SWIRE PROPERTIES ANNUAL REPORT 2023 20. Joint Venture Companies (continued) The Group’s share of assets and liabilities and results of joint venture companies is summarised below: 2023 2022 HK$M HK$M Non-current assets 38,587 51,174 Current assets 9,747 7,199 Current liabilities (3,572) (5,587) Non-current liabilities (25,486) (28,500) Net assets 19,276 24,286 Revenue 2,755 3,225 Change in fair value of investment properties (517) 877 Expenses (1,873) (2,133) Profit before taxation 365 1,969 Taxation (241) (526) Profit for the year 124 1,443 Other comprehensive income (195) (1,744) Total comprehensive income for the year (71) (301) Capital commitments and contingencies in respect of joint venture companies are disclosed in notes 37 and 38. The principal joint venture companies of Swire Properties Limited are shown on pages 208 to 210. There are no joint venture companies that are considered individually material to the Group. 21. Associated Companies Accounting Policy Associated companies are those companies over which the Group has significant influence, but not control or joint control, over their management including participation in financial and operating policy decisions, generally accompanying a shareholding representing between 20% and 50% of the voting rights. The use of the equity method by the Group to account for the investment in associated companies is disclosed in the “Basis of Consolidation” of the Accounting Policies on pages 205 to 207. 2023 2022 HK$M HK$M Share of net assets, unlisted 9,913 473 Goodwill Associated companies 670 – 10,583 473 Loans due from associated companies less provisions – Interest-free 169 12 – Interest-bearing at 7.20% per annum (2022: 6.41% per annum) 40 40 209 52 The loans due from associated companies are unsecured and have no fixed terms of repayment, except for an interest-bearing loan due from an associated company of HK$40 million which is repayable in 2027. These loans are considered to have low credit risk. The financial positions and performances of these companies are regularly monitored and reviewed by the management of the Group. 175