The interests in joint ventures and investments in associates included in the statement of financial position breaks down as follows:
x € 1,000
|
2023 |
2022 |
|
|
Joint ventures |
96,372 |
68,863 |
|
Associates |
4,475 |
4,185 |
|
Total |
100,847 |
73,048 |
6.13a Joint ventures
The reconciliation of the Group’s interests in joint ventures, as recognised in the statement of financial position, including equity is shown below:
x € 1,000
|
2023 |
2022 |
|
|
Interest in the capital of Property Development joint ventures |
75,573 |
50,023 |
|
Interest in the capital of other joint ventures |
20,152 |
18,474 |
|
95,725 |
68,497 |
|
|
Negative asset values recognised in other provisions |
647 |
366 |
|
Total |
96,372 |
68,863 |
The amounts presented below are the Group’s shares in the results from continuing operations in joint ventures:
x € 1,000
|
2023 |
2022 |
|
|
Share of the net result of Property Development joint ventures |
-258 |
-646 |
|
Share of the net result of other joint ventures |
2,396 |
7,452 |
|
Total |
2,138 |
6,806 |
The property development joint ventures (in 2023, including Van Wanrooij’s property development joint ventures) in which the Group participates recorded revenue of € 51 million in 2023 (2022: € 65 million). In total, these joint ventures have inventories of € 65 million (2022: € 56 million), mainly in the form of land holdings. The aforementioned amounts relate to the Group’s share. The Group acquired land from these joint ventures for € 11 million (2022: € 7 million).
The item Other joint ventures includes projects carried out on a consortium basis. In addition, this item includes an asphalt joint venture (AsfaltNu). In 2023, the Group acquired asphalt for € 32 million (2022: € 23 million) from this joint venture, which was set up in late 2020.
In a number of joint ventures, there are limits on the payout of dividends, often depending on the preference specified for repayment of the debts of the joint ventures concerned. The reserves that cannot be distributed as a result of these limits were approximately € 10 million (2022: € 10 million).
The Group undertook no commitments to joint ventures in 2023 (2022: none) relating to the granting of subordinated loans if certain conditions are met. Apart from the commitments and contingent liabilities disclosed in notes 6.27 and 6.28 below, the Group has no commitments or contingent liabilities related to joint ventures.
In 2023, the Group recognised a total of € 6 million in trade and other receivables due from joint ventures (2022: € 3 million) and recognised a total of € 3 million in trade and other payables to joint ventures (2022: € 4 million). Heijmans also granted loans to joint ventures (see note 6.14).
6.13b Associates
The amounts shown below concern the interests of the Group in the equity and results from continuing operations of associates:
x € 1,000
|
2023 |
2022 |
|
|
Interests in the equity of associates |
4,475 |
4,185 |
|
Interests in the net results of associates |
706 |
263 |