 817 | 661 | |||
| Cash and cash equivalents | 13 | 8 326 | 10 021 | |||
| 15 370 | 16 466 | |||||
| Total assets | 70 692 | 64 017 | ||||
| EQUITY AND LIABILITIES | ||||||
| Capital and reserves | ||||||
| Ordinary share capital | 11 | 11 | ||||
| Share premium | 5 267 | 5 267 | ||||
| Treasury shares | (2 405) | (2 405) | ||||
| Other reserves | 9 485 | 4 310 | ||||
| Retained earnings* | 41 648 | 42 031 | ||||
| Equity attributable to equity holders of ARM | 54 006 | 49 214 | ||||
| Non-controlling interest | 4 081 | 4 931 | ||||
| Total equity | 58 087 | 54 145 | ||||
| Non-current liabilities | ||||||
| Long-term borrowings | 14 | 631 | 206 | |||
| Deferred tax liabilities | 4 635 | 3 787 | ||||
| Insurance contract liabilities* | 16 | 33 | – | |||
| Long-term provisions | 22 | 1 812 | 2 257 | |||
| 7 111 | 6 250 | |||||
| Current liabilities | ||||||
| Trade and other payables* | 15 | 2 554 | 1 522 | |||
| Short-term provisions | 22 | 1 231 | 834 | |||
| Insurance contract liabilities* | 16 | 16 | 73 | |||
| Reinsurance contract liabilities* | 16 | 850 | 713 | |||
| Taxation | 345 | 444 | ||||
| Overdrafts and short-term borrowings – interest bearing | 14 | 498 | 36 | |||
| 5 494 | 3 622 | |||||
| Total equity and liabilities | 70 692 | 64 017 |
| 1 | Comparative information has been restated as a result of adoption of IFRS 17 Insurance contracts. Refer to note 16 for more detail. |
| * | Captions have been impacted by IFRS 17 Insurance contracts. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2024 Rm |
Restated1 F2023 Rm |
||||
| Revenue | 3 | 12 921 | 16 097 | |||
|---|---|---|---|---|---|---|
| Sales | 3 | 11 418 | 14 662 | |||
| Cost of sales2 | (10 541) | (8 836) | ||||
| Gross profit | 877 | 5 826 | ||||
| Other operating income* | 17 | 1 914 | 1 755 | |||
| Insurance revenue* | 16 | 45 | 64 | |||
| Other operating expenses* | 18 | (2 729) | (2 632) | |||
| Insurance service expenses* | 16 | (6) | (37) | |||
| Net expenses from reinsurance contracts held* | 16 | (25) | (23) | |||
| Profit from operations before capital items | 76 | 4 953 | ||||
| Income from investments3 | 1 123 | 868 | ||||
| Finance costs* | (192) | (242) | ||||
| Net finance expenses from insurance contracts issued* | 16 | (6) | (4) | |||
| Net finance expenses from reinsurance contracts held* | 16 | (57) | (40) | |||
| Share of profit from associate | 5 | 60 | 1 007 | |||
| Share of profit from joint venture | 6 | 4 592 | 4 557 | |||
| Profit before taxation and capital items | 5 596 | 11 099 | ||||
| Capital items before tax | 7 | (3 396) | 56 | |||
| Profit before taxation | 2 200 | 11 155 | ||||
| Taxation | 19 | 96 | (1 833) | |||
| Profit for the year | 2 296 | 9 322 | ||||
| Attributable to: | ||||||
| Equity holders of ARM | ||||||
| Profit for the year | 3 146 | 8 080 | ||||
| Basic earnings for the year | 3 146 | 8 080 | ||||
| Non-controlling interest | ||||||
| (Loss)/profit for the year | (850) | 1 242 | ||||
| (850) | 1 242 | |||||
| Profit for the year | 2 296 | 9 322 | ||||
| Earnings per share | ||||||
| Basic earnings per share (cents) | 8 | 1 604 | 4 121 | |||
| Diluted basic earnings per share (cents) | 8 | 1 603 | 4 112 |
| 1 | Comparative information has been restated as a result of adoption of IFRS 17 Insurance contracts. Refer to note 16 for more detail. |
| 2 | Increase in cost of sales is mainly due to increased operational costs from Modikwa, Bokoni and Two Rivers. |
| 3 | Includes dividends received from Harmony of R166 million (F2023: R17 million). |
| * | Captions have been impacted by IFRS 17 Insurance contracts. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Financial instruments at fair value through other compre-hensive income Rm |
Other Rm |
Retained earnings Rm |
Total share- holders of ARM Rm |
Non- controlling interest Rm |
Total Rm |
||
| For the year ended 30 June 2023 (Restated1) | |||||||
| Profit for the year to 30 June 2023 | – | – | 8 080 | 8 080 | 1 242 | 9 322 | |
| Other comprehensive loss that will not be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Net impact of revaluation of listed investment – Harmony | 1 597 | – | – | 1 597 | – | 1 597 | |
| Revaluation of listed investment2 | 2 037 | – | – | 2 037 | – | 2 037 | |
| Deferred tax on above | (440) | – | – | (440) | – | (440) | |
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Foreign currency translation reserve movement | – | 151 | – | 151 | – | 151 | |
| Total other comprehensive income | 1 597 | 151 | – | 1 748 | – | 1 748 | |
| Total comprehensive income for the year | 1 597 | 151 | 8 080 | 9 828 | 1 242 | 11 070 | |
| For the year ended 30 June 2024 (Reviewed) | |||||||
| Profit for the year to 30 June 2024 | – | – | 3 146 | 3 146 | (850) | 2 296 | |
| Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Net impact of revaluation of listed investment – Harmony | 5 198 | – | – | 5 198 | – | 5 198 | |
| Revaluation of listed investment2 | 6 630 | – | – | 6 630 | – | 6 630 | |
| Deferred tax on above | (1 432) | – | – | (1 432) | – | (1 432) | |
| Net impact of revaluation of listed investment – Surge Copper | 19 | – | – | 19 | – | 19 | |
| Revaluation of listed investment2 | 24 | – | – | 24 | – | 24 | |
| Deferred tax on above | (5) | – | – | (5) | – | (5) | |
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | |||||||
| Foreign currency translation reserve movement | – | (66) | – | (66) | – | (66) | |
| Total other comprehensive income/(loss) | 5 217 | (66) | – | 5 151 | – | 5 151 | |
| Total comprehensive income/(loss) for the year | 5 217 | (66) | 3 146 | 8 297 | (850) | 7 447 |
| 1 | Comparative information has been restated. Refer to note 16 for more detail. |
| 2 | The share price of Harmony increased from R79.25 per share at 30 June 2023 to R168.05 at 30 June 2024 per share. The share price of Surge Copper of CAD0.14 per share translated at R13.33 at 30 June 2024. The purchase share price of Surge Copper was CAD0.10 per share translated at R13.46. The valuation of the investment in Harmony and Surge Copper is based on a level 1 fair value hierarchy level in terms of IFRS Accounting Standards. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Other reserves | |||||||||
| Share capital and premium Rm |
Treasury shares Rm |
Financial instruments at fair value through other compre-hensive income Rm |
Share-based payments Rm |
Other1 Rm |
Retained earnings Rm |
Total share-holders of ARM Rm |
Non-controlling interest2 Rm |
Total Rm |
|
| Balance at 30 June 2022 (Audited) | 5 278 | (2 405) | 2 188 | 405 | 75 | 40 617 | 46 158 | 4 205 | 50 363 |
|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income for the year | – | – | 1 597 | – | 151 | 8 080 | 9 828 | 1 242 | 11 070 |
| Profit for the year to 30 June 20233 | – | – | – | – | – | 8 080 | 8 080 | 1 242 | 9 322 |
| Other comprehensive income | – | – | 1 597 | – | 151 | – | 1 748 | – | 1 748 |
| Conditional shares issued to employees | – | – | – | (220) | – | – | (220) | – | (220) |
| Dividend paid4 | – | – | – | – | – | (6 666) | (6 666) | – | (6 666) |
| Dividend declared to non-controlling interests5 | – | – | – | – | – | – | – | (516) | (516) |
| Share-based payment expense | – | – | – | 147 | – | – | 147 | – | 147 |
| Other | – | – | – | (33) | – | – | (33) | – | (33) |
| Balance at 30 June 20233 (Restated) | 5 278 | (2 405) | 3 785 | 299 | 226 | 42 031 | 49 214 | 4 931 | 54 145 |
| Total comprehensive income/(loss) for the year | – | – | 5 217 | – | (66) | 3 146 | 8 297 | (850) | 7 447 |
| Profit for the year to 30 June 2024 | – | – | – | – | – | 3 146 | 3 146 | (850) | 2 296 |
| Other comprehensive income | – | – | 5 217 | – | (66) | – | 5 151 | – | 5 151 |
| Conditional shares issued to employees | – | – | – | (123) | – | – | (123) | – | (123) |
| Dividend paid4 | – | – | – | – | – | (3 529) | (3 529) | – | (3 529) |
| Share-based payment expense | – | – | – | 151 | – | – | 151 | – | 151 |
| Other | – | – | – | (4) | – | – | (4) | – | (4) |
| Balance at 30 June 2024 (Reviewed) | 5 278 | (2 405) | 9 002 | 323 | 160 | 41 648 | 54 006 | 4 081 | 58 087 |
| 1 | Other reserves consist of the following: |
| F2024 Rm |
F2023 Rm |
F2022 Rm |
|
| Dilution in Two Rivers | (26) | (26) | (26) |
|---|---|---|---|
| Foreign currency translation reserve – Assmang | 167 | 232 | 120 |
| Foreign currency translation reserve – other entities | 90 | 91 | 52 |
| Capital redemption and prospecting loans written off | 28 | 28 | 28 |
| Tamboti assets sale to Two Rivers | (99) | (99) | (99) |
| Total | 160 | 226 | 75 |
| 2 | Non-controlling interest includes R3 531 million (F2023: R4 376 million) for Two Rivers and R475 million (F2023: R535 million) for Modikwa. |
| 3 | Comparative information has been restated as a result of adoption of IFRS 17 Insurance contracts. Refer to note 16 for more detail. |
| 4 | Interim dividend paid of 600 cents (F2023: 1 400 cents) per share and final dividend paid of 1 200 cents (F2023: 2 000 cents) per share. |
| 5 | Dividends to Impala Platinum and Modikwa non-controlling interests. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2024 Rm |
Audited F2023 Rm |
||||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Cash receipts from customers | 13 675 | 18 697 | ||||
| Cash paid to suppliers and employees | (11 904) | (10 607) | ||||
| Cash generated from operations | 20 | 1 771 | 8 090 | |||
| Interest received | 917 | 840 | ||||
| Interest paid | (97) | (69) | ||||
| Taxation paid | (600) | (1 517) | ||||
| 1 991 | 7 344 | |||||
| Dividends received from joint venture | 6 | 5 000 | 5 000 | |||
| Dividends received from associate | 5 | 440 | 1 208 | |||
| Dividends received from investments – Harmony | 166 | 17 | ||||
| Dividend paid to non-controlling interests | – | (660) | ||||
| Dividend paid to shareholders | (3 529) | (6 666) | ||||
| Net cash inflow from operating activities | 4 068 | 6 243 | ||||
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||
| Acquisition of Bokoni net of cash acquired | – | (3 441) | ||||
| Acquisition of investment in Surge Copper | (53) | – | ||||
| Additions to property, plant and equipment to maintain operations | (1 550) | (1 995) | ||||
| Additions to property, plant and equipment to expand operations | (4 742) | (2 461) | ||||
| Proceeds on disposal of property, plant and equipment | 4 | 6 | ||||
| Investments in financial assets | (893) | (724) | ||||
| Proceeds from financial assets matured | 678 | 1 011 | ||||
| Proceeds from loans repaid | – | 93 | ||||
| Net cash outflow from investing activities | (6 556) | (7 511) | ||||
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||
| Cash payments to owners to acquire the entity’s shares | (78) | (141) | ||||
| Long-term borrowings raised | 479 | – | ||||
| Long-term borrowings repaid | (48) | (80) | ||||
| Short-term borrowings raised | 456 | – | ||||
| Short-term borrowings repaid | (14) | (171) | ||||
| Net cash outflow from financing activities | 795 | (392) | ||||
| Net decrease in cash and cash equivalents | (1 693) | (1 660) | ||||
| Cash and cash equivalents at beginning of year | 10 004 | 11 643 | ||||
| Net foreign exchange difference | (2) | 21 | ||||
| Cash and cash equivalents at end of year | 8 309 | 10 004 | ||||
| Made up as follows: | ||||||
| – Available | 13 | 7 625 | 9 183 | |||
| – Cash set aside for specific use | 13 | 684 | 821 | |||
| 8 309 | 10 004 | |||||
| Overdrafts | 14 | 17 | 17 | |||
| Cash and cash equivalents per statement of financial position | 8 326 | 10 021 | ||||
| Cash generated from operations per share (cents) | 903 | 4 127 |
The accompanying notes are an integral part of these condensed group financial statements.