19. Investments accounted for using the equity method

Schwermetall Halbzeugwerk GmbH & Co. KG, Stolberg, is a joint venture in which Aurubis holds a 50 % interest. It is operated as a joint venture with a partner and is assigned to BU Copper Products. The business objective of the company is the fabrication and marketing of pre-rolled strip made of copper and copper alloys. Pursuant to IFRS 11.24, in conjunction with IAS 28, Schwermetall Halbzeugwerk GmbH & Co. KG is accounted for using the equity method.

The next two tables summarize the financial information of Schwermetall Halbzeugwerk GmbH & Co. KG in accordance with IFRS. Furthermore, the reconciliation of the summarized financial information to the investment carrying amount can be derived from the table. The financial information provided in the table represents the total figures for the Company (i.e. 100 %).

Summarized statement of financial position

T 063
     
in € thousand 2015/16 2014/15
     
Current assets 106,106 113,693
of which: cash and cash equivalents 502 61
Non-current assets 48,736 49,963
Current liabilities 37,096 47,153
of which: current financial liabilities (with the exception of trade accounts payable and other liabilities and provisions) 16,257 30,789
Non-current liabilities 28,739 31,647
of which: non-current financial liabilities (with the exception of trade accounts payable and other liabilities and provisions) 19,838 24,510
Net assets 89,007 84,856
Proportional net assets (50 %) 44,504 42,428
Elimination of unrealized intra-Group profits 149 166
Effects deriving from the supplementary tax balance sheet 359 283
     
Carrying amount of the investment as at September 30,
accounted for using the equity method
45,012 42,877

Summarized statement of comprehensive income

T 064
     
in € thousand 2015/16 2014/15
     
Revenues 315,635 304,466
Scheduled depreciation and amortization 5,360 5,176
Interest income 487 490
Interest expense 2,016 2,533
Income tax expense 2,957 284
Net income from continuing operations 12,841 2,650
Other comprehensive income/(loss) (1,490) (40)
Total comprehensive income 11,351 2,610
 
Proportional share of total comprehensive
income (50 %)
5,676 1,305
 
Dividends received 3,600 3,950

Reconciliation of the combined financial information

T 065
 
in € thousand 2015/16 2014/15
     
Net assets as at 10/1 84,856 90,146
Profit/loss of the period 12,841 2,650
Other comprehensive income/(loss) (1,490) (40)
Distribution (7,200) (7,900)
Net assets on 9/30 89,007 84,856
Share of associated company (50 %) 44,504 42,428
Elimination of unrealized intra-Group profits 149 166
Effects deriving from the supplementary tax balance sheet 359 283
 
Carrying amount 45,012 42,877