RM’million 2022 RM’million Group’s share of results: Profit after tax and total comprehensive income 18.1 21.0 Dividend received 57.9 0 Amounts due from joint ventures Amounts due from joint ventures* 42.5 56.9 Less: Loss allowances (19.8) (12.3) 22.7 44.6 * The Group’s credit policy provides amounts due from joint ventures with a 30 days (2022: 30 days) credit period. The list of the Group’s joint arrangements is disclosed in Note 50. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 232 9 ASSOCIATES Group Company Note 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Unquoted shares (a) 2,048.2 3,307.9 75.7 75.7 Share of post-acquisition results and reserves 13.1 (465.2) 0 0 2,061.3 2,842.7 75.7 75.7 Less: Accumulated impairment losses (b) (602.5) (1,413.0) 00 1,458.8 1,429.7 75.7 75.7 Share of net assets of associates 1,458.8 1,429.7 The list of the Group’s associates is disclosed in Note 51. (a) Divestment in GEL 2023 During the financial year, the Group via its wholly owned subsidiary, PEIM, had completed the divestment of its entire 30.0% equity interest in GEL via a Settlement Agreement for an amount of RM133.0 million (USD28.5 million) in cash. Hence, GEL has ceased to be an associate of the Group. Accounting Policy Associates are all entities over which the Group has significant influence but not control or joint control, generally accompanying a shareholding of between 20.0% and 50.0% of the voting rights. Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting and are initially recognised at cost. Equity accounting is discontinued when the Group ceases to have significant influence over the associates. The Group’s share of its associates’ post-acquisition profits or losses are recognised in the statement of profit or loss, and its share of post-acquisition movements in OCI are recognised in OCI. The cumulative post-acquisition movements are adjusted against the