Annual Report - EDP

notes to theEDPconsolidated- Energias de Portugal,and companyS.A.financial statementsfor the years ended 31 december 2012 and 2011Notes to the Consolidated and Company Financial Statementsfor the years ended 31 December 2012 and 201121. INVESTMENTS IN ASSOCIATESThis caption is analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Associated companies:Investments in associates 164,018 160,443 137 137Adjustments in investments in associates -137 -137 -137 -137Net book value 163,881 160,306 - -As at 31 December 2012, for the Group, Investments in associates include goodwill of 47,009 thousands of Euros (31 December 2011: 44,311 thousands of Euros).Investments in associates, for the Group, are analysed as follows:GroupDec 2012Dec 2011Thousands of Euros Cost Impairment Cost ImpairmentCEM - Companhia de Electricidade de Macau, S.A. 69,262 - 67,923 -D. E. de Canárias, S.A. 9,933 - 12,372 -ENEOP - Eólicas de Portugal, S.A. 9,908 - 10,696 -SeaEnergy Renewables Inch Cape Limited 14,498 - 14,889 -Setgás-Soc.de Prod.e Distrib.de Gás, S.A. 32,600 - 29,894 -Principle Power, Inc. 5,179 - - -Other 22,638 -137 24,669 -137164,018 -137 160,443 -137The movement in Investments in associates, for the Group, is analysed as follows:GroupThousands of Euros Dec 2012 Dec 2011Balance as at 1 January 160,443 147,008Acquisitions / Perimeter entries 6,054 14,516Disposals -2,389 -1,756Share of profit of associates 23,777 19,477Dividends received -17,391 -13,281Exchange differences -2,101 3,859Changes in the consolidation method - -4,790Transfers / Regularisations -4,375 -4,590Balance as at 31 December 164,018 160,443In 2012, EDP Inovação, S.A. acquired 50.3% of the share capital of Principle Power, Inc. and Generaciones Especiales I, S.L. sold its interest in Hidroastur, S.A. (see note5).22. AVAILABLE FOR SALE INVESTMENTSThis caption is analysed as follows:GroupCompanyThousands of Euros Dec 2012 Dec 2011 Dec 2012 Dec 2011Banco Comercial Português, S.A. 29,653 19,665 - -REN - Redes Energéticas Nacionais, SGPS, S.A. 38,408 39,361 38,408 39,361Tejo Energia, S.A. 26,246 29,507 - -Others 86,991 82,780 2,053 3,183181,298 171,313 40,461 42,544As at 30 June 2012, the investment held in Banco Comercial Português, S.A. decreased by 5,495 thousands of Euros, having an impairment loss been recognised inthe income statement (see note 15). During the third quarter of 2012, regarding BCP share capital increase, EDP Group subscribed 250,778,389 shares of BCP at 0.04Euros per share in a total investment of 10,031 thousands of Euros. After this operation, the Group holds 395,370,529 shares, maintaining its actual share of 2.01%, butreducing the share average cost , which in comparison with the securities market value as at 31 December 2012, generated a positive effect of 5,452 thousands ofEuros in fair value reserves (see note 32).During 2012, the financial investment held in REN - Redes Energéticas Nacionais, SGPS, S.A., decreased by 953 thousands of Euros being the decrease booked againstfair value reserves (see note 32).As at 31 December 2012, the financial investment held in Tejo Energia, S.A., decreased by 3,261 thousands of Euros and the decrease was booked against fair valuereserves (see note 32).The caption Other includes units of participation in a fund of stocks and bonds held by Energia RE in the amount of 48,229 thousands of Euros (31 December 2011:37,388 thousands of Euros), as a result of its reinsurance activity.EDP - Annual Report 2012211