1 Financial assets

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(€ million) 2009 2008
Investments in subsidiaries 3,666.1 4,398.6
Investments in associates 175.0 186.2
Other investments, non-current 6.2
Loans to entities in the Group 37.6 260.7
As of 31 December 3,878.7 4,851.7

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Investments in subsidiaries    
(€ million) 2009 2008
As at 1 January 4,398.6 4,481.1
Dividends received -582.1
Capital contributions 18.2
Changes accounted for directly in equity -46.4 29.4
Results of subsidiaries -104.0 -130.1
As of 31 December 3,666.1 4,398.6

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Investments in associates    
(€ million) 2009 2008
As at 1 January 186.2 244.1
Dividends received -9.2 -10.5
Translation gains and losses -5.1 15.4
Share of results of associates 3.1 -62.8
As at 31 December 175.0 186.2

The following entities are the legal owners of shares of Akmerkez GYO A.S.: Bocan B.V. (7.7%), Bresta B.V. (7.9%), Corio N.V. (8.5%), Corio Real Estate España S.L. (<0.1%), Hoog Catharijne B.V. (7.5%), Patio Onroerend Goed B.V. (7.3%), Shopville GranReno SpA (<0.1%), SNC Les Ailes (<0.1%), VIB North America B.V. (8.0%). Corio N.V. has beneficial ownership.

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Other investments, non-current    
(€ million) 2009 2008
As at 1 January 6.2 6.2
Disposal -6.2
As at 31 December 6.2

Source: Annual Report 2009, Chapter Finacial Statements, page 118 (PDF, 240 kB)

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