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Annexure 5 – INVESTMENT IN ASSOCIATES

at 30 June 2011

The total percentage holding by the group in the equity of significant associates is as follows:

Associate Country   Nature of
business
  Number of
shares issued
Proportion
of issued
shares
held (%)
  Carrying
value
R’000
 
Unlisted                  
Amanz’ Abantu Services                  
(Proprietary) Limited South Africa   Water supply   100 ordinary shares of R1 each 25.5   7 816  
Jozi Power Limited South Africa   Power supply   3 720 000 shares of USD 1 34.2   11 719  
Metsi Water and Sanitation                  
Company (Proprietary) Limited South Africa   Water supply   2 250 ordinary shares of R1 each 15*   72  
Kayema Energy Solutions                  
(Proprietary) Limited South Africa   Power supply   408 ordinary shares of R1 each 25.5   63  
RFC Developments                  
(Proprietary) Limited South Africa   Property development   100 ordinary shares of R1 each 14*   3 060  
                22 730  

* The investments are equity accounted as the group has the power to participate in the financial and operating policy decisions of the investee.

  GROUP  
R’000 2011   2010  
at 30 June        
Aggregate financial information: unlisted investment in associates        
Statement of consolidated financial position        
Group’s share of assets and liabilities:        
Assets        
Non-current assets 43 191   33 392  
Current assets 9 343   11 411  
  52 534   44 803  
Equity and liabilities        
Shareholders’ interest 18 140   17 331  
Non-current liabilities 27 846   22 051  
Current liabilities 6 548   5 421  
  52 534   44 803  
for the year ended 30 June        
Income statement        
Group’s share of income and expenditure:        
Revenue 14 528   10 681  
Profit before taxation 1 139   2 065  
Taxation (319)   (718)  
Profit after taxation 820   1 347  
Dividends received    
Statement of cash flow        
Cash flow from operating activities 1 212   15 374  
Cash flow from investing activities 9 799   (530)  
Cash flow from financing activities (4 433)   (2 049)  
Net increase in cash and cash equivalents 6 578   12 795  

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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