12 Investments – joint ventures
  Shares
at cost
£m
Share of post
acquisition
reserves
£m
Loans
£m
Total
£m
At January 1, 2004 128 68 6 2021
Exchange adjustments (4) (4) (8)
Additions 1 1 2
Share of retained profit 3 3
At December 31, 2004 125 67 7 1991
 
See principal joint ventures.

1 Investments in joint ventures are represented by:
  2004
£m
2003
£m
Share of aggregate assets:    
  Fixed 662 676
  Current 475 437
Share of aggregate liabilities:2    
  Due within one year (422) (367)
  Due after one year (521) (549)
Goodwill 5 5
  199 202
 
2 Includes borrowings of (518) (520)