Annual report search             Annexure 2       Investements in associates, joint ventures and other investments         back to financial statements

	Nature of busi- ness1 Country of incor-poration2 Number of shares held Perc- entage holding   Group carrying amount   Comp- any carrying amount           2007 % 2006 % 2007 Rm 2006 Rm 2007 Rm 2006 Rm ASSOCIATED COMPANIES                   Unlisted                   Chifeng Kumba Hongye Zinc Corporation Limited A & M CH 58 520 000 38,00 38,00 95 124     Chifeng NFC Kumba Hongye Zinc Corporation Limited A & M CH 42 500 000 25,00 25,00 21 37     Sishen Iron Ore Company (Pty) Limited A RSA 240 000 000 20,00 20,00 641 223     Total associated companies (refer to note 15)           757 384     JOINT VENTURES                   Incorporated                   Unlisted                   RoshSkor Township (Pty) Limited C NAM 50 50,00 50,00         South Dunes Coal Terminal Co. (Pty) Limited A RSA 1 333 33,33 33,33         Thakweneng Mineral Resources (Pty) Limited E RSA 1 50,00 50,00         Unincorporated                   Moranbah Coal Project A     50,00           Tiwest A     50,00 50,00         INVESTMENT COMPANIES                   Listed                   Mineral Deposits Limited A AUS 11 299 435   3,78   92     Unlisted                   Other           328 93 2 34 Total other investments (refere to note 17)           328 185 2 34 TOTAL INVESTMENTS           1 085 569 2 34 The investments are valued at balance sheet date. Listed shares are valued at market value and unlisted shares at directors’ value.                   Unlisted investments in associates                   – directors’ valuation           9 110 4 812     Listed other investments                   – market value             92     Unlisted other investments                   – directors’ valuation           328 93
	1A – Mining, C – Service, E – Exploration, M – Manufacturing. 2RSA – Republic of South Africa, CH – People’s Republic of China, HK – Hong Kong, NAM – Namibia, AUS – Australia
	The group’s effective share of balance sheet, income statement and cash flow items in respect of associated companies and joint ventures is as follows:   Associated companies Joint ventures   2007 Rm   2006 Rm   2007 Rm   2006 Rm INCOME STATEMENTS               Revenue 2 935    1 072    1 192    1 082  Operating expenses (1 749)   (890)   (1 112)   (904) NET OPERATING PROFIT 1 186    182    80    178  Net financing (costs)/income (68)   (9)   6    10  PROFIT BEFORE TAXATION 1 118    173    86    188  Taxation (356)   (47)   1    (1) PROFIT AFTER TAXATION 762    126    87    187  NET PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 762   126    87    187  BALANCE SHEETS               Non-current assets 1 333    907    1 643    1 473  Current assets 898    840    1 120    1 092  TOTAL ASSETS 2 231    1 747    2 763    2 565  Equity and liabilities               EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE PARENT 757    377    2 324    2 215  Non-current liabilities               Interest-bearing borrowings 241    594    81    26  Non-current provisions 63    31    152    132  Deferred taxation and other 315    132    16    16  Current liabilities               Interest-bearing borrowings 537    269    1    1  Other 318   344    189    175  TOTAL EQUITY AND LIABILITIES 2 231    1 747    2 763    2 565  CASH FLOW STATEMENTS               Net cash flows from operating activities 498    (587)   258    235  Net cash flows from investing activities (482)   (104)   (204)   (18) Net cash flows from financing activities (44)   861    (89)   (209) Foreign currency translations (15)   (13)   (31)   (11) NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (43)   157    (66)   (3)
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