12. Equity investments

At December 31, 2014, Equity investments totaled €10,270,608 thousand and were subject to the following changes during the year:

(€ thousand)At December 31, 2014At December 31, 2013
Balance at beginning of year 9,180,971 5,982,243
Contribution to investments 474,626 618,701
Acquisitions 749 117,993
Disposal and capital repayments - (142)
Result from investments 691,230 998,909
Dividend received (354,373) (105,109)
Merger effects - 2,059,022
Cumulative translation adjustments and other OCI movements 286,196 (489,508)
Other (8,791) (1,138)
Balance at end of year 10,270,608 9,180,971