28 Joint ventures
The Group does not have any significant investments in joint ventures as of 31 December 2021. It only has a smaller investment in a joint venture in Japan. The Company acquired the remaining 50% of the shares of its two joint ventures in the Middle East on 25 February 2021 (see note 27).
The Group’s share of the profit or loss of joint ventures (net of income tax) is presented as part of the Group’s profit or loss from operating activities due to the Group’s close interaction with its current and former joint ventures.
Composition of the Group’s joint ventures
The below table provides an overview of the Group’s current and former joint ventures.
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Interest held at |
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Companies |
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Reporting date |
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Country of incorporation |
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31 Dec. 2021 |
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31 Dec. 2020 |
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Al Obeikan SIG Combibloc Company Ltd.1, 2 |
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31 Dec. |
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Saudi Arabia |
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100% |
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50% |
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SIG Combibloc FZCO1, 3 |
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31 Dec. |
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UAE |
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100% |
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50% |
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DNP • SIG Combibloc Co., Ltd. |
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31 Dec. |
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Japan |
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50% |
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50% |
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There have been no significant transactions with the joint venture in Japan in the years ended 31 December 2021 and 31 December 2020. The joint venture was formed in 2018 with the joint venture partner DNP and it provides aseptic carton packaging solutions in Japan.
Summary joint venture financial information
The following tables provide summary financial information about the joint ventures, representing the amounts presented in the IFRS financial statements of the joint ventures and not adjusted for the Group’s ownership percentage. Information about the former joint ventures in the Middle East is presented for the comparative period and until 25 February 2021 for the year ended 31 December 2021.
(In € million) |
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Current assets |
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Non-current assets |
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Total assets |
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Current liabilities |
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Non-current liabilities |
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Total liabilities |
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Net assets |
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31 December 2021 |
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Al Obeikan SIG Combibloc Company Ltd., Saudi Arabia |
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– |
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– |
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– |
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SIG Combibloc FZCO, UAE1 |
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– |
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– |
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– |
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DNP • SIG Combibloc Co., Ltd., Japan |
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0.8 |
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0.6 |
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1.4 |
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0.2 |
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0.2 |
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1.2 |
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Total |
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0.8 |
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0.6 |
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1.4 |
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0.2 |
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– |
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0.2 |
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1.2 |
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31 December 2020 |
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Al Obeikan SIG Combibloc Company Ltd., Saudi Arabia |
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57.7 |
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90.5 |
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148.2 |
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31.6 |
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81.0 |
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112.6 |
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35.6 |
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SIG Combibloc FZCO, UAE1 |
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161.5 |
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177.5 |
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339.0 |
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123.3 |
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184.8 |
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308.1 |
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30.9 |
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DNP • SIG Combibloc Co., Ltd., Japan |
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1.4 |
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0.6 |
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2.0 |
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1.2 |
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– |
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1.2 |
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0.8 |
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Total |
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220.6 |
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268.6 |
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489.2 |
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156.1 |
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265.8 |
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421.9 |
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67.3 |
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(In € million) |
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Revenue |
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Expenses |
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Profit after tax |
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2021 |
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Al Obeikan SIG Combibloc Company Ltd., Saudi Arabia2 |
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14.9 |
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(15.4) |
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(0.5) |
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SIG Combibloc FZCO, UAE1, 2 |
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17.6 |
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(20.8) |
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(3.2) |
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DNP • SIG Combibloc Co., Ltd., Japan |
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1.1 |
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(0.6) |
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0.5 |
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Total |
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33.6 |
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(36.8) |
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(3.2) |
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2020 |
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Al Obeikan SIG Combibloc Company Ltd., Saudi Arabia |
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141.4 |
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(125.2) |
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16.2 |
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SIG Combibloc Obeikan FZCO, UAE1 |
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208.4 |
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(190.9) |
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17.5 |
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DNP • SIG Combibloc Co., Ltd., Japan |
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7.0 |
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(6.0) |
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1.0 |
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Total |
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356.8 |
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(322.1) |
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34.7 |
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Joint venture impact on the consolidated financial statements
(In € million) |
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2021 |
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2020 |
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Carrying amount as of 1 January |
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184.5 |
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193.4 |
Share of (loss)/profit (net of income tax) |
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(1.6) |
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17.4 |
Dividends received |
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– |
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(22.7) |
Derecognition of pre-existing interest in the former joint ventures in the Middle East (business combination achieved in stages) |
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(178.8) |
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– |
Effect of movements in exchange rates |
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0.4 |
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(3.8) |
Other |
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(3.9) |
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0.2 |
Carrying amount as of 31 December |
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0.6 |
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184.5 |
Amount of goodwill in carrying amount of joint ventures as of 31 Dec. |
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– |
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150.8 |
Accounting policy
The accounting policy for joint ventures is included in note 26.