NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 6
    2013
Rm		   2012
Rm		  
6. Investment in associates and joint ventures          
  Listed shares at cost 221     207  
  Unlisted shares at cost 529     223  
  Share of post-acquisition reserves (net of impairments) 222     126  
  Carrying value of shares 972     556  
  Indebtedness by associates and joint ventures 345     333  
  – Less than one year 17     33  
  – More than one year 328     300  
    1 317     889  
  Valuation of shares          
  Listed shares at fair value 664     487  
  Unrecognised share of losses of associates and joint ventures exceeding the group’s interest in the associate and joint venture          
  Cumulative unrecognised losses at beginning of year 171     196  
  Utilisation of unrecognised losses during the year (20)     (25)  
  Cumulative unrecognised losses at end of year 151     171  
  Details of the group’s principal associates and joint ventures are reflected in Annexure B.

The group’s effective share of the summarised statement of profit or loss and summarised statement of financial position items in respect of associates and joint ventures are as follows:
    Associates
Rm		   Joint
ventures
Rm		   Total
2013
Rm		   Total
2012
Rm		  
  Summarised statement of profit or loss                  
  Revenue 2 326   521   2 847     2 352  
  Profit before net financing cost 126   18   144     143  
  Net finance cost (51)   (10)   (61)     (58)  
  Income from associates and joint ventures 22       22     24  
  Profit before tax 97   8   105     109  
  Income tax expense (13)       (13)     (57)  
  Profit after tax 84   8   92     52  
  Non-controlling interests (4)   (2)   (6)     (6)  
  Net attributable profit for the year 80   6   86     46  
  Summarised statement of financial position                  
  Total assets 2 006   242   2 248     2 561  
  Capital and reserves, including non-controlling interests 779   82   861     525  
  Interest-bearing borrowings 734   110   844     958  
  Non-interest-bearing liabilities 493   50   543     1 078  
  Total equity and liabilities 2 006   242   2 248     2 561  
  The group’s share of deferred tax relating to estimated tax losses not recognised due to the unpredictability of future profit streams amount to R74 million (2012: R83 million).

The group’s share of contingent liabilities of associates and joint ventures amounts to R18 million (2012: R21 million).