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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