14. Investment in associates

in thousand EUR   2019   2018
At 1 January   799   765
Share of profit of associates including impairment   438   270
Dividends received   –259   –140
Currency effects   88   –96
At 31 December   1 066   799
BK Energia

The renewable-power-generation plant BK Energia generates CERs (Certified Emission Reductions) in the Amazon region of Brazil. It complies with all the necessary conditions established in the Kyoto Protocol and by the UNFCCC (United Nations Framework Convention on Climate Change). Carbon emissions are avoided by substituting diesel fuel with wood waste from the sawmill and from forest operations for generation of electricity.

The investment of 40 % is valued using the equity method as Precious Woods has no control over BK Energia.

in thousand EUR (representing 100%)   Assets   Liabilities   Revenues   Profit
Key figures 2018   2 639   377   4 455   676
Key figures 2019   3 198   532   5 004   1 095
Accounting policies

Certified Emission Reductions (CERs) are granted by the United Nations Framework Convention on Climate Change (UNFCCC) for Greenhouse Gas Reduction per metric ton of CO2 equivalent.

Associates are all entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operational policy decisions of the investee, but is not control or joint control over those policies. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.