7. Investments in associates and joint ventures

in CHF m	2016	2015
As per 1 January	586	635
Change in the scope of consolidation	–6	–13
Additions	5	7
Impairment (see note 27)	1	–1
Share in profit	85	77
Equity repayment	–64	—
Share in other comprehensive income of associates and joint ventures	–4	1
Dividends received	–85	–57
Exchange rate differences	–2	–63
At 31 December	516	586
Thereof joint ventures	185	177

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	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015
Summarized financial information
Interest held %	24%	24%	33%	32%	50%	50%	21%	21%	—	—

Revenue	661	619	1 030	1 112	240	231	202	193	329	289
Total comprehensive income	78	56	72	75	13	17	16	13	26	9
Net income	78	56	78	77	18	14	16	13	26	9
Other comprehensive income	—	—	–6	–2	–5	3	—	—	—	—

Current assets	367	342	295	300	67	57	58	57	253	214
Non-current assets	262	348	623	653	159	147	108	98	145	146
Current liabilities	–132	–143	–221	–220	–63	–37	–45	–41	–164	–150
Non-current liabilities	–607	–313	–417	–417	–64	–71	–29	–29	–97	–100
Net assets	–110	234	280	316	99	96	92	85	137	110

Reconciliation of book value
Book value beginning of period	180	187	104	123	51	50	17	19	57	66
Additions	—	—	—	—	—	—	—	—	5	7
Change in the scope of consolidation	—	—	—	—	—	—	—	—	–6	–13
Impairment	—	—	—	—	—	—	—	—	1	–1
Share in profit for the period	18	11	26	26	9	10	4	3	16	10
Share in other comprehensive income	—	—	–2	–1	–2	2	—	—	—	—
Equity repayment	–64	—	—	—	—	—	—	—	—	—
Dividends received	–33	—	–30	–32	–6	–6	–3	–3	–8	–5
Foreign exchange rate differences	–1	–18	–	–12	–2	–5	—	–2	—	–7
Book value end of the period	100	180	98	104	50	51	18	17	65	57

Group’s Share in net assets	–26	54	93	101	50	48	19	18	65	57
Fair value adjustment/Goodwill	124	124	—	—	—	—	—	—	—	—
Taxes, Minorities and other adjustments	2	2	5	3	—	3	–1	–1	—	—
Book value at the end of the period	100	180	98	104	50	51	18	17	65	57

In 2014 Clariant sold its Leather Service Business to the Netherlands-based Stahl group for a cash consideration and a 24% 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 2016, accumulated unrecognized losses amounted to CHF 12 million (2015: CHF 18 million).

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

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Investments in joint ventures
	Scientific Design Company Inc.		Süd-Chemie India Pvt Ltd
	USA		India
in CHF m	2016	2015	2016	2015
Summarized financial information
Interest held %	50%	50%	50%	50%

Revenue	80	85	81	98
Total comprehensive income	8	8	15	21
Net income	8	8	15	23
Other comprehensive income	—	—	—	–2

Current assets	76	84	179	172
Non-current assets	30	29	13	14
Current liabilities	–19	–20	–87	–82
Non-current liabilities	–8	–8	–5	–5
Net assets	79	85	100	99

Reconciliation of book value
Book value beginning of period	95	108	82	82
Share in profit for the period	4	5	8	12
Dividends received	—	–7	–5	–4
Foreign exchange rate differences	1	–11	—	–8
Book value end of the period	100	95	85	82

Group’s Share in net assets at the end of the period	39	42	50	49
Fair value adjustment/Goodwill	66	66	28	28
Taxes, Minorities and other adjustments	–5	–13	7	5
Book value at the end of the period	100	95	85	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.

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

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