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 |