Investments in associated companies and joint ventures

12 Months Ended

Dec. 31, 2018

Investments in associated companies and joint ventures

Investments in associated companies and joint ventures

34. Investments in associated companies and joint ventures

EURm	2018	2017
Net carrying amount as of January 1	128	116
Translation differences	4	(8)
Acquisitions through business combinations	–	1
Additions	2	9
Share of results	12	11
Dividends	(1)	(1)
Net carrying amount as of December 31	145	128

Shareholdings in associated companies and joint ventures comprise investments in unlisted companies.