Note 12 Long-term Investments and Loan Receivables

	As at 31 December
EUR million	2003	2004
Group Companies
Shares	11 600.4	12 500.9
Loan receivables	527.7	578.7
Total	12 128.1	13 079.6
Associated Companies
Shares	53.9	52.8
Loan receivables	-	-
Total	53.9	52.8
Other Companies
Shares	177.2	172.4
Revaluations	115.0	115.0
	292.2	287.4
Loan receivables	0.5	0.2
Total	292.7	287.6

Holdings in listed companies had an net book value of EUR 107.8 (Eur 107.8) million and a market value of EUR 191.9 (EUR 190.5) million.

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