CFSL - Annual report 2018

EXPLANATORY NOTES 30 SEPTEMBER 2018 21. INVESTMENT IN ASSOCIATES GROUP COMPANY Sep-18 Sep-17 Sep-18 Sep-17 (a) Movement in investment in associates MUR m MUR m MUR m MUR m At 1 October 193.1 77.4 16.2 16.2 Additions - 124.4 - - Share of results: Share of loss of associates (8.3) (5.6) - - Impairment (6.4) - - - Movement in other reserves (0.9) (1.4) - - Dividends - (1.7) - - At 30 September 177.5 193.1 16.2 16.2 (b) Details of the associates Details of the associates at the reporting date are as follows: Name Principal activity Principal place of business Country of incorporation Proportion of direct ownership (%) Proportion of indirect ownership (%) Unquoted Sep-18 Sep-17 Sep-18 Sep-17 2018 Li & Fung (Mauritius) Ltd Buying agent Mauritius Mauritius 40.0 40.0 - - Dodwell (Mauritius) Ltd Buying agent Mauritius Hong Kong 40.0 40.0 - - iVeri Payment Technologies Proprietary Ltd (ii) Payment solutions provider South Africa South Africa - - 49.0 49.0 Touchpoint Payment Proprietary Limited (ii) Payment solutions provider South Africa South Africa - - 41.7 41.7 evriPay (ii)* Payment solutions provider South Africa Mauritius - 61.8 evriPay ZA (Proprietary) Ltd (iii)* Payment service provider South Africa South Africa - - 49.0 61.8 evriPay KE Limited (iii)* Payment solutions provider South Africa South Africa - 61.8 iVeri Global Limited Software solutions provider Mauritius Mauritius - - 49.0 49.0 Blue Nile Holding Ltd Investment holding Mauritius Mauritius - - 32.6 32.6 First Capital Leasing Share Company (iii) Leasing company Ethiopia Ethiopia - - 29.3 29.3 (i) All of the above associates are accounted for using the equity method in the consolidated financial statements. (ii) During the year iVeri Payment Technology Proprietary Ltd acquired 99% of the equity shares of evriPay ZA (Proprietary) Ltd and it also holds 85% of equity shares of Touchpoint Payment Proprietary Limited. (iii) First Capital Leasing Share Company and evriPay ZA (Proprietary) Ltd are under liquidation. *At 30 September 2017 the Group held 61.8% indirect ownership in these entities through more than one structure, none of which the Group controlled. 107 CIM FINANCIAL SERVICES LTD ANNUAL REPORT 2018