Notes tothe financial statements For the financial year ended 31 December 2023 20. Investment in associate companies (cont’d) Name of associates Country of incorporation Effective percentage of equity held Principal activities % 2023 2022 Held by the Company FPNRL (i) British Virgin Islands 30.00 30.00 Investment holdings Held by Lonsum AAM (ii) Singapore 10.92* 10.92* Investment holdings AIM (iii) Indonesia 10.92* 10.92* Ownership and building management PT PSM (iv) Indonesia 29.38 29.38 Construction services, rental of heavy equipment and trading of agriculture equipment Daitocacao (v) Indonesia 36.00 36.00 Manufacture and marketing of chocolate for commercial distribution or wholesale to manufacturing companies * The Group held less than 20% effective shareholdings in certain associates but owned, directly and indirectly, more than 20% shareholdings in these associates. (i) Audited by Ernst & Young (HK) (member firm of Ernst & Young Global) (ii) Audited by Pinebridge LLP, Singapore (iii) Audited by Kosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan, Indonesia (member firm of Crowe Global) (iv) Audited by Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan, Indonesia (member firm of Grant Thornton International) (v) Audited by Purwantono, Sungkoro & Surja, Indonesia (member firm of Ernst & Young Global) FPNRL FPNRL is a 30%:70% investment between the Company and First Pacific. FPNRL in turn owns 62.9% (2022: 62.9%) in Roxas Holdings Inc (“Roxas”), a company that engages in the refining and marketing of sugar and ethanol in the Philippines. For the year ended 31 December 2023, the Group’s share of losses in FPNRL exceeds the Group’s interest in its associate due to the impairment of assets relating to its underlying investment in Roxas. The Group discontinues recognizing its’ share of further losses beyond the carrying amount of the associate and the Group’s cumulative share of unrecognised losses at the end of the reporting period was Rp100.9 billion (2022: Nil). The Group has not incurred obligations or made payments on behalf of the associate. 124 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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