(€ million)

2023

2022

2021

Investment in consolidated subsidiaries and businesses

Current assets

408

147

262

Non-current assets

1,985

1,981

1,124

Net borrowings

(91

)

(541

)

(486

)

Current and non-current liabilities

(622

)

(366

)

(349

)

Net effect of investments

1,680

1,221

551

Goodwill

25

482

1,574

Fair value of investments held before the acquisition of control

(271

)

(21

)

(99

)

Non-controlling interests

(2

)

(15

)

(4

)

Purchase price

1,432

1,667

2,022

less:

Cash and cash equivalents acquired

(155

)

(31

)

(121

)

Consolidated subsidiaries and businesses net of cash and cash equivalent acquired

1,277

1,636

1,901

Disposal of consolidated subsidiaries and businesses

Current assets

130

1,377

2

Non-current assets

153

8,618

Net borrowings

180

(2,085

)

Current and non-current liabilities

(124

)

(2,351

)

Net effect of disposals

339

5,559

2

Current value of the stake held for business combinations

(580

)

(5,726

)

Reclassification among other items of OCI

(7

)

(918

)

Gain on disposal of business combinations

427

2,704

Fair value of share capital held after the sale of control

414

Credits for divestments

(173

)

(1,609

)

Selling price

420

10

2

less:

Cash and cash equivalents sold

(25

)

(70

)

Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of before business combination

395

(60

)

2

Business combination Unión Fenosa Gas

Investment in Unión Fenosa Gas sold

232

less:

Investments and businesses acquired

Current assets

370

Non-current assets

378

Net borrowings

(128

)

Long-term and short-term liabilities

(420

)

Total investments and businesses acquired

200

Total net disposals

32

less:

Cash and cash equivalents acquired

42

Business combination Unión Fenosa Gas net of cash and cash equivalent acquired

74

Consolidated subsidiaries and businesses net of cash and cash equivalent disposed of

395

(60

)

76