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, 2007

€ million

 

Equity  accounted  investments

 

Other equity  investments

 

Total

Cost Balance at Jan. 1, 2007

 

7,020

 

613

 

7,633

Foreign exchange differences

 

–18

 

–1

 

–19

Changes in consolidated Group

 

 

0

 

0

Additions

 

1,904

 

438

 

2,342

Transfers

 

–10

 

10

 

Disposals

 

883

 

159

 

1,042

Reversal of impairment losses

 

 

 

Balance at Dec. 31, 2007

 

8,013

 

901

 

8,914

Impairment losses
Balance at Jan. 1, 2007

 

144

 

203

 

347

Foreign exchange differences

 

–1

 

0

 

–1

Changes in consolidated Group

 

 

 

Additions to cumulative
impairment losses

 

78

 

174

 

252

Transfers

 

–3

 

3

 

Disposals

 

 

27

 

27

Reversal of impairment losses

 

 

 

Balance at Dec. 31, 2007

 

218

 

353

 

571

Carrying amount at Dec. 31, 2007

 

7,795

 

548

 

8,343

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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

 

979

 

194

 

1,173

Transfers

 

–7

 

7

 

Disposals

 

1,120

 

5

 

1,125

Reversal of impairment losses

 

 

 

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

Equity-accounted investments include joint ventures in the amount of €2,980 million (previous year: €2,789 million).

As a result of improved earnings prospects, impairment losses amounting to €106 million on several joint ventures attributable to the Automotive Division that were recognized in previous years were reversed in the past fiscal year. Value in use was estimated using a discount factor of 9.4% (previous year: 13%).

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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