Group Overview Operation and Financial Review Financials Other Information Sustainability and Governance Indofood Agri Resources Ltd. 124 Notes to the financial statements For the financial year ended 31 December 2025 20. Investment in associate companies (cont’d) The aggregate information of the Group’s investment in associate companies, FPNRL and PT PSM, that are not individually material are as follows: Group 2025 2024 Rp million Rp million Share of profit after tax and other comprehensive income for the year 1,953 5,286 21. Investment in joint ventures The Group’s investment in joint ventures are summarised below: Group 2025 2024 Rp million Rp million Joint ventures which are strategic to the Group activities Companhia Mineira de Açúcar e Álcool Participações (“CMAA”) 955,779 886,916 Bússola Empreendimentos e Participações S.A (“Bússola”) – 10,413 955,779 897,329 Group 2025 2024 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 525,847 611,617 Loss on deemed disposal (87,049) (87,049) Foreign currency translation (243,340) (387,560) Dividend payment (342,427) (342,427) Carrying value of investment 955,779 897,329 Name of joint ventures Country of incorporation Effective percentage of equity held Principal activities % 2025 2024 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).
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