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Note 39 Investments in subsidiaries and associates

Investments in subsidiaries and associates

Dividends amounting to €339 million (2014: €271 million) were received in 2015 from the subsidiaries Liander N.V. and Alliander Participaties B.V.. The investment of €76 million in 2014 relates to payment of share capital connected with the subsidiaries of Alliander N.V..

The dividends received from subsidiaries and payments of capital invested in them result from the capital restructuring of these companies in line with Alliander's policy. In the company financial statements, CDMA is 59.28% accounted for as a joint operation.

The various share capital investments are listed separately under the heading ‘Subsidiaries and associates’ in the ‘Other information’ part of the report.

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