REUTERS GROUP PLC ANNUAL REPORT AND ACCOUNTS 1999

Notes on the consolidated balance sheet continued16. InvestmentsINTERESTS IN INTERESTS IN INTERESTS IN OTHEROWN SHARES JOINT VENTURES ASSOCIATES INVESTMENTS TOTAL£M £M £M £M £MNet assets/cost31 December 1998 45 – 15 25 85Additions 68 6 – 102 176Share of (losses)/profits arising in year – (4) 1 – (3)Dividends received – – (2) – (2)Amounts written (off)/back (18) – – 4 (14)Disposals – – – (5) (5)Reclassifications – – 53 1 5431 December 1999 95 2 67 127 291Goodwill31 December 1998 – – 30 – 30Arising in the year – 13 3 – 16Charged in the year – (2) (12) – (14)Disposals – – (4) – (4)Reclassifications (see note 14) – – 11 – 1131 December 1999 – 11 28 – 39Net book amount31 December 1999Net assets/cost 95 2 67 127 291Goodwill – 11 28 – 3995 13 95 127 33031 December 1998Net assets/cost 45 – 15 25 85Goodwill – – 30 – 3045 – 45 25 115Listed investments at 31 December 1999Carrying value 95 – 80 34 209Market value 179 – 3,199 640 4,018Goodwill on associates was previously included within intangible assets on the consolidated balance sheet. The reclassification reflects the Initial Public Offering ofTIBCO Software Inc. which is now treated as an associated undertaking (see note 32).Had all listed investments been disposed of on 31 December 1999, tax of approximately £153 million would have been payable. The market value excludes TIBCOSoftware Inc. shares held by Reuters which will be transferred to TIBCO Finance employees on the exercise of outstanding options.The net book amount of ‘Interests in Own Shares’ represents the cost less amounts written off in respect of 21 million ordinary shares held by employee shareownership trusts (ESOTs). These were acquired in the open market using funds provided by Reuters. The write-off reflects employee interests under incentive planswhich are charged against profit over the vesting period of the awards (see pages 26–28). The ESOTs have waived dividend and voting rights on these shares.In July 1999 Reuters and Dow Jones formed a joint venture, Dow Jones Reuters Business Interactive LLC (trading as Factiva), in which Reuters has a 50% interest.In 1998 Reuters entered into a joint venture with Rudin Times Square Associates LLC to develop a building in the Times Square section of New York City.At 31 December 1999 Reuters had invested a nominal amount and had guaranteed the future injection of approximately US$45 million (£28 million).Other investments consist principally of Greenhouse Fund investments and Stock Exchange seats.60 Reuters Group PLC Annual Report 1999