9.5 Movement analysis of investments in associates and joint ventures

		Group
		Associates		Joint ventures		Total equity-accounted investments
At 31 December	Note	2019 Rm	2018 Rm	2019 Rm	2018 Rm	2019 Rm	2018 Rm
Gross carrying amount
At beginning of the year		15 477	15 810	1 569	1 479	17 046	17 289
Share of equity-accounted investments’ adjustment from the adoption of IFRS 16	11.1.1.2	(11)				(11)
Balance at 1 January 2019		15 466	15 810	1 569	1 479	17 035	17 289
Interests acquired¹		72	818			72	818
Interests diluted	6.1.3	(42)				(42)
Loss of control of subsidiary	8.3	(92)				(92)
Reclassification to non-current assets held-for-sale		(872)	(1 787)			(872)	(1 787)
Net share of results	8.4	4 521	3 081	145	199	4 666	3 280
– Share of income (continuing operations)	9.3	4 468	3 009	173	180	4 641	3 189
– Share of income (discontinued operations)	6.1.4	52	70			52	70
– Elimination of intergroup profits
(continuing operations)		1	2	(28)	19	(27)	21
Dividends received		(4 051)	(2 569)	(95)	(58)	(4 146)	(2 627)
Share of movement in reserves		112	124	(45)	9	67	133
Transfer from loans receivable to joint ventures equity-accounted investment					(60)		(60)
At end of the year		15 114	15 477	1 574	1 569	16 688	17 046
Accumulated impairment
At beginning of the year
Impairment charge	6.1.3	(58)				(58)
At end of the year	9.4	(58)				(58)
Net carrying amount at end of the year		15 056	15 477	1 574	1 569	16 630	17 046

¹	In 2019, relates to an additional equity interest of 4.47% acquired in Curapipe (R14 million) and a 22% equity interest in GAM which was acquired in exchange for the settlement of the Lebonix debt (R58 million). In 2018, relates mainly to the interests acquired in LightApp and Insect Technology.

Exxaro report selector 2019