Notes to the consolidated financial statements 30 June 2022 (continued) 26 Interests in associates (a) Interests in associates Set out below are the associates of the Group as at 30 June 2022 which, in the opinion of the Directors, are material to the Group. The entities listed below have share capital consisting solely of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. Name of entity Place of business/ country of incorporation % of ownership interest Nature of relationship Measurement method Carrying amount 2022 % 2021 % 2022 $M 2021 $M TLEA* Australia 49.0 49.0 Associate Equity method 1,994.5 1,856.0 * Tianqi Lithium Energy Australia Pty Ltd The Group completed the transaction to acquire 49% of the share capital of Tianqi Lithium Energy Australia Pty Ltd (TLEA) from Tianqi Lithium Corporation (Tianqi) on 30 June 2021. TLEA is the exclusive vehicle for lithium investments for IGO and Tianqi outside of China. (i) Summarised financial information for associates The tables below provide summarised financial information for the associates that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of TLEA and have been amended to reflect adjustments made by the Group when using the equity method, including fair value accounting adjustments and modifications for differences in accounting policy. TLEA Summarised balance sheet 2022 $M 2021 $M Current assets Cash and cash equivalents 179.4 109.6 Other current assets 1,092.6 341.8 Total current assets 1,272.0 451.4 Non-current assets 5,144.4 4,997.6 Current liabilities Financial liabilities (excluding trade payables) 807.0 - Other current liabilities 585.0 251.3 Total current liabilities 1,392.0 251.3 Non-current liabilities Financial liabilities (excluding trade payables) - 633.6 Other non-current liabilities 336.6 315.8 Non-current liabilities 336.6 949.4 Net assets 4,687.8 4,248.3 Minority interests (617.3) (460.7) Net assets adjusted for minority interests 4,070.5 3,787.6 Notes to the consolidated financial statements 30 June 2022 (continued) 26 Interests in associates (continued) (a) Interests in associates (continued) (i) Summarised financial information for associates (continued) TLEA 2022 $M 2021 $M Reconciliation to carrying amounts: Carrying amount at 1 July 3,787.6 - Profit for the year 360.7 - Other comprehensive income 29.8 - Dividends paid (144.3) - Capital contributions 32.1 - Share of other changes in equity of TLEA 4.6 - Acquisition during the year - 3,787.6 4,070.5 3,787.6 Group share in % 49.0% 49.0% Group's share in $ 1,994.5 1,856.0 Carrying amount 1,994.5 1,856.0 TLEA Summarised statement of comprehensive income 2022 $M 2021 $M Revenue (100%) 2,021.3 - < blank header row > Profit for the year1 419.3 - Profit for the year - IGO Group's share 205.4 - Equity accounting adjustments2 (28.7) - IGO Group's share of profit of equity accounted investments 176.7 - Blank header row Blank Header Row Total other comprehensive income3 29.8 - Blank header row IGO Group's share of other comprehensive income 14.6 - < blank header row > Dividends received from TLEA 70.7 - 1. Profit for the year is the amount attributable to owners of TLEA (ie net of amounts attributable to non-controlling interests within the TLEA Group). 2. IGO's share of equity accounting adjustments for the year relate to the amortisation of the fair value accounting adjustments of $1,147.5 million (IGO Group's 49% share). 3. Other comprehensive income is the amount attributable to owners of TLEA (ie net of amounts attributable to non-controlling interests within the TLEA group) and primarily relates to revaluation of foreign exchange loans between TLEA group companies. 4. The transaction to acquire the Group's 49% share in TLEA was completed on 30 June 2021, therefore there is no impact to the Group's share of profit or loss for the previous financial year. Notes to the consolidated financial statements 30 June 2022 Notes to the consolidated financial statements 30 June 2022 140 — IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022 — 141
RkJQdWJsaXNoZXIy MjE2NDg3