Notes tothe financial statements For the financial year ended 31 December 2023 21. Investment in joint ventures (cont’d) In the prior year, the shareholders injected additional capital of BRL 75 million or equivalent to Rp230.3 billion in Bússola, whereby the Group’s 36.21% share was BRL 27.16 million or equivalent to Rp83.4 billion. Summarised financial information in respect of CMAA and Bússola based on its respective local financial reporting standards which are closely aligned with SFRS(I), and reconciliation with the carrying amount of the investment in the consolidated financial statements are as follows: Summarised balance sheet Group 2023 2022 CMAA Bússola CMAA Bússola Rp million Rp million Rp million Rp million Cash and cash equivalents 1,781,758 3,300 837,097 714 Other current assets 4,113,868 1,768 3,843,131 10,171 Current assets 5,895,626 5,068 4,680,228 10,885 Non-current assets 10,074,716 1,080,480 9,611,798 1,002,167 Total assets 15,970,342 1,085,548 14,292,026 1,013,052 Current liabilities (3,812,772) (80,131) (4,364,207) (31,152) Non-current liabilities (9,722,543) (724,880) (8,098,753) (725,440) Total liabilities (13,535,315) (805,011) (12,462,960) (756,592) Net assets 2,435,027 280,537 1,829,066 256,460 Proportion of the Group’s ownership 36.21% 36.21% 36.21% 36.21% Group’s share of net assets 881,723 101,582 662,305 92,864 Acquisition costs capitalised 52,405 – 52,405 – Goodwill on acquisition 298,336 – 298,336 – Loss on deemed disposal (87,049) – (87,049) – Dividend payment (250,193) – (186,481) – Foreign currency translation 173,738 2,005 111,891 1,899 Carrying value of investment 1,068,960 103,587 851,407 94,763 Summarised statement of comprehensive income Group 2023 2022 CMAA Bússola CMAA Bússola Rp million Rp million Rp million Rp million Revenue 7,456,627 114,156 6,239,079 108,549 Depreciation and amortisation (2,211,941) 15 (1,936,830) 14 Interest income 461,901 318 863,973 154 Interest expense (1,369,456) (118,953) (1,887,120) (106,026) Other operating expenses (3,903,337) 13,548 (3,360,931) 5,803 Profit/(loss) before tax 433,794 9,084 (81,829) 8,494 Income tax (expense)/benefit (49,649) – 234,520 (12,234) Profit/(loss) after tax 384,145 9,084 152,691 (3,740) Other comprehensive income 280,172 – 1,313,745 – Total comprehensive income 664,317 9,084 1,466,436 (3,740) 128 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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