Share of profit (loss) of equity-accounted investments
The share of profit (loss) of equity-accounted investments in the reporting year amounted to a loss of €24.8 million (2013: profit of €1.7 million). This loss was partly the result of a write-down that had to be recognised on the stake held in Linde Hydraulics GmbH & Co. KG, Aschaffenburg (referred to below as Linde Hydraulics), which in turn was due to a downturn in business. The value in use for Linde Hydraulics, which was calculated as part of an impairment test using a discount rate of 7.4 per cent, amounted to €64.1 million. The total non-cash impairment loss recognised was €13.5 million.
The amount for the previous year included income of €7.0 million arising from the remeasurement of an existing equity-accounted investment of 23.0 per cent held in Willenbrock Fördertechnik Holding GmbH, Bremen, Germany, over which a controlling influence can be exerted following the acquisition of further shares. Further details on equity-accounted investments can be found in note .