7. |
investments – joint ventures |
|
|
| |
(Annexure B) |
|
|
| |
|
2010 |
2009 |
| |
|
R million |
R million |
| |
Unlisted shares – at cost |
8 |
284 |
| |
Equity adjustment |
39 |
(201) |
| |
Carrying value |
47 |
83 |
| |
Long-term loans |
8 |
1 |
| |
|
55 |
84 |
| |
Directors’ valuation of unlisted investments |
55 |
84 |
| |
Excess of directors’ valuation over the carrying value of investments: |
|
|
| |
– attributable to equity holders |
– |
– |
| |
– attributable to non-controlling interest |
– |
– |
| |
|
– |
– |
| |
Reconciliation of carrying value at the beginning and end of the year |
|
|
| |
Carrying value at 1 April |
84 |
64 |
| |
Exchange rate differences on translation of carrying value at the beginning |
|
|
| |
of the year to year-end rate |
(18) |
26 |
| |
Losses of joint ventures recognised |
(55) |
(155) |
| |
Share of net attributable losses of joint ventures |
(59) |
(141) |
| |
Dividends received from joint ventures |
(1) |
(2) |
| |
Exchange rate differences on translation from average rate to year-end rates |
5 |
(12) |
| |
Equity accounted movements on reserves |
1 |
(1) |
| |
Investments made |
57 |
150 |
| |
Disposals |
(19) |
– |
| |
Transfer to investments – subsidiary companies |
(3) |
– |
| |
Loans repaid |
(1) |
– |
| |
Businesses acquired |
9 |
– |
| |
Carrying value at 31 March |
55 |
84 |
| |
The Group’s share in the results, assets and liabilities of joint ventures is as follows: |
|
|
| |
Loss |
(146) |
(141) |
| |
Sales |
146 |
113 |
| |
Assets |
95 |
176 |
| |
Liabilities |
49 |
154 |
| |
The Group’s share in capital commitments of joint ventures amounted to RNil (2009: R8 million). |
|
|
