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Note 39 Investments in subsidiaries and associates

Investments in subsidiaries and associates

€ million

Investments in subsidiaries

Investments in associates

Total

Carrying amount as at 1 January 2014

2.153

1

2.154

    

Movements 2014

   

Dividends received

-271

-

-271

Result for the year

320

-

320

Internal transfers

-1

-

-1

Issue of share capital

45

-

45

Movement in revaluation reserve

19

-

19

Sale interest CDMA

-4

-

-4

Deconsolidation CDMA

-5

-

-5

Other changes

-

-1

-1

Total

103

-1

102

    

Carrying amount as at 31 December 2014

2.256

-

2.256

    

Movements 2015

   

Dividends received

-339

-

-339

Result for the year

225

-

225

Issue of share capital

76

-

76

Movement in revaluation reserve

10

-

10

Other changes

-1

1

-

Total

-29

1

-28

    

Carrying amount as at 31 December 2015

2.227

1

2.228

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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