Note 9: Investments in associates and joint ventures
At year-end 2015, the carrying value of investments in associates amounted to €107 million (2014: €100 million) and in joint ventures €58 million (2014: €83 million). In 2015, the results from associates and joint ventures amounted to a profit of €17 million (2014: €21 million).
No significant contingent liabilities exist related to associates and joint ventures.
In 2015, we acquired the remaining 50 percent stake in Delesto B.V. and obtained control. As a result Delesto B.V. changed from a joint venture into a consolidated company.
The most significant associates and joint ventures of AkzoNobel are: Metlac Holdings Brl (49 percent), Metlac Spa (44 percent), Eka Chile SA (50 percent), Delamine B.V. (50 percent), Fort Amanda Specialties LLC (50 percent) and I.C. Insurance Holdings Ltd (49 percent).
None of the associates and joint ventures are considered individually material to the group.
Combined financial information of our share in associates and joint ventures |
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Associates |
Joint ventures |
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In € millions |
2014 |
2015 |
2014 |
2015 |
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Condensed statement of income |
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Revenue |
93 |
103 |
220 |
126 |
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Profit before tax |
19 |
18 |
9 |
12 |
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|
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Profit from continuing operations |
13 |
11 |
8 |
6 |
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Other comprehensive income |
1 |
1 |
4 |
2 |
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Total comprehensive income |
14 |
12 |
12 |
8 |
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|
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Condensed balance sheet |
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|
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|
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Non-current assets |
57 |
60 |
44 |
42 |
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Current assets |
84 |
85 |
76 |
46 |
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Total assets |
141 |
145 |
120 |
88 |
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Shareholders’ equity |
100 |
107 |
83 |
58 |
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Non-current liabilities |
14 |
4 |
11 |
11 |
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Current liabilities |
27 |
34 |
26 |
19 |
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Total liabilities and equity |
141 |
145 |
120 |
88 |
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The change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with shareholders in their capacity as shareholders.