NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 21. Investment in joint ventures The Group’s investment in joint ventures are summarised below: Group 2024 2023 Rp million Rp million Joint ventures which are strategic to the Group activities Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) 886,916 1,068,960 Bússola Empreendimentos e Participações S.A (“Bússola”) 10,413 103,587 897,329 1,172,547 Group 2024 2023 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 611,617 604,370 Loss on deemed disposal (87,049) (87,049) Foreign currency translation (387,560) (197,329) Dividend payment (342,427) (250,193) Carrying value of investment 897,329 1,172,547 Name of joint ventures Country of incorporation Effective percentage of equity held Principal activities % 2024 2023 Held by 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). Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Annual Report 2024 131
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