Notes to the consolidated financial statements

Associates

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£m

At 1 April 2008

7

Exchange and other movements

1

At 31 March 2009

8

Exchange and other movements

(1)

At 31 March 2010

7

The Group’s associates, which are accounted for under the equity method, are listed in Note 41.

The Group owns an overall holding of 14% in Microbia Precision Engineering Inc. The Group considers the investment to be an associate due to the Group’s ability to exercise significant influence over the company.

The amounts equity accounted in the Group income statement and statement of financial position are summarised below:

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Income statement

Year to 31 March

 

2010
£m

2009
£m

Sales

5

2

Expenses

(5)

(2)

Profit before and after tax

 

 

 

Statement of financial position

31 March

 

2010
£m

2009
£m

Assets

12

14

Liabilities

(5)

(6)

Net assets

7

8

Joint ventures

The Group’s joint ventures are proportionately consolidated and the continuing businesses are listed in Note 41. The amounts proportionately consolidated in the Group income statement and statement of financial position are summarised below:

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Income statement

Year to 31 March 2010

Year to 31 March 2009

 

Continuing operations
£m

Discontinued operations
£m

Continuing operations
£m

Discontinued operations
£m

Sales

329

276

Other (expense)/income

(277)

1

(236)

4

Profit before tax

52

1

40

4

Income tax expense

(9)

(11)

(1)

Profit for the year

43

1

29

3

 

 

 

 

 

Statement of financial position

 

 

31 March

 

 

 

2010
£m

2009
£m

Assets

 

 

 

 

Non-current assets

 

 

174

215

Cash and cash equivalents

 

 

61

43

Other current assets

 

 

118

170

 

 

 

353

428

Liabilities

 

 

 

 

Non-current borrowings

 

 

5

5

Other non-current liabilities

 

 

18

11

Current borrowings

 

 

10

30

Other current liabilities

 

 

57

49

 

 

 

90

95

Net assets

 

 

263

333