Investor Presentaiton
130
Notes to the Consolidated Financial Statements
3.9
Investments accounted for using the equity method
Investments accounted for using the equity method represent the Group's
investments in associates and joint ventures in which the Group has significant
influence or joint control.
Assets and liabilities
3
131
Annual Report 2023
Woolworths Group
3.9
Investments accounted for using the equity method (continued)
3.9.3
Movements in carrying amount of investments accounted for using the equity method
OTHER
INVESTMENTS
ENDEAVOUR
GROUP LIMITED
INVESTMENTS
IN ASSOCIATES
IN JOINT
VENTURES
TOTAL
$M
$M
$M
$M
1,646
26
19
1,691
13
40
53
(630)
-
(630)
(6)
70
(4)
(1)
(10)
(7)
56
Share of other comprehensive income for the period, net of tax
Dividends received
3
1
(43)
1,046
29
48
1,123
2023
Carrying amount at start of period
3.9.1
Details of investments accounted for using the equity method
Additions
Disposals
2023
2022
Impairment expense
OWNERSHIP
INTEREST
OWNERSHIP
INTEREST
Share of net profit/(loss) for the period, net of tax
%
$M
%
$M
9.1
1,046
14.6
1,646
Endeavour Group Limited
Other individually immaterial investments in associates
and joint ventures
77
1,123
Carrying amount at end of period
45
1,691
1
highlights
Performance
3
(43)
2
OTHER
ENDEAVOUR
GROUP LIMITED
INVESTMENTS
IN ASSOCIATES
INVESTMENTS
IN JOINT
VENTURES
TOTAL
$M
$M
$M
$M
26
4
30
1,623
19
1,642
Share of net profit/(loss) for the period, net of tax
72
(4)
68
Share of other comprehensive income for the period, net of tax
Dividends received
2
2
(51)
(51)
Carrying amount at end of period
1,646
26
19
1,691
On 16 December 2022, the Group sold 5.5% of the issued share capital of Endeavour Group Limited, an ASX listed company,
via a block trade at a price of $6.46 per share for a total cash consideration of $634 million (net of brokerage fees of $2million).
Following the sale of shares during the period, the Group retains a 9.1% interest in Endeavour Group.
The Group therefore derecognised a portion of the carrying value of its investment of $630 million to reflect the sale of 5.5%
of the shares in Endeavour Group Limited. In addition, $2 million representing a portion of the Group's share of the reserves
of Endeavour Group Limited was derecognised, resulting in a total gain of $6 million being recognised in the Consolidated
Statement of Profit or Loss during the period.
Notwithstanding that the Group's ownership interest is less than 20%, the Group continues to exercise significant
influence through its existing Partnership Agreements, and therefore continues to apply the equity method of accounting.
The fair value of the Group's interest in Endeavour Group as at the reporting date was $1,022 million (2022: $1,951 million)
based on the closing share price.
3.9.2
Results of investments accounted for using the equity method
The tables below present summarised financial information of the Group's material associate, Endeavour Group Limited,
and aggregate information of individually immaterial investments in other associates and joint ventures.
2022
Carrying amount at start of period
Additions
2023
Revenue 1
Profit/(loss) for the period, net of tax¹
Other comprehensive income for the period, net of tax¹
Total comprehensive income/(loss) for the period
Group's share of total comprehensive income/(loss)
recognised for the period 2
Business
review
3
3.9.4
Summary financial position of investment in associate that is material to the Group
2023
ENDEAVOUR GROUP LIMITED
$M
2022
$M
Directors'
Report
Current assets
1,975
1,782
Non-current assets
9,696
9,081
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Group's share of net assets¹
Fair value adjustment²
Carrying amount at end of period
Group's share of net assets is based on consensus data as at the reporting date.
2 Fair value adjustment represents the difference between (i) the Group's retained investment in Endeavour Group Limited measured at fair
value following the loss of control on 28 June 2021 and the sale of 5.5% of the shares in Endeavour Group Limited during the current period,
and (ii) the carrying value of the Group's investment as at the reporting date.
11,671
10,863
2,137
2,193
4
5,825
5,102
7,962
7,295
3,709
3,568
Report
341
518
Financial
705
1,128
1,046
1,646
LO
5
OTHER
INVESTMENTS
ENDEAVOUR
INVESTMENTS
GROUP LIMITED
IN ASSOCIATES
IN JOINT
VENTURES
TOTAL
$M
$M
$M
$M
11,884
212
75
12,171
529
(10)
(20)
499
529
(10)
(20)
499
1
73
(4)
(10)
59
OTHER
INVESTMENTS
ENDEAVOUR
INVESTMENTS
IN JOINT
GROUP LIMITED
IN ASSOCIATES
VENTURES
TOTAL
2022
Revenue1
Profit/(loss) for the period, net of tax¹
$M
$M
$M
$M
11,597
495
199
45
11,841
2
(6)
Other comprehensive income for the period, net of tax¹
Total comprehensive income/(loss) for the period
Group's share of total comprehensive income/(loss)
recognised for the period 2
34
-
491
34
529
2
(6)
525
74
(4)
70
1 Based on the latest available Financial Results or management accounts at the reporting date.
2 Based on consensus data for Endeavour Group Limited and the latest available management accounts for the Group's remaining
investments at the reporting date.
Other
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