Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2010

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6.	Investments – associated companies
	(Annexures B & C)
		Listed  R million	2010  Unlisted  R million	Total  R million	Listed  R million	2010  Unlisted  R million	Total  R million
	Shares – at cost	9 318	6 245	15 563	9 075	3 530	12 605
	Equity adjustment	7 917	4 039	11 956	7 763	3 385	11 148
	Carrying value	17 235	10 284	27 519	16 838	6 915	23 753
	Long-term loans	–	533	533	–	42	42
		17 235	10 817	28 052	16 838	6 957	23 795
	Market values of listed
	investments	28 480		28 480	18 904		18 904
	Directors’ valuation of
	unlisted investments		17 720	17 720		11 407	11 407
	Market values and directors’ valuation	28 480	17 720	46 200	18 904	11 407	30 311
	Excess of market values and directors’
	valuation over the carrying value of
	investments:
	– attributable to equity holders			18 148			6 516
	– attributable to non-controlling interest			–			–
				18 148			6 516

Of the directors’ valuations of unlisted investments stated above, a substantial proportion amounting to R4 048 million (2009: R3 052 million) was based on the stock exchange prices of underlying listed shares held by the unlisted investments concerned.

	Reconciliation of carrying value at the beginning and end of the year	2010   R million	2009   R million
	Carrying value at 1 April	23 795	43 175
	Exchange rate differences on translation of carrying value at the beginning
	of the year to year-end rate	–	(418)
	Income of associated companies retained	1 457	3 492
	Share of net attributable profit of associated companies	2 678	4 947
	Dividends received from associated companies	(1 221)	(1 526)
	Exchange rate differences on translation from average rate to year-end rates	–	71
	Equity-accounted movements on reserves	(621)	(530)
	Disposals/capital reductions	(9)	(78)
	Investments made	221	29
	Businesses acquired	2 986	–
	Loans advanced	150	–
	Transfer from investments – other	258	–
	Transfer to assets “held for sale”	(65)	–
	Unbundling of BAT	–	(21 432)
	Impairment of investments	(118)	(438)
	Other	(2)	(5)
	Carrying value at 31 March	28 052	23 795