| Notes to the consolidated financial statements Note 17 |
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| 17. |
INTEREST IN ASSOCIATES |
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Investments in unlisted associates at cost less impairments |
81 702 |
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83 716 |
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Net asset value at acquisition |
47 782 |
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64 350 |
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Inherent goodwill |
21 101 |
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17 246 |
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Transfer as a result of unbundling |
12 819 |
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12 819 |
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Impairment |
– |
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(10 699) |
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Attributable share of post-acquisition losses of associates |
(10 594) |
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(4 509) |
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At beginning of year |
(4 509) |
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(1 711) |
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Share of current year earnings net of dividends |
3 685 |
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2 919 |
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Share of movement in other reserves |
221 |
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(237) |
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Transfer out of post-acquisition reserves to cost |
(9 991) |
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– |
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Reversal of prior year reserves on change in shareholding |
– |
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(5 480) |
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Advances to associates |
101 098 |
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37 696 |
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172 206 |
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116 903 |
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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. |
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| Notes to the consolidated financial statements Note 17 |
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