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| 7. |
INVESTMENTS – JOINT VENTURES |
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(Annexure B) |
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|
2008 |
2007 |
| |
|
R million |
R million |
| |
Unlisted shares – at cost |
97 |
– |
| |
Equity adjustment |
(34) |
– |
| |
Carrying value |
63 |
– |
| |
Long-term loans |
1 |
8 |
| |
|
64 |
8 |
| |
|
|
|
| |
Directors’ valuation of unlisted investments |
64 |
8 |
| |
Excess of directors’ valuation over the carrying value of investments: |
|
|
| |
– attributable to equity holders |
– |
– |
| |
– attributable to minority |
– |
– |
| |
|
– |
– |
| |
|
|
|
| |
Reconciliation of carrying value at the beginning and end of the year |
|
|
| |
Carrying value at 1 April |
8 |
1 |
| |
Exchange rate differences on translation of carrying value at the beginning |
|
|
| |
of the year to year-end rate |
10 |
– |
| |
Losses of joint ventures recognised |
(25) |
– |
| |
Share of net attributable losses of joint ventures |
(20) |
– |
| |
Exchange rate differences on translation between average rate to year-end rates |
(5) |
– |
| |
Equity accounted movements on reserves |
(11) |
– |
| |
Loans granted/(repaid) |
(7) |
7 |
| |
Investments made |
89 |
– |
| |
Carrying value at 31 March |
64 |
8 |
| |
The Group’s share in the results, assets and liabilities of joint ventures is as follows: |
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|
| |
Profit/(loss) |
(20) |
– |
| |
Sales |
71 |
8 |
| |
Assets |
124 |
6 |
| |
Liabilities |
66 |
5 |
| |
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The Group’s share in capital commitments of joint ventures amounted to R11 million (2007: RNil million). |
