ECCB 2016/2017 Annual Report

134

ECCB ANNUAL REPORT 2016/2017

Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2017 (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2017

13. Investments in associated undertakings using the equity method … continued

2017 $

2016 $

OECS Distribution and Transportation Company (ODTC) Balance at beginning of year

20,010

20,010

-

Purchase during the year Balance at end of year

-

20,010

20,010

Total investments in associated undertakings

16,532,991

16,048,046

Non-current 16,048,046 The total share of profit of associates recognised in the statement of profit or loss was $986,035 (2016: $1,077,879). The Bank’s interest in its principal associates, both of which are unlisted, is as follows as of March 31, 2017: 16,532,991

% Interest held %

Assets $

Liabilities $

Revenues $ 11,161,552 3,819,145

Profit $

Entity

ECHMB

244,430,363 (185,272,710)

3,059,667

24.8

ECSE 30.8 The Bank’s interest in its principal associates, both of which are unlisted, is as follows as of March 31, 2016: 36,349,551 (28,244,788) 737,787

% Interest held %

Assets $

Liabilities $

Revenues $ 12,464,009 4,232,161

Profit $

Entity

ECHMB

247,817,342 48,405,424

(189,703,738) (41,038,448)

2,504,642 1,482,884

24.8 30.8

ECSE

The Bank’s interest has been determined on the basis of the unaudited financial statements for these entities as the timing for receipt of the audited financial statements is after the scheduled date for finalization of the ECCB’s accounts. The 2016 comparatives represent audited financial results for these entities, which were not materially different to the unaudited amounts used in the preparation of the Bank’s financial statements for the year ended March 31, 2016.