BT 2007 Annual Report Download - page 107

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14. INVESTMENTS continued
2007 2006
£m £m
Held for trading
US Government debt securities –51
US Corporate debt securities –297
–348
The investments included above represent listed short term debt securities with quoted market prices. The group has not designated
any financial assets that are not classified as held for trading as financial assets at fair value through the income statement.
Loans and receivables
Loans and receivable financial assets mainly consist of term deposits, fixed term loans and other fixed term debt securities mainly
denominated in sterling with a fixed coupon and in certain instances options for early redemption.
15. ASSOCIATES AND JOINT VENTURES
The group’s share of the assets, liabilities, revenue and expenses of its interest in associates and joint ventures, at 31 March, was as
follows:
Associates Joint ventures
2007
Total Associates Joint ventures
2006
Total
£m £m £m £m £m £m
Non current assets 16 3 19 20 3 23
Current assets 74 6 80 46 1 47
Current liabilities (29) (3) (32) (21) (1) (22)
Share of net assets 61 6 67 45 3 48
Revenue 137 14 151 74 113 187
Expenses (113) (21) (134) (59) (108) (167)
Taxation (2) – (2) (1) (3) (4)
Share of post tax results 22 (7) 15 14 2 16
Associates Joint ventures Total
£m £m £m
At 1 April 2005 28 74 102
Share of post tax profit 13 3 16
Acquisitions 268
Disposals – (86) (86)
Translation differences and other 268
At 1 April 2006 45 3 48
Share of post tax profit (loss) 22 (7) 15
Dividends received (5) (1) (6)
Acquisitions 347
Disposals (1) – (1)
Translation differences and other (3) 7 4
At 31 March 2007 61 6 67
During the 2007 financial year, the group disposed of 6% of its equity interest in its associate Tech Mahindra, resulting in a profit
on disposal of £22 million. At 31 March 2007, the fair value of the group’s investments in associates and joint ventures for which
published price quotations are available was £702 million (2006: £nil).
During the 2006 financial year, the LG Telecom joint venture (carrying value £86 million), was transferred to available-for-sale
assets in connection with the early redemption of the group’s US dollar convertible 2008 bond.
Details of the group’s principal associate at 31 March 2007 are set out on page 148.
Consolidated financial statements Notes to the consolidated financial statements
106 BT Group plc Annual Report & Form 20-F