Annual Report 2009 - Dairygold

Dairygold Co-Operative Society Limited Annual Report and Accounts 2009
11 Financial assets
2009 2008
E’000 E’000
ASSOCIATES
Share of net assets - 1 January
Net assets other than goodwill 9,885 16,446
Goodwill 5,854 5,841
Share of results (net of taxation) (860) (1,710)
Share of associates reserve movements (2,068) (4,838)
Share of net assets - 31 December
Net assets other than goodwill 9,914 9,885
Goodwill 2,897 5,854
12,811 15,739
Loans to associates 85 85
Redeemable Interest Bearing Bond (RIBB) see below 33,000 33,000
At - 31 December 45,896 48,824
UNQUOTED
Shares at cost 139 139
QUOTED
Shares at cost - 1 January 9,115 6,856
Additions 21,318 28,798
Disposals (20,733) (22,635)
Impairment (81) (3,904)
Shares at cost - 31 December 9,619 9,115
LOAN STOCK
At - 1 January 11,633 11,482
Additions 705 1,638
Redemptions (1,569) (1,487)
At - 31 December 10,769 11,633
TOTAL 66,423 69,711
a) The associates are included in the accounts at the cost of the investment and the Society’s share of post
acquisition reserves.
b) The share of reserve movements of associates in 2009 includes an amount of €27,000 (2008: €40,000) relating to
changes in shareholding structures of associated groups.
c) In the opinion of the Board of Directors, the value of the unquoted investments is not less than that shown above.
d) The market value of the quoted investments excluding Reox Holdings plc at 31 December 2009 was €34,658,000
(2008: €41,978,000).
e) The loan stock refers to unconverted loan stock received from the Irish Dairy Board based on the Society’s trading
activity with it.
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