Annual report 2010 - Imperial Tobacco Group

Notes to the Financial Statements continued11 Investments in Associates and Joint VenturesInvestments in associates£ million 2010 2009At 1 October 22 16Share of profit of associates – 1Disposals (3) –Exchange movements (1) 5At 30 September 18 22Strategy Performance Governance FinancialsInvestments in joint venturesThe principal joint ventures are Corporación Habanos, S.A. Cuba and Altabana S.L., Spain. Summarised financialinformation for the Group’s share of joint ventures, which are accounted for under the proportional consolidation method,is shown below:2010Corporación£ millionHabanos Altabana Others TotalRevenue 39 81 10 130Profit after taxation 5 7 2 14Non-current assets 201 11 7 219Current assets 42 60 10 112Total assets 243 71 17 331Current liabilities (26) (21) (2) (49)Non-current liabilities (33) (2) – (35)Total liabilities (59) (23) (2) (84)Net assets 184 48 15 2472009£ millionCorporaciónHabanos Altabana Others TotalRevenue 34 72 9 115Profit after taxation 7 6 – 13Non-current assets 202 11 7 220Current assets 49 52 10 111Total assets 251 63 17 331Current liabilities (21) (14) (2) (37)Non-current liabilities (30) (4) – (34)Total liabilities (51) (18) (2) (71)Net assets 200 45 15 26012 Inventories£ million 2010 2009Raw materials 961 912Work in progress 57 72Finished inventories 1,824 1,795Other inventories 177 1463,019 2,925Other inventories mainly comprise duty-paid tax stamps.It is generally recognised industry practice to classify leaf tobacco inventory as a current asset although part of suchinventory, because of the duration of the processing cycle, ordinarily would not be consumed within one year. We estimatethat around £140 million (2009: £130 million) of leaf tobacco held within raw materials will not be utilised within a year of thebalance sheet date.122