Notes to the consolidated financial statements
94
14 Investments in joint ventures and associates
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Ahold at a glance
Business review
Governance
Financials
Ahold
Annual Report 2014
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.
Changes in the carrying amount of Ahold's interest in joint ventures and associates are as follows:
million
JMR
2014
Other
2014
Total
2014
JMR
2013
ICA
2013
Other
2013
Total
2013
Beginning of the year
167
30
197
184
803
30
1,017
Share in income of joint ventures
22
2
24
9
1
10
Share in income of joint ventures classified as discontinued operations
(2)
(2)
Dividend
(17)
(1)
(18)
(26)
(1)
(27)
Investments classified from (to) held for sale or sold
(828)
(828)
Other changes in equity of joint ventures
1
1
Exchange rate differences
2
2
27
27
End of the year
173
33
206
167
30
197
Share in profit from continuing operations for Ahold's interests in all individually immaterial joint ventures was €2 million (2013: €1 million) and nil for individually immaterial associates (2013: nil).