120.
INDOFOOD AGRI RESOURCES LTD
ANNUAL REPORT 2015
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For the financial year ended 31 December 2015
19.
INVESTMENT IN ASSOCIATE COMPANIES (CONT’D)
Summarised statement of comprehensive income
FPNRL
AAM
2015
2014
2015
2014
Rp million
Rp million
Rp million
Rp million
Revenue
2,606,658
–
–
–
(Loss)/profit after tax
(10,046)
(110,896)
8,178
–
Other comprehensive (loss)/profit for
the year
(104,916)
20,860
–
–
The aggregate information of the Group’s cost of investments in associate companies that are not individually
material are as follows:
Group
2015
2014
Rp million
Rp million
Share of loss after tax and other comprehensive loss
(278,293)
(37,954)
20.
INVESTMENT IN A JOINT VENTURE
The Group has 50% (2014: 50%) interest in a jointly-controlled entity, CompanhiaMineira de Açúcar e Álcool Participações
(“CMAA”) that is held through the Company’s wholly-owned subsidiaries, IFAR Brazil Pte Ltd and IndoAgri Brazil
Participações Ltda.
The joint venture is incorporated in Brazil and is a strategic venture. The Group jointly controls the venture with the
other partner under the contractual agreement and requires unanimous consent for all major decisions over the
relevant activities.
The joint venture company is engaged in the cultivation and processing of sugar cane for the production and marketing
of sugar and ethanol, as well as co-generation of electric power from sugar cane bagasse in Brazil.
On acquisition of CMAA in June 2013, the Group completed a Purchase Price Allocation (“PPA”) exercise in 2014 to
identify any intangible assets and/or goodwill from the acquisition. As at 31 December 2015, goodwill amounting to
Rp298.3 billion has been determined and included in the carrying amount of the investment.
The external auditor of CMAA is KPMG Auditores Independentes.
Group
2015
2014
Rp million
Rp million
Cost of investment in a joint venture (including acquisition related costs)
878,614
689,073
Share of results and other comprehensive loss of a joint venture
(115,952)
93,071
Foreign currency translation
(155,611)
19,009
Carrying value of investment in a joint venture
607,051
801,153
