15 Equity-accounted investments and other equity investments
€ 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 |
|||
|
|||||||||
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
|||
|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|||
Gross carrying amount |
|
8,639 |
|
2,616 |
|
11,255 |
|||
Foreign exchange differences |
|
–49 |
|
–24 |
|
–73 |
|||
Changes in consolidated Group |
|
–756 |
|
–186 |
|
–943 |
|||
Additions |
|
3,756 |
|
488 |
|
4,244 |
|||
Transfers |
|
– |
|
0 |
|
0 |
|||
Disposals |
|
196 |
|
50 |
|
246 |
|||
Changes recognized in profit or loss |
|
2,693 |
|
–3 |
|
2,690 |
|||
Dividends1 |
|
–3,195 |
|
– |
|
–3,195 |
|||
Other changes recognized in other comprehensive income |
|
–280 |
|
–8 |
|
–288 |
|||
Balance at Dec. 31, 2020 |
|
10,610 |
|
2,833 |
|
13,443 |
|||
Impairment losses |
|
470 |
|
714 |
|
1,183 |
|||
Foreign exchange differences |
|
–5 |
|
–5 |
|
–10 |
|||
Changes in consolidated Group |
|
–108 |
|
57 |
|
–52 |
|||
Additions |
|
185 |
|
245 |
|
429 |
|||
Transfers |
|
– |
|
– |
|
– |
|||
Disposals |
|
– |
|
41 |
|
41 |
|||
Reversal of impairment losses |
|
11 |
|
1 |
|
12 |
|||
Balance at Dec. 31, 2020 |
|
531 |
|
968 |
|
1,499 |
|||
Carrying amount at Dec. 31, 2020 |
|
10,080 |
|
1,865 |
|
11,945 |
|||
|
|||||||||
Equity-accounted investments include joint ventures in the amount of €6,905 million (previous year: €6,951 million) and associates in the amount of €5,627 million (previous year: €3,129 million).
Additions to equity-accounted investments in the fiscal year relate primarily to the acquisition of additional shares in Gotion High-Tech Company 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 Battery and the realization of a forward purchase transaction in this context in an amount of €0.5 billion. Additional disclosures on Gotion High-Tech Company and Northvolt AB can be found in the “Key events” section.
The changes in the consolidated Group affecting equity-accounted investments in the fiscal year relate mainly to the reclassification of shares in Navistar in an amount of €–0.6 billion following its first-time consolidation. The gain of €0.2 billion on remeasuring shares already held resulting from ending the use of the equity method was reported under additions. Additional disclosures on Navistar can be found in the “Key events” section.
In the previous year, additions to equity-accounted investments included an amount of €1.7 billion related to the acquisition of shares in Argo AI, a total of €1.0 billion related to the acquisition of additional shares in Volkswagen (Anhui) Automotive Company (formerly: JAC Volkswagen Automotive Company) and shares in Anhui Jianghuai Automobile Group Holdings, and an amount of €0.5 billion related to the capital increase at QuantumScape Corporation and the realization of a forward purchase transaction in this context.
In the previous year, the main changes in the consolidated Group affecting equity-accounted investments in an amount of €– 0.8 billion related to the reclassification of shares in Volkswagen (Anhui) Automotive Company following its first-time consolidation.
Of the other changes recognized in other comprehensive income, €481 million (previous year: €−239 million) is attributable to joint ventures and €127 million (previous year: €−41 million) to associates. They are mainly the result of foreign exchange differences in the amount of €521 million (previous year: €−319 million), pension plan remeasurements in the amount of €17 million (previous year: €103 million) and fair value measurement of cash flow hedges in the amount of €−16 million (previous year: €16 million).