Adcock Ingram Integrated Report 2018

ANNUAL FINANCIAL STATEMENTS 124 ADCOCK INGRAM  Integrated Report 2018 The Group has a 49.9% share in Adcock Ingram Limited (India), a 50% share in National Renal Care Proprietary Limited and a 25.1% minority share in Ayrton Manufacturing Limited (Ghana), the remaining shareholding after the disposal of the 53.47% share on 7 December 2016. 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 and associate, 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 2018 2017 R’000 R’000 Property, plant and equipment 153 577 168 038 Other financial assets 148 590 81 390 Non-current assets 302 167 249 428 Inventories 39 539 81 814 Trade and other receivables 511 651 204 041 Cash and cash equivalents 52 950 80 213 Current assets 604 140 366 068 Total assets 906 307 615 496 Post-retirement medical liability 4 718 4 502 Deferred tax 20 207 21 072 Non-current liabilities 24 925 25 574 Trade and other payables 42 328 84 380 Provisions 1 420 1 829 Taxation payable 334 317 10 688 Current liabilities 378 065 96 897 Total liabilities 402 990 122 471 Equity 503 317 493 025 Proportion of Group's ownership 49.9% 49.9% Carrying amount of the investment 251 155 246 019 STATEMENT OF COMPREHENSIVE INCOME Turnover 505 146 534 212 Cost of sales (395 407) (402 575) Gross profit 109 739 131 637 Selling, distribution and marketing expenses (101) (287) Fixed and administrative income 14 520 3 070 Operating profit 124 158 134 420 Finance income 69 3 006 Finance costs (652) (666) Dividend income 4 917 2 689 Profit before taxation 128 492 139 449 Taxation (83 739) (64 643) Profit for the year 44 753 74 806 Group's share of profit for the year 22 332 37 328 Unearned income on inventory (3 502) (7 543) Group's share of profit for the year 18 830 29 785 Annexure F – Interest in joint ventures and associate