G16 Shares in associated companies and joint ventures
Shares in associated companies and joint ventures |
2020 |
2021 |
|---|---|---|
Accumulated share of equity |
|
|
At the beginning of the year |
292 |
508 |
Acquisition |
282 |
41 |
Share of profits for the year |
6 |
–4 |
Less dividend received |
–1 |
–1 |
Translation differences during the year |
–71 |
51 |
Carrying amount at the end of year |
508 |
595 |
2020 |
Country |
Revenue |
Profit |
Assets |
Liabilities |
Equity |
Group’s share, % |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3C Metrologic |
Mexico |
9 |
2 |
9 |
4 |
4 |
40.0 |
||||||
Beam IT Spa |
Italy |
65 |
10 |
325 |
88 |
237 |
30.4 |
||||||
Eimco Elecon |
India |
135 |
11 |
394 |
39 |
356 |
25.1 |
||||||
Fagersta Seco AB |
Sweden |
– |
– |
3 |
2 |
1 |
50.0 |
||||||
Fagerstahälsan AB |
Sweden |
8 |
0 |
8 |
6 |
2 |
50.0 |
||||||
Shanghai Innovatools Co. Ltd. |
China |
4 |
0 |
10 |
3 |
8 |
40.0 |
||||||
STC Rental Co. Ltd. |
Japan |
13 |
0 |
1 |
0 |
1 |
14.5 |
||||||
Varel Oil and Gas Holding Inc.1) |
USA |
77 |
–1 |
137 |
38 |
100 |
30.0 |
||||||
|
|
|
|
|
|
|
|
||||||
2021 |
Country |
Revenue |
Profit |
Assets |
Liabilities |
Equity |
Group’s share, % |
||||||
3C Metrologic |
Mexico |
10 |
3 |
9 |
3 |
6 |
40.0 |
||||||
Beam IT Spa |
Italy |
130 |
10 |
568 |
295 |
273 |
30.4 |
||||||
Eimco Elecon |
India |
165 |
13 |
449 |
51 |
397 |
25.1 |
||||||
Fagersta Seco AB |
Sweden |
– |
– |
3 |
2 |
1 |
50.0 |
||||||
Fagerstahälsan AB |
Sweden |
8 |
0 |
8 |
6 |
2 |
50.0 |
||||||
Rocbolt Resins Pty Ltd.2) |
Australia |
85 |
8 |
75 |
39 |
36 |
50.0 |
||||||
Shanghai Innovatools Co. Ltd. |
China |
6 |
0 |
11 |
3 |
8 |
47.1 |
||||||
STC Rental Co. Ltd. |
Japan |
18 |
0 |
1 |
0 |
1 |
14.5 |
||||||
Varel Oil and Gas Holding Inc |
USA |
1,384 |
–71 |
2,325 |
1,697 |
629 |
30.0 |
||||||
VWR Cutting Tools3) |
Romania |
– |
0 |
10 |
0 |
10 |
50.0 |
||||||
|
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Additional information
Associates and joint ventures are recognized one month in arrears with an exception for Beam IT Spa that is recognized with a quarter in arrears and Eimco Elecon, which is reported once a year. The close of the reporting period for Eimco Elecon is March 31, 2021. No financial statements as of a later date have been obtained.
The dividends paid in 2021 is included in the calculation of the proportion of equity.
The joint ventures VWR Cutting Tools and Rocbolt Resins Pty Ltd. were acquired in 2021.
Accounting principles
Associated companies and joint ventures
Associated companies are partly owned entities over which the Group commands a significant influence, but not control, over the financial and operating policies. Normally this means a shareholding of between 20 percent and 50 percent of the voting rights. A joint venture is an entity over which the Group has joint control, through contractual agreements with one or more parties. Interests in associated companies and joint ventures are recognized in accordance with the equity method in the consolidated financial statements. Under the equity method, the carrying amounts of interests in associated companies and joint ventures correspond to the recognized equity of associated companies and joint ventures, any goodwill and any other remaining fair value adjustments recognized at acquisition date. Sandvik’s share of the associated company and joint venture’s income, adjusted for dissolution of acquired surplus or deficit values, is recognized as a separate item in the consolidated income statement.