Page 104 - ICD AR21 EN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
12 EQUITY INVESTMENTS (Continued)
The management has taken into account investee specific as well as the macro economic environment of the investee. The investee specific inputs primarily included market multiples, actual business performance against expected and revisions to the business plans. The macroeconomic inputs included country or regional specific information as well as the foreign currency rates. In addition, management has implemented certain refinements to the valuation techniques to reflect appropriately the ever-changing circumstances and economic environment. The valuation techniques used to measure the fair value of equity investments classified in level 2 & 3 for each significant sector as at 31 December 2021 and 31 December 2020 are as follows:
Sector
Valuation technique
31 December 2021 USD
31 December 2020 USD
Financial Services
Industry and Mining
Social Services Others
Market comparables Adjusted net asset value Other techniques
Adjusted net asset value Discounted cashflows
Other techniques
Market comparables Residual method Adjusted net asset value Other techniques
72,428,811
83,841,180 113,944,989
2,712,110 13,787,773
138,710,101 69,578,079 18,846,074
5,572,202 14,181,858
552 2,113,757
1,264,239 - 39,193,575 41,845,835 8,079,166 8,378,912 1,150,000 1,150,000
270,060,030
Total
336,402,395
300,376,818
Reconciliation of level 3 items
31 December 2021 USD
31 December 2020 USD
At the beginning of the year
Additions 30,045,272
Disposals (1,384,077)
Transferred from / (to) level 1 & 2 14,530,755
Fair value gains / (losses), net 5,596,903 (15,323,607)
293,976,159 - (6,921,134) (1,671,388)
At the end of the year
318,848,883
270,060,030
12.4 EQUITY INVESTMENT INCOME/ (LOSS), NET
31 December 2021 USD
31 December 2020 USD
Fair value gains / (losses), net 8,394,621 Dividend 823,714 Others 2,063,520
(20,068,429) 826,798 932,978
11,281,855
(18,308,653)
102 ICD ANNUAL REPORT 2021