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| Shares at cost £m |
Share of post acquisition reserves £m |
Loans £m |
Total £m |
|
|---|---|---|---|---|
| At January 1, 2004 | 128 | 79 | 6 | 213 |
| Exchange adjustments | (4) | (4) | — | (8) |
| Additions | 1 | — | 1 | 2 |
| Share of retained profit | — | 4 | — | 4 |
| At January 1, 2005 | 125 | 79 | 7 | 2111 |
| Exchange adjustments | 4 | 5 | — | 9 |
| Additions | 2 | — | 11 | 13 |
| Taxation paid by the Group | — | 3 | — | 3 |
| Share of retained profit | — | 11 | — | 11 |
| At December 31, 2005 | 131 | 98 | 18 | 2471 |
The principal joint ventures are listed separately.
- 1. Investments in joint ventures are represented by:
| 2005 £m |
2004 £m |
|
|---|---|---|
| Share of aggregate assets: | ||
| Non-current assets | 671 | 618 |
| Current assets | 559 | 460 |
| Share of aggregate liabilities:2 | ||
| Non-current liabilities | (522) | (391) |
| Current liabilities | (465) | (481) |
| Goodwill | 4 | 5 |
| 247 | 211 | |
- 2. Includes borrowings of £480m (2004 £456m)
| 2005 £m |
2004 £m |
|
|---|---|---|
| Share of income | 80 | 50 |
| Share of interest | (24) | (22) |
| Share of taxation | (10) | (9) |
| 46 | 19 | |
| Dividend received | (35) | (15) |
| Share of retained profit | 11 | 4 |
The tax charge on joint venture profits represents an effective tax rate of 18 per cent (2004 32 per cent), a reduction of 14 per cent. This results from a change in profit mix between joint ventures taxed at different effective rates.