HSBC 2002 Annual Report Download - page 230

HSBC HOLDINGS PLC
Notes on the Financial Statements (continued)
228
2002 2001
US$m US$m
(a) Shares in banks ....................................................................................................
–
51
Other .................................................................................................................... 190 241
190 292
All shares are unlisted.
(b) The principal joint ventures of HSBC are:
Country o
f
incorporation
P
rincipa
l
activity
HSBC’s
interest in
equity
capita
l
I
ssue
d
equity
capita
l
Framlington Group Limited........................ England Asset
management
51% £3m
Pensiones Bital S.A. ................................... Mexico Pensions 51% MXP 237m
Seguros Bital, S.A. de C.V., Grupo
Financiero Bital....................................... Mexico Insurance 51% MXP 413m
All of the above interests in joint ventures are owned by subsidiaries of HSBC Holdings. All of the above make
their financial statements up to 31 December.
The principal countries of operation are the same as the countries of incorporation.
(c) HSBC’ s share of total operating income in joint ventures is US$19 million (2001: US$79 million).
HSBC’ s share of contingent liabilities in joint ventures is US$nil (2001: US$56 million). HSBC’ s share of
commitments by joint ventures is US$nil (2001: US$nil).
(d) Included within HSBC’ s share of gross assets of joint ventures is goodwill as follows:
Cost
US$m
Goodwill
At 1 January 2002............................................................................................................................ 199
Additions and acquisition of subsidiaries ........................................................................................ 15
Disposals.......................................................................................................................................... (63)
Exchange and other movements ...................................................................................................... 17
Cost at 31 December 2002 ............................................................................................................. 168
Accumulate
d
amortisation
US$m
Accumulated amortisation at 1 January 2002 .................................................................................. (12)
Disposals.......................................................................................................................................... 6
Charge to the profit and loss account............................................................................................... (9 )
Exchange and other movements ...................................................................................................... (4)
Accumulated amortisation at 31 December 2002........................................................................ (19 )
Net book value at 31 December 2002 ........................................................................................... 149
Net book value at 31 December 2001.............................................................................................. 187