Annexure D

ANALYSIS OF THE GROUP’S BALANCE SHEET AND DEBT EXCLUDING IMPERIAL CAPITAL

           
         Group 
         excluding 
   Imperial  Imperial  Imperial 
   Holdings  Capital  Capital 
   Limited  Limited  Limited 
   2009  2009  2009 
   Rm  Rm  Rm 
Balance sheet         
Assets         
Intangible assets  901     901 
Investments in associates and joint ventures  790     790 
Property, plant and equipment  5 976     5 976 
Transport fleet  3 483  1 082  2 401 
Vehicles for hire  1 653  1 198  455 
Deferred tax assets  645     645 
Other investments and loans  1 136     1 136 
Other non-current financial assets  203     203 
Inventories  5 592     5 592 
Taxation in advance  154     154 
Trade and other receivables  5 633  4  5 629 
Cash resources  4 655     4 655 
Assets classified as held for sale  950     950 
Associate classified as held for sale  1 544     1 544 
Total assets  33 315  2 284  31 031 
Equity and liabilities         
Capital and reserves          
Share capital  10     10 
Shares repurchased  (1 816)    (1 816)
Other reserves  280     280 
Retained earnings  11 300  381  10 919 
Attributable to Imperial Holdings’ shareholders  9 774  381  9 393 
Minority interest  587     587 
Total shareholders’ equity  10 361  381  9 980 
Subordinated interest-bearing debt due to group company     323  (323)
Revised equity  10 361  704  9 657 
Liabilities          
Non-redeemable, non-participating preference shares  441     441 
Retirement benefit obligations  256     256 
Interest-bearing borrowings  7 655  1 505  6 150 
Insurance and investment contracts  1 356     1 356 
Deferred tax liabilities  652  125  527 
Other non-current financial liabilities  157  (5) 162 
Due (by) to group companies     (187) 187 
Provisions for liabilities and other charges  996     996 
Trade and other payables  8 342  78  8 264 
Current tax liabilities  501  30  471 
Current portion of interest-bearing borrowings  2 139  34  2 105 
Liabilities directly associated with assets classified as held for sale  459     459 
Total liabilities  22 954  1 580  21 374 
Total equity and liabilities  33 315  2 284  31 031 
Total debt (including preference shares) 10 235  1 539  8 696 
Less: Cash  4 655     4 655 
   5 580  1 539  4 041 
Less: 75% of preference shares  331     331 
Net debt as analysed by rating agencies  5 249  1 539  3 710 
Revised equity  10 361  704  9 657 
Plus: preference shares  331     331 
Revised equity including 75% of preference shares  10 692  704  9 988 
Net debt to equity          
– Preference shares treated as debt  54%  219%  42% 
– Preference shares treated as equity  49%  219%  37% 

The amounts reflected as transport fleet and vehicles for hire by Imperial Capital Limited are shown as a finance lease receivable in their published annual financial statements.