These long-term investments consist primarily of shares in associated companies and non-current securities. Investments in associated companies (generally investments of between 20% to 50% in a company’s equity) where a significant influence is exercised by the Group are accounted for by using the equity method. An assessment of investments in associates is performed when there is an indication that the asset has been impaired or the impairment losses recognised in prior years no longer exist.

Other non-current securities held on a long-term basis are classified as available-for-sale investments and valued at fair value. Changes of these fair values are recognised as gains or losses in the income statement.