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13. Investments in joint ventures and associates

Set out below is the joint venture of the group as at 31 December 2020 which, in the opinion of management, is material to the group. The entity listed below has share capital consisting solely of ordinary shares, which are held directly by the group. The proportion of ownership interest is the same as the proportion of voting rights held.

Name of entity

Country of incorporation

% of ownership interest

Nature of relationship

Measurement method

Carrying amount

     

2020

2019

Total Corbion PLA bv

The Netherlands

50%

Joint venture

Equity method

15.2

15.0

Total Corbion PLA is a global leader in marketing, sale, and production of Polylactic Acid (PLA). The principal places of business are the Netherlands for marketing and sales activities and Thailand for the main production activities.

As it is a private entity no quoted fair value price is available.

The tables below provide summarized financial information on the joint ventures and associates that are material to the group. The information disclosed reflects the amounts presented in the financial statements of the respective associates and joint ventures, rather than Corbion's share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy.

Summarized balance sheet

Total Corbion PLA bv

2020

2019

   

Current assets

  

Cash and cash equivalents

29.0

8.4

Other current assets

32.7

36.5

Total current assets

61.7

44.8

Non-current assets

111.5

128.6

Current liabilities

  

Other current liabilities

23.1

12.3

Total current liabilities

23.1

12.3

Non-current liabilities

119.8

131.2

Net assets

30.3

30.0

Reconciliation to carrying amounts

Opening net assets

30.0

30.8

Comprehensive income for the period

16.2

-3.4

Capital contributions

 

1.8

Dividends paid

-13.1

 

Exchange rate differences

-2.8

0.8

Closing net assets

30.3

30.0

   

Group's share

50%

50%

Carrying amount

15.2

15.0

Summarized statement of comprehensive income

Revenue

129.3

75.6

Operating result

42.0

3.3

Depreciation and amortization

-5.7

-4.8

Interest expense

-5.2

-7.1

Income tax expense

-8.5

0.3

   

Profit for the period

16.3

-3.4

Other comprehensive income

-0.1

 

Total comprehensive income

16.2

-3.4

   

Dividends received by Corbion

4.4

 

The agreement between shareholders stipulates an equal distribution of dividends between shareholders. For 2020 and 2021, the shareholders agreed to a uneven distribution, in such a way that the Shareholders will each receive an equal cumulative amount of (interim) dividend over those two years, but that amounts per shareholder in an individual year can differ.

The table below shows the balances for joint ventures that are not considered material to the group.

 

2020

2019

Joint ventures

Joint ventures

Carrying amount of interests

0.1

1.6

Share of total profit or loss

-1.6

-0.3