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Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Combined Maximum Credit Risk Exposure

The combined maximum credit risk exposure of the Group is as follows:

		UNITED STATES DOLLAR
		2017				2016
Environmental trust funds			55.5				44.5
Trade and other receivables			66.5				68.5
Cash and cash equivalents			479.0				526.7

Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments

The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments:

		UNITED STATES DOLLAR
		Within one year				Between one and five years				After five years				Total
2017
Trade and other payables			451.0				—				—				451.0
Copper derivative contracts			3.3				—				—				3.3
Borrowings1
- US$ borrowings2
- Capital			—				1,360.9				—				1,360.9
- Interest			61.3				87.8				—				149.1
- A$ borrowings3
- Capital			—				231.5				—				231.5
- Interest			9.5				13.9				—				23.4
- Rand borrowings4
- Capital			193.6				—				—				193.6
- Interest			10.8				—				—				10.8
Environmental rehabilitation costs5			6.5				24.8				349.7				381.0
South Deep dividend			1.6				5.3				5.8				12.7
Total			737.6				1,724.2				355.5				2,817.3
2016
Trade and other payables			459.3				—				—				459.3
Borrowings1
- US$ borrowings2
- Capital			127.0				1,510.9				—				1,637.9
- Interest			64.6				145.1				—				209.7
- Rand borrowings4
- Capital			61.0				—				—				61.0
- Interest			5.1				—				—				5.1
Environmental rehabilitation costs5			3.6				29.8				347.4				380.8
South Deep dividend			1.4				5.2				6.2				12.8
Total			722.0				1,691.0				353.6				2,766.6

1 Spot Rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00).

2 US$ borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 1.5638% (2016: 0.75611% (one month fix)).

3 AU$ borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 1.76%.

4 ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.908% and bank overnight borrowing rate on uncommitted credit facilities: average of 8.3% (2016: 8.3%).

5 Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows as it represents a future cash outflow (refer note 25.1). In South Africa and Ghana, US$55.5 million (2016: US$44.5 million) of the environmental rehabilitation costs is funded through the environmental trust funds.

Sensitivity to interest rates [member]

Summary of Effect of Change in Finance Expense on Group's Profit or Loss had LIBOR and Prime Differed as Indicated

The table below summarises the effect of a change in finance expense on the Group’s profit or loss had LIBOR, JIBAR, Prime and BBSY differed as indicated (sensitivity to interest rates). The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis.

		UNITED STATES DOLLAR
		Change in interest expense for a nominal change in interest rates
		(1.5%)				(1.0%)				(0.5%)				0.5%				1.0%				1.5%
2017
Sensitivity to LIBOR interest rates			(11.3	)			(7.5	)			(3.8	)			3.8				7.5				11.3
Sensitivity to BBSY interest rates1			(0.8	)			(0.5	)			(0.3	)			0.3				0.5				0.8
Sensitivity to JIBAR and prime interest rates2			(2.0	)			(1.3	)			(0.7	)			0.7				1.3				2.0
Change in finance expense			(14.1	)			(9.3	)			(4.8	)			4.8				9.3				14.1
2016
Sensitivity to LIBOR interest rates			(12.0	)			(8.0	)			(4.0	)			4.0				8.0				12.0
Sensitivity to JIBAR and prime interest rates2			(0.6	)			(0.4	)			(0.2	)			0.2				0.4				0.6
Change in finance expense			(12.6	)			(8.4	)			(4.2	)			4.2				8.4				12.6

1 Average rate: A$0.77 = US$1.00 (2016: A$0.75: US$1.00).

2 Average rate: R13.33 = US$1.00 (2016: R14.7 = US$1.00).

Equity price risk [member]

Summary of Effect of Change in Finance Expense on Group's Shareholders' Equity

The table below summarises the impact of increases/decreases of the exchanges on the Group’s shareholders’ equity in case of shares (sensitivity to equity security price). The analysis is based on the assumption that the share prices quoted on the exchange have increased/decreased with all other variables held constant and the Group’s investments moved according to the historical correlation with the index.

		UNITED STATES DOLLAR
		(Decrease)/increase in equity price
		(10.0%)				(5.0%)				5.0%				10.0%
2017
(Decrease)/increase in other comprehensive income1			(9.9	)			(5.0	)			5.0				9.9
2016
(Decrease)/increase in other comprehensive income1			(1.1	)			(0.5	)			0.5				1.1

1 Spot rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00).

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