Company								Group
2018 Rm’s		2017 Rm’s						2018 Rm’s		2017 Rm’s
					14.	Investments
					14.1	Investments
						Unlisted
8		8				Investment in subsidiaries
109		85				Equity instruments – at cost
—		125				Preference shares
117		218				Directors’ valuation of unlisted investments
						Investments in subsidiaries are carried at cost less accumulated impairment. A list of subsidiaries appears in note 37.
						Equity instruments in the Company’s records relates to the notional investment cost as a result of the Group share-based payment schemes as disclosed in note 6.
						Unlisted equity instruments relate to additional investments in subsidiaries in terms of the Group’s share incentive schemes. These amounts are carried at cost less accumulated impairment.
						As disclosed in note 6, preference shares were redeemed by Four Arrows on 20 March 2018.
					14.2	Investment in associates
						Ezee Tile
						On 2 October 2017, through the Acquisition, the Group increased its interest in Ezee Tile to 71,54% and Ezee Tile became a subsidiary from that date (see note 35).
						Carrying value of investment in the Ezee Tile group:
						Cost		19		19
						Share of profit and reserve movements post commencement of equity accounting (net of dividends)		40		40
						Share of profits		56		52
						Dividends received		(16)		(12)
						Derecognition of associate investment in Ezee Tile		(59)		—
								—		59
						Ceramic Industries (Pty) Ltd
						On 2 October 2017, through the Acquisition, the Group increased its interest in Ceramic to 95,5% and Ceramic became a subsidiary from that date (see note 35).
						Carrying value of Investment in Ceramic Industries (Pty) Ltd:
						Cost		529		529
						Share of profit and reserve movements post commencement of equity accounting (net of dividends)		123		123
						Share of profits		274		248
						Reserve movements		10		6
						Dividends received		(162)		(131)
						Derecognition of associate investment in Ceramic		(652)		—
								—		652
						SER-Export s.p.a.
						During the 2015 financial year, the Group disposed of a 20% stake in SER-Export s.p.a. to its existing partner in this entity, reducing the Group's effective shareholding to 30% (refer to note 37).
						Carrying value of investment in SER-Export s.p.a.:
						Cost		19		19
						Share of profit and reserve movements post commencement of equity accounting (net of dividends)		4		2
						Share of profits		4		2
								23		21
						Total carrying amount of investments in associates		23		732
						The following tables illustrate the summarised financial information of the Group's investment in the Ezee Tile group (prior year only), Ceramic Industries (Pty) Ltd (prior year only) and SER-Export s.p.a.:
						Statement of financial position:
						Non-current assets		66		1 554
						Current assets		131		1 259
						Non-current liabilities				(83)
						Current liabilities		(84)		(477)
						Equity		113		2 253
						Statement of comprehensive income:
						Turnover		1 173		3 744
						Profit for the year		149		445
						Profit attributable to ordinary shareholders of Italtile Limited		31		96
						Reserve movements attributable to ordinary shareholders of Italtile Limited		4		(7)
						Less: Dividends		(33)		(32)
						Share of associated companies’ income		2		57