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8. Investments in Associates and Joint Ventures

Audited information

in CHF m

 

2020

 

2019

As per 1 January

 

349

 

368

Change in the scope of consolidation

 

 

1

Additions

 

2

 

1

Disposals

 

–1

 

–10

Share in profit

 

63

 

52

Share in other comprehensive income of associates and joint ventures

 

1

 

–9

Dividends received

 

–44

 

–42

Exchange rate differences

 

–26

 

–12

At 31 December

 

344

 

349

Thereof joint ventures

 

118

 

109

Reclassified to held for sale (see )

 

–191

 

–101

Total as reported in balance sheet at 31 December

 

153

 

248

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

Investments in associates

 

 

Infraserv GmbH & Co. Höchst KG

 

Infraserv GmbH & Co. Gendorf KG

 

Infraserv GmbH & Co. Knapsack KG

 

Others

 

 

Germany

 

Germany

 

Germany

 

 

in CHF m

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

Summarized financial information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest held %

 

33%

 

33%

 

50%

 

50%

 

21%

 

21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

927

 

1 025

 

234

 

246

 

234

 

256

 

115

 

174

Total comprehensive income

 

59

 

34

 

34

 

24

 

13

 

13

 

16

 

14

Net income

 

63

 

57

 

34

 

29

 

13

 

13

 

16

 

14

Other comprehensive income

 

–4

 

–23

 

 

–5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

265

 

287

 

91

 

91

 

66

 

58

 

86

 

84

Non-current assets

 

815

 

678

 

199

 

184

 

126

 

122

 

23

 

26

Current liabilities

 

–213

 

–198

 

–77

 

–83

 

–63

 

–54

 

–31

 

–31

Non-current liabilities

 

–605

 

–505

 

–76

 

–67

 

–41

 

–36

 

–3

 

–4

Net assets

 

262

 

262

 

137

 

125

 

88

 

90

 

75

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value beginning of period

 

86

 

95

 

63

 

60

 

18

 

19

 

73

 

86

Additions

 

 

 

 

 

 

 

2

 

1

Disposals

 

 

 

 

 

 

 

–1

 

–10

Change in the scope of consolidation

 

 

 

 

 

 

 

 

1

Share in profit for the period

 

21

 

19

 

17

 

15

 

3

 

3

 

6

 

2

Share in other comprehensive income

 

–1

 

–7

 

 

–2

 

 

 

 

Dividends received

 

–18

 

–17

 

–10

 

–8

 

–3

 

–3

 

–5

 

–5

Foreign exchange rate differences

 

–1

 

–4

 

–1

 

–2

 

1

 

–1

 

–23

 

–2

Book value end of the period

 

87

 

86

 

69

 

63

 

19

 

18

 

52

 

73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group’s share in net assets

 

87

 

86

 

69

 

63

 

19

 

19

 

52

 

73

Taxes, minorities and other adjustments

 

 

 

 

 

 

–1

 

 

Book value at the end of the period

 

87

 

86

 

69

 

63

 

19

 

18

 

52

 

73

Reclassified to held for sale (see )

 

55

 

86

 

 

 

 

 

28

 

15

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 2020, accumulated unrecognized losses amounted to CHF 3 million (2019: CHF 1 million).

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

Investments in joint ventures

 

 

Scientific Design Company Inc.

 

Global Amines group

 

 

USA

 

 

in CHF m

 

2020

 

2019

 

2020

 

2019

Summarized financial information

 

 

 

 

 

 

 

 

Interest held %

 

50%

 

50%

 

50%

 

50%

 

 

 

 

 

 

 

 

 

Revenue

 

121

 

131

 

195

 

188

Total comprehensive income

 

17

 

18

 

19

 

5

Net income

 

17

 

18

 

14

 

7

Other comprehensive income

 

 

 

5

 

–2

 

 

 

 

 

 

 

 

 

Current assets

 

87

 

80

 

96

 

84

Non-current assets

 

30

 

32

 

67

 

66

Current liabilities

 

–25

 

–20

 

–77

 

–74

Non-current liabilities

 

–8

 

–8

 

–20

 

–28

Net assets

 

84

 

84

 

66

 

48

 

 

 

 

 

 

 

 

 

Reconciliation of book value

 

 

 

 

 

 

 

 

Book value beginning of period

 

108

 

108

 

1

 

Share in profit for the period

 

9

 

12

 

7

 

1

Share of other comprehensive income

 

 

 

2

 

Dividends received

 

–8

 

–9

 

 

Foreign exchange rate differences

 

–1

 

–3

 

 

Book value end of the period

 

108

 

108

 

10

 

1

 

 

 

 

 

 

 

 

 

Group’s share in net assets at the end of the period

 

42

 

42

 

33

 

24

Fair value adjustment/goodwill

 

66

 

66

 

 

Impairment

 

 

 

–23

 

–23

Taxes, minorities and other adjustments

 

 

 

 

Book value at the end of the period

 

108

 

108

 

10

 

1

Reclassified to held for sale (see )

 

108

 

 

 

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

Global Amines group is a joint venture of Clariant and Wilmar International Limited, a leading Asian agribusiness group, headquartered in Singapore and serves as a global platform for the production and sale of fatty amines and selected amine derivatives. It also has worldwide sales, distribution and production facilities. The joint venture has existed since 26 October 2012 and is operated as part of the Business Unit ICS.

Joint venture

Joint ventures are all activities in which Clariant is involved with another partner. The accounting method applied for joint ventures depends on the specific conditions of the participation. View entire glossary

Catalyst

A substance that lowers the activation energy, thereby increasing the rate of a chemical reaction without being consumed by the reaction itself. View entire glossary