Notes to the consolidated financial statements 100 14 Investments in joint ventures and associates - - - 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)

Jaarverslagen | 2015 | | pagina 2