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Aviva plc
Annual Report and
Accounts 2007
160
Financial
statements
Notes to the consolidated financial statements continued
18 – Interests in, and loans to, joint ventures
In several business units, Group companies and other parties jointly control certain entities. This note analyses these
interests and describes the principal joint ventures in which we are involved.
(a) Carrying amount
(i) The movements in the carrying amount comprised:
Goodwill and Equity
intangibles interests Loans Total
£m £m £m £m
At 1 January 2006 – 2,001 128 2,129
Share of results before tax – 465 – 465
Share of tax – (3) – (3)
Share of profit after tax – 462 – 462
Acquisitions and additions – 372 113 485
Disposals and reduction in Group interests – (127) – (127)
Reclassification to subsidiaries – (93) – (93)
Dividends received – (59) – (59)
Foreign exchange rate movements – (2) – (2)
At 31 December 2006 – 2,554 241 2,795
Share of results before tax – (337) – (337)
Share of tax –(2)–(2)
Share of profit after tax – (339) – (339)
Acquisitions and additions 196 453 126 775
Disposals and reduction in Group interests – (267) – (267)
Reclassification to financial investments – (208) (42) (250)
Fair value gains taken to equity –9–9
Loans repaid – – (159) (159)
Foreign exchange rate movements 110 112
At 31 December 2007 197 2,212 167 2,576
(ii) The balances at 31 December comprised:
Goodwill and Equity 2007
intangibles interests Loans Total
2007 £m £m £m £m
Property management undertakings – 2,124 167 2,291
Long-term business undertakings 197 88 – 285
Total 197 2,212 167 2,576
Goodwill and Equity 2006
intangibles interests Loans Total
2006 £m £m £m £m
Property management undertakings – 2,519 241 2,760
Long-term business undertakings – 35 – 35
Total – 2,554 241 2,795
The loans are not secured and no guarantees were received in respect thereof. They are interest-bearing and are repayable
on termination of the relevant partnership.
(b) Property management undertakings
The principal joint ventures are as follows:
GP proportion PLP proportion
Company held held
Airport Property Partnership 50.0% 50.0%
Apia Regional Office Fund Limited Partnership 50.0% 58.8%
Ashtenne Industrial Fund Limited Partnership 66.7% 38.0%
The Junction Limited Partnership 50.0% 46.0%
The Mall Limited Partnership 50.0% 33.5%
Queensgate Limited Partnership 50.0% 50.0%
Quercus Healthcare Property Partnership Limited 50.0% 53.3%
All the above entities perform property ownership and management activities, and are incorporated and operate in
Great Britain. All these investments are held by subsidiary entities.