13. Investments in joint ventures and associates
Set out below are the associates and joint ventures of the group as at 31 December 2023 which, in the opinion of management, are 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 | |
2023 | 2022 | |||||
TotalEnergies Corbion bv | The Netherlands | 50% | Joint venture | Equity method | 18.6 | 27.9 |
TotalEnergies Corbion bv 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. Unrealized gains on transactions between Corbion and its joint ventures and associates are eliminated to the extent of Corbion’s stake in these investments. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred.
Summarized balance sheet
TotalEnergies Corbion bv | 2023 | 2022 |
Current assets | ||
Cash and cash equivalents | 16.2 | 15.1 |
Other current assets | 53.1 | 61.2 |
Total current assets | 69.3 | 76.3 |
Non-current assets | 124.3 | 138.0 |
Current liabilities | ||
Other current liabilities | 19.4 | 17.7 |
Total current liabilities | 19.4 | 17.7 |
Non-current liabilities | 131.5 | 137.0 |
Net assets | 42.7 | 59.6 |
Reconciliation to carrying amounts | ||
Opening net assets | 59.6 | 49.4 |
Comprehensive income for the period | -5.6 | 21.4 |
Dividends declared | -9.2 | -14.2 |
Exchange rate differences | -2.1 | 3.0 |
Closing net assets | 42.7 | 59.6 |
Group's share (50%) | 21.4 | 29.8 |
Elimination of unrealized profit on downstream sales | -2.8 | -1.9 |
Carrying amount | 18.6 | 27.9 |
Summarized statement of comprehensive income | ||
Revenue | 118.1 | 165.8 |
Operating result | -0.6 | 36.0 |
Depreciation and amortization | -6.3 | -6.8 |
Impairment | -13.6 | |
Interest expense | -10.5 | -6.7 |
Income tax expense | 4.1 | -7.5 |
Profit for the period | -6.9 | 21.8 |
Other comprehensive income | 1.3 | -0.4 |
Total comprehensive income | -5.6 | 21.4 |
Dividends received by Corbion | 4.6 | 14.3 |