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Annual Report

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, 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

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CHANGES IN EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY INVESTMENTS BETWEEN JANUARY 1 AND DECEMBER 31, 2010

€ million

 

Equity-accounted investments

 

Other equity investments

 

Total

Cost Balance at Jan. 1, 2010

 

10,406

 

815

 

11,220

Foreign exchange differences

 

73

 

6

 

78

Changes in consolidated Group

 

 

–163

 

–163

Additions

 

3,762

 

231

 

3,994

Transfers

 

 

 

Disposals

 

1,206

 

34

 

1,239

Reversal of impairment losses

 

 

 

Changes recognized in other comprehensive income

 

516

 

 

516

Balance at Dec. 31, 2010

 

13,551

 

855

 

14,407

Impairment losses Balance at Jan. 1, 2010

 

21

 

271

 

292

Foreign exchange differences

 

3

 

3

 

6

Changes in consolidated Group

 

 

–50

 

–50

Additions to cumulative impairment losses

 

 

11

 

11

Transfers

 

 

 

Disposals

 

 

18

 

18

Reversal of impairment losses

 

 

–3

 

–3

Balance at Dec. 31, 2010

 

24

 

215

 

239

Carrying amount at Dec. 31, 2010

 

13,528

 

640

 

14,168

Equity-accounted investments include joint ventures in the amount of €8,284 million (previous year: €7,334 million) and associates in the amount of €5,244 million (previous year: €3,051 million).

In the previous year, the additions to equity-accounted investments related mainly to the acquisition of the shares of Porsche Zwischenholding GmbH in the amount of €3,907 million. In addition to recognized income, the additions in fiscal year 2010 are attributable primarily to the acquisition of the equity interest in Suzuki Motor Corporation in the amount of €1,765 million. The disposals are mainly the result of dividends.

Of the changes recognized in other comprehensive income, €147 million (previous year: €–41 million) is attributable to joint ventures and €370 million (previous year: €71 million) to associates. They are mainly the result of foreign exchange differences in the amount of €550 million (previous year: €51 million), which are offset by actuarial losses in the amount of €101 million (previous year: €48 million) and losses on the fair value measurement of cash flow hedges in the amount of €118 million (previous year: €15 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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