Notes to the consolidated financial statements

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Associates

Notes

£m

At 1 April 2009

 

8

Exchange and other movements

 

(1)

At 31 March 2010

 

7

Disposals of businesses

37

(2)

At 31 March 2011

 

5

The Group’s associates, which are accounted for under the equity method, are listed in Note 42.

During the year, the Group disposed of its investment in Eridania Tate & Lyle SpA for £3 million proceeds. The carrying value was £2 million at the date of disposal (Note 37).

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

 

2011
£m

2010
£m

Sales

4

5

Expenses

(4)

(5)

Profit before and after tax

 

 

 

Statement of financial position

31 March

 

2011
£m

2010
£m

Assets

10

12

Liabilities

(5)

(5)

Net assets

5

7

Joint ventures

The Group’s joint ventures are proportionately consolidated and the continuing businesses are listed in Note 42. 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 2011

Year to 31 March 2010

 

Notes

Continuing operations
£m

Discontinued operations
£m

Continuing operations
£m

Discontinued operations
£m

Sales

5

403

3

323

6

Other expense

 

(344)

(7)

(273)

(3)

Profit/(loss) before tax

 

59

(4)

50

3

Income tax expense

 

(14)

(9)

Profit/(loss) for the year

 

45

(4)

41

3

 

 

 

 

 

 

Statement of financial position

 

 

 

31 March

 

 

 

 

2011
£m

2010
£m

Assets

 

 

 

 

 

Non-current assets

 

 

 

175

174

Cash and cash equivalents

 

 

 

74

61

Other current assets

 

 

 

158

118

 

 

 

 

407

353

Liabilities

 

 

 

 

 

Non-current borrowings

 

 

 

7

5

Other non-current liabilities

 

 

 

23

18

Current borrowings

 

 

 

11

10

Other current liabilities

 

 

 

69

57

 

 

 

 

110

90

Net assets

 

 

 

297

263