Guinness Peat Group plc

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Notes to Financial Statements - Guinness Peat Group plc

26 GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued2. Segmental Analysis - continued – Profit before tax and Net assetsProfit before tax Profit before tax Net assets Net assetsYear ended 31 December 2004 2003 2004 2003£m £m £m £mDiscontinued operations:Testing services 0.7 1.1 – 1.0Profit on sale of subsidiary – testing services 1.8 – – –2.5 1.1 – 1.0Associates (including goodwill):Aluminium extrusion (5.7) (0.5) 20.5 25.2Fruit/produce distribution and food processing 1.9 1.1 8.3 6.7Other 0.8 (1.3) 6.0 2.2(3.0) (0.7) 34.8 34.1Joint ventures (including goodwill):Thread manufacture (1.7) 15.3 – 79.7Accident repair services 1.3 0.4 9.4 8.2Other – 0.2 0.1 0.1(0.4) 15.9 9.5 88.034.0 87.7 578.3 447.7Amounts relating to acquired business(including associates and joint ventures):Thread manufacture 7.6 – 123.9 –Other (0.8) – 14.4 –Goodwill (subsidiaries only) (4.8) – 139.6 –2.0 – 277.9 –Analysis of goodwill:Thread manufacture (4.8) – 139.3 –Other – – 0.3 –(4.8) – 139.6 –TOTALGroup 37.4 72.5 534.1 325.6Joint ventures (0.4) 15.9 9.5 88.0Associated undertakings (3.0) (0.7) 34.8 34.134.0 87.7 578.3 447.7Notes:i) Profit arising from the investment activities carried out by UK subsidiaries is deemed to be of UK origin, although a number of investeecompanies operate, and are listed, in other regions.ii) In arriving at the profit before tax figures reported above, interest receivable/payable is allocated to the businesses to which it relates(including interest on loans between Group companies).3. Profit on Disposal of Investments and Other Net Investment IncomeContinuing Discontinued Continuing Discontinuedoperations Acquisitions operations Total operations operations TotalYear ended 31 December 2004 2004 2004 2004 2003 2003 2003£m £m £m £m £m £m £mInterest receivable 10.4 3.0 – 13.4 9.1 – 9.1Profit on disposal of sharesin associated undertakings – – – – 3.9 – 3.9Profit on disposal of otherfixed asset investments 40.7 0.2 – 40.7 26.9 – 26.9Income from listed investments 8.9 0.7 – 9.6 7.6 – 7.6Net increase in investmentprovisions and write-downs (2.3) – – (2.3) (11.1) – (11.1)(Loss)/gain on derivatives held withinthe investment portfolio (1.8) – – (1.8) 1.4 – 1.4Other income 4.8 0.2 – 5.0 4.0 4.060.7 4.1 – 64.8 41.8 – 41.8

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