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Notes to the Financial Statements
Washington H. Soul Pattinson and Company Limited
Annual Report 2016
76
Accounting for Our Investments
10
NOTE 10
INVESTMENTS IN ASSOCIATES
b) Details of investments and results in associates
Name of associated entity
Balance date
Group’s percentage of holding
at balance date
*
Jul 2016
Jul 2015
Associates
– held by WHSP
%
%
Apex Healthcare Berhad
Pharmaceutical manufacturer and distributor
31 Dec
30.3
30.3
Australian Pharmaceutical Industries Limited
(ii)
Pharmaceutical wholesaler
31 Aug
24.6
24.6
BKI Investment Company Limited
(ii)
Listed investment company
30 June
10.3
11.1
Brickworks Limited
(ii)
Manufacturer of clay products
31 July
44.1
44.2
Clover Corporation Limited
Refinement and processing of natural oil
31 July
28.6
28.6
Rum Jungle Resources Limited
(iii)
Phosphate and Potash explorer
30 June
38.3
–
Ruralco Holdings Limited
(ii)
Rural supplies and services
30 Sept
20.1
20.3
TPG Telecom Limited
(i)
Telecommunications and internet provider
31 July
25.2
26.9
TPI Enterprises Limited
Manufacturer of narcotic concentrate from poppy straw
31 Dec
19.4
19.4
Associates
– held by controlled entities
various
various
various
Share of results from equity accounted associates before gain on deemed disposal
and impairment (expense)/reversal
Gain on deemed disposal of associates
TPG Telecom Limited
(i)
Other equity accounted associates
(ii)
Impairment reversal of investment in associates
– Australian Pharmaceutical Industries Limited
– TPI Enterprises Limited
Total gains on deemed disposal and impairment (expense)/reversal of equity accounted associates
Share of results, gains on deemed disposal and impairment (expense)/reversal of equity accounted associates
*
The percentage holding represents the Group’s total holding in
each Associate.
** Contribution to Group net profit represents the amount included
in profit after tax before non-controlling interest. As the Group
does not control associates, an associates’ balance date may
not be the same as the Group’s balance date. An associate’s
contribution to Group profit is based on the annual result reported
for each associate, adjusted for any change in the Group’s holding
of that associate.
*** Fair value of listed investments represents the last sale price of
listed associates at balance date. These are subject to capital
gains tax and other transaction costs. Fair value of listed
associates is classified as level 1 in the fair value hierarchy.
# Non-regular items defined in note 3.
^ Results have been restated by transferring expenses of $5.956
million from regular profit to non-regular items
All associates are incorporated in Australia except for Apex Healthcare
Berhad (incorporated in Malaysia).