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30 Share of profit/loss of associates and joint ventures accounted for using the equity method

millions of €








Share of profit (loss) of joint ventures




Share of profit (loss) of associates








The share of profit/loss of associates and joint ventures included in the consolidated financial statements using the equity method decreased by EUR 2.2 billion compared with the prior year to EUR ‑2.8 billion. The main factor in this was impairment losses recognized in the reporting year of EUR 2.6 billion and EUR 0.1 billion, respectively, on the carrying amounts of the investments in the GD tower companies and in GlasfaserPlus. These impairment losses were due entirely to higher discount rates due to macroeconomic developments in the reporting year. By contrast, the business outlook for the GD tower companies improved slightly.

Level 3 input parameters were used to determine the pro rata recoverable amounts – as fair value less costs of disposal – of EUR 3.4 billion for the GD tower companies and of EUR 0.3 billion for GlasfaserPlus (after deduction of net debt). Discount rates of 7.18 % for the GD tower companies and 5.70 % for GlasfaserPlus were used. The prior year included an interest rate-based impairment loss of EUR 0.5 billion recognized on the carrying amount of the stake in GlasfaserPlus. In the prior year, the recoverable amount was EUR 0.5 billion and the discount rate was 5.37 %.

For further information, please refer to the section “Changes in the composition of the Group and other transactions” under “Summary of accounting policies,” and Note 10 “Investments accounted for using the equity method.”