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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
The Group has a 49.9% share in Adcock Ingram Limited (India) and a 50% share in National Renal Care Proprietary Limited. The
Group’s interest in these entities is accounted for in the consolidated financial statements using the equity method. Summarised
financial information of these joint ventures, based on IFRS and the reconciliation with the carrying amount of the investments in
the Group are set out below:
1.
ADCOCK INGRAM LIMITED (INDIA)
STATEMENT OF FINANCIAL POSITION
2016
2015
R’000
R’000
Property, plant and equipment
183 796
166 631
Non-current assets
183 796
166 631
Inventories
67 025
65 693
Trade and other receivables
374 087
330 360
Cash and cash equivalents
116 743
36 956
Current assets
557 855
433 009
Total assets
741 651
599 640
Post-retirement medical liability
3 659
2 631
Deferred tax
22 526
19 927
Non-current liabilities
26 185
22 558
Trade and other payables
40 663
85 359
Provisions
1 205
1 041
Taxation payable
210 763
146 418
Current liabilities
252 631
232 818
Total liabilities
278 816
255 376
Equity
462 835
344 264
Proportion of Group’s ownership
49.9%
49.9%
Carrying amount of the investment
230 955
171 787
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June
Turnover
504 722
482 603
Cost of sales
(380 372)
(352 231)
Gross profit
124 350
130 372
Selling, distribution and marketing expenses
(365)
(351)
Fixed and administrative expenses
2 069
(7 417)
Operating profit
126 054
122 604
Finance income
2 071
872
Finance costs
(992)
(1 130)
Profit before taxation
127 133
122 346
Taxation
(46 067)
(42 475)
Profit for the year
81 066
79 871
Group’s share of profit for the year
40 452
39 856
Unearned income on inventory
(7 000)
–
Group’s share of profit for the year
33 452
39 856
ANNEXURE F – INTEREST IN JOINT VENTURES