Notes to the consolidated financial statements
100
14 Investments in joint ventures and associates
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Ahold at a glance
Business review
Governance
Financials
Ahold
Annual Report 2015
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.
Changes in the carrying amount of Ahold's interest in joint ventures and associates are as follows:
million
JMR
2015
Other
2015
Total
2015
CM
Other
2014
Total
2014
Beginning of the year
173
33
206
167
30
197
Share in income (loss) of joint ventures
24
(4)
20
22
2
24
Dividend
(17)
(4)
(21)
(17)
(1)
(18)
Share of other comprehensive income (loss)
1
1
Other changes in equity of joint ventures
3
3
1
1
Exchange rate differences
3
3
2
2
End of the year
181
31
212
173
33
206
Share in income (loss) from continuing operations for Ahold's interests in all individually immaterial joint ventures was a
loss of €4
million (2014: €2
million income) and
nil for individually immaterial associates (2014: nil).
Set out below is the summarized financial information for JMR (on a 100% basis).
million
JMR
2015
JMR
2014
Summarized balance sheet
Current
Cash and cash equivalents
51
74
Other current assets
336
312
Total current assets
387
386
Financial liabilities (excluding trade payables)
(20)
(250)
Other current liabilities
(976)
(879)
Total current liabilities
(996)
(1,129)
Non-current
Assets
1,151
1,121
Financial liabilities
(150)
Other liabilities
(29)
(29)
Total non-current liabilities
(179)
(29)
Net assets
363
349
Net assets attributable to JMR
369
354
Net assets attributable to non-controlling interest
(6)
(5)