148 / 174
134
ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
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
16,532,991
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:
Entity
Assets
$
Liabilities
$
Revenues
$
Profit
$
% Interest
held
%
ECHMB
244,430,363 (185,272,710)
11,161,552
3,059,667
24.8
ECSE
36,349,551
(28,244,788)
3,819,145
737,787
30.8
The Bank’s interest in its principal associates, both of which are unlisted, is as follows as of March 31,
2016:
Entity
Assets
$
Liabilities
$
Revenues
$
Profit
$
% Interest
held
%
ECHMB
247,817,342
(189,703,738)
12,464,009
2,504,642
24.8
ECSE
48,405,424
(41,038,448)
4,232,161
1,482,884
30.8
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.