Income/(loss) from associates
and joint ventures 		          Carrying value of the investment   
      2018 
Rm 		    2017 
Rm 		    2018 
Rm 		    2017 
Rm 		   
13.  INVESTMENT IN ASSOCIATES AND JOINT VENTURES                     
   Associates  5    (5)   55    146   
   Joint ventures  230    98    1 288    1 044   
   Total per income statement/statement of financial position  235    93    1 343    1 190   
   Discontinued operation/amounts classified as held for sale  (67)   (133)        (97)  
   Total group  168    (40)   1 343    1 093   
   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 		   2018 
% 		   2017 
% 		  
   Bartrac Equipment Limited  Caterpillar dealer    Mauritius    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 on the following page, the summarised financial information represents amounts shown in the joint venture’s financial statements prepared in accordance with IFRS.

     2018 
Rm 		   2017 
Rm 		  
Bartrac Equipment Limited             
Statement of financial position             
   Cash and cash equivalents    35    148   
   Total current assets    1 786    1 180   
   Non-current assets    789    649   
   Current financial liabilities (excluding trade and other payables and provisions)   91    33   
   Total current liabilities    841    458   
   Non-current financial liabilities (excluding trade and other payables and provisions)   119    139   
   Total non-current liabilities         5   
Income statement             
   Revenue    3 266    2 320   
   Depreciation and amortisation    (104)   (71)  
   Interest income    5    17   
   Income tax expense    110    33   
   Net profit after tax    501    195   
   Total comprehensive income    501    195   
Reconciliation of the carrying amount of the interest in Bartrac recognised in the consolidated financial statements             
Original cost    38    38   
Equity accounted earnings to date    1 322    1 072   
Dividends    (719)   (646)  
Foreign currency translation    275    219   
Carrying amount of the group’s interest in Bartrac    916    683   
Aggregate information of joint ventures that are not individually material:             
Group’s share of (loss)/profit from continuing operations    (21)   1   
Group’s share of other comprehensive (loss)/income    (21)   1   
  Income/(loss) from joint venture         Carrying value of the investment  
  2018
Rm		   2017
Rm		   2018
Rm		     2017
Rm		  
Reconciliation of income statement/statement of financial position                  
Bartrac Equipment Limited 251   97   916     683  
Aggregate income (loss)/carrying value of non-material joint ventures^* (21)   1   372     361  
Total carrying value of joint ventures 230   98   1 288     1 044  
^ 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, but Barloworld does not control the board.
* Included in the carrying value of joint ventures is BHBW SA Pty Ltd in which Barloworld has a 50% shareholding.

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

Name of the associate/joint ventures   Principal activity Place of incorporation Year end
Barzem Enterprises (Pty) Limited   Caterpillar dealer Zimbabwe 31 August*
Bartrac Equipment Limited   Caterpillar dealer Mauritius 30 September
Africa United Equipment   Liaison office Hong Kong 31 December*
Energyst B.V.**   Caterpillar engines rental Netherlands 31 December*
* The different year ends of the associates and joint ventures listed above do not have a material impact on the results.
** This investment was included in Equipment Iberia as part of discontinued operations.