13. Investments in joint ventures and associates

Set out below is the joint venture of the group as at 31 December 2021 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
					2021	2020
Total Corbion PLA bv	The Netherlands	50%	Joint venture	Equity method	23.2	15.2

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 joint ventures and associates, 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	2021	2020

Current assets
Cash and cash equivalents	31.7	29.0
Other current assets	63.3	32.7
Total current assets	95.0	61.7
Non-current assets	128.1	111.5
Current liabilities
Other current liabilities	44.5	23.1
Total current liabilities	44.5	23.1
Non-current liabilities	129.2	119.8
Net assets	49.4	30.3

Reconciliation to carrying amounts

Opening net assets	30.3	30.0
Comprehensive income for the period	32.8	16.2
Dividends declared	-16.9	-13.1
Exchange rate differences	3.2	-2.8
Closing net assets	49.4	30.3

Group's share (50%)	24.7	15.2
Elimination of unrealised profit on downstream sales	-1.5
Carrying amount	23.2	15.2

Summarized statement of comprehensive income

Revenue	159.8	129.3
Operating result	47.8	42.0
Depreciation and amortization	-6.8	-5.7
Interest expense	-4.0	-5.2
Income tax expense	-10.9	-8.5

Profit for the period	32.9	16.3
Other comprehensive income	-0.1	-0.1
Total comprehensive income	32.8	16.2

Dividends received by Corbion	4.2	4.4

The agreement between shareholders stipulates an equal distribution of dividends between shareholders. For 2020 and 2021, the shareholders agreed to an 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.

In December 2021 a dividend of $ 15 million was declared (of which $ 7.5 million to be distributed to Corbion) which will be received in 2022.

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