21. Associates
(amounts in millions of €, unless otherwise indicated)
Changes in associates are:
| |
|
|
|
| Value at January 1 |
480.9 |
|
2.7 |
| |
|
|
|
| Acquisitions of subsidiaries |
2.9 |
|
- |
| Acquisitions |
- |
|
478.9 |
| Disposal of associates |
-0.9 |
|
- |
| Dividend received |
-9.4 |
|
- |
| Share of profit |
3.8 |
|
2.0 |
| Translation differences |
0.0 |
|
0.0 |
| Accounted for as a consolidated subsidiary |
-475.3 |
|
-2.7 |
| |
|
|
|
| Value at December 31 |
2.0 |
|
480.9 |
As at December 31, 2008 the Group has a number of small investments in associates, amounting in total to € 2.0 million. The total assets and total liabilities of these associates amount to approximately € 16 million and € 4 million respectively, whereas our share in 2008 net income is approximately zero. The share of profit in the amount of € 3.8 million is related to our share in net income of Vedior N.V. for the period January 1 – May 16, 2008.
As at December 31, 2007 the Group had an investment in Vedior N.V., representing a holding of 15% of the shares in Vedior N.V, following the company’s announcement of the public offer for the shares of Vedior N.V. This public offer was effectuated during 2008 and as of May 16, 2008 the Vedior group of companies is consolidated. The fair value of this shareholding amounted to € 450 million as at December 31, 2007.
The carrying amount of associates at December 31, 2007 included goodwill of € 0.4 billion; total assets amounted to € 3.3 billion and liabilities to € 2.4 billion as at December 31, 2007. Total revenue in 2007 amounted to € 8.4 billion and our share in net income 2007 was € 2.0 million.
As per April 2, 2007 the Group acquired an additional 23% of the shares of the associate Talent Shanghai Co., Ltd, China, resulting in a 70% interest. As of that date this company was consolidated as a subsidiary.
In the first quarter of 2007, the fair value of the net assets of Talent Shanghai Co., Ltd as of the moment the Group acquired 47% of the shares, had been adjusted, leading to a total goodwill of € 1.7 million. The goodwill included in the carrying amount of associates was reclassified to goodwill.