Annual Report 2022
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Annual Report 2022 Financial statements Notes to the consolidated balance sheet
6.5.4
Associates and joint ventures

See accounting policy V.

Associates and joint ventures
​Interest31 December 202231 December 2021
At equity method​​​
Associates and joint venturesranging between 10 % and 50 %79102
​​​​
At fair value through profit or loss​​​
Real estate equity fundsranging between 30 % and 95 %3,5571,817
Mortgage equity fundsranging between 5 % and 20 %684781
Other equity fundsranging between 1 % and 10 %66-

The real estate equity funds increased mainly due to the addition of ASR DFLF. During 2022, a.s.r. lost control of ASR DFLF as a result of the entry of third party participants in ASR DFLF.

The real estate equity funds consists of the ASR Dutch Mobility Office Fund (ASR DMOF), ASR Dutch Prime Retail Fund (ASR DPRF), ASR Dutch Core Residential Fund (ASR DCRF) and ASR DFLF. The mortgage equity funds consists of the ASR Mortgage Fund (ASR MF). The other equity funds consists of two equity funds from a.s.r. PPI. The interests in these funds are classified and presented as an investment at fair value through profit or loss. For more information, see chapter 6.5.5 and 6.7.1.

Investments in associates and joint ventures generally have a duration of more than one year after the balance sheet date.

Changes in associates and joint ventures at equity method
​20222021
At 1 January102101
Acquisitions-6
Disposal--13
Share of profit/(loss)-39
Impairments-1-
Dividend-21-2
Other changes2-
​​​
At 31 December79102

Some participating interests in which a.s.r. has an interest of less than 20% qualify as associates, because a.s.r. has significant influence as a result of contractual agreements. a.s.r. also has interests of 50% or more in associates at fair value through profit or loss. a.s.r. has no control over these entities as the ability to direct the relevant activities is limited by contractual agreements and therefore does not consolidate these entities.

The information disclosed in the tables below is based on the most recent financial information available from the associates and joint ventures. This is primarily based on the investee’s financial statements and their accounting policies. If these policies differ from a.s.r.'s accounting policies, carrying amounts in a.s.r.’s consolidated financial statements have been changed to be in line with a.s.r.’s policies.

Financial information available from the associates and joint ventures
​31 December 202231 December 2021
​Associates and joint ventures at equity methodReal estate equity fundsMortgage equity fundsOther equity fundsTotalAssociates and joint ventures at equity methodReal estate equity fundsMortgage equity fundsOther equity fundsTotal
Total assets3186,0217,8854,12418,3483764,0198,168-12,563
Total liabilities161295113-568163264100-527
Total income194211-1,679-668-1,942197171240-607
Result-8241-1,714-670-2,15120266208-494
Total comprehensive income-8241-1,714-670-2,15020266208-494

The increase in assets and liabilities of the real estate equity funds relates mainly to the addition of ASR DFLF.

The total assets of the real estate equity funds consist primarily of investment property, € 5,777 million (2021: € 3,766 million). The total assets of the mortgage equity funds consist primarily of mortgages, € 7,708 million (2021: € 7,991 million) and € 4,101 million of the total assets of the other equity funds consists of equities.

The interest in the real estate equity funds are as follows:

Interest in real estate equity funds
​31 December 202231 December 2021
ASR DPRF625625
ASR DCRF1,0661,079
ASR DMOF138113
ASR DFLF1,728-
​​​
Total3,5571,817
6.5.3 Investment property6.5.5 Investments
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