12 – Investments in associates
The movements in the investments in associates were:
| (€ million) |
2008 |
2007 |
| Balance as at 1 January |
317.5 |
|
192.8 |
|
| Acquisitions/sales |
2.5 |
|
73.0 |
|
| Reclassification to subsidiairies |
-19.2 |
|
– |
|
| Dividends received |
-10.5 |
|
-16.4 |
|
| Share of results |
-81.4 |
|
91.1 |
|
| Exchange differences |
12.4 |
|
-23.0 |
|
| Balance as at 31 December |
|
221.3 |
|
317.5 |
Summarised financial information for the associates as at year-end 2008 and 2007:
|
2008 |
2007 |
|
100% |
Corio |
100% |
Corio |
|
|
share |
|
share |
|
|
(€ million) |
|
(€ million) |
| Assets |
599.5 |
258.4* |
834.0 |
347.5* |
| Equity and liabilities |
130.5 |
37.1 |
106.4 |
30.0 |
| Net assets |
469.0 |
221.3 |
727.6 |
317.5 |
|
|
|
|
|
| Gross rental income |
46.8 |
21.2 |
38.7 |
18.1 |
| Expenses (including financing income) |
-13.6 |
-5.9 |
-8.5 |
-3.9 |
| Revaluations |
-213.1 |
-96.7 |
167.7 |
76.9 |
| Result |
-179.9 |
-81.4 |
197.9 |
91.1 |
On 31 December 2008, the market capitalisation of Akmerkez (46.92%) is € 67.0 million (2007: € 134.1 million). The carrying amount of Akmerkez is € 186.2 million (2007: € 244.1 million).
Source: Annual Report 2008, Chapter Financial Statements, page 165 (PDF, 179 kB)
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