6.13 Joint ventures and associates

The interests in joint ventures and investments in associates included in the statement of financial position breaks down as follows:

x € 1,000

2022

2021

Joint ventures

68,863

78,238

Associates

4,185

4,214

73,048

82,452

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

2022

2021

Interest in the capital of Property Development joint ventures

50,023

62,872

Interest in the capital of other joint ventures

18,474

12,523

68,497

75,395

Negative asset values recognised in other provisions

366

2,843

68,863

78,238

The amounts presented below are the Group’s shares in the results from continuing operations in joint ventures:

x € 1,000

2022

2021

Share of the net result of Property Development joint ventures

-646

6,297

Share of the net result of other joint ventures

7,452

-1,793

6,806

4,504

The property development joint ventures in which the Group participates achieved revenue of €65 million in 2022 (2021: €63 million). In total, they have inventories of €56 million (2021: €75 million), mainly in the form of a land holding. The aforementioned amounts relate to the Group’s share. The Group acquired land of €7 million (2021: €11 million) from these joint ventures. The loss in 2022 was caused mainly by a write-down of €4 million on land positions in the Zuidplaspolder combination as a result of a change to the municipal master plan.

'Other joint ventures' include projects carried out on a consortium basis. In addition, this item includes an asphalt joint venture (AsfaltNu). The Group acquired asphalt of €23 million (2021: €47 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 (2021: €13 million).

The Group has undertaken no commitments to joint ventures (2021: €1 million) 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 relating to joint ventures.

The Group has a total of €3 million of trade and other receivables due from joint ventures (2021: €10 million) and owes a total of €4 million of trade and other payables to joint ventures (2021: €0 million). Loans have also been granted 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

2022

2021

Interests in the equity of associates

4,185

4,214

Interests in the net results of associates

263

578

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