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v3.19.1

Risk Management Activities (Tables) | 12 Months Ended
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Dec. 31, 2018
Credit risk [member] |
Statement [LineItems] |
Schedule of Combined Maximum Credit Risk Exposure | The combined maximum credit risk exposure of the Group is as follows:
|  | United States Dollar |
Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |
Environmental trust funds |  |  | 60.8 |  |  |  | 55.5 |
Trade and other receivables¹ |  |  | 79.5 |  |  |  | 66.5 |
Cash and cash equivalents |  |  | 399.7 |  |  |  | 479.0 |
¹ | Trade and other receivables above exclude VAT, import duties, prepayments, payroll receivables, derivative contracts and diesel rebates amounting to US$73.7 million (2017: US$135.4 million).
Summary of the Exposure to Credit Risk for Trade Receivables by Geographic Region | At 31 December 2018, the exposure to credit risk for trade receivables by geographic region was as follows:
|  | United States Dollar |
Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |
South Africa |  |  | — |  |  |  | 12.8 |
Ghana |  |  | 8.1 |  |  |  | 10.4 |
Australia |  |  | — |  |  |  | 2.2 |
Peru |  |  | 15.3 |  |  |  | 21.2 |
Total trade receivables |  |  | 23.4 |  |  |  | 46.6 |
Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments | The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments:
|  | United States Dollar |
Figures in millions unless otherwise stated |  | Within one year |  |  | Between one and five years |  |  | After five years |  |  | Total |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade and other payables |  |  | 393.1 |  |  |  | — |  |  |  | — |  |  |  | 393.1 |
Gold, copper and foreign exchange derivative contracts |  |  | 22.6 |  |  |  | — |  |  |  | — |  |  |  | 22.6 |
Borrowings1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– US$ borrowings2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Capital |  |  | — |  |  |  | 1,563.9 |  |  |  | — |  |  |  | 1,563.9 |
– Interest |  |  | 74.2 |  |  |  | 60.4 |  |  |  | — |  |  |  | 134.6 |
– A$ borrowings3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Capital |  |  | — |  |  |  | 316.5 |  |  |  | — |  |  |  | 316.5 |
– Interest |  |  | 13.8 |  |  |  | 19.4 |  |  |  | — |  |  |  | 33.2 |
– Rand borrowings4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
– Capital |  |  | 86.3 |  |  |  | 47.9 |  |  |  | — |  |  |  | 134.2 |
– Interest |  |  | 11.6 |  |  |  | 1.2 |  |  |  | — |  |  |  | 12.8 |
Environmental rehabilitation costs5 |  |  | 13.0 |  |  |  | 33.7 |  |  |  | 353.2 |  |  |  | 399.9 |
Finance lease liabilities |  |  | 11.6 |  |  |  | 41.5 |  |  |  | 58.4 |  |  |  | 111.5 |
South Deep dividend |  |  | 1.4 |  |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 9.6 |
Total |  |  | 627.6 |  |  |  | 2,088.6 |  |  |  | 415.7 |  |  |  | 3,131.9 |
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 |
1 | Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00 and 2016: R14.03 = US$1.00).
2 | USD borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 2.50625% (2017: 1.5638% (one month fix)).
3 | AUD borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 2.02% (2017: 1.76%).
4 | ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.942% (2017: 6.908%) and bank overnight borrowing rate on uncommitted credit facilities: average of 8.1% (2017: 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$60.8 million (2017: US$55.5 million) of the environmental rehabilitation costs are funded through the environmental trust funds.
Equity price risk [member] |
Statement [LineItems] |
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. 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 |
Sensitivity to equity security price |  | (Decrease)/increase in equity price |
Figures in millions unless otherwise stated |  | (10.0%) |  |  | (5.0%) |  |  | 5.0% |  |  | 10.0% |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Decrease)/increase in other comprehensive income1 |  |  | (9.3 | ) |  |  | (4.7 | ) |  |  | 4.7 |  |  |  | 9.3 |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Decrease)/increase in other comprehensive income1 |  |  | (9.9 | ) |  |  | (5.0 | ) |  |  | 5.0 |  |  |  | 9.9 |
1 | Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00).
The tables below summarise the impact of increases/decreases on the Group’s shareholders’ equity in case of changes in the key inputs used to value the preference shares. The first analysis is based on the assumption that the market-related discount rate has increased/decreased with all other variables held constant. The second analysis is based on the assumption that the timing of the cash flows used in the life-of-mine model increased/decreased with all other variables held constant.
|  | United States Dollar |
Sensitivity to preference shares price risk |  | (Decrease)/increase in discount rate |
Figures in millions unless otherwise stated |  | (1.0%) |  |  | (2.0%) |  |  | 2.0% |  |  | 1.0% |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase/(decrease) in other comprehensive income |  |  | 3.4 |  |  |  | 6.8 |  |  |  | (6.8 | ) |  |  | (3.4 | )
|  | United States Dollar |
|  | (Decrease)/increase |
|  | in timing of |
Sensitivity to preference shares price risk |  | cash flows |
Figures in millions unless otherwise stated |  | 1 year earlier |  |  | 1 year later |
2018 |  |  |  |  |  |  |  |
Increase/(decrease) in other comprehensive income |  |  | 11.1 |  |  |  | (10.1 | )
Sensitivity to interest rates [member] |
Statement [LineItems] |
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. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant and is calculated on the weighted average borrowings for the year. 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 |
Sensitivity to interest rates |  | Change in interest expense for a nominal change in interest rates |
Figures in millions unless otherwise stated |  | (1.5%) |  |  | (1.0%) |  |  | (0.5%) |  |  | 0.5% |  |  | 1.0% |  |  | 1.5% |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sensitivity to LIBOR interest rates |  |  | (9.8 | ) |  |  | (6.5 | ) |  |  | (3.3 | ) |  |  | 3.3 |  |  |  | 6.5 |  |  |  | 9.8 |
Sensitivity to BBSY interest rates1 |  |  | (4.9 | ) |  |  | (3.3 | ) |  |  | (1.6 | ) |  |  | 1.6 |  |  |  | 3.3 |  |  |  | 4.9 |
Sensitivity to JIBAR and prime interest rates2 |  |  | (1.2 | ) |  |  | (0.8 | ) |  |  | (0.4 | ) |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 1.2 |
Change in finance expense |  |  | (15.9 | ) |  |  | (10.6 | ) |  |  | (5.3 | ) |  |  | 5.3 |  |  |  | 10.6 |  |  |  | 15.9 |
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 |
1 | Average rate: A$0.75 = US$1.00 (2017: A$0.77 = US$1.00)
2 | Average rate: R13.2 = US$1.00 (2017: R13.33 = US$1.00)

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