Page 42 - Hoftex Annual Report 2018 EN

Letter to Shareholders
Supervisory Board Report
Group Management Report Consolidated Financial Statements Annexes
(7) Equity interest in associates
In May 2006 Tenowo GmbH signed an interest acquisition agreement with an Indian group of compa nies operating in the nonwovens sector, in which Tenowo GmbH agreed to purchase a 25 % equity in- terest in the group. The total translated purchase price amounted to EUR 3,113 thousand. The majo- rity of the group’s activities are performed by their affiliate, Supreme Nonwovens. When restructuring measures within the group were completed on 1 April 2007, the investment was included at equity in the consolidated annual accounts for the first time and reclassified from “Equity interest” to “Long- term investments in associates”.
Additional equity interest acquired in the company brought the equity share up to 44.9 % in 2008 and to 49.0 % in 2010. The associate’s fiscal year runs from 1 April to 31 March of the subsequent year.
With an acquisition agreement dated 20 April 2018, Tenowo GmbH sold all of its shares in Supreme Nonwoven Industries Private Limited to the Indian principal shareholders. The equity interest was
deconsolidated on 30 September 2018.
Offset goodwill of EUR 3,536 thousand with no impact on income was also treated as not having an im-
pact on income as part of the first-time consolidation.
The financial statements issued for the fiscal year ending 31 March 2018 value the Group’s share 49.0 %) as part of the final at-equity valuation for the year at EUR 650 thousand (prior year: EUR 347 thousand) less EUR 0 thousand (prior year: EUR 152 thousand) in dividends paid out, which is recor- ded on the balance sheet as EUR 650 thousand (prior year: EUR 195 thousand).
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The receivables from affiliated companies are all trade receivables (prior year: EUR 33 thousand). The short-term loan to ERWO Holding AG of EUR 9,000 thousand disclosed in the prior year was fully repaid during the year under review.
(8) Inventories
31 Dec. 2018 31 Dec. 2017
Raw materials, consumables and supplies 17,111 17,349 Unfinished goods, services in progress 3,291 5,171 Finished goods and merchandise 17,250 15,619 Advance payments 0 74
(9) Receivables and other assets
37,652 38,213
Trade receivables 20,036 20,335 Receivables from affiliated companies 68 9,033 Other receivables and other assets 3,047 3,105
As in the previous year, all receivables and other assets are due within one year.
31 Dec. 2018 31 Dec. 2017
23,151 32,473