15. Investments in associates, joint ventures and subsidiaries

15.1 Investment in associates

The Group financial statements incorporate the following companies with the equity method of consolidation:

a) Karierni Materiali Plovdiv AD with ownership percentage 48.711% (31.12.2016: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2016: 48.764%), Vris OOD with ownership percentage 48.764% (31.12.2016: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.

b) ASH Venture LLC with ownership percentage 33% (31.12.2016: 33%) which beneficiates, markets and sells fly ash. ASH Venture LLC is based in USA.

c) Ecorecovery S.A. with ownership percentage 48% (31.12.2016: 40%) that processing, managing and trading solid waste for the production of alternative fuels. The company is based in Greece. On 11 January 2017, the Group acquired an additional 8% in Ecorecovery S.A. by paying consideration amounted to €160 thousand.

None of the aforementioned companies is listed on a public exchange market.

Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:

(all amounts in Euro thousands)

  2017 2016
Summarized statement of financial position on 31 December  
Non-current assets 39,526 44,558
Current assets 7,160 7,588
Total assets 46,686 52,146
Non-current liabilities 2,039 2,1057
Current liabilities 10,523 10,547
Total liabilities 12,562 12,652
Equity 34,124 39,494
Group's carrying amount of the investment 7,702 8,614
Summarized income statement and statement of comprehensive income for the year ended 31 December  
Turnover 20,172 19,549
Profit after taxes 3,850 3,717
Other comprehensive loss for the year -11 -23
Total comprehensive income for the year net of tax 3,839 3,694
Reconciliation of summarized financial information  
Carrying amount of the investment on 1 January 8,614 8,515
Profit for the year 1,540 1,577
Other comprehensive loss for the year -5 -12
Change in ownership interest 209 -
Share capital increase - 400
Dividends received -2,168 -1,984
Foreign exchange differences -488 118
Carrying amount of the investment on 31 December 7,702 8,614
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