| |
|
|
|
| 7. |
INVESTMENTS JOINT VENTURES |
|
|
| |
(Annexure B) |
2009 |
2008 |
| |
|
R million |
R million |
| |
Unlisted shares – at cost |
284 |
97 |
| |
Equity adjustment |
(201) |
(34) |
| |
Carrying value |
83 |
63 |
| |
Long-term loans |
1 |
1 |
| |
|
84 |
64 |
| |
|
|
|
| |
Directors’ valuation of unlisted investments |
84 |
64 |
| |
|
|
|
| |
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 |
64 |
8 |
| |
Exchange rate differences on translation of carrying value at the beginning of the year to year-end rate |
26 |
10 |
| |
|
|
|
| |
Losses of joint ventures recognised |
(155) |
(25) |
| |
Share of net attributable losses of joint ventures |
(141) |
(20) |
| |
Dividends received from joint ventures |
(2) |
– |
| |
Exchange rate differences on translation from average rate to year-end rates |
(12) |
(5) |
| |
|
|
|
| |
Equity accounted movements on reserves |
(1) |
(11) |
| |
Loans granted/(repaid) |
– |
(7) |
| |
Investments made |
150 |
89 |
| |
Carrying value at 31 March |
84 |
64 |
| |
|
|
|
| |
The Group’s share in the results, assets and liabilities of joint ventures is as follows: |
|
|
| |
Profit/(loss) |
(141) |
(20) |
| |
Sales |
113 |
71 |
| |
Assets |
176 |
124 |
| |
Liabilities |
154 |
66 |
| |
|
|
|
| |
The Group’s share in capital commitments of joint ventures amounted to R8 million (2008: R11 million). |
| |
|
|
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