55
F I N A N C I A L S T A T E M E N T S
2 0 1 5 |
WE L ANNUA L REPOR T
55
Group
Group
Parent
Parent
13. Investment in joint venture
2015
2014
2015
2014
($000)
($000)
($000)
($000)
Opening carrying value
28,381
6,563
-
-
Acquisition of shares at cost
39,439
24,355
-
-
67,820
30,918
-
-
(Loss) / gain on deemed disposal of share in joint venture
(2,246)
(1,139)
-
-
Share of loss in joint venture
(2,933)
(1,398)
-
-
Closing carrying value
62,641
28,381
-
-
The share of the results of its joint ventures, all of which are unlisted, and its aggregated assets and liabilities, are as follows:
Nature of investment in joint venture 2015 and 2014
Name of entity
Place of
Business /
Country of
Incorporation
%Ownership
Interest
Nature of
Relationship
Measurement
Method
Ultrafast Fibre Limited
New Zealand
33%
Ultrafast Broadband
wholesaler
Equity
Ultrafast Fibre Limited
2015
2014
($000)
($000)
Current assets
5,762
2,445
Non-current assets
193,835
119,894
Total assets
199,597
122,339
Current liabilities
9,021
1,949
Total liabilities
9,021
1,949
Revenue
7,728
3,172
Expenses
(22,979)
(14,628)
Profit/(Loss)
(10,990)
(8,263)
% Interest Held
33%
24%
(b) Reconciliation of summarised information
Ultrafast Fibre Limited
2015
2014
($000)
($000)
Opening net assets at 1 April
120,284
65,447
Loss for the period
(10,990)
(8,263)
Shares issued during the year
81,282
63,100
Closing net assets at 31 March
190,576
120,284
Interest in joint venture (33%; 23.8%)
62,641
28,382
Carrying value
62,641
28,382
