3.	Basis of consolidation
	The consolidated financial statements comprise the financial statements of the company and its joint venture and subsidiary companies, which are prepared for the same reporting year as the holding company, using consistent accounting policies. All intercompany balances and transactions, including unrealised profits and losses arising from intra-group transactions, have been eliminated on consolidation.
3.1	Subsidiary companies
	Investments in subsidiary companies are accounted for in the company at cost less impairments. Subsidiary companies are fully consolidated from the date of acquisition, being the date on which the group obtains control, and continue to be consolidated until the date that such control ceases. Non-controlling interests (NCI) represent the portion of profit or loss and equity not held by the group which are presented separately in the statement of comprehensive income and within equity in the consolidated statement of financial position. The NCI is allocated its share of the total comprehensive income/losses for the period, even if that results in a deficit balance.
3.2	Joint ventures
	A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. The group’s investment in its joint venture is accounted for using the equity method. Under the equity method, the investments in joint ventures are initially recognised at cost. Carrying amounts of the investment are adjusted to recognise changes in the group’s share of net assets of the joint venture since the acquisition date. Goodwill relating to joint ventures are included in the carrying amount of the investment and are not amortised nor individually tested for impairment. Investments in joint ventures are accounted for in the company at cost less impairments. The income statement and statement of other comprehensive income (OCI) reflect the group’s share of the results of operations of joint ventures. Any change in OCI of that investee is presented as part of the group’s OCI. In addition, where changes have been recognised directly in the equity of the joint venture, the group recognises its share of any changes, when applicable, in its statement of changes in equity. Unrealised gains and losses resulting from transactions between the group and the joint venture are eliminated to the extent of the interest in the joint ventures. The aggregate of the group’s share of profit or loss of joint ventures are separately shown in the income statement and represents the profit or loss after tax of the joint venture. The financial statements of joint ventures are prepared for the same reporting period as the group. When necessary, adjustments are made to accounting policies to be consistent with those of the group. At each reporting date, the group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, then recognises the loss as “Share of profit of a joint venture” in the income statement. On loss of joint control over a joint venture, the group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and fair value of the retained investment and proceeds from disposal is recognised in the income statement.
3.3	Associates
	Associates are investments over which the group has significant influence which is the power to participate in the financial and operating policy decisions of the investee but without the ability to exercise control or joint control. The group’s investment in its associate is accounted for using the equity method. The group’s share of its profit or loss is based on the associate’s most recent audited financial statements or unaudited interim statements drawn up to the date of the group’s statement of financial position. Investments in associates are accounted for in the company at cost less impairments. Investment in the associates are initially recognised at cost. The carrying value of the investment in associate is adjusted to recognise the group’s share of the net assets, including the carrying value of goodwill. The carrying value of the associate is reviewed on a regular basis and if there is objective evidence that an impairment in this amount has occurred as a result of one or more events during the year, the investment is impaired. The group’s share of losses in associates that exceed its interest are not recognised unless the group has an obligation to fund such losses. Unrealised gains arising from transactions with associates are eliminated against the investments to the extent of the group’s interest in the investments. Unrealised losses are eliminated in the same way, but only to the extent that there is no evidence of impairment.