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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
MPH Yemen Limited
In 2014 a €0.8 million non-recurring expense was recorded in
relation to the Group’s joint venture MPH Yemen Limited, in view of
the geopolitical environment in Yemen. This corresponded to a full
write-down of the Group’s investment in this joint venture, which was
not reversed in 2015.
N3A
In 2013, in view of N3A’s negative net worth (amounting to €0.9 million
for the Group’s share), the Group fully wrote down the loan granted
to this joint venture – representing an amount of €0.8 million – and
set aside an additional €0.1 million provision for liabilities, reducing
the value of its investment in the entity to zero. As N3A returned to
profit in 2014 and 2015 (with the Group’s share of profit totalling
€0.1 million and €0.2 million respectively), provision reversals in
corresponding amounts were recognised in “Share of profit of equity-
accounted investees”.
The Group’s holdings in joint ventures are as follows:
Company
Country
% interest % voting rights
Carrying amount
(in millions of euros)
31/12/2015
31/12/2014
Engage
France
25
25
0.2
0.3
Alphatest
France
49.84
49.84
0.5
0.7
N3A
France
50
50
–
–
MPH Yemen Limited
Yemen
50
50
–
–
The aggregate revenue and income statement and balance sheet items of equity-accounted investees are as follows:
In millions of euros
2015
2014
Revenue
49.5
44.9
Consolidated profit
(1)
1.5
1.1
Other comprehensive income
0.1
–
TOTAL COMPREHENSIVE INCOME
1.6
1.1
(1) Of which:
Depreciation/amortisation expense
(0.2)
(0.1)
Interest expenses
–
–
Income tax expense
(0.1)
(0.3)
In millions of euros
31/12/2015
31/12/2014
Non-current assets
(2)
0.7
0.9
Current assets
23.1
24.0
Non-current liabilities
(3)
(2.1)
(0.4)
Current liabilities
(4)
(19.6)
(21.9)
NET ASSETS
2.1
2.6
Of which:
(2) Cash and cash equivalents
(11.1)
(9.8)
(3) Non-current financial liabilities
(1.6)
–
(4) Current financial liabilities
(1.0)
(1.6)
ASSYSTEM
FINANCIAL REPORT
2015
101