ETX-10829_Etex-AR2017_WEB_2018_DEF2 (2)
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6.1<br />
Financial report<br />
Consolidated financial statements<br />
<strong>Etex</strong> Annual Report 2017<br />
Financial report<br />
Consolidated financial statements<br />
Note 10 – Investment properties<br />
Note 12 – Investments in equity accounted investees<br />
In thousands of EUR 2016 2017<br />
Gross book value 41,885 41,988<br />
Accumulated depreciation -12,631 -16,085<br />
Accumulated impairment losses -12,071 -2,246<br />
Net book value at the beginning of the year 17,183 23,657<br />
Depreciation for the year -434 -340<br />
Additions 200 125<br />
Transfer between captions 8,131 -<br />
Disposals -1,042 -19<br />
Translation differences -381 -47<br />
Net book value at the end of the year 23,657 23,376<br />
Gross book value 41,988 41,814<br />
Accumulated depreciation -16,085 -16,192<br />
Accumulated impairment losses -2,246 -2,246<br />
Investment properties comprise several pieces of land and buildings, mainly in France, Germany and Italy.<br />
The fair value of the investment properties is estimated at €35,635 thousand (€37,140 thousand in 2016). Where external valuations were<br />
not available, best estimates have been used.<br />
Note 11 – Assets held for sale<br />
In thousands of EUR 2016 2017<br />
Gross book value 6,762 6,899<br />
Accumulated impairment losses -2,600 -524<br />
Net book value at the beginning of the year 4,162 6,375<br />
Reversal of impairment losses -42 -<br />
Disposals - -4,996<br />
Additions 2,919 1,593<br />
Scope in 691<br />
Translation differences -664 -257<br />
Net book value at the end of the year 6,375 3,406<br />
Gross book value 6,899 4,155<br />
Accumulated impairment losses -524 -749<br />
In thousands of EUR 2016 2017<br />
At the beginning of the year 37,348 37,197<br />
Result for the year 1,250 1,220<br />
Dividends paid -1,224 -712<br />
Disposal -30 -29,501<br />
Translation differences -147 -18<br />
At the end of the year 37,197 8,186<br />
The disposal value represents on the one hand the derecognition of Pladur as equity accounted investee (€29,403 thousand) since <strong>Etex</strong><br />
obtained control via the acquisition of the remaining shares (59.31%), and on the other hand the sale of OTE Surface Protection GmbH<br />
(€98 thousand).<br />
Summarised financial information of investments in equity accounted investees (Group’s share):<br />
In thousands of EUR 2016 2017<br />
Property plant and equipment 33,326 5,460<br />
Other non-current assets 5,137 245<br />
Current assets 20,300 8,352<br />
Non-current liabilities -4,348 -667<br />
Current liabilities -17,218 -5,204<br />
Total net assets 37,197 8,186<br />
Revenue 46,435 16,949<br />
Operating income 8,553 1,383<br />
Profit after tax 1,250 1,220<br />
Transactions between the Group and equity accounted investees can be summarised as follows:<br />
In thousands of EUR 2016 2017<br />
Transactions<br />
Purchases from associates 4,983 4,679<br />
Sales to associates 3,728 3,417<br />
Dividends paid 1,224 712<br />
Outstanding balances<br />
Trade receivables 694 668<br />
Other current receivables 300 642<br />
Trade liabilities 51 9<br />
Assets held for sale are lands that are not used in operations anymore and for which the Group is actively looking for a buyer. Most of<br />
these assets are located in Mexico, the United Kingdom and Spain. In 2017, a land located in Widnes was disposed; we have also<br />
integrated assets held for sale owned by Pladur as a result of its full consolidation.<br />
<strong>Etex</strong> Annual Report 2017 p. 33<br />
<strong>Etex</strong> Annual Report 2017 p. 34<br />
128 129
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