Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2009

« Note 5 Note 7 »
               
6. INVESTMENTS – ASSOCIATED COMPANIES
  (Annexures B & C)            
      2009       2008    
    Listed   Unlisted   Total   Listed   Unlisted   Total  
    R million   R million   R million   R million   R million   R million  
  Shares – at cost 9 075   3 530   12 605   9 182   6 930   16 112  
  Equity adjustment 7 763   3 385   11 148   7 483   19 538   27 021  
  Carrying value 16 838   6 915   23 753   16 665   26 468   43 133  
  Long-term loans –   42   42   –   42   42  
    16 838   6 957   23 795   16 665   26 510   43 175  
  Market values of listed            
     investments 18 904     18 904   22 147     22 147  
  Directors’ valuation of            
     unlisted investments   11 407   11 407     82 286   82 286  
  Market values and directors’ valuation 18 904   11 407   30 311   22 147   82 286   104 433  
               
  Excess of market values and directors’ valuation      
     over the carrying value of investments:            
  – attributable to equity holders     6 516       61 258  
  – attributable to minority     –       –  
        6 516       61 258  
               
  Of the directors’ valuations of unlisted investments stated above, a substantial proportion amounting to R3 052 million
(2008: R72 010 million) was based on the stock exchange prices of underlying listed shares held by the unlisted investments concerned.

   
    2009   2008  
  Reconciliation of carrying value at the beginning and end of the year R million R million   R million  
  Carrying value at 1 April 43 175   33 033  
  Exchange rate differences on translation of carrying value at the beginning    
     of the year to year-end rate (418)  2 003  
  Income of associated companies retained 3 492   4 100  
  Share of net attributable profit of associated companies 4 947   7 230  
  Dividends received from associated companies (1 526)  (3 297) 
  Exchange rate differences on translation from average rate to year-end rates 71   167  
  Equity-accounted movements on reserves (530)  (154) 
  Loans repaid –   (147) 
  Disposals/capital reductions (78)  (236) 
  Investments made 29   3 411  
  Restructuring of interest in Unilever –   1 167  
  Unbundling of BAT (21 432)  –  
  Impairment of investments (438)  –  
  Other (5)  (2) 
  Carrying value at 31 March    23 795   43 175