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Balance sheet and share buy-back (South Africa/Corporate) : APPENDIX 5

(all figures S$ millions unless otherwise stated and except for Beta –Ba or Be)

5.1 Balance sheet reconstruction -OPTION 1 versus OPTION 2

2016 OPTION 1 OPTION 2
ASSETS 2016
Non-current assets
Intangible assets
Property, plant and equipment (less sale = 50% * 71% * of (16,780 + 1,250) = 6400 29,621 23,221 23,221
3,394

Environmental rehabilitation trusts 290 3,912
Investments in associates and joint ventures 1,817
Financial asset investments 846
Trade and other receivables 539
Deferred tax assets 914
Derivative financial assets 460
Other non-current assets 335
Total non-current assets 38,216 31,816 31,816
Current assets
Inventories 4,051
Trade and other receivables 1,983
Current tax assets 152
Derivative financial assets 689
Cash and cash equivalents (Add 6,500 less 6,400) 6,895
Total current assets 13,770 13,770 13,770
Assets classified as held for sale 27
Total assets 52,013 45,613 45,613
LIABILITIES
Current liabilities
Trade and other payables
Short term borrowings (1,649)
(620)
Provisions for liabilities and charges (2,753)
Current tax liabilities (340)
Derivative financial liabilities (477)
Total current liabilities (5,839) 5,839 5,839
Non-current liabilities (26)
Trade and other payables
Medium and long term borrowings (less 6400) (16,318) 9,918
Retirement benefit obligations (667)
Deferred tax liabilities (3,253)
Derivative financial liabilities (1,986)
Provisions for liabilities and charges (2,565)
Total non-current liabilities (24,815) (18,415) (24,815)
Liabilities directly associated with assets classified as held for sale (17)
Total liabilities (30,671) (24,271) (30,671)
Net assets 21,342 21,342 14,942
EQUITY 1,342
Called-up share capital (US$0.25) Less [6400//3.75 * 0.25 = 427 772 345
Share premium account 4,358
772
Own shares (6,051)
Other reserves (10,811)
Retained earnings (less 6400 – 427 = 5,973) 28,301 22,328
Equity attributable to equity shareholders of the Company 16,569 22,328
10,169
Non-controlling interests 4,773 6 2
Total equity 21,342 21,342 14,942
5
5.2 Financial gearing -OPTION 1 versus OPTION 2

Today – March 1 OPTION 1 OPTION 2
Today: Debt (interest-bearing) to Equity 141%
16,318 divide by (772 / 0.25) * 3.75 i.e. 16,318 / 11,580
Option 1: 9,918 / 11,580 86%
Option 2: 16,318 / (345/0.25) * 3.75 i.e. 16,318/5175 315%
Converted to Debt Ratio basis (Market Values) 59% 46% 76%

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