160 C I M F I N A N C I A L S E R V I C E S L T D Proportion of direct ownership (%) Proportion of indirect ownership (%) Name of associates Principal activity Principal place of business Country of incorporation Sep-21 Sep-20 Sep-21 Sep-20 Year end Li & Fung (Mauritius) Ltd Buying agent Mauritius Mauritius 40.0 40.0 - - 31 December Dodwell (Mauritius) Ltd Buying agent Mauritius Hong Kong 40.0 40.0 - - 31 December iVeri Payment Technologies Proprietary Ltd (ii) Payment solutions provider South Africa South Africa - - 49.0 49.0 31 December Touchpoint Payment Proprietary Limited Payment solutions provider South Africa South Africa - - 41.7 41.7 31 December iVeri Global Limited (ii), (iii) Software solutions provider Mauritius Mauritius - - - 49.0 31 December Iveri (Mauritius) Ltd (ii), (iii) Software solutions provider Mauritius Mauritius - - - 49.0 31 December (i) All of the above associates are accounted for using the equity method in the consolidated financial statements. (ii) Although Cim group has 49% shareholding, there is still no control due to insufficient representation on the board and hence cannot control decisions. (iii) There has been a share buyback in these companies during the year and the assets have been distributed. 21. INVESTMENTS IN ASSOCIATES GROUP COMPANY (a) Movement in investment in associates Sep-21 MUR m Sep-20 MUR m Sep-21 MUR m Sep-20 MUR m At 1 October 24.9 141.0 - 10.4 Share of profit/(loss) 11.4 (1.3) - - Share buyback of associates - (110.8) - - Impairment charged (21.6) (4.4) - (10.4) Movement in other reserves 4.4 2.9 - - Dividends (4.7) (2.5) - - Transfer to non-current assets classified as held for sale (note 35) (14.4) - - - At 30 September - 24.9 - - (b) Impairment of investments As at 30 September 2021, the Group tested for impairment for its investments in associates. Impairment tests were done in accordance with IAS 36 - Impairment of Assets where a value in use approach has been used, with a pre-tax rate of 5.3%. As a result of the assessments the directors have recorded the necessary impairment adjustments to the fair value of its investment in associates and it is treated as held for sale. In October 2021, a sharebuy back of the 2 companies Iveri Payment Technologies Proprietary Ltd and Touchpoint Payment Proprietary Ltd has been effected. An impairment loss was recognised at Group level amounting to MUR 21.6M for its investment in Iveri Payment Technologies Proprietary Ltd so as to approximate it at its fair value. (c) Details of the associates Details of the associates at the reporting date are as follows: (d) Share of results of associates include gain on disposal of associates amounting to MUR 6.4m (2020:MUR 6.2m) Explanatory Notes 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s
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