Setting new standards - Friends Life

PARENT COMPANY ACCOUNTS
ABBREVIATIONS AND DEFINITIONS
Notes to the consolidated accounts continued
20. Investments in associates and joint venture
(a) Associates
2006 2005
£m £m
Carrying amount of investments 2 1
Investments in associated undertakings are companies over which the Group exerts significant influence. The total assets, liabilities, revenues
and profits/(losses) of the Group’s associate undertakings are as follows:
2006 2005
£m £m
Current assets 90 83
Non-current assets - 1
Current liabilities (5) (5)
Non-current liabilities (86) (81)
Net liabilities (1) (2)
Revenue 15 7
Profit/(loss) before tax 7 (3)
(b) Joint venture
2006 2005
£m £m
Carrying amount of investment 13 13
This investment is in Tenet Group Limited, an IFA firm which comprises two IFA networks, and a compliance network and intermediary
operating in the mortgage and general insurance sectors. The Group’s interest in the ordinary share capital of Tenet Group Limited is 21.1%
(2005: 21.1%). The Group’s share of assets, liabilities, revenue and profit is as follows:
2006 2005
£m £m
Current assets 8 6
Non-current assets 3 3
Current liabilities (4) (3)
Non-current liabilities (1) (1)
Net assets 6 5
Revenue 24 8
Profit before tax 1 -
Friends Provident Annual Report & Accounts 2006 127