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Financial fixed assets: 294 million (2009: 285)

Statement of changes

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  Other financial fixed assets    
  Investments in associates   Other loans receivables   Deferred tax assets   Financial fixed assets at fair value   Other prepayments and accrued income   Total
Balance at 31 December 2008 57   3   187   1   15   263
 
Changes in 2009                      
Acquisitions/additions 15       22   1   5   43
Disposals/decreases         (14)           (14)
Impairments and other value adjustments (10)                   (10)
Results from investments (3)                   (3)
Withdrawals/repayments                 (3)   (3)
Exchange rate differences         9       1   10
Other changes (1)                   (1)
Total changes 1   0   17   1   3   22
 
Balance at 31 December 2009 58   3   204   2   18   285
 
Changes in 2010                      
Acquisitions/additions 8       35   1   2   46
Disposals/decreases (7)       (25)           (32)
Impairments and other value adjustments (17)                   (17)
Withdrawals/repayments                 (5)   (5)
Exchange rate differences         16       1   17
Total changes (16)       26   1   (2)   9
 
Balance at 31 December 2010 42   3   230   3   16   294
(in € millions)

Investments in associates

As at 31 December 2010 investments in associates amounted to €42 million and relates mainly to investments made by Logispring Investment Fund Holding B.V. and TNT Europe Finance B.V., whose sole activity is to invest in incubator funds.

In 2010, the underlying investments in these entities are adjusted for an fair value adjustment of €17 million following anticipated liquidations, of underlying investments and deteriorated prospects for other investments and limited results (2010:0). The fair values are derived from most recent valuation reports based on EVCA rules for fair value calculations extrapolated using relevant benchmarks and indices. None of the investments are currently listed and as a consequence grouped within level 3 of the fair value measurement hierarchy as mentioned in the accounting policies. The investments in associates do not included goodwill (2009:0).

In 2010, the addition of €8 million to associates related to capital contributions to Logispring investments. The disposals of €7 million relates to the unwinding and divestment of Logispring investments.

The 2009 impairment and other value adjustments of €10 million related to Logispring entities.

Deferred tax assets

Deferred tax assets are further explained in note 22.