Untitled - Annual Report 2004 - The University of Western Australia

THE UNIVERSITY OF WESTERN AUSTRALIANotes to the Financial Statementsfor the year ended 31 December 200441. Joint Venture EntitiesOwnership InterestName of Entity Principal Activity 2004 2003% %Advanced Nano Technologies Pty Ltd Powder Technologies – 50.0The University’s consolidated economic entity has a participating interest in the joint venture acquired by AdvancedNanotechnology Ltd (formerly Advanced Powder Technology Pty Ltd). The University’s ownership interest in AdvancedNanotechnology Ltd (formerly Advanced Powder Technology Pty Ltd) was reduced to 40.1 per cent on 30 June 2004, therebyceasing the control over the joint venture.The information below is for the year ended 30 June 2004:Consolidated2004 2003$’000 $’000Equity Accounted InvestmentBalance at the beginning of the financial year 3,172 4,309Adjustment to value due to change in ownership interest (3,172) –Share of joint venture profits (losses) for the financial year (1,137)Carrying amount of investments in the joint venture at the end of the financial year – 3,172Share of Assets and LiabilitiesCurrent Assets – 1,480Non-current Assets – 2,619Current Liabilities – (521)Non-current Liabilities – –Net Assets – 3,578Share of Operating ResultOperating Revenue – 556Operating Expenses – (1,693)Operating Result – (1,137)Share of CommitmentsLease Commitments – 85Capital Commitments – 54Total Commitments – 13974