Notes tothe financial statements For the financial year ended 31 December 2023 20. Investment in associate companies (cont’d) Summarised statement of comprehensive income (cont’d) The aggregate information of the Group’s investment in an associate company that is not individually material are as follows: Group 2023 2022 Rp million Rp million Share of profit after tax and other comprehensive income 25,713 19,985 21. Investment in joint ventures The Group’s investment in joint ventures are summarised below: Group 2023 2022 Rp million Rp million Joint ventures which are strategic to the Group activities Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) 1,068,960 851,407 Bússola Empreendimentos e Participações S.A (“Bússola”) 103,587 94,763 1,172,547 946,170 Group 2023 2022 Rp million Rp million Cost of investment (including acquisition related costs) 1,102,748 1,102,748 Cumulative share of results and other comprehensive income 604,370 364,947 Loss on deemed disposal (87,049) (87,049) Foreign currency translation (197,329) (247,995) Dividend payment (250,193) (186,481) Carrying value of investment 1,172,547 946,170 Name of joint ventures Country of incorporation Effective percentage of equity held Principal activities % 2023 2022 Held by the IFAR Brazil Pte Ltd CMAA Brazil 36.21 36.21 Ownership of sugar cane plantations and sugar and ethanol factories Bússola Brazil 36.21 36.21 Real estate Both CMAA and Bússola are audited by Ernst & Young Brazil (Goiânia Office) (member firm of Ernst & Young Global). 127 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Annual Report 2023
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