15. Equity-accounted investments and other equity investments
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||
Gross carrying amount |
|
11,630 |
|
7,170 |
|
18,800 |
||||
Foreign exchange differences |
|
−221 |
|
−201 |
|
−422 |
||||
Changes in consolidated Group |
|
283 |
|
−893 |
|
−611 |
||||
Additions |
|
854 |
|
1,825 |
|
2,679 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
430 |
|
185 |
|
615 |
||||
Changes recognized in profit or loss |
|
645 |
|
−22 |
|
623 |
||||
Dividends1 |
|
−1,684 |
|
– |
|
−1,684 |
||||
Other changes recognized in other comprehensive income |
|
−284 |
|
1,366 |
|
1,082 |
||||
Balance at Dec. 31, 2025 |
|
10,793 |
|
9,059 |
|
19,852 |
||||
Impairment losses |
|
1,361 |
|
1,439 |
|
2,800 |
||||
Foreign exchange differences |
|
−4 |
|
−27 |
|
−31 |
||||
Changes in consolidated Group |
|
−249 |
|
100 |
|
−148 |
||||
Additions |
|
206 |
|
205 |
|
411 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
105 |
|
−2 |
|
103 |
||||
Reversal of impairment losses |
|
413 |
|
26 |
|
439 |
||||
Balance at Dec. 31, 2025 |
|
797 |
|
1,693 |
|
2,490 |
||||
Carrying amount at Dec. 31, 2025 |
|
9,996 |
|
7,366 |
|
17,362 |
||||
|
||||||||||
€ million |
|
Equity-accounted investments |
|
Other equity investments |
|
Total |
||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
||||
Gross carrying amount |
|
15,204 |
|
5,734 |
|
20,937 |
||||
Foreign exchange differences |
|
103 |
|
32 |
|
135 |
||||
Changes in consolidated Group |
|
243 |
|
−425 |
|
−183 |
||||
Additions |
|
615 |
|
2,211 |
|
2,826 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
2,007 |
|
332 |
|
2,339 |
||||
Changes recognized in profit or loss |
|
91 |
|
−62 |
|
29 |
||||
Dividends1 |
|
−2,711 |
|
– |
|
−2,711 |
||||
Other changes recognized in other comprehensive income |
|
93 |
|
12 |
|
105 |
||||
Balance at Dec. 31, 2024 |
|
11,630 |
|
7,170 |
|
18,800 |
||||
Impairment losses |
|
2,964 |
|
1,303 |
|
4,267 |
||||
Foreign exchange differences |
|
2 |
|
7 |
|
9 |
||||
Changes in consolidated Group |
|
– |
|
0 |
|
0 |
||||
Additions |
|
414 |
|
350 |
|
764 |
||||
Transfers |
|
– |
|
– |
|
– |
||||
Disposals |
|
2,018 |
|
177 |
|
2,196 |
||||
Reversal of impairment losses |
|
– |
|
44 |
|
44 |
||||
Balance at Dec. 31, 2024 |
|
1,361 |
|
1,439 |
|
2,800 |
||||
Carrying amount at Dec. 31, 2024 |
|
10,269 |
|
5,731 |
|
16,000 |
||||
|
||||||||||
Equity-accounted investments include joint ventures in the amount of €4,983 million (previous year: €5,698 million) and associates in the amount of €5,013 million (previous year: €4,571 million).
Most of the additions to equity-accounted investments relate to a capital contribution of €0.3 billion to the joint venture CARIZON (Beijing) Technology Company Limited, Beijing/China, that was established with Horizon Robotics Inc., Cayman Islands.
Some of the additions to other equity investments are attributable to the acquisition of additional shares in Rivian. Further disclosures can be found in the “Key events” section.
Most of the reversals of impairment losses on equity-accounted investments relate to the reversal of the impairment loss on the equity investment in the associate QuantumScape in an amount of €0.4 billion.
Of the other changes recognized in other comprehensive income, €−230 million (previous year: €117 million) is attributable to joint ventures and €−54 million (previous year: €−24 million) to associates. They are mainly the result of foreign exchange differences in the amount of €−298 million (previous year: €114 million), pension plan remeasurements in the amount of €1 million (previous year: €6 million) and fair value measurement of cash flow hedges in the amount of €18 million (previous year: €−26 million).