15 Equity-accounted investments and other equity investments


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CHANGES IN EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY
INVESTMENTS BETWEEN JANUARY 1 AND DECEMBER 31, 2008

€ million

 

Equity  accounted  investments

 

Other equity  investments

 

Total

Cost
Balance at Jan. 1, 2008

 

8,013

 

901

 

8,914

Foreign exchange differences

 

47

 

2

 

49

Changes in consolidated Group

 

–1,518

 

–229

 

–1,747

Additions

 

862

 

194

 

1,056

Transfers

 

–7

 

7

 

Disposals

 

815

 

5

 

820

Reversal of impairment losses

 

 

 

Changes recognized in other comprehensive income

 

–188

 

 

–188

Balance at Dec. 31, 2008

 

6,394

 

870

 

7,264

Impairment losses
Balance at Jan. 1, 2008

 

218

 

353

 

571

Foreign exchange differences

 

18

 

0

 

18

Changes in consolidated Group

 

 

–98

 

–98

Additions to cumulative impairment losses

 

 

32

 

32

Transfers

 

 

 

Disposals

 

109

 

0

 

109

Reversal of impairment losses

 

–106

 

 

–106

Balance at Dec. 31, 2008

 

21

 

287

 

308

Carrying amount at Dec. 31, 2008

 

6,373

 

583

 

6,956

As a result of improved earnings prospects, impairment losses amounting to €106 million on several joint ventures were reversed. Value in use was estimated using a discount factor of 9.4%.

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CHANGES IN EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY INVESTMENTS BETWEEN JANUARY 1 AND DECEMBER 31, 2009

 

 

€ million

 

Equity  accounted  investments

 

Other equity  investments

 

Total

Cost
Balance at Jan. 1, 2009

 

6,394

 

870

 

7,264

Foreign exchange differences

 

–14

 

0

 

–14

Changes in consolidated Group

 

 

–140

 

–140

Additions

 

4,768

 

95

 

4,863

Transfers

 

7

 

–7

 

0

Disposals

 

780

 

4

 

783

Reversal of impairment losses

 

 

 

Changes recognized in other comprehensive income

 

30

 

 

30

Balance at Dec. 31, 2009

 

10,406

 

815

 

11,220

Impairment losses
Balance at Jan. 1, 2009

 

21

 

287

 

308

Foreign exchange differences

 

–1

 

1

 

1

Changes in consolidated Group

 

 

–33

 

–33

Additions to cumulative impairment losses

 

 

17

 

17

Transfers

 

 

 

Disposals

 

 

0

 

0

Reversal of impairment losses

 

 

 

Balance at Dec. 31, 2009

 

21

 

271

 

292

Carrying amount at Dec. 31, 2009

 

10,385

 

543

 

10,928

Equity-accounted investments include joint ventures in the amount of €7,334 million (previous year: €2,980 million) and associates in the amount of €3,051 million (previous year: €3,393 million).

In fiscal year 2009, the additions to equity-accounted investments relate mainly to the acquisition of the shares of Porsche Zwischenholding GmbH in the amount of €3,907 million.

Significant joint ventures and associates are detailed in the listing of significant Group companies at the end of the notes to the consolidated financial statements.

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