Note 20. Other non-current assets

Shares in subsidiaries, joint ventures and other companies
	Consolidated		Parent company
SEK millions	2023	2022	2023	2022
Shares in subsidiaries	–	–	4,669	4,669
Shares in joint ventures	262	205	–	–
Shares in other companies	280	270	–	–
Total	542	475	4,669	4,669

Alfa Laval does not hold any shares in unconsolidated structured entities.

The consolidated financial statements include the parent company Alfa Laval AB (publ) and the subsidiaries in which it has a decisive influence, which in all cases refer to companies where the parent company directly or indirectly had an ownership of more than 50 percent during the period. These are consolidated according to the purchase method and are referred to as subsidiaries. Most of the subsidiaries are owned to 100 percent and only 11 (11) companies have non-controlling interests, see Note 12. The subsidiaries are displayed in the table on pages 166–168. Since all consolidated companies are owned to more than 50 percent there is no risk that judgements if a decisive influence exists or not at ownerships below 50 percent means that companies from time to time are included or not included in the consolidation.

Alfa Laval also has interests in 5 (5) small joint ventures, out of which one has a fully owned subsidiary, that are consolidated according to the equity method since no decisive influence exists. These are displayed in a separate table on page 169. The risks associated with joint ventures are basically business oriented and are not materially different than the risks linked to subsidiaries, with one exception. The exception relates to the risk of disagreeing with the other joint venture partner concerning for instance larger investments, financing and future direction for market penetration and product development, which could result in a sub-optimal development of the operations. Since Alfa Laval’s joint ventures are of marginal significance for the Group as a total this risk is judged to be small.

The share of capital in the below tables is in all cases the same as the share of voting rights.

The below specification of shares contains some simplifications, for instance in connection with ownership in multiple layers or when the ownership is split on several owners or at cross-holdings. This is in order not to unnecessarily burden the presentation. A complete specification of shares can be ordered by contacting Alfa Laval’s head office in Lund.

Specification of shares in joint ventures
Company name	Registration number	Domicile	Number of shares	Share of capital %	Book value SEK millions
Alfa Laval Holding AB
Alfdex AB	556647-7278	Landskrona, Sweden	1,000	50	116
Alfdex Kunshan Co Ltd		Kunshan, China		100	20
Alfa Laval Corporate AB
AlfaWall AB	556723-6715	Botkyrka, Sweden	500	50	13
AlfaWall Oceanbird AB	559333-0003	Botkyrka, Sweden	500	50	89
PHE Holding AS
Stadion Laks AS		Norheimsund, Norway	17,630	50	24
Alfa Laval Ltd
Rolls Laval Heat Exchangers Ltd		Wolverhampton, UK	5,000	50	0
Total					262

Specification of shares in other companies
Company name	Domicile	Number of shares	Share of capital %	Book value SEK thousands
Alfa Laval US Holding Inc.
Malta Inc	USA	19,575,713	19.15	226,683
Alfa Laval Inc.
AMI Global LLC	USA		20	34,951
Alfa Laval Aalborg Indústria e Comércio Ltda
Tractebel	Brazil	1,268		88
Elektrobras	Brazil	7,107		119
Alfa Laval Philippines Inc.
Philippine Long Distance Telephone	Philippines	820		0
Alfa Laval Nordic OY
As Oy Koivulantie 7A	Finland	1		343
Helsinki Halli	Finland	4		155
Framo Nederland BV
Triangle (Air) Freight Forwarders BV	Netherlands	12	33	99
Framo Flatøy AS
Glöde AS	Norway	8,960	5.4	27
Alfa Laval Technologies AB
Smedhälsan Ekonomisk Förening	Sweden			61
Alfa Laval Corporate AB
European Development Capital
Corporation (EDCC) NV	Curacao	36,129		0
Multiprogress	Hungary	100	3	0
Kurose Chemical Equipment Ltd	Japan	180,000	11	0
Liquid Wind AB	Sweden	555,245	5.2	17,713
Poljopriveda	former Yugoslavia			0
Tecnica Argo-Industrial S.A.	Mexico	490	49	0
Adela Investment Co S.A. (preference)	Luxembourg	1,911	0	0
Adela Investment Co S.A.	Luxembourg	1,911	0	0
Mas Dairies Ltd	Pakistan	125,000	5	0
Total				280,239

None of these other companies with a share of capital of 20 percent or more are accounted for as associates since they are dormant or have very limited activities and Alfa Laval does not have a significant influence according to IAS 28 item 6.