6.5.1Investment in Group Companies

The movements in the item Investment in Group companies are as follows:

Investment in Group companies

2015

2014

Balance at 1 January

2,129

1,831

Reclassification to other receivables

(47)

(54)

Investments net value

2,082

1,777

Result of Group companies

54

845

Investment and other changes (a.o. IAS 39)

381

(161)

Divestments and capital repayments

391

(379)

Dividends received

-

-

Currency differences

(13)

1

Movements

461

305

Balance at 31 December

2,585

2,129

Reclassification to other receivables

(42)

(47)

Investments at net asset value

2,543

2,082

  • 1 Disposal of 45% of the Company’s share in FPSO Turritella (Please refer to note 6.3.1 Highlights)

The reclassification to other receivables relates to the cumulative losses in equity of the subsidiary of the Company Van Der Giessen-de Noord N.V. and XNK Industries B.V. It reduces the carrying amount of the other receivables provided to these subsidiaries.

The investments and other changes relate to investments in subsidiaries and other direct equity movements.

The subsidiaries of the company are the following (all of which are 100% owned):

  • SBM Offshore Holding B.V., Amsterdam, the Netherlands
  • SBM Group Holding Inc., Marly, Switzerland
  • SBM Holding Luxembourg SARL, Luxembourg, Luxembourg
  • SBM Schiedam B.V., Rotterdam, the Netherlands
  • Van der Giessen-de Noord N.V., Krimpen a/d IJssel, the Netherlands
  • XNK Industries B.V., Dongen, the Netherlands
  • SBM Holland B.V., Rotterdam, the Netherlands
  • Capixaba Holding B.V., ’s Gravenhage, the Netherlands