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Annexure 4 – INTEREST IN JOINT VENTURES

at 30 June 2011

The total percentage holding by the group in the equity of each significant, jointly controlled entity is as follows:

Joint venture Country   Nature of
business
  Proportion of issued
shares held (%)
 
Barnes Reinforcing Industries (Proprietary) Limited South Africa   Steel supply   50  
Central Ashanti Gold Joint Venture Ghana   Construction   50  
Group Five Construction LCC UAE   Construction   49  
Group Five – AP Investments (Proprietary) Limited South Africa   Property Investments   50  
Group Five – GCC Four Seasons Hotel Joint Venture Mauritius   Construction   50  
Group Five Motlekar (Proprietary) Limited South Africa   Construction   51  
Group Five Pipe (Proprietary) Limited South Africa   Pipe manufacturing   50  
Group Five Pandev Joint Venture South Africa   Construction   50  
Group Five WBHO Pandev Joint Venture South Africa   Construction   37,5  
iLembe Airport Construction Services (Proprietary) Limited South Africa   Construction   28,5  
iLembe Buildings Joint Venture South Africa   Construction   35  
iLembe Civil Construction Joint Venture South Africa   Construction   35  
iLembe EPC Joint Venture South Africa   Construction   38,5  
Kusile Civils Joint Venture South Africa   Construction   25  
Siyavaya Highway Construction Joint Venture South Africa   Construction   50  
Spiecapag Group Five Joint Venture South Africa   Construction   50  
SSL Structural Systems (Africa) (Proprietary) Limited South Africa   Construction   50  
Trade House Joint Venture South Africa   Construction   34,5  
Trotech Joint Venture South Africa   Construction   50  
Vresap Civils Joint Venture South Africa   Construction   25  

The group maintains a register of all its joint ventures for inspection at the registered office of Group Five Limited.

  GROUP  
R'000 2011   2010  
Aggregate financial information:        
as at 30 June 2011        
Statement of consolidated financial position        
Group’s proportionate share of assets and liabilities:        
Assets        
Non-current assets 121 402   166 028  
Current assets 2 773 102   4 033 066  
  2 894 504   4 199 094  
Equity and liabilities        
Shareholders’ equity 930 644   830 551  
Non-current liabilities 23 583   706  
Current liabilities 1 940 277   3 367 837  
  2 894 504   4 199 094  
for the year ended 30 June        
Income statement        
Group’s proportionate share of income and expenditure:        
Revenue 2 758 692   4 867 092  
Profit before taxation 423 964   610 663  
Taxation (123 503)   (185 826)  
Profit after taxation 300 461   424 837  
Dividends received 305 309   273 859  
Statement of cash flow        
Cash flow from operating activities (748 552)   291 334  
Cash flow from investing activities 44 626   (59 259)  
Cash flow from financing activities 22 877   (1 198)  
Net (decrease)/increase in cash and cash equivalents (681 049)   230 877  

There are no contingent liabilities that the group is aware of that require disclosure which haven’t been disclosed in note 25.

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