94 / 170
2016
R’000
2015
R’000
17.
INTEREST IN ASSOCIATES
Unlisted associates
83 716
85 953
Net asset value at acquisition
64 350
45 558
Inherent goodwill
17 246
40 395
Transfer as a result of unbundling
12 819
–
Impairment
(10 699)
–
Investments in associates at cost net of impairments
83 716
85 953
Attributable share of post-acquisition reserves of associates
(4 509)
(1 711)
At beginning of year
(1 711)
(18 244)
Share of current year earnings net of dividends
2 919
15 634
Share of movement in other reserves
(237)
899
Reversal of prior year reserves on becoming subsidiary, disposal or change in shareholding
(5 480)
–
Advances to associates
37 696
55 906
116 903
140 148
Unsecured advances to associates bear interest at rates of between 1,0% and 2,4% (2015: 2,4%
and 3,7%) and have no fixed terms of repayment.
A list of the group’s associates, their country of incorporation and principal place of business,
the group’s percentage shareholding and an indication of their nature of business is included in
annexure A of these financial statements.
No individual associate is considered to be material, thus no summarised financial information is
supplied in these financial statements.
18.
INVESTMENTS
Listed held-for-trading
501 293
–
Unlisted held-for-trading
152 426
67 263
Unlisted available-for-sale
100 180
227 976
Unlisted preference shares
–
64 307
753 899
359 546
Fair value hierarchy of investments
Investments and loans held at cost or amortised cost
242 777
333 383
Investments held at fair value as determined on inputs based on:
511 122
26 163
Unadjusted quoted prices in an active market for identical assets
501 293
–
Factors that are observable for the asset either as prices or derived from prices
2 054
12 277
Factors that are not based on observable market data
7 775
13 886
753 899
359 546
Listed held-for-trading investments include listed The Bidvest Group Limited shares which amount to R501,3 million.
An impairment loss of R119,1 million (2015: Rnil) was recognised on the Icelandic Water Holdings ehf investment. Management’s best
estimate of the impairment of the Icelandic Water investment was based on an offer to the holders of convertible loan notes and warrants
which are convertible into common company stock.
A register of the investments is available for inspection by shareholders at the registered office of the company.
Notes to the consolidated financial statements
for the year ended June 30
Page 90
| Bidcorp Limited Annual integrated report 2016