annual report 2011

IOOF | annual report 2011
15 Other assets
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Prepayments 9,370 7,442 - -
Deferred acquisition costs 15,591 20,366 - -
24,961 27,808 - -
16 Investments in equity-accounted investees
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Investment in associated entities 14,739 12,891 - -
Name of entity
Country of
incorporation
Ownership interest
2011 2010
Carrying
value
Group’s Share
of Profit/(Loss)
% % $’000 $’000
Associates
Perennial Value Management Ltd (i) Australia 52.4 52.4 9,470 9,053
Police & Nurses Financial Planning Australia 35.0 35.0 1,014 14
Pty Ltd
Kiewa Street Planners Pty Ltd Australia 40.0 - 1,229 68
Patron Financial Trust Australia 26.0 - 867 3
Other Associates 2,159 63
14,739 9,201
(i) At 30 June 2011, Perennial Investment Partners Ltd had a 52.4% (30 June 2010: 52.4%) shareholding interest in Perennial Value Management Ltd with a 42.4% (30 June
2010: 42.4%) dividend entitlement to the profits of Perennial Value Management Ltd. Due to the voting rights associated with different classes of shares in Perennial
Value Management Ltd, this ownership interest does not result in control. However, Perennial Investment Partners Ltd can significantly influence Perennial Value
Management Ltd under the terms of the agreement between these entities.
The Group’s share of profit in its equity accounted investees for the year was $9,201,000 (2010: $7,588,000). A summary of financial
information of the investments accounted for using the equity method, not adjusted for the percentage ownership held by the Group
follows.
Assets Liabilities Revenues Net Profit/(Loss)
$’000 $’000 $’000 $’000
30 June 2011
Investment in associated entities 24,081 5,979 50,620 22,463
30 June 2010
Investment in associated entities 20,843 5,144 32,771 18,407
Dividends received from associates
During the year, the Group received dividends of $9,378,000 (2010: $6,411,000) from its associates.
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