NOTE 5

		2014 Rm	2013 Rm	2012 Rm	2014 Rm	2013 Rm	2012 Rm
5.	INVESTMENT IN ASSOCIATES AND JOINT VENTURES
			Income			Investment
	Associates	6	7	9	296	269	176
	Joint ventures	211	178	132	424	302	254
	Total per income statement/statement of financial position	217	185	141	720	571	430

Details of material joint ventures

Details of material joint ventures at the end of the reporting period are as follows:

			Proportion of ownership interest and voting rights held by the group
Name of joint venture	Principal activity	Place of incorporation	2014 %	2013 %	2012 %
Bartrac Equipment Limited	Mining and construction equipment	Mauritius	50	50	50

The joint venture operates in Mauritius and the DRC.

Summarised financial information in respect of the group’s material joint venture is set out below, the summarised financial information represents amounts shown in the joint venture’s financial statements prepared in accordance with IFRS.

	2014 Rm	2013 Rm	2012 Rm
Bartrac Equipment Limited
Cash and cash equivalents	52	333	204
Total current assets	766	778	645
Non-current assets	317	206	167
Current financial liabilities (excluding trade and other payables and provisions)	16	29	106
Total current liabilities	323	198	315
Non-current financial liabilities (excluding trade and other payables and provisions)	34	27	51
Total non-current liabilities	6	14	45
Revenue	2 819	2 355	1 846
Dividends received from joint venture or associate	310	342	160
Depreciation and amortisation	(446)	(7)	(14)
Interest income	2		2
Income tax expense or income	(31)	(82)	(50)
Net profit after tax	431	369	277
Total comprehensive income	431	369	277

Barloworld Equipment (Pty) Limited provided an open guarantee to Standard Bank Mauritius for Bartrac of R113 million (2013: R81.8 million; 2012: R67 million).

	2014 Rm	2013 Rm	2012 Rm
Reconciliation of the carrying amount of the interest in Bartrac recognised in the consolidated financial statements
Original cost	38	38	38
Equity-accounted earnings to date	702	488	303
Dividends	(456)	(301)	(130)
Foreign currency translation	115	72	7
Expat tax provision		(9)	(9)
Carrying amount of the group’s interest in Bartrac	399	287	209
Aggregate information of joint ventures that are not individually material:
Group’s share of profit from continuing operations	(4)	(7)	(7)
Group’s share of other comprehensive income	(4)	(7)	(7)

	Income/(loss) from joint venture			Carrying value of the investment
Reconciliation of income statement/statement of financial position	2014 Rm	2013 Rm	2012 Rm	2014 Rm	2013 Rm	2012 Rm
Bartrac Equipment Limited	225	185	139	399	287	209
Aggregate (loss)/carrying value of non-material joint ventures^***	(14)	(7)	(7)	25	45	45
Total as per income statement and the statement of financial position	211	178	132	424	332	254
Amounts classified as held for sale***					(30)
Total carrying value of joint ventures	211	178	132	424	302	254

	***	In 2013, the joint venture, Barloworld Heftruck Verhuur BV, was moved to investments held for sale.
	^	Included in the carrying value of joint ventures that are not individually material is Electro Motive Diesel Africa (Pty) Limited, in which Barloworld has a 51% shareholding however, Barloworld does not control the board.

All of the associates and joint ventures are incorporated and operational in South Africa, except:

Name of the associate	Principal activity	Place of incorporation
Barzem Enterprises (Pty) Limited	Caterpillar dealer	Zimbabwe
Energyst BV	Caterpillar engines rental	Netherlands
Bartrac Equipment Limited	Caterpillar dealer	Mauritius
Africa United Equipment	Liaison office	Hong Kong

All the associates and joint ventures’ year-ends are 30 September except:

Name of the associate	Principal activity	Place of incorporation
Barzem Enterprises (Pty) Limited	Caterpillar dealer	31 August
Energyst BV	Caterpillar engines rental	31 December
Cyandra 96 (Pty) Limited	National environmental solutions and waste management	31 December
Africa United Equipment	Liaison office	31 December