Unilever 2003 Annual Report Download - page 95
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Notes to the consolidated accounts
Unilever Group
92 Unilever Annual Report & Accounts and Form 20-F 2003
11 Fixed investments
Joint ventures are undertakings in which the Group has a long-term participating interest and which are jointly controlled by the Group and
one or more other parties. Associated companies are undertakings in which the Group has a participating interest and exercises significant
influence.
Interests in joint ventures and associated companies are stated in the consolidated balance sheet at the Group’s share of their aggregate assets
and liabilities.
Other fixed investments are stated at cost less any amounts written off to reflect a permanent impairment. Any impairment is charged to the
profit and loss account as it arises.
€ million € million
2003 2002
Share of gross assets of joint ventures 79 370
Share of gross liabilities of joint ventures (39) (96)
Interest in net assets of joint ventures 40 274
Interest in net assets of associates 16 1
Total joint ventures and associates 56 275
Other fixed investments 143 404
Total fixed investments 199 679
The following tables show the movements during the year in connection with joint ventures, associates and other fixed investments:
€ million € million € million
Joint ventures – movements during 2003 Goodwill Other Total
1 January 211 63 274
Acquisitions/disposals(a) (187) (24) (211)
Additions/reductions –1010
Amortisation of goodwill (4) – (4)
Share of profit retained – (6) (6)
Currency retranslation (16) (7) (23)
31 December 43640
(a) During 2003, the Ajinomoto Joint Ventures in Asia have been reclassified as subsidiaries following the buy-out of the interests of our
partners Ajinomoto of Japan.
€ million € million € million
Associates – movements during 2003 Goodwill Other Total
1 January 154 (168) (14)
Acquisitions/disposals –1515
Additions/reductions –22
Amortisation of goodwill (7) – (7)
Share of profit retained – (8) (8)
Currency retranslation (25) 26 1
122 (133) (11)
Of which: Net liabilities of JohnsonDiversey reclassified to provisions for
liabilities and charges (€27 million net) (122) 149 27
31 December –1616
Associated companies primarily comprise our investments in JohnsonDiversey Holdings Inc. and Langholm Capital. Other Unilever Ventures
investments are included under ‘Other fixed investments’ below.
Other fixed investments – movements during 2003 € million
1 January 404
Additions/reductions (236)
Currency retranslation (25)
31 December 143
Other fixed investments consist mainly of investments in a number of companies and financial institutions in India, Europe and the US.