Guinness Peat Group plc

gpgplc.com

Notes to Financial Statements - Guinness Peat Group plc

36 GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued16. Fixed Asset Investments - continuedCapital and Latest Date of lastreserves profit/(loss) audited Country of Nature of GPGm m accounts incorporation business shareholding ClassThe Group’s significant associated undertakings at 31 December 2004 are listed below:Capral Aluminium Ltd A$169.6 A$(71.0) 31.12.04 Australia Aluminium 37.25% OrdinaryextrusionGreen’s Foods Ltd A$51.1 A$5.9 30.06.04 Australia Food 31.91% OrdinaryprocessingDawson International PLC £23.7 £(19.2) 31.12.03 Scotland Textiles 29.91% OrdinaryCPI Group Ltd A$51.6 A$(19.8) 30.06.04 Australia Paper 21.58% OrdinarymerchandisingThe Group’s significant joint ventures at 31 December 2004 are listed below:Nationwide Accident £23.0 £3.0 31.12.04 England Vehicle 50.00% OrdinaryRepair Services plcrepairHarcourt Hill Estate Ltd A$0.2 A$0.5 30.06.04 Australia Property 50.00% OrdinarydevelopmentThese associated and joint venture undertakings are all held indirectly by GPG.The following table provides summarised financial information on the Group’s share of its associated undertakings, relating tothe period during which they were associates and excluding goodwill:Year ended 31 December 2004 2003£m £mSUMMARISED PROFIT AND LOSS ACCOUNT INFORMATIONTurnover 135.3 161.7Loss before tax (2.9) (0.7)Taxation (4.6) –LOSS AFTER TAX (7.5) (0.7)SUMMARISED BALANCE SHEET INFORMATIONFixed assets 37.6 27.5Current assets 42.7 57.380.3 84.8Liabilities due within one year (30.8) (34.2)Liabilities due after more than one year (6.6) (4.8)Provisions (0.8) (4.3)NET ASSETS 42.1 41.5The Group’s share of associated undertakings’ borrowings is £12.5 million of which £6.0 million is repayable within one year and£6.5 million is repayable after more than one year. Liabilities due after more than one year are repayable over the period to 2009.There was one holding at year end that exceeded 20% but was not treated as an associated undertaking. The directorsconsider that the Group has not exercised significant influence over this company due to the dominant influence of othermembers and the composition of the Board. The details are as follows:Capital and Latest Date of lastreserves profit/(loss) audited Country of Nature of GPGm m accounts incorporation business shareholding ClassTooth & Co Ltd – A$(223.3) 30.06.04 Australia Investment 24.95% OrdinaryThis investment is held indirectly by GPG.

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