Investments in affiliates are measured at cost in accordance with IAS 39.46 (c) if they do not have a quoted market price in an active market and a reliable estimate of the fair value is not possible.

Measurement of other investments in the Bertelsmann Investments division is generally at fair value in accordance with IAS 39.43 ff. in conjunction with IAS 39.55 ff.

In addition to the loss from deconsolidation, the results from disposals of investments mainly include the result of several transactions conducted in the Bertelsmann Investments division, among others results from the sale of the interests in Ucloud and Uxin and from IPOs for BAI investments.

At the end of the reporting period, financial assets of €13 million have been provided as collateral for liabilities. In the previous year, no financial assets have been provided as collateral for liabilities. Financial assets of €4 million (previous year: €9 million) were pledged with restrictions on disposal. No financial assets were provided as security for contingent liabilities to third parties in the financial year 2017 or 2016.