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 initially recognised at acquisition costs inclusive transaction costs and are classified as available-for-sale investments. In subsequent periods other non-current securities held on a long-term basis are valued at fair value. Changes of these fair values are recognised as gains or losses directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in profit or loss of the period. Interest on these non-current securities is recognised directly in the income statement in the period they occur in.