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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 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.

 

2021

2020

Carrying amount of interests

 

0.1

Share of total profit or loss

 

-1.6