18. 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 summarized financial information on the investment carrying amount is 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 061
     
in € thousand 2014/15 2013/14
     
Current assets 113,693 120,171
of which: cash and cash equivalents 61 316
Non-current assets 49,963 46,792
Current liabilities 47,153 46,916
of which: current financial liabilities
(with the exception of trade accounts payable and other liabilities and provisions)
30,789 30,267
Non-current liabilities 31,647 29,901
of which: current financial liabilities
(with the exception of trade accounts payable and other liabilities and provisions)
24,510 21,308
Net assets 84,856 90,146
Proportional net assets (50 %) 42,428 45,073
Elimination of unrealized intra-Group profits 166 (71)
Effects deriving from the supplementary tax balance sheet 283 443
     
Carrying amount of the investment as at
September 30, accounted for using
the equity method
42,877 45,445

Summarized statement of comprehensive income

    T 062
     
in € thousand 2014/15 2013/14
     
Revenues 304,466 328,322
Scheduled depreciation and amortization 5,176 4,779
Interest income 490 25
Interest expense 2,533 2,567
Income tax expense 1,084 945
Net income from continuing operations 4,018 9,438
Other comprehensive income/(loss) (32) (344)
Total comprehensive income 3,986 9,094
     
Proportional share of
total comprehensive income (50 %)
1,993 4,547
     
Dividends received 3,950 3,050

Reconciliation of the combined financial information

    T 063
     
in € thousand 2014/15 2013/14
     
Net assets as at 10/1 90,146 87,989
Profit/loss of the period 2,650 8,682
Other comprehensive income/(loss) (40) (425)
Distribution (7,900) (6,100)
Net assets on 9/30 84,856 90,146
Share of associated company (50 %) 42,428 45,073
Elimination of unrealized intra-Group profits 166 (71)
Effects deriving from the supplementary tax balance sheet 283 443
     
Carrying amount 42,877 45,445