NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 20. Investment in associate companies (cont’d) Name of associates Country of incorporation Effective percentage of equity held Principal activities % 2024 2023 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 Held by PT SIMP 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) The Group has not recognised its’ share of losses in FPNRL amounting to Rp42.0 billion (2023: Rp100.9 billion) for the year ended 31 December 2024 as the Group’s cumulative share of losses in FPNRL exceeds the Group’s interest in its associate, resulting in the investment being carried at zero value in the consolidated financial statements. The Group’s cumulative share of unrecognised losses as at the end of the reporting period was Rp142.9 billion (2023: Rp100.9 billion). The Group has not incurred obligations or made payments on behalf of the associate. Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Annual Report 2024 129
RkJQdWJsaXNoZXIy NTkwNzg=