Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Financial Assets

	Investments accounted for using the equity method (i.e. joint ventures and associates)
	Share of net assets $m		Loans $m		Total $m		Other $m
At 1 January 2021		609		17		626		13
Translation adjustment		10		(1)		9		-
Investments and advances		-		4		4		-
Disposals and repayments		-		(7)		(7)		(1)
Return of share capital		(2)		-		(2)		-
Share of profit after tax (i)		55		-		55		-
Dividends received		(32)		-		(32)		-
At 31 December 2021		640		13		653		12
The equivalent disclosure for the prior year is as follows:
At 1 January 2020		747		28		775		13
Translation adjustment		31		1		32		-
Investments and advances		-		1		1		-
Disposals and repayments		(10)		(13)		(23)		-
Return of share capital		(6)		-		(6)		-
Share of loss after tax (i) (ii)		(118)		-		(118)		-
Dividends received		(35)		-		(35)		-
At 31 December 2020		609		17		626		13

(i) The Group’s share of joint ventures and associates profit/(loss) after tax is equity accounted and is presented as a single line item in the Consolidated Income Statement. It is analysed as follows; profit after tax from joint ventures: $11 million (2020: $22 million; 2019: $46 million), profit after tax from associates: $44 million (2020: loss after tax of $140 million; 2019: profit after tax of $21 million).

(ii) In 2020 an impairment charge of $154 million was recorded within the loss after tax from associates which principally relates to the write-down of our equity accounted investment in China which forms part of Europe Materials. Challenging market conditions in Northeast China affecting pricing, combined with an increase in the discount rate and the economic impact of COVID-19, were the primary drivers of the impairment charge. In 2020, the recoverable amount of this financial asset was its value-in-use calculated using a real pre-tax discount rate of 9.2%.