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KÜ1I3E3
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13 Intangible assets (continued)
14 Investments in joint ventures and associates
Our strategy
Our performance
Governan
Financials
Investors
Ahold Annual Report 2013
Intangible assets under development relate mainly to software development. The additions to intangible assets under development include capitalized borrowing costs of nil (2012: €5 million).
The capitalization rate used was the same as for property, plant and equipment (see Note 7 7). In 2013, there was a €8 million write-down of capitalized software development costs (2012:
€92 million).
On February 10, 2013 Ahold reached a sale agreement with Hakon Invest regarding its 60% holding in ICA for SEK 20 billion. The transaction was completed on March 27, 2013. For a
description of the result on the divestment of ICA, see Note 5.
In 1992, Ahold partnered with Jerónimo Martins, SGPS, S.A. in the joint venture JMR - Gestao de Empresas de Retalho, SGPS S.A. (JMR). Ahold holds 49% of the shares in JMR and shares
equal voting power on JMR's board of directors with Jerónimo Martins, SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce. JMR is a joint venture and is
accounted for using the equity method. There is no quoted market price available.
Ahold is also a partner in various smaller joint arrangements and associates that are individually not material to the group. Ahold does not have subsidiaries with non-controlling interests that
are material to the group.
Set out below is the summarized financial information for JMR and ICA (on a 1 00% basis).
JMR
JMR
ICA
Total
million
2013
2012
20121
20121
Summarized balance sheet
Current
Cash and cash equivalents
103
134
519
653
Other current assets
297
300
1,392
1,692
Total current assets
400
434
1,911
2,345
Financial liabilities (excluding trade payables)
(140)
(73)
(1,315)
(1,388)
Other current liabilities
(820)
(718)
(1,451)
(2,169)
Total current liabilities
(960)
(791)
(2,766)
(3,557)
Non-current
Assets
1,154
1,180
3,083
4,263
Financial liabilities
(228)
(426)
(538)
(964)
Other liabilities
(25)
(22)
(378)
(400)
Total non-current liabilities
(253)
(448)
(916)
(1,364)
Net assets
341
375
1,312
1,687
1 See Note 3 for an explanation of the restatements.