107 / 166
2017
R’000
2016
R’000
17.
INTEREST IN ASSOCIATES
Investments in unlisted associates at cost less impairments
81 702
83 716
Net asset value at acquisition
47 782
64 350
Inherent goodwill
21 101
17 246
Transfer as a result of unbundling
12 819
12 819
Impairment
–
(10 699)
Attributable share of post-acquisition losses of associates
(10 594)
(4 509)
At beginning of year
(4 509)
(1 711)
Share of current year earnings net of dividends
3 685
2 919
Share of movement in other reserves
221
(237)
Transfer out of post-acquisition reserves to cost
(9 991)
–
Reversal of prior year reserves on change in shareholding
–
(5 480)
Advances to associates
101 098
37 696
172 206
116 903
Unsecured advances to associates bear interest at rates of between 2,0% and 5,0% (2016: 1,0%
and 2,4%) and have no fixed terms of repayment. Bidfood Netherlands advanced €5,0 million to
Farm Fresh Holdings bearing interest at 5,0%.
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 to 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
54 142
152 426
Unlisted available-for-sale
59 672
100 180
113 814
753 899
Fair value hierarchy of investments
Investments and loans held at cost or amortised cost
59 310
242 777
Investments held at fair value as determined on inputs based on:
54 504
511 122
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
1 848
2 054
Factors that are not based on observable market data
52 656
7 775
113 814
753 899
An impairment loss of R43,4 million (2016: R119,1 million) was recognised on the Icelandic Water Holdings ehf investment.
A register of the investments is available for inspection by shareholders at the registered office of the company.
103
Annual integrated report 2017
Bid Corporation Limited