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© Rolls-Royce plc 2008 Legal Information
10 Investments
| Joint ventures | Other1 | |||||
|---|---|---|---|---|---|---|
| Shares at cost £m |
Share of post acquisition reserves £m |
Loans £m |
Total £m |
Unlisted £m |
||
| At January 1, 2006 | 131 | 98 | 18 | 247 | 52 | |
| Exchange adjustments | (4) | (13) | — | (17) | — | |
| Additions | 8 | — | 3 | 11 | 1 | |
| Taxation paid by the Group | — | 2 | — | — | ||
| Impairment | (21) | 17 | (6) | (10) 2 | — | |
| Share of retained profit | — | 13 | — | 13 | — | |
| Disposals | (4) | (1) | (1) | (6) 3 | (2) | |
| At January 1, 2007 | 110 | 116 | 14 | 240 | 51 | |
| Exchange adjustments | 1 | 5 | — | 6 | — | |
| Additions | 13 | — | — | 13 | 6 | |
| Taxation paid by the Group | — | 2 | — | 2 | — | |
| Share of retained profit | — | 24 | — | 24 | — | |
| Disposals | — | (1) | — | (1) | — | |
| At December 31, 2007 | 124 | 146 | 14 | 284 | 57 | |
|
1 These primarily comprise floating rate convertible loan stock. 2 Impairment charge of £10m recognised in 2006 to reflect the write down of the Group's investment in Pembroke Group to its recoverable amount of £1m. In addition, previous impairment charges in respect of Pembroke Group, which were all charged against share of post acquisition reserves, were reallocated in 2006. 3 Includes £5m for Data Systems & Solutions. The remaining 50 per cent of this joint venture was acquired during 2006 and as such it has been included in the consolidated results of the Group from the date of the transaction. |
||||||
| 2007 £m |
2006 £m |
|
|---|---|---|
| Share of aggregate assets: | ||
| Non-current assets 4 | 658 | 585 |
| Current assets | 635 | 645 |
| Share of aggregate liabilities: 5 | ||
| Current liabilities | (523) | (551) |
| Non-current liabilities | (486) | (439) |
| 284 | 240 | |
| 4 Non-current assets include goodwill of | 7 | 7 |
| 5 Liabilities include borrowings of | (372) | (358) |
| 2007 £m |
2006 £m |
|
|---|---|---|
| Share of income | 94 | 82 |
| Share of interest | (21) | (23) |
| Share of taxation | (7) | (12) |
| Share of profit of joint ventures recognised in the income statement |
66 | 47 |
| Dividend received | (42) | (44) |
| Share of retained profit | 24 | 3 |
The tax charge on joint venture profits represents an effective tax rate of 10 per cent (2006 20 per cent), a decrease of 10 per cent. This results from a change in profit mix between joint ventures taxed at different effective rates.
The principal joint ventures are listed in Principal joint ventures