The Group has a 50% interest in a joint venture, Adocim Cimento Beton Sanayi ve Ticaret A.S., which is incorporated in Turkey with main activity the production of cement.
On 1.10.2012, the Group acquired 0.1% of the associate company Transbeton-Domiki S.A. against a consideration of €4 thousand. After this acquisition, Transbeton-Domiki S.A. was consolidated in the Group's financial statements with the proportionate method, as the Group owns 50% of the share capital (note 15). The abovementioned joint venture operates in Greece, in the ready mix sector. In addition, the Group paid the amount of €2.3 mil., in order to acquire the right of first refusal, if the joint venture's partners decide to dispose all or part of the shares they own.
The following amounts represent the Group’s share of the assets and liabilities and profit after tax of the joint ventures and are included in the consolidated balance sheet and consolidated income statement:
| (all amounts in Euro thousands) |
2013 |
2012 |
| Property, plant and equipment |
36.977 |
47.000 |
| Intangibles and long-term receivables |
1.099 |
988 |
| Current assets |
18.491 |
20.307 |
| Total assets |
56.567 |
68.295 |
| Long-term borrowings |
11.365 |
18.720 |
| Provisions |
300 |
324 |
| Deferred tax liabilities |
440 |
- |
| Short-term borrowings |
18.899 |
16.310 |
| Other short-term liabilities |
6.340 |
8.465 |
| Total liabilities |
37.344 |
43.819 |
| Net assets |
19.223 |
24.476 |
| Revenue |
48.636 |
41.516 |
| Cost of sales |
-36.472 |
-30.313 |
| Gross profit before depreciation |
12.164 |
11.203 |
| Other income |
-269 |
1.490 |
| Administrative expenses |
-1.619 |
-1.653 |
| Selling expenses |
-629 |
-583 |
| Profit before interest, taxes and depreciation |
9.647 |
10.457 |
| Depreciation |
-1.981 |
-1.922 |
| Profit before interest, taxes |
7.666 |
8.535 |
| Finance costs |
-8.329 |
-2.910 |
| (Loss)/profit before income tax |
-663 |
5.625 |
| Less: Income tax |
280 |
-1.194 |
| (Loss)/profit after income tax |
-383 |
4.431 |
The number of employees in the joint ventures at the end of the reporting period was 259 (2012: 275).