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9. Investments in associated undertakings continuedChanges in the Group’s percentage holding of BAT during the years ended 31 March 2009 and 2008 relate to the share buy-back programmecarried out by BAT. The following table indicates the percentages applied to BAT’s profits:PercentageFor the period to 20 October 20081 April 2008 to 30 June 2008 19.41 July 2008 to 20 October 2008 19.5For the year ended 31 March 20081 April 2007 to 30 June 2007 19.11 July 2007 to 31 March 2008 19.3On 20 October 2008, the Group effectively disposed of its entire holding in BAT through the partial liquidation of Richemont SA (note 27).The market capitalisation of BAT ordinary shares at 20 October 2008 was £ 34 303 million (31 March 2008: £ 38 126 million). The fair valueof the Group’s effective interest of 19.5 per cent in BAT ordinary shares at that date was € 8 664 million (31 March 2008: effective interest:19.3 per cent; fair value: € 9 250 million).Other associated undertakingsThe Group holds a 29.0 per cent interest in Net-à-Porter Ltd, an online retailer of women’s designer branded ready-to-wear fashion clothing,shoes and accessories and a 20 per cent interest in Greubel Forsey, a Swiss specialist watchmaker.During the year under review the Group acquired a 30.0 per cent interest in Lancel Japan, the exclusive distributor for Lancel products inJapan, and a 34.7 per cent interest in Rouages SA, a Swiss watch component manufacturer.Summarised financial information of other associated undertakings:2009 2008€ m € mRevenue 112 87Total assets 63 43Total liabilities (30) (23)33 2010. Taxation10.1. Deferred income taxDeferred income tax assetsAcquisition in(Charge)/credit Recognised business1 April 2007 Exchange for year directly combinations 31 March 2008re-presented adjustments re-presented in equity and transfer re-presented€ m € m € m € m € m € mDepreciation 28 – (3) – – 25Provision on inventories 23 – (2) – – 21Bad debt reserves 2 – 1 – – 3Retirement benefits 14 – (3) – – 11Unrealised gross margin elimination 120 – 10 – – 130Tax losses carried forward 14 – (10) – – 4Deferred tax on option plan 29 1 15 (21) – 24Other 43 – (1) (3) – 39273 1 7 (24) – 257Richemont Annual Report and Accounts 2009 77Consolidated financial statements