NOTES TO THE ANNUAL FINANCIAL STATEMENTS  
for the year ended 31 December 2005

         GROUP   COMPANY  
             2005          2004              2005          2004  
        Rm   Rm    Rm   Rm  

5.

INTERESTS IN JOINT VENTURES

                  
  Unlisted                  
  Shares at cost   16,7   10,8   0,7   0,7  
  Add: Post-acquisition equity accounted earnings   1,9   1,2   –   –  
  Carrying value of investments   18,6   12,0   0,7   0,7  
  Unsecured loan from joint venture   –   (1,0)   –   –  
  Carrying value including loan from joint venture   18,6   11,0   0,7   0,7  
  Directors' valuation   18,6   11,0   1,3   1,6  
The loan from the joint venture (Rieter Feltex Automotive Manufacturing (Pty) Limited) bore interest at 8,38% per annum floating rate. The loan was repaid during the year.
 
                           Post-   Net  
           Percentage   Cost      acquisition   carrying  
           holding           reserves   amount  
      2005   2004   2005   2004   2005   2004   2005   2004  
        %   %   Rm   Rm   Rm   Rm   Rm   Rm  
GROUP                                  
Rieter Feltex Automotive                                  
  Manufacturing (Pty) Limited (1)   49   49   9,6   9,6   1,8   1,5   11,4   11,1  
Rieter Feltex (Pty) Limited (1)   49   –   5,9   –   –   –   5,9   –  
Cell Captive Number 22 of Guardrisk                                  
  Insurance Company Limited (2)   50   50   1,2   1,2   0,1   (0,3)   1,3   0,9  
Kolosus Bayern Leder GmbH                                  
  (in liquidation)   50   50   –   –   –   –   –   –  
            16,7   10,8   1,9   1,2   18,6   12,0  
COMPANY                                  
Cell Captive Number 22 of Guardrisk                                  
Insurance Company Limited (2)   50   50   0,7   0,7   –   –   0,7   0,7  
Rieter Feltex Automotive Manufacturing (Proprietary) Limited and Rieter Feltex (Pty) Ltd have a 31 December year end, and unaudited but reviewed results are included.
    Cell Captive Number 22 of Guardrisk Insurance Company Limited has a 31 March year end, and unaudited but reviewed results for the year to 31 December are included.
Nature of business of the associate:
1 = Automotive
2 = Insurance captive
  
      GROUP  
    2005   2004  
    Rm   Rm  
             
  Summarised financial information        
  The group’s share of assets, liabilities and results of operations of significant joint venture companies are summarised as follows:        
  Income statement        
  Revenue 22,3   34,2  
  Net profit before taxation 0,1   3,3  
  Taxation (0,1)   (1,2)  
  Net profit after taxation –   2,1  
  Equity and liabilities        
  Share capital and premium 2,2   2,2  
  Non-distributable reserves 0,2   0,1  
  Distributable reserves 10,3   10,4  
  Long-term liabilities 13,8   –  
  Deferred tax 0,3   0,1  
  Current liabilities 8,5   3,6  
    35,3   16,4  
  Assets        
  Property, plant and equipment 14,5   2,1  
  Loans to group companies –   0,5  
  Other current assets 17,5   11,0  
  Cash and cash equivalents 3,3   2,8  
    35,3   16,4