41. Group interest in subsidiaries and associates
 

Set out below is a list of the significant subsidiaries and associates of the Group at 31 March 2020, held directly by Telkom SA SOC Limited. Unless otherwise stated, the entities as listed below have share capital consisting solely of ordinary shares, which are held directly by the Group and the proportion of ownership interest held equals to the voting rights held by the Group.

  Country of
incorporation		   Issued
share
capital
2020
R		 Interest in
issued
ordinary
share
capital
2020
%		 Ownership
interest
held by
non-
controlling
interest
2020
%		   Issued
share
capital
2019
R		 Interest in
issued
ordinary
share capital
2019
%		 Ownership
interest held
by
non-
controlling
interest
2019
%
Business Connexion (Pty) Ltd RSA   2 280 500 100 –   2 280 500 100 –
Yellow Pages (Pty) Ltd RSA   100 000 100 –   100 000 64.9 35.1
Rossal No 65 (Pty) Ltd RSA   100 100 –   100 100 –
Acajou Investments (Pty) Ltd t/a                  
VS Gaming RSA   100 100 –   100 100 –
Intekom (Pty) Ltd* RSA   – – –   10 001 000 100 –
Swiftnet (Pty) Ltd RSA   5 000 000 100 –   5 000 000 100 –
Number Portability Company RSA   100 20 –   100 20 –
Gyro Properties RSA   100 100 –   100 100 –
Gyro Solutions RSA   100 100 –   100 100 –

The total non-controlling interest for the year is negative R29 million (restated 31 March 2019: R197 million) and relates to Business Connexion and is not considered material to the Group.

The Group’s interest in the Number Portability Company (an associate) and BCX associates and joint ventures are not regarded as individually material. The equity method is used to account for the financial information of the associate. The investments are recorded at cost in the Company financial statements.

  Revenue
Rm		 EBITDA
Rm		 EBIT
Rm		 Net profit/
(loss)
Rm
2020        
Business Connexion (Pty) Ltd 18 743 2 876  2 202  1 088 
Yellow Pages (Pty) Ltd 479 56  26  16 
Swiftnet (Pty) Ltd 1 246 805  795  451 
Rossal No 65 (Pty) Ltd – 2  –  1 
Telkom Foundation** 63 (13) (13) (11)
Gyro Properties 272 247  243  164 
Gyro Solutions 413 209  201  152 
2019        
Business Connexion (Pty) Ltd 19 524 2 717  2 039  1 032 
Yellow Pages (Pty) Ltd 651 138  126  101 
Swiftnet (Pty) Ltd 987 376  361  140 
Rossal No 65 (Pty) Ltd – –  –  – 
Acajou Investments (Pty) Ltd t/a VS Gaming 14 (40) (43) (43)
Intekom (Pty) Ltd – (99) (99) (99)
Telkom Foundation** 64 (15) (15) (12)
Gyro Properties 131 108  104  62 
Gyro Solutions 435 230  228  179 

* Intekom (Pty) Ltd was deregistered in the current financial year.
** Non profit making trust.

None of the Group’s equity–accounted investees are publicly listed entities and consequently do not have published price quotations.

There are no significant restrictions on the ability of the associate to transfer funds to the Group in the form of cash dividends, or to repay loans or advances made by the Group.