Note 11: Investments in associates and joint ventures
At year-end 2017, the carrying value of investments in associates amounted to €118 million (2016: €108 million) and in joint ventures amounted to €nil (2016 €53 million). The decrease in joint ventures compared with year-end 2016 is due to classifying the Specialty Chemicals business as held for sale at year-end 2017. In 2017, the results from associates amounted to a profit of €17 million (2016: €18 million).
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.
|
Associates |
|||
In € millions |
2016* |
2017 |
||
|
||||
|
|
|
||
Condensed statement of income |
|
|
||
Revenue |
110 |
114 |
||
Profit before tax |
27 |
24 |
||
|
|
|
||
Profit from continuing operations |
18 |
17 |
||
Other comprehensive income |
– |
– |
||
Total comprehensive income |
18 |
17 |
||
|
Associates |
Joint ventures |
||
In € millions |
2016 |
2017 |
2016 |
2017 |
|
|
|
|
|
Condensed balance sheet |
|
|
|
|
Non-current assets |
63 |
63 |
40 |
– |
Current assets |
84 |
104 |
33 |
– |
Total assets |
147 |
167 |
73 |
– |
Shareholders’ equity |
108 |
118 |
53 |
– |
Non-current liabilities |
3 |
2 |
2 |
– |
Current liabilities |
36 |
47 |
18 |
– |
Total liabilities and equity |
147 |
167 |
73 |
– |