Unilever 2004 Annual Report Download - page 118
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Unilever Annual Report and Accounts 2004 115
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
2004 2003
Share of gross assets of joint ventures 108 79
Share of gross liabilities of joint ventures (76) (39)
Interest in net assets of joint ventures 32 40
Interest in net assets of associates 22 16
Total joint ventures and associates 54 56
Other fixed investments 148 143
Total fixed investments 202 199
The following tables show the movements during the year in connection with joint ventures, associates and other fixed investments:
€ million € million € million
Movements during 2004 Goodwill Other Total
Joint ventures
1 January 43640
Acquisitions/disposals –22
Additions/reductions –1111
Amortisation of goodwill –––
Share of profit retained – (19) (19)
Currency retranslation – (2) (2)
31 December 42832
Associates(a)(b)
1 January 122 (133) (11)
Acquisitions/disposals –1414
Additions/reductions –––
Amortisation of goodwill (7) – (7)
Share of profit retained –33
Currency retranslation (9) 10 1
106 (106) –
Of which: Net liabilities of JohnsonDiversey reclassified to provisions for
liabilities and charges (€22 million net) (106) 128 22
31 December –2222
Other fixed investments(c)
1 January 143
Additions/reductions 9
Currency retranslation (4)
31 December 148
(a) Associated companies primarily comprise our investments in JohnsonDiversey Holdings Inc., and Langholm Capital. Other Unilever
Ventures investments are included under ‘Other fixed investments’ below.
(b) Palmci, a plantations business in Cote d’Ivoire, was classified under other fixed investments in 2003. In 2004 it has been reported as an
associate following an increase in the extent of Unilever’s influence over this business. There was no change in the net carrying value arising
from the reclassification.
(c) Other fixed investments consist mainly of equity investments in a number of companies and financial institutions in India, Europe and the US.
Notes to the consolidated accounts
Unilever Group