Annual report 2012

15. Investments in joint ventures

 The Group holds a 50% interest in Gibtelecom Limited, provider of telecommunications services in Gibraltar, and a 50% interest in M-Pay, provider of processing services for payments made by mobile phones, other services and trade.

Both of the aforementioned entities are private entities, not listed on any public stock exchange. The two are consolidated using the equity method.

EUR thousand 31 Dec 2011 Increase Decrease 31 Dec 2012
Gibtelecom 42,131 4,797 -4,114 42,814
M-Pay 94 6   100
Total investments in joint ventures 42,225 4,803 -4,114 42,914