Notes 37-41

37. Financial fixed assets

In millions of EUR	Participating interests	Loans to participating interest	Total
Balance as at 1 January 2006	1,598	3,721	5,319
Loans converted into share capital	815	(815)	–
Profit of participating interests	1,190	–	1,190
Dividend payments by participating interests	(232)	232	–
Effect of movements in exchange rates	(52)	–	(52)
Changes in hedging and fair value adjustments	97	–	97
Cash receipts	(1)	–	(1)
Repayments	–	(393)	(393)
Balance as at 31 December 2006	3,415	2,745	6,160

Balance as at 1 January 2007	3,415	2,745	6,160
Profit of participating interests	840	–	840
Dividend payments by participating interests	(224)	224	–
Effect of movements in exchange rates	(89)	–	(89)
Changes in hedging and fair value adjustments	18	–	18
Cash receipts	(6)	–	(6)
Repayments	–	(363)	(363)
Balance as at 31 December 2007	3,954	2,606	6,560