G16 Shares in associates, joint ventures and financial assets
|
2021 |
2022 |
|---|---|---|
Accumulated share of equity |
|
|
At the beginning of the year |
508 |
595 |
Reclassification |
– |
–286 |
Acquisition of associates and joint ventures |
41 |
23 |
Capital injection |
– |
14 |
Share of profits for the year |
–4 |
6 |
Less dividend received |
–1 |
0 |
Translation differences during the year |
52 |
63 |
Carrying amount at the end of year |
595 |
415 |
2021 |
Country |
Revenue |
Profit |
Assets |
Liabilities |
Equity |
Group’s share, % |
||
|---|---|---|---|---|---|---|---|---|---|
Associates |
|
|
|
|
|
|
|
||
3C Metrologic |
Mexico |
10 |
3 |
9 |
3 |
6 |
40.0 |
||
Beam IT Spa |
Italy |
130 |
10 |
568 |
295 |
273 |
31.3 |
||
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 |
33.3 |
||
MCB Serviços e Mineração Ltda. |
Brazil |
– |
– |
– |
– |
– |
– |
||
Varel Oil and Gas Holding Inc1) |
USA |
1,384 |
–71 |
2,325 |
1,697 |
629 |
30.0 |
||
|
|
|
|
|
|
|
|
||
Joint ventures |
|
|
|
|
|
|
|
||
Rocbolt Resins Pty Ltd. |
Australia |
85 |
8 |
75 |
39 |
36 |
50.0 |
||
Shanghai Innovatools Co. Ltd. |
China |
6 |
0 |
11 |
3 |
8 |
47.1 |
||
Talleres Sema-Dur. SL |
Spain |
– |
– |
– |
– |
– |
– |
||
VWR Cutting Tools |
Romania |
– |
0 |
10 |
0 |
10 |
50.0 |
||
|
|
|
|
|
|
|
|
||
2022 |
Country |
Revenue |
Profit |
Assets |
Liabilities |
Equity |
Group’s share, % |
||
Associates |
|
|
|
|
|
|
|
||
3C Metrologic |
Mexico |
9 |
0 |
8 |
2 |
6 |
40.0 |
||
Beam IT Spa |
Italy |
103 |
6 |
728 |
403 |
325 |
31.3 |
||
Eimco Elecon |
India |
105 |
11 |
461 |
41 |
420 |
25.1 |
||
Fagersta Seco AB |
Sweden |
– |
– |
3 |
2 |
1 |
50.0 |
||
Fagerstahälsan AB |
Sweden |
8 |
0 |
8 |
5 |
3 |
33.3 |
||
MCB Serviços e Mineração Ltda. |
Brazil |
45 |
21 |
44 |
7 |
37 |
30.0 |
||
Varel Oil and Gas Holding Inc1) |
USA |
– |
– |
– |
– |
– |
– |
||
|
|
|
|
|
|
|
|
||
Joint ventures |
|
|
|
|
|
|
|
||
Rocbolt Resins Pty Ltd. |
Australia |
197 |
14 |
102 |
49 |
53 |
50.0 |
||
Shanghai Innovatools Co. Ltd. |
China |
6 |
0 |
11 |
2 |
9 |
47.1 |
||
Talleres Sema-Dur. SL |
Spain |
39 |
4 |
39 |
9 |
31 |
50.0 |
||
VWR Cutting Tools |
Romania |
– |
–10 |
22 |
22 |
0 |
50.0 |
||
|
|||||||||
|
2021 |
2022 |
||
|---|---|---|---|---|
Long-term receivables associated companies |
6 |
82 |
||
Other financial assets1) |
88 |
804 |
||
Total |
94 |
886 |
||
|
||||
Additional information
Associates and joint ventures are recognized one month in arrears with 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 at March 31, as no financial statements as of a later date have been obtained. The dividends paid are included in the calculation of the proportion of equity. The associate MCB Serviços e Mineração Ltda. and the joint venture Talleres Sema-Dur, SL, were acquired in 2022.
Accounting principles
Associates and joint ventures are partly owned companies 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 and 50 percent of the voting rights.
Interests in associates and joint ventures are recognized in accordance with the equity method in the consolidated financial statements. With the equity method, the carrying amounts of interests in associated companies and joint ventures correspond to the recognized equity of those companies, 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.
Other financial assets are holdings in investees over which the Group does not hold a significant influence. Not holding significant influence generally means that the shareholding corresponds to less than 20 percent of the voting rights. Other financial assets are recognized as financial assets and are measured at fair value either through other comprehensive income or profit or loss, depending on the business model applicable for the type of holding. Dividends received are recognized in the income statement.