17Associates and joint ventures
|
millions of CHF |
|
2023 |
|
2022 |
|
Balance as of January 1 |
|
41.8 |
|
25.5 |
|
Additions |
|
17.8 |
|
20.9 |
|
Reclassifications |
|
1.8 |
|
– |
|
Share of profit / (loss) of associates and joint ventures |
|
–3.2 |
|
–2.7 |
|
Dividend payments received |
|
–0.2 |
|
–0.1 |
|
Currency translation differences |
|
–3.2 |
|
–1.8 |
|
Total investments in associates and joint ventures as of December 31 |
|
54.7 |
|
41.8 |
|
- thereof investments in associates: |
|
54.5 |
|
41.8 |
|
- thereof investments in joint ventures: |
|
0.2 |
|
– |
In February 2023, the group acquired a strategic stake in Fuenix Ecogy Holding B.V., a circular technology company, for CHF 10.1 million and classified the investment as an investment in associates. In September 2023, the group acquired an additional ownership in Cellicon Holding B.V. for CHF 6.5 million, in addition to an existing ownership of CHF 3.0 million and the total investment was classified as an investment in associate.
On September 22, 2022, the group increased its investment in the associate Worn Again by CHF 20.9 million. Worn Again is developing a unique polymer recycling process leveraging the group’s technology to enable the recycling of textiles and polyester packaging. Sulzer is accounting for its investment in Worn Again using the equity method of accounting.