Annual Report 2019

Explanatory Notes 30 SEPTEMBER 2019 21. INVESTMENT IN ASSOCIATES GROUP COMPANY Sep-19 Sep-18 Sep-19 Sep-18 (a) Movement in investment in associates MUR m MUR m MUR m MUR m At 1 October 177.5 193.1 16.2 16.2 Additions - - - - Share of results: Share of loss of associates (0.5) (8.3) - - Impairment charged (40.9) (6.4) (5.8) - Impairment reversal 9.1 - - - Movement in other reserves 6.7 (0.9) - - Dividends (10.9) - - - At 30 September 141.0 177.5 10.4 16.2 Impairment reversal has been recognised on Li & Fung (Mauritius) Ltd reversing the excess of net asset over acquisition price. The impairment charge pertains to iVeri Payment Technologies Proprietary Ltd. The carrying value of the investment of the investment has been impaired to bring the value to its recoverable amounts. (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-19 Sep-18 Sep-19 Sep-18 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 Payment solutions provider South Africa South Africa - - 49.0 49.0 Touchpoint Payment Proprietary Limited Payment solutions provider South Africa South Africa - - 41.7 41.7 evriPay ZA (Proprietary) Ltd Dormant South Africa South Africa - - 49.0 49.0 iVeri Global Limited Software solutions provider Mauritius Mauritius - - 49.0 49.0 Blue Nile Holding Ltd Investment holding Mauritius Mauritius - - 32.6 32.6 (i) All of the above associates are accounted for using the equity method in the consolidated financial statements. CIM FINANCIAL SERVICES LTD / ANNUAL REPORT 2019 127