Note 10: Investments in associates and joint ventures
At year-end 2016, the carrying value of investments in associates amounted to €108 million (2015: €107 million) and in joint ventures €53 million (2015: €58 million). In 2016, the results from associates and joint ventures amounted to a profit of €43 million (2015: €17 million).
No significant contingent liabilities exist related to associates and joint ventures.
In 2016, we acquired the remaining 50 percent stake in EkO Peroxide LLC and obtained control. As a result EkO Peroxide LLC changed from a joint venture into a consolidated company.
The largest associates and joint ventures of AkzoNobel are Metlac S.p.a. (44 percent) and Delamine B.V. (50 percent).
None of the associates and joint ventures are considered individually material to the group.
|
Associates |
Joint ventures |
||
in € millions |
2015 |
2016 |
2015 |
2016 |
|
|
|
|
|
Condensed statement of income |
|
|
|
|
Revenue |
103 |
111 |
126 |
119 |
Profit before tax |
18 |
27 |
12 |
13 |
|
|
|
|
|
Profit from continuing operations |
11 |
19 |
6 |
24 |
Other comprehensive income |
1 |
– |
2 |
– |
Total comprehensive income |
12 |
19 |
8 |
24 |
|
|
|
|
|
Condensed balance sheet |
|
|
|
|
Non-current assets |
60 |
63 |
42 |
40 |
Current assets |
85 |
84 |
46 |
33 |
Total assets |
145 |
147 |
88 |
73 |
Shareholders’ equity |
107 |
108 |
58 |
53 |
Non-current liabilities |
4 |
3 |
11 |
2 |
Current liabilities |
34 |
36 |
19 |
18 |
Total liabilities and equity |
145 |
147 |
88 |
73 |