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15 Equity-accounted investments and other equity investments

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CHANGES IN EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY INVESTMENTS
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2019

€ million

  

Equity-accounted investments

  

Other equity investments

  

Total

1

Dividends are shown before withholding tax.

 

  

 

  

 

  

 

Gross carrying amount
Balance at Jan. 1, 2019

  

8,826

  

2,142

  

10,968

Foreign exchange differences

  

22

  

6

  

28

Changes in consolidated Group

  

16

  

−252

  

−236

Additions

  

236

  

856

  

1,093

Transfers

  

–

  

0

  

0

Classified as held for sale

  

–

  

15

  

15

Disposals

  

76

  

88

  

164

Changes recognized in profit or loss

  

3,326

  

–

  

3,326

Dividends1

  

−3,786

  

–

  

−3,786

Other changes recognized in other comprehensive income

  

75

  

−34

  

41

Balance at Dec. 31, 2019

  

8,639

  

2,616

  

11,255

Impairment losses
Balance at Jan. 1, 2019

  

392

  

668

  

1,060

Foreign exchange differences

  

1

  

0

  

1

Changes in consolidated Group

  

–

  

−131

  

−131

Additions

  

143

  

226

  

369

Transfers

  

–

  

–

  

–

Classified as held for sale

  

–

  

0

  

0

Disposals

  

–

  

31

  

31

Reversal of impairment losses

  

67

  

18

  

85

Balance at Dec. 31, 2019

  

470

  

714

  

1,183

Carrying amount at Dec. 31, 2019

  

8,169

  

1,902

  

10,071

(XLS:) Download

CHANGES IN EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY INVESTMENTS
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2020

€ million

  

Equity-accounted investments

  

Other equity investments

  

Total

1

Dividends are shown before withholding tax.

 

  

 

  

 

  

 

Gross carrying amount
Balance at Jan. 1, 2020

  

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
Balance at Jan. 1, 2020

  

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 €6,951 million (previous year: €5,851 million) and associates in the amount of €3,129 million (previous year: €2,318 million).

In the fiscal year, under additions to equity-accounted investments, an amount of €1.7 billion is attributable to the acquisition of shares in Argo AI, a total of €1.0 billion to the acquisition of additional shares in Volkswagen (Anhui) Automotive Company (formerly: JAC Volkswagen Automotive Company) and shares in Anhui Jianghuai Automobile Group Holdings; an amount of €0.5 billion relates to the capital increase at QuantumScape Corporation and the realization of a forward purchase transaction in this context. Further information on Argo AI and QuantumScape Corporation can be found in the “Key Events” section.

The main changes in the consolidated Group affecting equity-accounted investments in an amount of €−0.8 billion relate to the reclassification of shares in Volkswagen (Anhui) Automotive Company following its first-time consolidation.

Of the other changes recognized in other comprehensive income, €−239 million (previous year: €53 million) is attributable to joint ventures and €−41 million (previous year: €22 million) to associates. They are mainly the result of foreign exchange differences in the amount of €−319 million (previous year: €94 million), pension plan remeasurements in the amount of €103 million (previous year: €1 million) and fair value measurement of cash flow hedges in the amount of €16 million (previous year: €−27 million).