7. Investments in associates and joint ventures

in CHF m	2015	2014
As per 1 January	635	608
Change in the scope of consolidation	–13	–6
Additions	7	187
Impairment (see note 25)	–1	–84
Disposals	–	–74
Share of profit	77	75
Share of other comprehensive income of associates and joint ventures	1	–9
Dividends received	–57	–50
Exchange rate differences	–63	–12
At 31 December	586	635
Thereof joint ventures	177	190

The key financial data of the Group’s principal associates is as follows:

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Investments in associates:
	Stahl Lux 2 SA		Infraserv GmbH & Co. Höchst KG		Infraserv GmbH & Co. Gendorf KG		Infraserv GmbH & Co. Knapsack KG		Others
	Luxembourg		Germany		Germany		Germany
in CHF m	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014
Summarized financial information
Interest held %	23%	23%	32%	32%	50%	50%	21%	21%	–	–

Revenue	619	436	1 112	1 247	231	269	193	203	289	304
Net income/loss	56	11	75	102	17	20	13	15	9	–1
Total comprehensive income	56	11	77	109	14	18	13	15	9	–1
Other comprehensive income	–	–	–2	–7	3	–2	–	–	–	–

Current assets	342	352	300	373	57	79	57	63	214	213
Non current assets	348	372	653	763	147	151	98	100	146	163
Current liabilities	–143	–148	–220	–111	–37	–72	–41	–39	–150	–156
Total non-current liabilities	–313	–370	–417	–665	–71	–59	–29	–30	–100	–99
Net assets	234	206	316	360	96	99	85	94	110	121

Book value beginning of period	187	–	123	119	50	50	19	19	66	74
Additions	–	186	–	–	–	–	–	–	7	1
Change in the scope of consolidation	–	–	–	–	–	–	–	–	–13	–6
Impairment	–	–	–	–	–	–	–	–	–1	–
Share of profit for the period	11	3	26	38	10	8	3	3	10	5
Share of other comprehensive income	–	–	–1	–7	2	–2	–	–	–	–
Dividends received	–	–	–32	–23	–6	–8	–3	–3	–5	–6
Foreign exchange rate differences	–18	–2	–12	–4	–5	2	–2	–	–7	–2
Book value end of the period	180	187	104	123	51	50	17	19	57	66

Group’s Share in net assets	54	47	101	115	48	50	18	20	57	66
Fair value adjustment/Goodwill	124	140	–	–	–	–	–	–	–	–
Taxes, Minorities and other adjustments	2	–	3	8	3	–	–1	–1	–	–
Book value at the end of the period	180	187	104	123	51	50	17	19	57	66

On 30 April 2014, Clariant sold its Leather Services Business to the Netherlands-based Stahl group for a cash consideration of CHF 89 million and a 23% stake in the acquiring group. Stahl is a producer of high-quality chemicals, dyes and coatings for leather and other applications and has about 1 700 employees.

The Infraserv companies were set up by the former Hoechst group to cater to the infrastructure needs of its subsidiaries in Germany prior to 1997. The shareholdings in associates summarized under »Others« concern mainly companies specializing in selling Clariant products.

On 31 December 2015, accumulated unrecognized losses amounted to CHF 18 million (2014: CHF 14 million).

The key financial data of the Group’s principal joint ventures is as follows:

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Investments in joint ventures:
	ASK Group		Scientific Design Company Inc.		Süd-Chemie India Pvt Ltd
	Germany		USA		India
in CHF m	2015	2014	2015	2014	2015	2014
Summarized financial information
Interest held %	0%	50%	50%	50%	50%	50%

Revenue	–	320	85	93	98	94
Net income	–	6	8	11	21	21
Total comprehensive income	–	6	8	11	23	23
Other comprehensive Income	–	–	–	–	–2	–2

Current assets	–	–	84	87	172	140
Non-current assets	–	–	29	32	14	13
Current liabilities	–	–	–20	–19	–82	–63
Total non-current liabilities	–	–	–8	–19	–5	–2
Net assets	–	–	85	81	99	88

Book value beginning of period	–	159	108	109	82	78
Impairment	–	–84	–	–	–	–
Disposals	–	–74	–	–	–	–
Share of profit/loss for the period	–	–	5	7	12	11
Dividends received	–	–	–7	–5	–4	–5
Foreign exchange rate differences	–	–1	–11	–3	–8	–2
Book value end of the period	–	–	95	108	82	82

Group’s Share in net assets at the end of the period	–	–	42	40	49	44
Fair value adjustment/Goodwill	–	–	66	67	28	33
Taxes, Minorities and other adjustments	–	–	–13	1	5	5
Book value at the end of the period	–	–	95	108	82	82

Scientific Design Company Inc. is a producer of ethylene and oxide catalysts headquartered in the United States and has around 140 employees. Co-owner is the Saudi Arabia-based Sabic group.

Süd-Chemie India Pvt Ltd is a producer of syngas, air purification and refinery catalysts. It has around 400 employees and is headquartered in India. It is co-owned by private investors based in India.

During 2014, Clariant sold its 50% participation in the ASK group, a German-based supplier of additives and supplies for the foundry industry. Co-owner was the US-based Ashland group and acquirer was the London and New York-based private equity investment firm Rhône Group LLC (see note 23).

Catalyst

A substance that lowers the activation energy, thereby increasing the rate of a chemical reaction without being consumed by the reaction itself (Clariant Business Unit Catalysts). VIEW ENTIRE GLOSSARY

Additive

A substance added to products in small quantities to achieve certain properties or to improve a product (Clariant Business Unit Additives). VIEW ENTIRE GLOSSARY

Annual Report 2015

7. Investments in associates and joint ventures

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