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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