APC 2004 Annual Report Download - page 79

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77
Note 6 - Equity Investments
Investments accounted for by the equity method are detailed as follows:
% interest Share in net assets Share in net income
at December 31 at December 31 at December 31
(in millions of euros)
2004 2003 2004 2003 2004 2003
Clipsal Asia Holdings (1) 50.0% - 41.1 - (2.8) -
Elau Administration GmbH (3) 49.1% - 16.8 - 0.8 -
Delta Dore Finance 20.0% 20.0% 11.5 10.1 1.4 1.0
VA Tech Schneider HV GmbH (2) - 40.0% - 16.9 (0.8) (13.1)
Entivity - 31.2% - 0.8 (0.5) (0.7)
MGE Finances (1) - 36.1% - 35.5 (0.9) (5.0)
Other N/A N/A (4.1) (2.8) (0.8) (0.3)
Total 65.3 60.5 (3.6) (18.1)
(1) See Notes 2 and 3.
(2) On June 30, 2004, the Group sold its interest in VA Tech Schneider High Voltage GmbH to VA Tech T&D GmbH & Co KEG.
As stipulated in the sale agreement, the Group booked a provision to cover 50% of the costs related to ongoing disputes
on certain contracts. Deconsolidation of the joint venture did not have a material impact on net income for the period ending
December 31, 2004.
(3) On June 1, 2004, the Group acquired a 49.1% interest in Elau Administration GmbH, which in turn owns 95% of Elau AG, a
leading German provider of automation solutions for packaging machines.
6.1 - Clipsal Asia Holdings Ltd
Clipsal Asia Holdings was consolidated at December 31, 2004 on the basis of estimated financial data.
a) Consolidated Balance Sheet
(Millions of Hong Kong dollars) (Millions of euros) *
Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003
Non-current assets, net 460.1 414.6 43.5 42.3
Current assets and cash
and equivalents 1,245.0 1,246.7 117.6 127.2
Total assets 1,705.1 1,661.3 161.0 169.4
Shareholders' equity
excluding minority interests 873.8 903.5 82.5 92.1
Minority interests 38.5 32.7 3.6 3.3
Long-term debt, net 10.8 23.5 1.0 2.4
Current liabilities 782.0 701.6 73.9 71.6
Total liabilities
and shareholders' equity 1,705.1 1,661.3 161.0 169.4
* On the basis of the exchange rate on December 31 2004: HKD 1.00 =
0.094446 2003: HKD 1.00 =
0.101990
Consolidated financial statements