Annexure B

Details of Equity Accounted Investees
As at 31 March

             
    Investment in Associates Investment in Joint Ventures Total
    Nala PGR SA Holdings (Pty) Ltd ("Nala") ¹ Aggregate for immaterial associates Java Capital (Pty) Ltd ² Aggregate for immaterial joint ventures  
             
    R’000 R’000 R’000 R’000 R’000
             
2018          
             
Shares at cost   -   22,635   205,214   12,338   240,187
Share of post acquisition reserves   (3,750)   76,917   25,127   22,053   120,347
      (3,750)   99,552   230,341   34,391   360,534
Loan   3,750   8,998   312   -   13,060
  Cost   3,750   8,998   312   -   13,060
  Impairment ³   -   -   -   -   -
             
Carrying amount   -   108,550   230,653   34,391   373,594
             
Summarised financial information:          
Non-current assets   945,079     8,287     953,366
Current assets   65,989     81,802     147,791
             
      1,011,068     90,089     1,101,157
             
Equity   559,724     50,519     610,243
Non-current liabilities   421,716     -       421,716
Current liabilities   29,628     39,570     69,198
             
      1,011,068     90,089     1,101,157
             
Revenue   49,507   251,662   215,729   174,690   691,588
(Loss)/profit and Total Comprehensive (Loss)/income for the year   (97,947)   106,217   87,628   92,011   187,909
             
2017          
             
Shares at cost   -   22,635   205,214   12,338   240,187
Share of post acquisition reserves   -   48,829   27,735   15,376   91,940
      -   71,464   232,949   27,714   332,127
Loan   -   8,998   300   -   9,298
  Cost   -   8,998   300   -   9,298
  Impairment   -   -   -   -   -
             
Carrying amount   -   80,462   233,249   27,714   341,425
             
Summarised financial information:          
Non-current assets   1,243,511     7,519     1,251,030
Current assets   119     81,062     81,181
             
      1,243,630     88,581     1,332,211
             
Equity   670,171     55,735     725,906
Non-current liabilities   516,885     -       516,885
Current liabilities   56,574     32,846     89,420
             
      1,243,630     88,581     1,332,211
             
Revenue   (24,261)   208,477   219,597   115,517   519,330
(Loss)/profit and Total Comprehensive (Loss)/income for the year   (39,580)   88,655   90,987   66,323   206,385

1. Nala is an investment holding company and operates in South Africa. The Group's share of equity accounted profits are included in the Group investments segment.

2. Java Capital is a corporate finance and advisory company and operates in South Africa. The Group's share of equity accounted profits are included in the Advisory segment.

3. The identification of a possible impairment indicator on the Group's investment in Java Capital was identified by management. Management performed an assessment of the impact of the impairment indicator on the investment held and concluded that at this stage an impairment is not required. A further assessment will be performed at the interim stage of the 2019 financial year.

Details of Equity Accounted Investees (continued)
As at 31 March

     
  2018 2017
  R'000 R'000
     
Reconciliation of the summarised financial information to the carrying amount of interest in Nala:
     
Net asset value   559,724   670,171
Adjusting items:   (559,724)   (670,171)
Fair value adjustment on investment in Peregrine SA Holdings   (438,501)   (429,340)
Dividends received from Peregrine SA Holdings   (424,891)   (283,056)
Discontinuation of further losses as share of losses exceeds the interest in the associate ¹   300,968   39,525
Elimination of profit arising on intercompany transaction   2,700   2,700
     
Carrying amount   -     -  
     
Percentage held 30.0% 30.0%
Carrying amount of interest in Nala   -     -  

1 Recognition of 30% share of associate profits will resume only after the share of the profits equals the share of losses not recognised. With effect from 2 October 2017, Nala disposed of its investment in Consolidated Infrastructure Group Limited ("CIL"), comprising 15 060 112 shares, for a total consideration of R195 million, which amount was provided for as a loan receivable bearing interest at the prime rate less 1.4%, payable by no later than 30 October 2019 and secured by the underlying CIL shares. At year-end, an impairment assessment performed by the management of Nala indicated that the underlying shares held as security had declined significantly and together with other observable default and/or delinquency evidence indicating that the receivable would potentially not be collected an impairment allowance of R137 million was provided for in Nala.

Reconciliation of the summarised financial information to the carrying amount of interest in Java Capital:    
     
Net asset value   50,519   55,735
Adjusting items:   (268)   (268)
Net assets at date of acquisition   (268)   (268)
     
    50,251   55,467
     
Percentage held 50.0% 50.0%
Share of net assets in Java Capital   25,127   27,735
Goodwill component arising from the acquisition, consisting of the surplus above net assets   205,214   205,214
Loan to joint venture company (note 15.3)   312   300
     
Carrying amount of interest in Java Capital   230,653   233,249
     
Additional financial information relating to Java Capital:    
     
Cash and cash equivalents included in current assets   57,506   41,149
Current financial liabilities (excluding trade and other payables and provisions)   12,659   5,446
Depreciation and amortisation   908   732
Interest income   3,903   3,702
Interest expense   9   1
Income tax expense   33,964   35,258
Dividends paid   92,845   72,571