Note 12: Investments in associates and joint ventures

At year-end 2018, the carrying value of equity investments in associates amounted to €133 million (2017: €118 million) and in joint ventures amounted to €nil (2017 €nil). In 2018, the results from associates amounted to a profit of €20 million (2017: €17 million). In addition, AkzoNobel has granted loans of €4 million in total to certain associates (2017: €nil).

No significant contingent liabilities exist related to associates.

The largest associate of AkzoNobel is Metlac S.p.a..

None of the associates are considered individually material to the group.

Balance sheet information of our share in associates

 

Associates

In € millions

2017

2018

 

 

 

Condensed balance sheet

 

 

Non-current assets

63

66

Current assets

104

120

Total assets

167

186

Shareholders’ equity

118

133

Non-current liabilities

2

5

Current liabilities

47

48

Total liabilities and equity

167

186

Profit and loss of our share in associates

 

Associates

In € millions

2017

2018

 

 

 

Condensed statement of income

 

 

Revenue

114

135

Profit before tax

24

27

 

 

 

Profit from continuing operations

17

20

Other comprehensive income

Total comprehensive income

17

20