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13 Investments in joint ventures and associates
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| At beginning of year | 12 | 14 |
| Exchange differences | (3) | (3) |
| Share of profit/(loss) after tax | 3 | (1) |
| Dividends | (4) | (4) |
| Additions and further investment | 4 | 6 |
| At end of year | 12 | 12 |
Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost.
The aggregate of the Group's share in its joint ventures, none of which are individually significant, are as follows:
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| Assets | ||
| Non-current assets | 3 | 3 |
| Current assets | 24 | 26 |
| Liabilities | ||
| Current liabilities | (15) | (17) |
| Net assets | 12 | 12 |
| Income | 52 | 46 |
| Expenses | (49) | (47) |
| Profit/(loss) after income tax | 3 | (1) |
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| At beginning of year | 24 | 33 |
| Exchange differences | (1) | – |
| Share of profit after tax | 21 | 15 |
| Dividends | (41) | (10) |
| Disposals | – | (14) |
| Distribution from associate in excess of carrying value | 5 | – |
| At end of year | 8 | 24 |
There is no acquisition goodwill relating to the Group's investments in associates.
The Group's interests in its principal associates, all of which are unlisted, were as follows:
| 2006 All figures in £ millions |
Country of incorporation | % Interest held |
Assets | Liabilities | Revenues | Profit |
|---|---|---|---|---|---|---|
| The Economist Newspaper Ltd | England | 50 | 64 | (64) | 122 | 18 |
| Other | 28 | (20) | 48 | 3 | ||
| Total | 92 | (84) | 170 | 21 |
| 2005 All figures in £ millions |
Country of incorporation | % Interest held |
Assets | Liabilities | Revenues | Profit |
|---|---|---|---|---|---|---|
| The Economist Newspaper Ltd | England | 50 | 79 | (67) | 105 | 12 |
| Other | 42 | (30) | 49 | 3 | ||
| Total | 121 | (97) | 154 | 15 |
The interest held in associates is equivalent to voting rights.