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15.
ASSOCIATES AND JOINT VENTURES
The group’s
share of the assets, liabilities, revenue and expenses
of its interest in associates and joint ventures, at
31 March, was as follows:
| |
|
|
Associates |
|
|
Joint
ventures |
|
|
2007
Total |
|
|
Associates |
|
|
Joint
ventures |
|
|
2006
Total |
|
| |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
current assets
|
|
|
16 |
|
|
3 |
|
|
19 |
|
|
20 |
|
|
3 |
|
|
23 |
|
|
Current
assets
|
|
|
74 |
|
|
6 |
|
|
80 |
|
|
46 |
|
|
1 |
|
|
47 |
|
|
Current
liabilities
|
|
|
(29 |
) |
|
(3 |
) |
|
(32 |
) |
|
(21 |
) |
|
(1 |
) |
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
of net assets
|
|
|
61 |
|
|
6 |
|
|
67 |
|
|
45 |
|
|
3 |
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
137 |
|
|
14 |
|
|
151 |
|
|
74 |
|
|
113 |
|
|
187 |
|
|
Expenses
|
|
|
(113 |
) |
|
(21 |
) |
|
(134 |
) |
|
(59 |
) |
|
(108 |
) |
|
(167 |
) |
|
Taxation
|
|
|
(2 |
) |
|
– |
|
|
(2 |
) |
|
(1 |
) |
|
(3 |
) |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
of post tax results
|
|
|
22 |
|
|
(7 |
) |
|
15 |
|
|
14 |
|
|
2 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Associates |
|
|
Joint
ventures |
|
|
Total |
|
| |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
At
1 April 2005
|
|
|
28 |
|
|
74 |
|
|
102 |
|
|
Share
of post tax profit
|
|
|
13 |
|
|
3 |
|
|
16 |
|
|
Acquisitions
|
|
|
2 |
|
|
6 |
|
|
8 |
|
|
Disposals
|
|
|
– |
|
|
(86 |
) |
|
(86 |
) |
|
Translation
differences and other
|
|
|
2 |
|
|
6 |
|
|
8 |
|
|
|
|
At
1 April 2006
|
|
|
45 |
|
|
3 |
|
|
48 |
|
|
Share
of post tax profit (loss)
|
|
|
22 |
|
|
(7 |
) |
|
15 |
|
|
Dividends
received
|
|
|
(5 |
) |
|
(1 |
) |
|
(6 |
) |
|
Acquisitions
|
|
|
3 |
|
|
4 |
|
|
7 |
|
|
Disposals
|
|
|
(1 |
) |
|
– |
|
|
(1 |
) |
|
Translation
differences and other
|
|
|
(3 |
) |
|
7 |
|
|
4 |
|
|
|
|
At
31 March 2007
|
|
|
61 |
|
|
6 |
|
|
67 |
|
|
|
During the
2007 financial year, the group disposed of 6% of its
equity interest in its associate Tech Mahindra, resulting
in a profit on disposal of £22 million. At 31
March 2007, the fair value of the group’s investments
in associates and joint ventures for which published
price quotations are available was £702 million
(2006: £nil).
During
the 2006 financial year, the LG Telecom joint venture
(carrying value £86 million), was transferred
to available-for-sale assets in connection with the
early redemption of the group’s US dollar convertible
2008 bond.
Details
of the group’s principal associate at 31 March
2007 are set out in
Subsidiary undertakings and associate.
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