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15. Investments in associates, joint ventures and subsidiaries

15.1 Investment in associates

The Group financial statements incorporate the following companies with the equity method of consolidation:

a) Karieri AD with ownership percentage 48.711% (31.12.2015: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2015: 48.764%), Vris OOD with ownership percentage 48.764% (31.12.2015: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.

b) ASH Venture LLC with ownership percentage 33% (31.12.2015: 33%) which beneficiates, markets and sells fly ash. ASH Venture LLC is based in USA.

c) Ecorecovery S.A. with ownership percentage 40% (31.12.2015: 40%) that processing, managing and trading solid waste for the production of alternative fuels. The company is based in Greece.

None of the aforementioned companies is listed on a public exchange market.

Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:

(all amounts in Euro thousands)

  Aggregation of associates
  2016 2015
Summarized statement of financial position as at 31 December  
Non-current assets 44,558 47,699
Current assets 7,588 7,193
Total assets 52,146 54,892
Non-current liabilities 2,105 2,277
Current liabilities 10,547 12,519
Total liabilities 12,652 14,796
Equity 39,494 40,096
Group's carrying amount of the investment 8,614 8,515
Summarized income statement and statement of comprehensive income for the year ended 31 December  
Turnover 19,549 21,913
Profit after taxes 3,717 4,280
Other comprehensive loss for the year -23 -38
Total comprehensive income for the year net of tax 3,694 4,242
Reconciliation of summarized financial information  
Carrying amount of the investment as at 1st of January 8,515 7,981
Profit for the year 1,577 1,768
Other comprehensive loss for the year -12 -16
Investment in associate - 400
Share capital increase 400 -
Dividends received -1,984 -2,217
Foreign exchange differences 118 599
Carrying amount of the investment as at 31st of December 8,614 8,515
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