ECCB 2017-2018 Annual Report and Statement of Accounts

139

ECCB ANNUAL REPORT 2017/2018

(expressed in Eastern Caribbean dollars) Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2018

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

2018 $

2017 $

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

17,470,403

16,532,991

Non-current 16,532,991 The total share of profit of associates recognised in the statement of profit or loss was $1,438,502 (2017: $986,035). The Bank’s interest in its principal associates, both of which are unlisted, is as follows as of March 31, 2018: 17,470,403

% Interest held %

Assets $

Liabilities $

Revenues $ 11,698,009 4,602,723

Profit $

Entity

(200,054,220) (91,268,651)

4,219,426 1,269,978

24.8

ECHMB

261,903,682 100,696,279

ECSE 30.8 The Bank’s interest in its principal associates, both of which are unlisted, is as follows as of March 31, 2017:

% Interest held %

Assets $

Liabilities $

Revenues $ 11,310,401 3,872,273

Profit $

Entity

ECHMB

244,174,146 36,402,634

(185,016,492) (28,244,985)

3,059,667

24.8 30.8

ECSE

790,674

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 2017 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, 2017.