REPUBLIC BANK LIMITED
74
Notes to theConsolidatedFinancial Statements
For the year ended September 30, 2014. Expressed in thousands of Trinidad and Tobago dollars ($’000), except where otherwise stated
6 Investment in associated companies
2014
2013
Balance at beginning of year
445,377
207,162
Acquisition of shareholding
–
297,767
Share of current year profit/(loss)
49,135
(60,324)
Dividends received
(9,740)
(3,305)
Translation adjustments
(130,560)
–
Share of revaluation reserves
(8,270)
4,077
Balance at end of year
345,942
445,377
The Group’s interest in associated companies is as follows:
Country
Reporting
Proportion
of
year-end of
of issued
incorporation
associate
capital held
G4S Holdings (Trinidad) Ltd
Trinidad and Tobago
December
24.50%
InfoLink Services Limited
Trinidad and Tobago
December
25.00%
East Caribbean Financial Holding Company Limited (ECFH)
St. Lucia
December
19.30%
HFC Bank (Ghana) Limited (HFC)
Ghana
December
40.00%
Summarised financial information in respect of the Group’s associates are as follows:
Associates that are
Other
Total Investment
material to the Group
associates
in Associates
HFC
ECFH
2014
2014
2014
2014
2013
Total assets
2,382,418
8,803,208
169,815
11,355,441
10,289,449
Total liabilities
1,948,376
8,305,345
23,076
10,276,797
9,155,322
Net assets/equity
434,042
497,864
146,738
1,078,644
1,134,127
Group’s share of associates’
net assets
213,144
96,389
36,409
345,942
445,377
Group’s share of profit/(loss) of
associated companies after tax
for the period
43,291
(602)
6,446
49,135
(60,324)
Group’s share of translation
adjustments
(130,560)
–
–
(130,560)
–
Group’s share of revaluation
reserves of associated companies
–
(8,270)
–
(8,270)
4,077
Dividends received during the year
7,351
–
2,389
9,740
3,305
HFC and ECFH revenue for the
six-month period ended
June 30, 2014
209,721
249,250
–
–
–
