Aviva 2005 Annual Report Download - page 134
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Financial statements continued
Notes to the consolidated financial statements continued
17 – Investments in joint ventures continued
(c) Other
The Group also has a 50% holding in AVIVA-COFCO Life Insurance Company Limited, a life assurance company incorporated and
operating in China. These shares are held by the Company, with a share of net assets of £10 million (2004: £14 million) and a fair value
of £22 million (2004: £22 million).
(d) Additional information
Summarised aggregate financial information on the Group’s interests in its joint ventures is as follows:
2005 2004
£m £m
Income 394 249
Expenses (62) (15)
Share of profit before tax 332 234
Long-term assets 3,333 2,049
Current assets 116 110
Total assets 3,449 2,159
Long-term liabilities (1,311) (743)
Current liabilities (137) (161)
Total liabilities (1,448) (904)
Share of net assets 2,001 1,255
The joint ventures have no significant contingent liabilities to which the Group is exposed, nor has the Group any significant contingent
liabilities in relation to its interest in the joint ventures.
18 – Investments in associates
(a) Carrying amount
Equity Total Total
Goodwill interests Loans 2005 2004
£m £m £m £m £m
At 1 January 247 615 11 873 1,108
Share of results before tax –39 –3928
Share of tax – (7) – (7) (20)
Share of results after tax –32 –32 8
Amortisation of acquired value of in-force business – (18) – (18) (21)
Share of profit/(loss) after tax –14 –14(13)
Acquisitions 565 –7083
Disposals ––––(275)
Fair value gains/(losses) taken to equity – (2) – (2) –
Dividends received – (61) – (61) (19)
Foreign exchange rate movements – (4) – (4) (11)
Additional loans/(loans repaid) ––––1
Other movements and amounts classified as held for sale – (5) – (5) (1)
Movements in carrying amount 57–12(235)
At 31 December 252 622 11 885 873
The loans are not secured and no guarantees were received in respect thereof. They bear an annual interest of 10%, and will be settled in
cash through monthly payments over the next two years.
Aviva plc 2005 Financial statements
132