15 Equity-accounted investments and other equity investments
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||
Gross carrying amount |
|
13,102 |
|
4,033 |
|
17,135 |
||||
Foreign exchange differences |
|
−82 |
|
1 |
|
−81 |
||||
Changes in consolidated Group |
|
203 |
|
−233 |
|
−30 |
||||
Additions |
|
2,167 |
|
1,499 |
|
3,666 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
– |
|
318 |
|
318 |
||||
Changes recognized in profit or loss |
|
2,392 |
|
5 |
|
2,396 |
||||
Dividends1 |
|
−2,877 |
|
– |
|
−2,877 |
||||
Other changes recognized in other comprehensive income |
|
331 |
|
−449 |
|
−118 |
||||
Balance at Dec. 31, 2022 |
|
15,235 |
|
4,538 |
|
19,774 |
||||
Impairment losses |
|
571 |
|
1,033 |
|
1,604 |
||||
Foreign exchange differences |
|
−2 |
|
−4 |
|
−6 |
||||
Changes in consolidated Group |
|
−25 |
|
11 |
|
−15 |
||||
Additions |
|
2,077 |
|
180 |
|
2,258 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
– |
|
121 |
|
121 |
||||
Reversal of impairment losses |
|
54 |
|
50 |
|
104 |
||||
Balance at Dec. 31, 2022 |
|
2,567 |
|
1,050 |
|
3,617 |
||||
Carrying amount at Dec. 31, 2022 |
|
12,668 |
|
3,489 |
|
16,157 |
||||
|
||||||||||
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||
Gross carrying amount |
|
10,610 |
|
2,833 |
|
13,443 |
||||
Foreign exchange differences |
|
300 |
|
56 |
|
355 |
||||
Changes in consolidated Group |
|
–360 |
|
285 |
|
–75 |
||||
Additions |
|
2,875 |
|
1,066 |
|
3,941 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Classified as held for sale |
|
– |
|
4 |
|
4 |
||||
Disposals |
|
35 |
|
134 |
|
169 |
||||
Changes recognized in profit or loss |
|
2,172 |
|
42 |
|
2,214 |
||||
Dividends1 |
|
–3,068 |
|
– |
|
–3,068 |
||||
Other changes recognized in other comprehensive income |
|
608 |
|
–110 |
|
497 |
||||
Balance at Dec. 31, 2021 |
|
13,102 |
|
4,033 |
|
17,135 |
||||
Impairment losses |
|
531 |
|
968 |
|
1,499 |
||||
Foreign exchange differences |
|
12 |
|
20 |
|
32 |
||||
Changes in consolidated Group |
|
– |
|
19 |
|
19 |
||||
Additions |
|
79 |
|
118 |
|
197 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
– |
|
43 |
|
43 |
||||
Reversal of impairment losses |
|
51 |
|
48 |
|
99 |
||||
Balance at Dec. 31, 2021 |
|
571 |
|
1,033 |
|
1,604 |
||||
Carrying amount at Dec. 31, 2021 |
|
12,531 |
|
3,000 |
|
15,531 |
||||
|
||||||||||
Equity-accounted investments include joint ventures in the amount of €6,959 million (previous year: €6,905 million) and associates in the amount of €5,709 million (previous year: €5,627 million).
Additions to equity-accounted investments in the fiscal year include primarily a capital increase of €1.7 billion at GMH in connection with the acquisition of Europcar. Additional disclosures can be found in the “Key events” section.
In the previous year, additions to equity-accounted investments related to the acquisition of additional shares in Gotion in an amount of €1.1 billion, the acquisition of additional shares in Northvolt AB in an amount of €0.8 billion, and the capital increase at QuantumScape and the realization of a forward purchase transaction in this context in an amount of €0.5 billion.
Changes in the consolidated Group affecting equity-accounted investments in the fiscal year affect mainly the associate Brose Sitech in an amount of €0.3 billion. Additional disclosures on Brose Sitech can be found in the “IFRS 5 – Noncurrent assets held for sale” section.
In the previous year, the main changes in the consolidated Group affecting equity-accounted investments related to the reclassification of shares in Navistar in an amount of €−0.6 billion following its first-time consolidation.
Additions to impairment losses on equity-accounted investments in an amount of €1.9 billion are mostly attributable to the joint venture Argo AI in the fiscal year. Additional disclosures can be found in the “Key events” section.
Of the other changes recognized in other comprehensive income, €373 million (previous year: €481 million) is attributable to joint ventures and €– 43 million (previous year: €127 million) to associates. They are mainly the result of foreign exchange differences in the amount of €157 million (previous year: €521 million), pension plan remeasurements in the amount of €9 million (previous year: €17 million) and fair value measurement of cash flow hedges in the amount of €143 million (previous year: €– 16 million).