15. Equity-accounted investments and other equity investments
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||
Gross carrying amount Balance at Jan. 1, 2023 |
|
15,235 |
|
4,538 |
|
19,774 |
||||
Foreign exchange differences |
|
−217 |
|
−48 |
|
−265 |
||||
Changes in consolidated Group |
|
271 |
|
−386 |
|
−114 |
||||
Additions |
|
570 |
|
2,085 |
|
2,655 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
– |
|
321 |
|
321 |
||||
Changes recognized in profit or loss |
|
2,243 |
|
−13 |
|
2,230 |
||||
Dividends1 |
|
−2,511 |
|
– |
|
−2,511 |
||||
Other changes recognized in other comprehensive income |
|
−388 |
|
−122 |
|
−510 |
||||
Balance at Dec. 31, 2023 |
|
15,204 |
|
5,734 |
|
20,937 |
||||
Impairment losses Balance at Jan. 1, 2023 |
|
2,567 |
|
1,050 |
|
3,617 |
||||
Foreign exchange differences |
|
−3 |
|
−8 |
|
−12 |
||||
Changes in consolidated Group |
|
−19 |
|
94 |
|
76 |
||||
Additions |
|
523 |
|
304 |
|
826 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
27 |
|
96 |
|
124 |
||||
Reversal of impairment losses |
|
76 |
|
40 |
|
116 |
||||
Balance at Dec. 31, 2023 |
|
2,964 |
|
1,303 |
|
4,267 |
||||
Carrying amount at Dec. 31, 2023 |
|
12,239 |
|
4,431 |
|
16,670 |
||||
|
||||||||||
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||||
Gross carrying amount Balance at Jan. 1, 2022 |
|
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 |
|
2,399 |
|
5 |
|
2,404 |
||||||
Dividends1 |
|
−2,877 |
|
– |
|
−2,877 |
||||||
Other changes recognized in other comprehensive income |
|
323 |
|
−449 |
|
−125 |
||||||
Balance at Dec. 31, 2022 |
|
15,235 |
|
4,538 |
|
19,774 |
||||||
Impairment losses Balance at Jan. 1, 2022 |
|
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 |
||||||
|
||||||||||||
Equity-accounted investments include joint ventures in the amount of €7,139 million (previous year: €6,959 million) and associates in the amount of €5,100 million (previous year: €5,709 million).
Among the additions to equity-accounted investments in the fiscal year under review, an amount of €0.3 billion is attributable to the capital contribution to the new joint venture CARIZON established with Horizon Robotics. In the previous year, material additions to equity-accounted investments had included a capital increase of €1.7 billion at GMH in connection with the acquisition of Europcar.
Among the additions to other equity investments, the main item was an amount of €0.7 billion for the acquisition of shares of XPeng.
Changes in the consolidated Group affecting equity-accounted investments in the fiscal year relate mainly to the joint venture Audi FAW NEV Co. in an amount of €0.3 billion. In the previous year, the main changes in the consolidated Group affecting equity-accounted investments had related to the associate Brose Sitech Sp. z o.o., Polkowice/Poland in an amount of €0.3 billion.
Additions to impairment losses on equity-accounted investments in an amount of €0.4 billion were mostly attributable to the associate QuantumScape in the fiscal year. In the previous year, additions to impairment losses on equity-accounted investments in an amount of €1.9 billion were mostly attributable to the joint venture Argo AI.
Additional disclosures on the above mentioned equity investments can be found in the “Key events” section.
Of the other changes recognized in other comprehensive income, €– 377 million (previous year adjusted: €366 million (see disclosures on IFRS 17)) is attributable to joint ventures and €– 12 million (previous year: €– 43 million) to associates. They are mainly the result of foreign exchange differences in the amount of €– 288 million (previous year: €157 million), pension plan remeasurements in the amount of €– 3 million (previous year: €9 million) and fair value measurement of cash flow hedges in the amount of €– 128 million (previous year: €143 million).